- 期刊
證券型代幣（STO）對股價影響之研究
A Study Of The Impact Of Security Tokens On Stock Prices
摘要
2021年全球掀起元宇宙熱潮，「具證券性質的虛擬通貨」法規（STO）是台灣現行少數有關加密貨幣的法令。2019年金管會發佈證券型代幣（STO）規範，視之為有價證券並納入證券交易法規管理。近來因為元宇宙的興起，傳出金管會有放寬STO規範之可能性，STO再度成為數位金融的熱門議題。本研究採用事件研究法探討證券型代幣（STO）宣告是否會對台灣資本市場造成影響；其次觀察STO資訊效果是否有提前反應的情況，最後探討STO宣告效果是否會因為規模因素產生調解效果。實證結果顯示證券型代幣（STO）政策宣告會對金融業與金融科技業股價造成顯著影響；且資訊效果會有提前反應現象；STO資訊效果於公司規模間並無存在顯著差異性。實證結果應可提供金融相關產業因應未來數位化募資參考。
並列摘要
The concept of metaverse has spurred a global trend since 2021. Regulations on security token offerings (STOs) are among the few that regulate cryptocurrencies in Taiwan. In 2019, Taiwan's Financial Supervisory Commission promulgated regulations on STOs, treating security tokens as securities and including them in the scope of stock exchange regulations. The rise of metaverse has prompted expectations that the Financial Supervisory Commission may ease the STO regulations, which has again made security tokens the focus of discussion in the digital finance field . This research conducts an event study to explore the response of the digital finance market towards STO policies. First, we analyze whether the announcement of STO policies influence investors' decision-making, which in turn influences stock prices. Second, we observe whether the dissemination of STO information yields an early response effect. Finally, we explore whether the announcement of STO policies pose different effects on the stock prices of companies of various sizes. The empirical results reveal that the announcement of STO policies significantly influences the stock prices of companies in the financial and financial technology industries. In addition, the information effect induced an early response. No significant difference is observed among companies of various sizes regarding the effect of STO information. The empirical results can serve as a future reference for Taiwan companies in the financial and financial technology industries to develop strategies regrading digital fundraising.