| 摘要Abstract | 近年來區塊鏈技術及加密貨幣的興起帶動了另一種全新的籌資方式：首次代幣發行（initial coin offerings, ICOs）。然而目前因為ICO缺乏資訊揭露的規範以及監管機制不明確，發行方與投資者間的資訊不對稱成為影響募資成功與否的主要因素。相較於以往研究著重在靜態的白皮書揭露，本研究探討ICO官方網站資訊揭露對ICO募資成功與否之影響。本研究以2016年11月至2017年11月止共221個ICO觀察值為樣本，發現ICO發行方於網站揭露較多的資訊，其ICO較有可能募資成功且持續在交易所進行交易。進一步將網站資訊區分為四大類別（基本資訊、團隊資訊、社群資訊及聯繫資訊）後，結果顯示網站揭露較多基本資訊與社群資訊時其ICO較有可能成功。因此，本研究認為發行方揭露愈多代幣相關基本資訊及提供投資者多樣的社群媒體管道，有助於投資者瞭解ICO的訊息，降低發行方及潛在投資者間的資訊不對稱，進而使ICO較有可能成功。
With the rise of blockchain technology and cryptocurrency in recent years, initial coin offerings (ICOs), a novel financing mechanism, have emerged. However, due to a lack of disclosure requirements and a clear supervisory mechanism, an information asymmetry exists between fundraisers and investors, which is one of the determinants of ICO success. Compared with the prior studies focusing on static disclosures in whitepapers, this study aims to explore the impact of disclosures on official ICO websites on the success of ICO fundraising. Using a sample consisting of 221 ICO projects from November 2016 to November 2017, we find that the more information disclosed on ICO websites, the more likely for the ICO fundraising to be successful. Furthermore, when dividing website information into four categories (ICO basic information, team information, social media information, and contact information), we find that ICO projects are more likely to succeed if they disclose more basic information and social media information on the websites. Our study provides evidence that more information disclosed by the issuers can reduce information asymmetry between fundraisers and investors, leading to a higher possibility of successful fundraising through ICO.
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