A Multivariate Functional Analysis of Cryptocurrency Accounting and Its Impact on Market Valuation: Mathematical Modeling of Thai Listed Companies

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DOI: https://doi.org/10.28924/2291-8639-23-2025-154
Published: Jun 26, 2025
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Teekhatat Thongkul, A Multivariate Functional Analysis of Cryptocurrency Accounting and Its Impact on Market Valuation: Mathematical Modeling of Thai Listed Companies, Int. J. Anal. Appl., 23 (2025), 154.

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Teekhatat Thongkul

Abstract

This paper applies multivariate functional analysis to model the relationship between cryptocurrency accounting choices and market valuation. Analyzing data from 14 companies on the Stock Exchange of Thailand (2021-2024), a predictive function is developed through regression analysis to quantify the impact of accounting treatment choices on market capitalization. The mathematical model demonstrates that intangible asset classification (IAS 38) correlates with significantly higher market valuations compared to inventory classification (IAS 2), with an estimated difference of 14.9 billion Thai Baht when controlling for financial variables. The research contributes to applied functional analysis, numerical computation, and optimization theory by providing a mathematical framework that transforms qualitative accounting decisions into quantifiable market outcomes. This approach enables computational analysis of accounting-market relationships and offers an optimization framework for financial decision-making in the emerging digital asset domain.

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