题名

影響NFT投資績效之因子：以運動產業NFT為例

并列篇名

Factors Affecting the Performance of NFT Investments: Evidence from the Sports Industry

DOI

10.6547/tassm.202306_23(1).0004

作者

蕭秋銘(Chiu-Ming Hsiao)

关键词

運動產業 ； 非同質化代幣 ； 交易成本 ； 資訊不對稱 ； sports industry ； nonfungible token ； transaction cost ； information asymmetry

期刊名称

臺灣體育運動管理學報

卷期/出版年月

23卷1期（2023 / 06 / 01）

页次

39 - 64

内容语文

繁體中文;英文
中文摘要

目的：正如證券之於有形資產、衍生性金融商品之於標的資產一樣，NFT也可以被視為無形資產的金融衍生性金融商品。本研究擬透過運動產業相關的NFT，探討哪些因素會影響NFT的投資績效，以及如何影響。方法：本文自CoinMarketCap.com網站下載53檔運動相關的NFT每日交易資料，擬使用縱橫資料分析和多元迴歸分析來研究此一課題。結果：市場的受歡迎程度、市場的波動性和會員效應均對運動相關的NFT之投資績效具有顯著的正向影響。然而，NFT的市場風險和流動性不足二者，雖會對投資績效產生負面影響，但其統計上的顯著性卻不足。結論：本文的實證結果不僅可以作為投資人策略之參考，也可以為體育賽事轉播和職業運動俱樂部或團隊等之CEO，運用NFT以增加運動員的收入和提升其行業形象之工具。再者，NFT市場的發展可以彌補無形資產交易體系的不足，進一步提高金融市場的完備性（Completeness）。創新性：本文研究的主體為NFT，是新興起之資產，亦是作為數位資產或文創資產等無形資產的衍生商品，故是一極具研究價值的課題。而且，本文所提出的會員效應、市場熱議度與市場波動性等因素，亦指引出未來相關議題研究的方向。
英文摘要

Purpose: Just as securities are to tangible assets and derivatives to underlying assets, nonfungible tokens (NFTs) can also be regarded as financial derivatives of intangible assets. This study explored the factors affecting the investment performance of NFTs through analysis of NFTs related to the sports industry. Method: This study downloaded daily transaction data from 53 sports-related NFTs from CoinMarketCap.com and applied panel data analysis and multiple regression. Results: Empirical results revealed that the popularity of the market, the volatility of the market, and the membership effect significantly positively affect the investment performance of sports NFTs. Market risk and the illiquidity of NFTs exert a nonsignificant negative effect. Conclusion: The empirical results of this study can be used as a reference for investor strategies and a tool for chief executive officers of sports broadcasters and professional sports clubs or teams to use NFT to increase athletes’ incomes and enhance their industry image. Furthermore, the development of the NFT market can nullify the shortcomings of the intangible asset trading system and further enhance the completeness of financial markets. Originality/value: The main topic of this study is NFTs, a newly emerging asset and a derivative product of intangible assets such as digitalization assets or cultural and creative assets. It is a research topic of considerable value. Moreover, factors such as membership effect, market popularity, and market volatility proposed in this study can guide the direction of future research on related matters.
主题分类 社會科學 > 體育學
社會科學 > 管理學
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被引用次数
  1. (2024)。數位資產在運動產業中的應用：運動NFT對消費者的影響。休閒運動健康評論，13(2)，122-129。
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