ICO 是最好的吗？基于区块链的不同筹资模式比较

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Stability Pub Date : 2024-05-31 DOI:10.1016/j.jfs.2024.101288

Yan Sun, Sung-Byung Yang

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引用次数: 0

摘要

区块链是一项具有突破性的技术，有望应用于筹款领域。在本研究中，我们分析了 2019 年至 2021 年基于区块链的筹款数据，以研究各种筹款模式（即 ICO、IEO、IDO 和 MIX）之间的差异。更具体地说，在研究 1 中，我们进行方差分析和方差分析，以考察不同筹款模式上市后筹款成功率和代币表现的差异。在研究 2 中，我们首先探讨了影响募资成功率和代币表现的因素，然后验证了这些因素的影响在不同募资模式之间是否存在差异。我们的研究结果对企业和投资者都有意义，有助于企业选择最有效的筹资模式，也有助于投资者识别最具潜力的代币。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Are ICOs the best? A comparison of different fundraising models in blockchain-based fundraising

Blockchain is a ground-breaking technology with potential applications in fundraising. In this study, we analyze the blockchain-based fundraising data from 2019 to 2021 to investigate the differences between various fundraising models (i.e., ICO, IEO, IDO, and MIX). More specifically, in Study 1, we conduct ANCOVA and ANOVA to examine differences in fundraising success and token performance after listing between different fundraising models. In Study 2, we first explore the factors that affect fundraising success and token performance, and then verify whether the impact of these factors varies between fundraising models. The findings of our research have implications for both firms and investors, assisting firms in selecting the most effective fundraising models and aiding investors in identifying tokens with the greatest potential.

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来源期刊

Journal of Financial Stability Multiple-

CiteScore

7.70

自引率

9.30%

发文量

审稿时长

34 days

期刊介绍： The Journal of Financial Stability provides an international forum for rigorous theoretical and empirical macro and micro economic and financial analysis of the causes, management, resolution and preventions of financial crises, including banking, securities market, payments and currency crises. The primary focus is on applied research that would be useful in affecting public policy with respect to financial stability. Thus, the Journal seeks to promote interaction among researchers, policy-makers and practitioners to identify potential risks to financial stability and develop means for preventing, mitigating or managing these risks both within and across countries.