博碩士論文 106430009 詳細資訊




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姓名 沈芳如(Fang-Ru Shen)  查詢紙本館藏   畢業系所 會計研究所
論文名稱 首次代幣發行期初報酬之影響因素探討
(The Determinants of Initial Coin Offerings Initial Returns)
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摘要(中) 本研究以首次代幣發行(Initial Coin Offering,簡稱ICO)團隊成功將其代幣發行至交易所之事件為研究對象,探討影響ICO期初報酬率之關鍵因素,並引用Purnanandam and Swaminathan (2004)、Bairagi and Dimovski (2011)中對於IPO期初報酬的概念,探討首次代幣發行之條件、發行流程、發行限制及企業揭露之資訊等因素與ICO期初報酬率之關聯性。過去探討IPO期初報酬主要以公司自身揭露之資訊作為衡量依據,然鑑於ICO市場未有一致揭露規範,該市場具有高度資訊不對稱之特性,投資人對於非企業自身所揭露之市場資訊依賴性更高。因此本文已募資金額作為來自群眾外包資訊的替代變數,一併探討其是否為影響ICO期初報酬率之因素。實證結果顯示:募集資金此變數對次級市場期初投資報酬率有顯著影響,代表代幣發行初級市場投資人對首次代幣發行之評價會影響次級市場(代幣交易市場)投資人之決策。顯示此由大眾所給予之訊息具有資訊內涵。且關係呈正向顯著相關,亦即投資金額越高,對代幣首次發行之期初報酬率有正向影響。而有關首次代幣發行之條件、流程、發行限制及企業揭露之資訊與期初報酬率無顯著影響,說明其資訊較不影響代幣交易市場中之投資者決策。
摘要(英) The purpose of this study was to investigate the key factors affecting initial rates of returns of Initial Coin Offerings (ICOs), including the conditions of issuing tokens such as the issuance process, the issuance restrictions, and the information of company disclosures. In addition, due to the high degree of information asymmetry in ICO markets, this paper also investigated whether the information from crowdsourcing would impact initial rates of returns of ICOs.
This study utilized data of ICO teams which successfully issued their tokens before March 2019 as the research object. The empirical results revealed the amount of funds raised has a positive correlation with initial rates of returns of ICOs, which means the evaluation of initial tokens on behalf of primary market investors may affect the decision of investors in the secondary token trading market. However, this study did not find that other ICO characteristics have significant effects on initial rates of returns of ICOs. This result indicates that most of the information provided by ICO teams does not affect investor decision-making in token trading markets. This study’s findings may serve as a guidance for future research on the factors influencing initial rates of returns of ICOs. This study has implications for financial practice, in particular for cryptocurrency investors and entrepreneurial firms conducting ICOs.
關鍵字(中) ★ 首次代幣發行
★ 期初報酬率
★ 群眾外包
★ 資訊內涵
關鍵字(英) ★ Initial Coin Offering
★ Initial rate of returns
★ Information asymmetry
★ crowdsourcing
★ information content
論文目次 摘要 I
ABSTRACT II
誌謝 III
圖目錄 VI
表目錄 VII
ㄧ、緒論 1
二、文獻回顧 4
2-1 區塊鏈 4
2-2 首次代幣發行 4
2-3 影響期初報酬的因素 8
2-4 群眾外包資訊 9
三、研究設計 12
3-1 研究期間、樣本選取與資料來源 12
3-2 研究模型 12
四、結果與分析 19
4-1 敘述性統計與相關係數 19
4-2 相關係數 25
4-3 多元迴歸分析 27
4-4 穩健性測試 28
4-5 額外分析 30
五、結論與建議 32
5-1 研究結論及貢獻 32
5-2 研究限制與未來研究建議 33
六、參考文獻 35
參考文獻 英文文獻
Ahlers, G. K., Cumming, D., Günther, C., & Schweizer, D. (2015). Signaling in equity crowdfunding. Entrepreneurship Theory and Practice, 39(4), 955-980. https://doi.org/10.1111/etap.12157
Authority, F. M. S. (2018). Guidelines for Enquiries Regarding the Regulatory Framework for Initial Coin Offerings (ICOs). Available at : https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/1bewilligung/fintech/wegleitung-ico.pdf?la=en
Benedetti, H., & Kostovetsky, L. (2018). Digital tulips? Returns to investors in initial coin offerings. Returns to Investors in Initial Coin Offerings (May 20, 2018). Location: Boston Collage. http://dx.doi.org/10.2139/ssrn.3182169
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Bruton, G., Khavul, S., Siegel, D., & Wright, M. (2015). New financial alternatives in seeding entrepreneurship: Microfinance, crowdfunding, and peer-to-peer innovations. Entrepreneurship Theory and Practice, 39(1): 9-26.
