功能型與證券型代幣發行白皮書相似度對發行成功與否之影響

以作者查詢圖書館館藏

、以作者查詢臺灣博碩士

、以作者查詢全國書目

、勘誤回報

、線上人數：79

、訪客IP：3.145.143.239

姓名

李哲安(Zhe-An, Li) 查詢紙本館藏

畢業系所

會計研究所

論文名稱

功能型與證券型代幣發行白皮書相似度對發行成功與否之影響
(The impact of the similarity between ICO and STO whitepapers on ICO success)

相關論文

★ 企業社會責任與會計績效指標之關聯性：考量網頁呈現效果	★ 企業社會責任揭露與網頁呈現對企業財務績效之關聯性
★ 企業社會責任與投資人評價之關聯性: 考量網頁呈現效果	★ 我國企業之資訊安全事件探討－以法令面分析
★ 採用iXBRL對散戶持股比率與交易量之影響	★ 首次發行代幣公司網站呈現方法與交易量之研究
★ iXBRL是否能降低資訊不對稱？	★ 財務報表API之可行性
★ 首次代幣發行白皮書之主題分析對首次代幣發行之影響	★ 資訊安全事件與公司長短期績效-以臺灣資訊安全事件為例
★ 資訊安全之決定因素-考量家族企業與董事會背景	★ 首次代幣發行白皮書可讀性對募資成功與否之影響
★ 網站資訊揭露對首次代幣發行之影響	★ 公司申請法人機構識別碼對股東權益資金成本之影響
★ COVID-19對於實質盈餘管理之影響	★ COVID-19對資產減損之影響

檔案

[Endnote RIS 格式]

[Bibtex 格式]

[相關文章]

[文章引用]

[完整記錄]

[館藏目錄]

[檢視]

[下載]

本電子論文使用權限為同意立即開放。
已達開放權限電子全文僅授權使用者為學術研究之目的，進行個人非營利性質之檢索、閱讀、列印。
請遵守中華民國著作權法之相關規定，切勿任意重製、散佈、改作、轉貼、播送，以免觸法。

摘要(中)

隨著區塊鏈技術與虛擬貨幣的蓬勃發展，首次代幣發行(Initial Coin Offerings，ICO) 取代傳統群眾募資模式成為新創事業向群眾募資時的首選。然而，缺乏資訊揭露規範的ICO目前仍處於金融監管的模糊地帶，導致發行團隊與投資人間存在高度資訊不對稱。各國監管機構開始注意這個新的募資方式，提醒投資人ICO存有的高度投資風險，導致投資人紛紛退出該市場。新創團隊為募集資金推出符合法律規範的證券型代幣發行(Security Token Offerings，STO)。根據訊號理論，高品質的ICO為了與其他ICO做出區別，願意揭露更多資訊當作訊號，進而提高募資成功的機會。被納入監管範圍內的STO能夠增加對投資人的保護，而ICO本身無可遵循之標準，若ICO能夠依照STO的規範進行揭露，將可能降低資訊不對稱，進而提高投資意願。故本研究預期STO白皮書的資訊揭露規範，作為ICO白皮書資訊揭露的標準，能降低ICO資訊不對稱程度，進而影響ICO成功與否。本研究以2017年1月至2020年12月所發行的ICO白皮書作為樣本，並以同期間的STO白皮書作為其揭露之標準，發現ICO白皮書揭露資訊與STO白皮書揭露資訊愈相似，ICO愈有機會募資成功。

摘要(英)

With the rise of blockchain technology and cryptocurrency, initial coin offering (ICO) has become the first choice for new ventures to raise funds. However, lack of regulation ICO is currently in a vague area of financial supervisory commission, which has led to a huge information asymmetry between fundraisers and investors. Regulators in various countries began to pay attention to this new fundraising method and warning investors of the high investment risks of ICO, which caused investors to withdraw from the market. To raise funds, new ventures launched security token offering (STO) which complies with laws and regulations. According to the signaling theory, ICOs with higher quality are willing to disclose more information as a signal to differentiate themselves from other ICOs, which will increase the possibility of fundraising success. Since ICO itself has no standards to comply with, STOs with supervision can increase the protection of investors and increase the willingness to invest. Thus, this research use the regulation of whitepaper information disclosures for STO as the standard to compare with ICO disclosures. Using a sample consisting of ICO and STO projects from January 2017 to December 2020, we find the more similar the information disclosure between ICO and STO, the greater the possibility of successful fundraising through ICO.

