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。;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.
