区块链资产证券化融资模式创新*
作者：杨招军 李仲飞 2021-10-26 19:01 新传播 【字号：大 中 小】
本文提出基于区块链技术的两次证券化融资模式：第一次证券化以单个企业现金流为支持，设计企业证券，通过出售给发起人（如银行、资产管理公司、政府主导的中小微企业管理机构、政府产业基金管理公司）获得外部融资；第二次证券化汇集发起人持有的中小微企业证券组建资产池，以资产池资产为支持设计资产支持证券，出售给普通或机构投资者。两次证券化融资模式弥补了证券型通证发行（Security Token Offering，简称STO）的两个致命缺陷： STO没有发起人的尽职调查； STO没有资产证券化这一强大分散风险机制。
参考文献
[1]Haber S, Stornetta S W. How to time-stamp a digital document[J]. Journal of Cryptology,1991,3(2):99-111.
[2]Haber S, Stornetta S W. Secure names for bit-strings[R]. Proceedings of the4th ACM Conference on Computer and Communications Security,1997:28-35.
[3]Lundvall B A, Borrás S. Science, technology and innovation policy[J]. The Oxford Handbook of Innovation,2005:599–631.
[4]Fagerberg J, Innovation policy: rationales, lessons and challenges[J]. Journal of Economic Surveys,2017,31(2):497-512.
[5]李之南.李克强：坚持不懈努力破解小微企业融资难融资贵这一“世界性难题”[J].中国应急管理，2016（7）：30-31.
[6]Yoshino N, Taghizadeh-Hesary F. Optimal credit guarantee ratio for small and medium- sized enterprises’financing: Evidence from Asia[J]. Economic Analysis and Policy,2019,62:342-356.
[7]Tinn, Katrin."Smart Contracts" and External Financing[R/OL]. (2018-11-02)[2020-01-10].https://ssrn.com/abstract=3072854.pdf.
[8]Tirole, Jean. The theory of corporate finance[M]. Princeton: Princeton University Press,2006.
[9]Potts J., Rennie E, Goldenfein J. Blockchains and the crypto city[J]. IT-Inform. Tech,2017,59(6):285-293.
[10]Catalini, Christian, Gans, Joshua S. Initial coin offerings and the value of crypto tokens[R/OL]. (2019-03-07)[2020-02-10]. https://ssrn.com/ abstract=3137213.pdf.
[11]Li, Jiasun, Mann, William. Digital tokens and platform building[R/OL]. (2018-10-01)[2020-03 -10]. https://ssrn.com/abstract=3088726.pdf.
[12]Cong LW, Li Y, Wang N. Tokenom ics: Dynamic adoption and valuation [ R /O L]. (2020-05-26)[2020-07-10]. https://ssrn.com/ abstract=3609674.pdf.
[13]Miglo, Anton. STO vs ICO: A theory of token issues under moral hazard and demand uncertainty[R/OL]. (2019-09-08)[2020-01-10]. https://ssrn.com/abstract=3449980.pdf.
[14]Pazos J. Valuation method of equity-based security token offerings for start-up companies[J]. The Journal of The British Blockchain Association,2019,2(1):1-10.
[15]Ante, Lennart, Fiedler, Ingo. Cheap signals in security token offerings (STOs)[R/OL]. (2019-07-09)[2020-02-10]. http://dx.doi.org/10.2139/ ssrn.3356303.pdf.
[16]Mazzorana-K remer F. Blockchain-based equity and STOs: towards a liquid market for SME Financing?[J]. Theoretical Economics Letters,2019(9):1534-1552.
[17]Momtaz P, Rennertseder K, Schröder H. Token offerings: a revolution in corporate finance?[R/ OL]. (2019-03-05)[2020-01-10]. https://ssrn. com/abstract=3346964.pdf.
[18]Szabo N. Smart contracts[R/OL]. (1994)[2020-01-10]. https://www.fon.hum.uva.nl/rob/Courses/ I n for m at ion I n Speech /C DROM / Lit er at u re/ LOTwinterschool2006/szabo.best.vwh.net/smart. contracts.html.pdf.
[19]Szabo N. Formalizing and securing relationships on public networks[R/OL]. (1997-12-31)[2020-07 -12]. http://myinstantid.com/szabo.pdf.
[20]Werbachk, Cornell N. Contracts ex machina[J].Duke LawJournal,2017,67:313-382.
c4d032d1-1359-488d-9493-075c1cede8f9.jpg)