這博士論文的研究動機源自於美國針對加密資產的監管行動激增及其對資本市場的經濟影響，還有源自於越來越多的上市公司將加密資產（例如比特幣）視為數位資產，並納入資產負債表。
在第一篇子論文中，我調查持有加密資產的公司如何應對不同強度的監管，以及內部治理—特別是技術專長和內部控制—是否會影響這些反應。研究發現，嚴格的監管會導致累積異常報酬（CAR）為負值，而適度的監管則會產生正的累積異常報酬。擁有技術專家的公司在嚴格的監管下表現出較強的韌性，而內控品質較差的公司則能從適度的改革中獲益。此子論文之研究貢獻在於將加密資產監管與公司IT治理和市場估值聯繫起來，強調了技術專業在公司治理中的作用，並倡導採取適度的監管方式。這些發現對佈局數位資產或尋求指導的政策制定者、監管機構和企業提供及時的見解。
在第二篇子論文中，我使用2013到2023年的美國資料去調查公司持有加密資產的決定因子—特別是經理人和董事會的特質—以及持有加密資產後產生的可能後果。研究發現，具科技專業、年紀輕和任期短的經理人更傾向持有加密資產，而具科技專業、獨立性高、女性占比高的董事會更不傾向持有加密資產。此外，研究也發現這些持有加密資產的公司更可能發生經理人異動（即執行長和財務長異動）。進一步，橫斷面分析還發現非金融業、面臨經營虧損，或經歷比特幣價格波動大時期的公司，其持有加密資產造成經理人異動發生的機率又會更高。此子論文之研究貢獻在於探討面對此新興資產時經理人與董事會的利益衝突，還強調科技專業在新世代公司治理中扮演的關鍵作用。更重要的是，這些發現為如何建立能夠有效管理加密資產的高階主管團隊和董事會提供了重要的啟示。

The doctoral dissertation is motivated by the surge in U.S. regulatory actions targeting crypto assets and by the economic consequences of these actions for capital markets, and it stems from the growing number of publicly traded companies that treat crypto assets (e.g., Bitcoin) as digital assets and include them on their balance sheets.
In the first essay, I examine how firms holding crypto assets respond to varying regulatory intensities and whether internal governance—particularly technology expertise and internal control—affects these responses. I find that severe regulations lead to negative cumulative abnormal returns (CARs), whereas moderate regulations generate positive CARs. Firms with technology expertise show resilience under strict regulation, while those with poor internal control quality benefit from moderate reforms. This study contributes by linking crypto asset regulation to firms’ IT governance and market valuation, emphasizing the role of technology expertise in corporate governance and advocating for moderate regulatory approaches. These findings offer timely insights for policymakers, regulators, and corporate leaders navigating the evolving digital asset landscape.
In the second essay, I examine the determinants of crypto asset exposure, specifically the characteristics of managers and boards of directors, and the potential consequences of such exposure, using U.S. firm data from 2013 to 2024. The study finds that managers with technological expertise, younger age, and shorter tenures are more likely to hold crypto assets, while boards with technological expertise, high independence, and a high percentage of women are less likely to do so. Furthermore, the study finds that companies holding crypto assets are more likely to experience executive turnover (i.e., CEO and CFO turnover). Cross-sectional analyses also find that companies outside the financial industry, those facing operating losses, or those that have experienced periods of high Bitcoin price volatility are more likely to experience managerial changes due to holding crypto assets. This study contributes to the literature by examining the conflict of interest between managers and boards in the context of emerging assets and highlighting the crucial role of technological expertise in corporate governance in the new era. More importantly, these findings suggest important implications for building top management teams and boards capable of effectively managing crypto assets.

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