關鍵字(中)

★ 首次代幣發行
★ 證券型代幣
★ 資訊不對稱
★ 白皮書資訊揭露

關鍵字(英)

★ Initial coin offerings
★ Security token offerings
★ whitepaper information disclosures
★ information asymmetry

論文目次

目錄
壹、緒論 1
貳、文獻探討及假說發展 3
一、首次代幣發行(ICO) 3
二、證券型代幣發行(STO) 6
三、白皮書資訊揭露 8
參、研究設計 11
一、研究期間與樣本選取 11
二、標竿樣本選取 12
三、白皮書資訊揭露相似度衡量方式 14
四、 ICO成功定義 15
五、研究模型 16
肆、實證結果與分析 19
一、敘述統計與相關係數 19
二、迴歸結果分析 22
三、穩健性與額外分析結果 24
伍、結論 28

參考文獻

參考文獻
Amsden, R., & Schweizer, D. 2018. Are blockchain crowdsales the new′gold rush′? Success determinants of initial coin offerings. Working paper.
Ante, L., Sandner, P., & Fiedler, I. 2018. Blockchain-based ICOs: pure hype or the dawn of a new era of startup financing?. Journal of Risk and Financial Management, 11(4), 80.
Blaseg, D. 2018. Dynamics of voluntary disclosure in the unregulated market for initial coin offerings. Working paper.
Brown, S. V., & Tucker, J. W. 2011. Large‐sample evidence on firms’ year‐over‐year MD&A modifications. Journal of Accounting Research, 49(2), 309-346.
Brummer, C., Kiviat, T., & Massari, J. R. 2018. What should be disclosed in an initial coin offering? Cryptoassets: legal and monetary perspectives, OUP Press, (Forthcoming).
Chen, K. 2019. Information asymmetry in initial coin offerings (ICOs): investigating the effects of multiple channel signals. Electronic Commerce Research and Applications, 36, 100858.
Chen, X. P., Yao, X., & Kotha, S. 2009. Entrepreneur passion and preparedness in business plan presentations: a persuasion analysis of venture capitalists′ funding decisions. Academy of Management Journal, 52(1), 199-214.
Cohney, S., Hoffman, D., Sklaroff, J., & Wishnick, D. 2019. Coin-operated capitalism. Columbia Law Review, 119(3), 591-676.
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. 2011. Signaling theory: a review and assessment. Journal of Management, 37(1), 39-67.
Diamond, D. W., & Verrecchia, R. E. 1991. Disclosure, liquidity, and the cost of capital. The Journal of Finance, 46(4), 1325-1359.
Feng, C., Li, N., Wong, M. H., & Zhang, M. 2019. Initial coin offerings, blockchain technology, and white paper disclosures. Working paper.
Fisch, C. 2019. Initial coin offerings (ICOs) to finance new ventures. Journal of Business Venturing, 34(1), 1-22.
Francis, J., Nanda, D., & Olsson, P. 2008. Voluntary disclosure, earnings quality, and cost of capital. Journal of Accounting Research, 46(1), 53-99.
Hanley, K. W., & Hoberg, G. 2010. The information content of IPO prospectuses. The Review of Financial Studies, 23(7), 2821-2864.
Hornuf, L., Kück, T., & Schwienbacher, A. 2021. Initial coin offerings, information disclosure, and fraud. Small Business Economics, 1-19.
Howell, S. T., Niessner, M., & Yermack, D. 2020. Initial coin offerings: financing growth with cryptocurrency token sales. The Review of Financial Studies, 33(9), 3925-3974.
Jog, V., & McConomy, B. J. 2003. Voluntary disclosure of management earnings forecasts in IPO prospectuses. Journal of Business Finance & Accounting, 30(1‐2), 125-168.
Lambert, T., Liebau, D., & Roosenboom, P. 2020. Security token offerings. Working paper.
Miglo, A. 2021. STO vs. ICO: a theory of token issues under moral hazard and demand uncertainty. Journal of Risk and Financial Management, 14(6), 232.
Rhue, L. 2018. Trust is all you need: an empirical exploration of initial coin offerings (ICOs) and ICO reputation scores. Working paper.
Roosenboom, P., van der Kolk, T., & de Jong, A. 2020. What determines success in initial coin offerings? Venture Capital, 22(2), 161-183.
Ruce, P. J. 2011. Anti-money laundering: the challenges of know your customer legislation for private bankers and the hidden benefits for relationship management (the bright side of knowing your customer). Banking Law Journal, 128, 548.
Tan, P. N., Steinbach, M., & Kumar, V. 2016. Introduction to data mining.
Yadav, P., & Chandak, R. 2019. Transforming the know your customer (KYC) process using blockchain. International Conference on Advances in Computing, Communication and Control, 3, 1–5.
Yen, J. C., Li, S. H., & Chen, K. T. 2016. Product market competition and firms’ narrative disclosures: evidence from risk factor disclosures. Asia-Pacific Journal of Accounting & Economics, 23(1), 43-74.
Yen, J. C., & Wang, T. 2021. Stock price relevance of voluntary disclosures about blockchain technology and cryptocurrencies. International Journal of Accounting Information Systems, 40, 100499.
Yen, J. C., Wang, T., & Chen, Y. H. 2021. Different is better: how unique initial coin offering language in white papers enhances success. Accounting & Finance, (Forthcoming).
Zetzsche, D. A., Buckley, R. P., Arner, D. W., & Fohr, L. 2019. The ICO gold rush: it′s a scam, it′s a bubble, it′s a super challenge for regulators. Harvard International Law Journal, 60, 267.

指導教授

顏如君(Ju-Chun, Yen)

審核日期

2021-7-7

推文