本研究蒐集了2015年9月至2023年1月已完成發行的代幣，樣本總數為3,527個。主要研究代幣發行特徵及團隊成員特徵對於代幣發行成功的影響，以及上市後其價格的報酬率、波動度的影響。實證結果發現，高階團隊成員人數對於籌資完成及收到的資金有正面的影響，而有設置最低籌資下限的代幣則會降低籌資成功的機率。從報酬率的實證結果來看，可發現主流加密貨幣的報酬率對於長短期代幣的報酬率有高度影響，另外也發現代幣首日的報酬率對於代幣長期的報酬率有負向影響，說明代幣的報酬率有長期反轉的現象。而代幣的波動度會受團隊成員人種以及主流代幣的波動度所影響，有發行白皮書及籌集的資金金額大小亦能減少長期的價格波動度，降低風險。

This study collected data on tokens issued between September 2015 and January 2023, resulting in a sample size of 3,527 tokens. The main focus of the research was to analyze the impact of token issuance characteristics and team member features on the success of token issuance, as well as return rates and volatility of token prices. The empirical results revealed that the number of top management team members had a positive influence on the completion and amount of funds raised during the token issuance process. Additionally, tokens that set a minimum fundraising threshold had a lower likelihood of being successfully completed. Regarding return rates, the study found that the return rates of mainstream cryptocurrencies significantly influenced the short-term and long-term returns of tokens. Furthermore, it was observed that the first day return of tokens had a negative impact on their long-term returns, suggesting a long-term reversal effect in token returns. The volatility of tokens was influenced by the racial composition of team members and the volatility of mainstream tokens. Issuing a white paper and raising a larger amount of funds were found to reduce long-term price volatility, thus mitigating risks.

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
1.1 研究背景 1
1.2 研究動機 6
1.3 研究步驟 7
第二章、文獻回顧 9
2.1 首次代幣發行 9
2.2 證券型代幣發行 9
2.3 非同質化代幣 9
2.4 套利現象 10
2.5 經濟影響 10
2.6 Post-ICO 表現 11
第三章、研究方法 12
3.1 研究樣本 12
3.2 變數定義 14
3.2.1 ICO成功變數 14
3.2.2 Post-ICO表現變數 14
3.2.3 ICO特徵變數 15
3.2.4 ICO團隊成員變數 18
3.2.5 主流加密貨幣價量 19
3.3 實證模型 22
第四章、實證結果 23
4.1 敘述統計 23
4.2 ICO成功迴歸分析 26
4.3 Post-ICO的表現迴歸分析 31
4.3.1 HPR迴歸結果 31
4.3.2 Volatility迴歸結果 33
第五章、研究結論 36
參考文獻 37

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