臺灣博碩士論文加值系統

本研究使用個案研究法，從網路的中、英文媒體收集個案，並歸納出影響使用者的因素，以推力-拉力-維繫力理論(PPM)的觀點探討使用者在俄烏戰爭時採用去中心化金融(DeFi)的轉換意圖。研究發現在避險因素作為推力效果及反制裁等作為拉力效果會增強使用者從傳統金融轉換使用去中心化金融的意圖。此外，加密貨幣波動性作為維繫力效果可能會增強或阻礙使用者的轉換意圖。並依時間區間，將本研究分為初期及中期等兩個時期：初期從俄烏戰爭暴發到加密貨幣崩跌，中期從加密貨幣崩跌到2022年6月底為兩個區間。本研究發現初期避險及反制裁的推力及拉力效果對使用者的轉換意圖產生正面影響，而中期受加密貨幣波動性的維繫力效果影響則阻礙了採用DeFi的轉換意圖。最後，本研究結果的研究架構提供了加密貨幣波動性的維繫力效果影響使用者可能會如何採用DeFi，並期望未來戰爭結束後再以此模型做更深度探討並動態調整研究架構。

This research uses case study method, collects cases from Chinese and English media on the internet, summarizes the factors that affect users, and explore users' switch intention to adopt decentralized finance (DeFi) during the Russia-Ukrainian War in 2022 from the perspective of push-pull-mooring theory (PPM). The study found that the hedging factor as a push effect and the counter-sanctions factor as a pull effect will enhance users' intention to switch from traditional finance to DeFi. In addition, cryptocurrency volatility factors as a mooring effect that may enhance or obstruct users' switching intentions.And according to the time interval, the periods are divided into two: the
early period is from the outbreak of the Russian-Ukrainian war to the collapse of the cryptocurrency, and the middle period is from the collapse of the cryptocurrency to the end of June. This study found that the push and pull effects of hedging and counter-sanctions in the early period had a positive
influence on users' switch intentions, while the middle period was obstructed to adopt DeFi by the mooring effect of the cryptocurrency volatility. The research framework of the results of this study provides a perspective on how cryptocurrency volatility affects users' switch intention to adopt DeFi and hope that after the end of the war in the future, will conduct more in-depth discussions on this model and dynamically adjust the research structure.

摘要 i
ABSTRACT ii
誌謝 iii
目錄 iv
表目錄 v
圖目錄 vi

第一章、緒論 1
第一節、研究背景 1
第二節、研究目的 2
第三節、研究步驟與架構 2

第二章、文獻探討 3
第一節、去中心化金融 3
第二節、DeFi的應用類型 6
第三節、PPM模型 17

第三章、研究方法 19
第一節、個案研究法 19
第二節、資料來源 19
第三節、研究假設 21
第四節、個案描述 22

第四章、資料分析 29
第一節、初期推力及拉力受維繫力影響的結果 29
第二節、中期推力及拉力受維繫力影響的結果 30

第五章、結論與未來發展 33
第一節、結論 33
第二節、貢獻 34
第三節、未來研究 34

參考文獻 36

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