Geiger, D., Rosemann, M., Fielt, E.& Schader, M. (2012) Crowdsourcing Information Systems - Definition Typology, and Design. Open Access Huang, Ming-Hui Paper 53 In: ICIS 2012 : Proceedings of the 33rd International Conference on Information Systems (ICIS 2012) (2012) Atlanta, Ga. Thirty Third International Conference on Information Systems (ICIS 2012) (Orlando, Fla.) [Conference or workshop publication] https://doi.org/10.1145/75034.75061
Giudici, G., & Rossi-Lamastra, C. (2018). Crowdfunding of SMEs and startups: when open investing follows open innovation. Researching open innovation in SMEs. https://doi.org/10.1142/9789813230972_0012
Howe, J. (2008). Crowdsourcing: How the power of the crowd is driving the future of business. Random House Business. https://doi.org/10.1108/hrmid.2010.04418cae.002
Hsu, D. H., & Ziedonis, R. H. (2013). Resources as dual sources of advantage: Implications for valuing entrepreneurial‐firm patents. Strategic Management Journal, 34(7), 761-781.
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Ibbotson, R. G. (1975). Price performance of common stock new issues. Journal of financial economics, 2(3), 235-272.
英文網站資料
Sameeh, T., (2018). ICO Basics – Security Tokens vs. Utility Tokens. Retrieved from. https://www.cointelligence.com/content/ico-basics-security-tokens-vs-utility-tokens(Last accessed: December 16th,2019).
Shifflett, S., Jones, C., (2018). Buyer Beware: Hundreds of Bitcoin Wannabes Show Hallmarks of Fraud. Retrieved from https://www.wsj.com/articles/buyer-beware-hundreds-of-bitcoin-wannabes-show-hallmarks-of-fraud-1526573115(Last accessed: December 16th,2019).
Swanson, T.,(2017). A high level overview of ICOs. Retrieved from https://www.ofnumbers.com/2017/06/02/a-high-level-overview-of-icos/(Last accessed: December 16th,2019).
Kickstarter, (2018). Kickstarter in Numbers. Retrieved from https://www.kickstarter.com/help/stats (Last accessed: December 16th,2019).
中文文獻
吳孟道(2019)。代幣經濟,ICO是機會還是危機?。會計研究月刊,398,46-51
鍾欣怡(2017)。首次代幣發行(ICO)監理趨勢初探。經濟研究,19,106-117
王聖雯(2018)。ICO市場的法律問題與監管研究。國立交通大學科技法律研究所碩士論文,新竹市。取自:https://hdl.handle.net/11296/3xbk84
中文網站資料
Chong, J., Wong, B.& Zhu, K.(2018年12月7日)。ICO:初創企業的理想融資途徑?。信報StartUpBeat。2020年2月5日,取自:http://startupbeat.hkej.com/?p=66810
Lu,E.Y.(筆名)(2018年11月19日)。SEC發布嚴格監管路線圖——強勢管制下,ICO將會消失?。動區動趨BlockTempo。2020年2月5日,取自:https://www.blocktempo.com/sec-publish-strict-regulation-ico/
Ivan Liu(2018年7月19日)。ICO.證券交易法.SEC。天遠律師事務所。2020年2月5日,取自:https://www.ecounsel.net/zh/2018/07/19/ico_securities_exchange_act_sec/
蔡凱龍(2017年6月16日)。ICO融資讓IPO望塵莫及?。FT中文網。2020年2月5日,取自:http://www.ftchinese.com/story/001073014?full=y
鄧天心(2018年7月11日)。《彭博》:有56%新創ICO在最初四個月倒閉,你還覺得幣圈遍地黃金?。科技報橘。2020年2月5日,取自:https://buzzorange.com/techorange/2018/07/11/half-of-ico-die-in-four-month/
指導教授 顏如君(Ju-Chun Yen) 審核日期 2020-5-8
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