金融科技之迅速發展，使新創企業得以擺脫傳統籌資模式，以代幣籌資解決新創企業財務困境，儘管代幣籌資方案，能提高新創企業在融資時之效能，但仍缺乏有關新創企業最適代幣籌資方案之研究。因此，本文以德菲法(Delphi)建構問卷並蒐集專家意見，透過層級分析法(AHP)與最佳最差法(BWM)來建立層級結構模式，並導入模糊理論防止結果失真之問題，計算專家意見之準則權重，導入三種代幣籌資工具以分析最佳方案，三種代幣方案分別為:首次代幣發行(ICO)、首次交易所發行(IEO)與證券型代幣發行(STO)。本文整合Delphi、AHP、BWM與模糊理論(Fuzzy Sets)建構最適代幣籌資方案之評估模式，並根據專家意見計算出影響新創企業代幣籌資關鍵因素為風險，關鍵影響指標為發行成本與籌資成功率，而代幣籌資方案為STO。在學術上，本文整合不同理論建構最適代幣籌資方案之評估模式，為後續研究者進行評估最適代幣籌資方案時之研究或理論延伸的參考依據。在實務上，本文提出之新創企業最適代幣籌資方案評估模式，提供新創企業在基於代幣籌資之評估時，有效的衡量工具，以提高新創企業之財務效率。
The rapid development of financial technology has enabled new startups to get rid of the traditional financing model and use tokens to raise funds to solve the financial difficulties of startups. Although the token financing plan can improve the effectiveness of new ventures in financing, there is still a lack of research reports on the most suitable token financing plan for new ventures. Therefore, this article uses the Delphi method to construct the questionnaire and collect expert opinions, and establish the hierarchical structure model through Analytic Hierarchy Process (AHP) and the Best-Worst Method (BWM). Also introduces fuzzy theory to prevent the problem of result distortion, calcu-lates the weight of expert opinions, and introduces three token financing tools to ana-lyze the best solution. The three token schemes are: Initial Coin Offering (ICO), Initial Exchange Offering (IEO) and Securities Token Offering (STO). Academically, this ar-ticle integrates Delphi method, AHP, BWM and fuzzy theory to construct an evaluation model of the most suitable token financing plan, and calculates the key factor affecting the token financing of startups as risk based on expert opinions. The key impact indica-tors are the issuance cost and the success rate of fundraising, and the token fundraising plan can choose STO or ICO plan according to the needs of fundraisers. Academically, this article integrates different theories to construct an evaluation model of the most suitable token financing plan, which is a reference basis for subsequent researchers to conduct research or theoretical extension when evaluating the most suitable token fi-nancing plan. Academically, this article integrates different theories to construct an evaluation model of the most suitable token financing plan, which is a reference basis for subsequent researchers to conduct research or theoretical extension when evaluating the most suitable token financing plan.In practice, the evaluation model of the most suitable token financing plan for startups proposed in this article provides an effective measurement tool for startups to evaluate the funding based on tokens to improve the financial efficiency of startups.
