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    政大典藏 > College of Commerce > MBA Program > Theses >  Item 140.119/119349


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/119349


    Title: 從金融資產與貨幣之觀點探討比特幣之價值
    Investigate the Value of Bitcoin from the Perspectives of Financial Assets and Currencies
    Authors: 陳柏文
    Chen, Bo-wen
    Contributors: 洪叔民
    陳叔民
    陳柏文
    Chen, Bo-wen
    Keywords: 比特幣
    加密貨幣
    金融資產
    股票
    債券
    貨幣
    Date: 2018
    Issue Date: 2018-08-13 12:37:26 (UTC+8)
    Abstract: 近年來，隨著加密貨幣的逐漸盛行，比特幣等新興貨幣成為許多人考慮的投資標，本研究旨在探討，與目前常見的金融資產及貨幣相比，比特幣的優劣勢分析。
    在本文中，除了從技術基礎介紹比特幣之外，也將探討比特幣的市場生態，並將比特幣與常見的金融商品、貨幣做比較，利用評估這些金融商品的模式評估比特幣，探討比特幣的應用價值，而交叉比對之後我們發現，與債券、股票、貨幣相比，比特幣的底層技術雖然更為先進，但比特幣的市場波動性過高，讓比特幣在金融市場以及貨幣採用上始終無法有重大突破。
    比特幣在支付層面，有少部分應用可以確實節省大額成本，但交易成本讓比特幣的支付場景受限。若是作為借貸合約的標的，相同地，比特幣的問題在於過大的波動性，讓本金兌其他法幣的風險過高，無法享有債券保本之特性，若將比特幣視為籌資工具，比特幣是一個非常有效且低成本的籌資工具，預期未來此應用還有發展潛力。
    Reference: 英文文獻
    Antonopoulos, A. M. (2017). Mastering Bitcoin: Programming the Open Blockchain. " O`Reilly Media, Inc.".
    Bitcoin.com. (2018). 46% of Last Year’s ICOs Have Failed Already. Retrieved May, 20, 2018 from https://news.bitcoin.com/46-last-years-icos-failed-already/
    Bitcoin.org. (2018). How does Bitcoin work? Retrieved May, 24, 2018 from https://bitcoin.org/en/how-it-works
    Bjordal, A., & Opdahl, E. (2017). Portfolio optimization in the cryptocurrency market: an evaluation of the performance of momentum strategies in the cryptocurrency market and cryptocurrency’s place in an optimized investment portfolio (Master`s thesis).
    Block Explorer. (2018, March 26). Latest Block. Retrieved May, 20, 2018 from https://blockexplorer.com/
    Bloomberg. (2018, March 26). What the World’s Governments Are Saying about Cryptocurrencies. Retrieved May, 8, 2018 from https://www.bloomberg.com/news/articles/2018-03-26/what-the-world-s-governments-are-saying-about-cryptocurrencies
    Böhme, R., Christin, N., Edelman, B., & Moore, T. (2015). Bitcoin: Economics, technology, and governance. Journal of Economic Perspectives, 29(2), 213-38.
    Chuen, D. L. K. (Ed.). (2015). Handbook of digital currency: Bitcoin, innovation, financial instruments, and big data. Academic Press.
    Coindesk. (2018). Bitcoin Fees Are Down Big: Why It Happened And What It Means. Retrieved March, 3, 2018 from https://www.coindesk.com/bitcoin-low-fees-why-happening-why-matters/
    Coindesk. (2018). Initial Coin Offerings, Retrieved March, 3, 2018 from https://www.coindesk.com/category/markets-news/investments/initial-coin-offerings/
    Coindesk. (2018). Bitcoin (USD) Price, Retrieved March, 3, 2018 from https://www.coindesk.com/price/
    CryptoLand. (2018). Historical lending rates, Retrieved May, 20, 2018 from https://cryptolend.net/rates.html
    Fidelity. (2018). Bonds overview Retrieved May 22, 2018 from: https://www.fidelity.com/fixed-income-bonds/individual-bonds/overview
    Fortune. (2018, Feb 25). Nearly Half of 2017’s Cryptocurrency `ICO` Projects Have Already Died. Retrieved May, 20, 2018 from http://fortune.com/2018/02/25/cryptocurrency-ico-collapse/
    Griffin, J. M., & Shams, A. (2018). Is Bitcoin Really Un-Tethered?
    Gup, B. E. (2015). What is money? From commodities to virtual currencies/Bitcoin.
    Investopedia. (2017). Blockchain, http://www.investopedia.com/terms/b/block-bitcoinblock.asp
    Kaplanov, N. (2012). Nerdy money: Bitcoin, the private digital currency, and the case against its regulation. Loy. Consumer L. Rev., 25, 111.
    Kostovetsky, L., & Benedetti, H. (2018). Digital Tulips? Returns to Investors in Initial Coin Offerings.
    Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system.
    PetroWhitepater. (2018) PetroWhitepater. Retrieved March, 21, 2018 http://www.elpetro.gob.ve/Whitepaper_Petro_en.pdf
    Poloniex. (2018). BITCOIN EXCHANGE. Retrieved May, 21, 2018 from https://poloniex.com/exchange#usdt_btc
    Swartz, N. D. (2014). Bursting the Bitcoin bubble: The case to regulate digital currency as a security or commodity. Tul. J. Tech. & Intell. Prop., 17, 319.
    WCEX. (2018). WCX whitepaper. Retrieved May, 20, 2018 from https://ico.wcex.co/whitepaper?lang=en
    White, L. (1999). The theory of monetary institutions. Wiley-Blackwell.
    William Suberg. (2018). Wall Street Journal Research Finds ‘Red Flags’ In 19% Of ICOs
    Jevons, W. S. (1875). Money and the Mechanism of Exchange
    Wu, C. Y., Pandey, V. K., & DBA, C. (2014). The value of Bitcoin in enhancing the efficiency of an investor’s portfolio. Journal of financial planning, 27(9), 44-52.
    Xapo. (2017). Bitcoin and the History of money. Retrieved from: https://xapo.com/resources/history-of-money/
    中文文獻
    Meet (2017, May 9). 台灣企業出走中國上市？淺談台灣IPO概況與困境Retrieved May, 12, 2018 from https://meet.bnext.com.tw/articles/view/40301
    中華民國法務部 (2012年4月12日)，海外匯款手續費貴森森，匯出最多失血1300元以上。取自https://www.moj.gov.tw/fp-42-62122-fdfe0-001.html
    每日發行通貨數量，中華民國中央銀行全球資訊網。取自https://www.cbc.gov.tw/ct.asp?xItem=64396&ctNode=410&mp=1
    胡為善(2015)，虛擬貨幣的可投資性研究—以比特幣為例。
    陳星樺(2017)，電子加密貨幣的發展—以比特幣為例。
    盧冠誠(2018年3月19日)，現行台幣發行15年 改版成本近500億。自由時報。取自http://news.ltn.com.tw/news/weeklybiz/paper/1184930
    Description: 碩士
    國立政治大學
    企業管理研究所(MBA學位學程)
    106363035
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0106363035
    Data Type: thesis
    DOI: 10.6814/THE.NCCU.MBA.067.2018.F08
    Appears in Collections:[MBA Program] Theses

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