隨著區塊鏈技術與虛擬貨幣的蓬勃發展，首次代幣發行(Initial Coin Offerings，ICO) 取代傳統群眾募資模式成為新創事業向群眾募資時的首選。然而，缺乏資訊揭露規範的ICO目前仍處於金融監管的模糊地帶，導致發行團隊與投資人間存在高度資訊不對稱。各國監管機構開始注意這個新的募資方式，提醒投資人ICO存有的高度投資風險，導致投資人紛紛退出該市場。新創團隊為募集資金推出符合法律規範的證券型代幣發行(Security Token Offerings，STO)。根據訊號理論，高品質的ICO為了與其他ICO做出區別，願意揭露更多資訊當作訊號，進而提高募資成功的機會。被納入監管範圍內的STO能夠增加對投資人的保護，而ICO本身無可遵循之標準，若ICO能夠依照STO的規範進行揭露，將可能降低資訊不對稱，進而提高投資意願。故本研究預期STO白皮書的資訊揭露規範，作為ICO白皮書資訊揭露的標準，能降低ICO資訊不對稱程度，進而影響ICO成功與否。本研究以2017年1月至2020年12月所發行的ICO白皮書作為樣本，並以同期間的STO白皮書作為其揭露之標準，發現ICO白皮書揭露資訊與STO白皮書揭露資訊愈相似，ICO愈有機會募資成功。

With the rise of blockchain technology and cryptocurrency, initial coin offering (ICO) has become the first choice for new ventures to raise funds. However, lack of regulation ICO is currently in a vague area of financial supervisory commission, which has led to a huge information asymmetry between fundraisers and investors. Regulators in various countries began to pay attention to this new fundraising method and warning investors of the high investment risks of ICO, which caused investors to withdraw from the market. To raise funds, new ventures launched security token offering (STO) which complies with laws and regulations. According to the signaling theory, ICOs with higher quality are willing to disclose more information as a signal to differentiate themselves from other ICOs, which will increase the possibility of fundraising success. Since ICO itself has no standards to comply with, STOs with supervision can increase the protection of investors and increase the willingness to invest. Thus, this research use the regulation of whitepaper information disclosures for STO as the standard to compare with ICO disclosures. Using a sample consisting of ICO and STO projects from January 2017 to December 2020, we find the more similar the information disclosure between ICO and STO, the greater the possibility of successful fundraising through ICO.

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