2021年，NFT市場獲得大量關注並大幅成長，有許多知名NFT交易事件，引起NFT市場上出現許多不同類型的項目。本研究目的為探索投資者在獲取有關NFT之相關資訊及其購買過程前後，是否會因產生出資產專屬性以及不確定性的想法而顯著提升交易成本，並藉由市場上交易人數的多寡程度探討投資者是否會受到他人之想法的影響而形成從眾行為。最終透過上述之交易成本及從眾行為結合投資者對於購買NFT之感知價值驗證是否能夠對NFT產生購買意圖。因NFT屬新興的資產類別，過去鮮少有學術研究討論其購買意圖，希望透過本研究之分析結果，為NFT項目方、交易平台及投資者提供理論面及實務面上之建議。

本研究共回收255份有效線上問卷。研究結果顯示，資產專屬性之學習以及環境不確定性、過程不確定性和資安不確定會正向影響交易成本。本研究採用交易人數及感知互補性代表網路外部性，而僅交易人數會正向影響投資者模仿他人及消減自我資訊的程度，並進而促使投資者形成規範性的從眾行為。最終，研究結果證實交易成本的提升會降低投資者對於NFT的購買意圖，感知價值及規範性從眾則是會提升投資者之NFT購買意圖。

In 2021, the NFT market received a lot of attention and grew substantially. There were many well-known NFT transaction events, which cause many different types of projects to appear in the NFT market. The purpose of this study is to explore whether investors' transaction costs are significantly increased due to the perception of asset specificity and uncertainty when obtaining relevant information about NFTs and throughout the purchasing process. Additionally, by examining the extent of market participation, we aim to investigate whether investors are influenced by the opinions of others and exhibit herding behavior. Finally, through the combination of transaction costs, herding behavior, and investors' perceived value in purchasing NFTs, we seek to validate the purchase intention of NFTs. Due to NFTs being an emerging asset class, there has been limited academic research on purchase intentions. Therefore, it is our hope that the findings of this study can provide theoretical and practical recommendations for NFT project creators, trading platforms, and investors.

A total of 255 valid online questionnaires were collected in this study. The research results indicate that learning of asset specificity, environment uncertainty, process uncertainty and security uncertainty positively affect transaction costs. This study uses the number of traders and perceived complementarity as indicators of network externalities. It’s found that only the number of traders positively affect the degree to which investors imitate others and discount own information, and then promote investors to form normative conformity. Finally, the research results confirm that the increase in transaction costs will reduce investors' purchase intentions for NFTs, while perceived value and normative conformity will increase investors' NFT purchase intentions.

論文審定書 i
摘要 ii
Abstract iii
目 錄 iv
圖 次 vi
表 次 vii
第一章 緒論 1
第一節 研究背景 1
第二節 研究動機 2
第三節 研究問題與目的 3
第四節 研究方法與流程 3
第二章 文獻探討 5
第一節 非同質化代幣 (Non-Fungible Token, NFT) 5
第二節 交易成本理論 (Transaction Cost Theory) 7
第三節 從眾行為 (Herding Behavior) 10
第四節 網路外部性 (Network Externality) 11
第五節 感知價值 (Perceived Value) 12
第三章 研究方法 14
第一節 研究模型 14
第二節 研究假說 15
第三節 操作型定義 21
第四節 研究設計 22
第四章 資料分析 33
第一節 樣本基本資料分析 33
第二節 衡量模型 36
第三節 結構模型及假說驗證 48
第五章 結論與建議 52
第一節 研究結果與建議 52
第二節 理論及實務意涵 55
第三節 研究限制 57
第四節 未來研究方向 58
參考文獻 60
附錄–本研究正式問卷 72

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