區塊鏈技術的興起，出現了另一種全新的籌資方式¬¬—首次代幣發行。然而缺乏資訊揭露的規範以及監管機制不明確，導致投資市場詐欺事件頻傳，資訊不對稱成為發行方與投資者間主要的問題。本研究以2016年11月至2017年11月1日止共255個首次代幣發行項目，分析網站資訊揭露對首次代幣發行的影響。本研究發現，發行方於網站揭露較多的資訊，對首次代幣發行能否成功具有正向影響。此外，本研究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)，結果顯示基本資訊與社群資訊對首次代幣發行呈現正向影響。因此，本研究認為發行方揭露代幣相關訊息及提供投資者從更多樣的社群媒體管道中取得資訊，有助於投資者瞭解首次代幣發行的訊息，降低相互間的資訊不對稱，投資者擁有充足的代幣訊息作出理性的決策，進而使首次代幣發行得以成功。

With the rise of blockchain technology, another new way of financing has emerged – initial coin offerings. However, the lack of information disclosure nor the unclear supervisory mechanism has led to frequent frauds in the investment market, and information asymmetry has become a major problem between issuers and investors. This study uses a total of 255 initial coin offerings projects from November 2016 to November 1, 2017 to analyze the impact of website information disclosure on initial coin offerings. The results show that there is a positive impact on the success of initial coin offerings if the issuer discloses more information on its website. By dividing website information into four categories (basic, team, social media, and contact), I find that more basic and social information have a positive impact on the success of initial coin offerings. By disclosing token-related information and providing information through a variety of social media channels, the issuers can help investors understand the information about the initial coin offerings and thus reduce information asymmetry between them.

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