??? ??? ?? ??????? ?? ????????, ???? ????????? ???? ????-?????????? ?????? ??? ?? ???????? ???? ???????? ??? ????? ?? ???????? ??????????????? ???? ??? ???????? ??? ??? ?? ?????????.In September 2017, China banned ICOs to result in abnormal return from copyright decreasing through announcement window. The liquidity changes by banning ICOs in China