近年來區塊鏈技術和加密貨幣發展帶動了新興的首次募資方式：首次代幣發行(Initial coin offering，ICO)。由於ICO缺乏明確法律規範和嚴謹揭露要求，投資人遭受的資訊不對稱程度成為影響募資成功與否的主因。相較於先前論文探討，發行方在未有強制揭露的規範下願意揭露更多的資訊，促使資訊不對稱程度下降，能夠增加募資成功機率。然而，並未考慮ICO使用的區塊鏈技術對投資人而言為相當不熟悉的領域，若白皮書撰述方式不夠淺顯易懂將無法讓資訊被有效運用，導致ICO募資成功可能性下降。故本研究進一步探討ICO白皮書可讀性對ICO募資成功與否之影響。本研究以2017年1月至2020年12月共607個ICO觀察值為樣本，發現ICO白皮書可讀性越高越容易募資成功。接著，本研究進一步探討白皮書資訊揭露多寡對可讀性與募資成功與否的關係。最後，本研究顯示發行方揭露愈多代幣相關資訊及增加資訊的可讀性，有助於投資人了解ICO的訊息，降低發行方與投資方的資訊不對稱，進而使ICO較有可能募資成功。

With the rise of blockchain technology and cryptocurrency in recent years, a new way of fundraising, initial coin offering (ICO), has emerged. However, a lack of precise regulation and strict disclosure requirement have led to a huge information asymmetry between fundraisers and invertors, which influences the possibility of ICO success. While prior studies examine more on fundraisers automatically disclose more information without any regulations, which led to the decrease of information asymmetry and increase the possibility of fundraising success. However, the blockchain technology used in ICOs is considered an unfamiliar area to investors. If the white paper is difficult to understand, the information will not be used effectively, which will decrease the possibility of ICO fundraising success. Thus, this study focuses more on the impact of whitepaper readability on ICO. Using a sample consisting of 607 ICO projects from January 2017 to December 2020, I find that ICOs that disclose higher readability on whitepaper more likely to succeed. Further, I discuss whether the amount of information disclosed in the white paper affects the relationship between readability and the success of fundraising. Overall, the study provides evidence that disclosing more information and increasing the readability on the whitepaper can reduce information asymmetry between fundraisers and investors, leading investors to more comprehension of tokens and a higher possibility of successful fundraising through ICO.

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