影響不動產證券型代幣報酬之實證分析
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2023
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本研究旨在探討區塊鏈技術在房地產領域中的的應用—不動產證券型代幣。隨著區塊鏈技術的發展，不動產證券型代幣也逐漸受到關注並應用於不動產交易及投資中，不動產證券型代幣數位化之特性及區塊鏈的透明性使得資產交易更加高效、安全且可追溯。本研究透過文獻探討，探討目前尚不成熟但具高發展潛力的不動產證券型代幣之發行模式，並分析其優劣勢。此外，本研究進一步透過實證分析方法，探討已實際發行三年的不動產證券型代幣－RealToken LLC 的實際表現，透過量化方式搜集該不動產證券型代幣的交易資料，並試圖探討各項建物特徵包含所在州別、建物年齡、物業類型及租期及代幣發行數量對代幣報酬率之影響。最後提出未來可能的研究方向，在房地產代幣的應用和發展中，仍存在著一些潛在問題及改進空間。未來的研究可以聚焦於房地產代幣的法律和監管框架、風險管理機制以及市場參與者的行為分析等方面，以進一步深入瞭解房地產代幣的運作和影響。
This research aims to investigate the application of blockchain technology in the real estate sector, specifically focusing on the use of real estate tokenization. With the rapid development of blockchain technology, real estate tokenization has gained significant attention and has been increasingly adopted in real estate transactions and investments. The digitization of real estate assets through tokenization, coupled with the transparency provided by blockchain, has resulted in more efficient, secure, and traceable asset transactions. Through an extensive literature review, this study explores the emerging issuance models of real estate security tokens, which are still in their nascent stages but possess immense potential for development. Moreover, the study analyzes the advantages and disadvantages associated with these models. Furthermore, employing empirical analysis methods, this research investigates the performance of RealToken LLC, a real estate security token that has been successfully issued for a period of three years. Quantitative data regarding token transactions is collected and analyzed to examine the influence of various building characteristics, including location, age, property type, lease term, and token issuance quantity, on token returns.Finally, this study suggests potential avenues for future research. Despite the ongoing application and development of real estate tokens, there are still inherent challenges and areas that require further improvement. Future research endeavors may concentrate on the legal and regulatory frameworks governing real estate tokens, risk management mechanisms, and behavioral analysis of market participants to gain deeper insights into the functioning and impact of real estate tokens.Keywords:RealToken, STO, Blockchain
This research aims to investigate the application of blockchain technology in the real estate sector, specifically focusing on the use of real estate tokenization. With the rapid development of blockchain technology, real estate tokenization has gained significant attention and has been increasingly adopted in real estate transactions and investments. The digitization of real estate assets through tokenization, coupled with the transparency provided by blockchain, has resulted in more efficient, secure, and traceable asset transactions. Through an extensive literature review, this study explores the emerging issuance models of real estate security tokens, which are still in their nascent stages but possess immense potential for development. Moreover, the study analyzes the advantages and disadvantages associated with these models. Furthermore, employing empirical analysis methods, this research investigates the performance of RealToken LLC, a real estate security token that has been successfully issued for a period of three years. Quantitative data regarding token transactions is collected and analyzed to examine the influence of various building characteristics, including location, age, property type, lease term, and token issuance quantity, on token returns.Finally, this study suggests potential avenues for future research. Despite the ongoing application and development of real estate tokens, there are still inherent challenges and areas that require further improvement. Future research endeavors may concentrate on the legal and regulatory frameworks governing real estate tokens, risk management mechanisms, and behavioral analysis of market participants to gain deeper insights into the functioning and impact of real estate tokens.Keywords:RealToken, STO, Blockchain
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不動產證券型代幣, 區塊鏈, 房地產代幣, RealToken, STO, Blockchain