financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2019-23-5-30-49finance-902Research ArticleЦИФРОВЫЕ ФИНАНСОВЫЕ АКТИВЫDIGITAL FINANCIAL ASSETSФакторы успеха ICO. Эмпирические данные 2016–2019 годовFactors of Success of Initial Coin Offering. Empirical Evidence from 2016–2019https://orcid.org/0000-0001-5647-5054МялоА. С.MyaloA. S.

Алина Сергеевна Мяло — аспирант НИУ ВШЭ, куратор бакалаврской программы МИЭФ НИУ ВШЭ

Москва

Alina S. Myalo — HSE Postgraduate Student, Curator of the Bachelor’s Program, ICEF NRU HSE

Moscow

emyalo@yandex.ruГлуховН. Ю.GlukhovN. Yu.

Никита Юрьевич Глухов — студент МИЭФ НИУ ВШЭ,

Москва

Nikita Yu. Glukhov — student

Moscow

nickglukhov@yandex.ruНациональный исследовательский университет «Высшая школа экономики»РоссияNational Research University Higher School of EconomicsRussian Federation2019241020192353049Copyright © Мяло А.С., Глухов Н.Ю., 20192019Мяло А.С., Глухов Н.Ю.Myalo A.S., Glukhov N.Y.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/902

С 2013 г. первичное предложение монет (ICO) позволяет компаниям привлекать финансирование с помощью криптовалют. Статистика ICO показывает, что спрос на них продолжает расти. В первой половине 2018 г. на финансирование этих проектов было заявлено более 15 млрд долл. США. Растущие объемы инвестиций в ICO проекты как альтернатива классическим способам привлечения средств с помощью венчурных фондов или IPO в основном объясняются потенциальной прибылью с будущей перепродажи полученных токенов или получением услуг компании по более низкой стоимости. Важность данной темы однозначна, однако существует мало фундаментальной литературы, фокусирующейся на причинах успеха ICO проектов. Научная новизна данной работы заключается в формировании модели оценки успеха ICO. Используя эконометрический анализ на основе данных для 1392 проектов, мы показываем, что волатильность основных криптовалют оказывает значительное влияние на успех ICO. Ограничения платформы, связанные со Smart Contacts (ERC-20), и зависимость от волатильности Ethereum превосходят остальные факторы. Наши данные дополняют имеющуюся литературу и показывают незначительность сектора проекта, локации и качества команды. Этот результат может быть объяснен неопределенностью инвестора в отношении проекта (слабые сигналы), отсутствием регулирования и правовой базы. Данный результат может быть полезен для владельцев компаний, поскольку является аргументом в пользу снижения затрат в сфере маркетинга.

Since 2013, Initial Coin Offerings (ICO) have allowed companies to attract financing with the help of cryptocurrencies. Statistics of ICO shows that the ICO market is increasing and demand for funds continues to grow with claims of over $ 15 billion raised in the first half of 2018. The increasing volumes of investment in ICO projects as an alternative method to venture capital or IPO are caused by, for example, the possibility of reselling the received tokens at a higher price after the launch of the project or obtaining the company’s services at lower prices. While the importance of the topic is growing, there is the absence of fundamental works emphasizing the determinants of an ICO’s success. The scientific novelty of the forthcoming research consists in the formation of the model evaluation of ICO success. Using econometric analysis based on data for 1392 projects, we show that the volatility of the main cryptocurrencies has a significant impact on the success of ICO. The constraints of the platform for Smart Contacts (ERC-20) and dependence on the Ethereum volatility overcome all other factors. Our data contributes to existing literature and shows the insignificance e of the sector of the project, almost all location region and fl of infl e of quality of the team. This result may be explained by the uncertainty of the investor about the project (weak signals), absence of the regulation and legal framework. This result is beneficial for owners of companies since it is an argument for decreasing costs for marketing.

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The authors declare that there are no conflicts of interest present.