报告题目 | Platform Tokenization: Financing, Governance, and Moral Hazard | |
报告人（单位） | 杨颂（伦敦商学院） | |
主持人（单位） | 薛巍立（东南大学） | |
时间地点 | 时间：2021年6月 17 日（周四 ）上午10点30分 腾讯会议ID：882 852 918 | |
报告内容摘要 | This paper highlights two channels through which blockchain-enabled tokenization can alleviate moral hazard frictions between founders, investors, and users of a platform: token financing and decentralized governance. We consider an entrepreneur who uses outside financing and exerts private effort to build a platform, and users who decide whether to join in response to the platform's dynamic transaction fee policy. We first show that raising capital by issuing tokens rather than equity mitigates effort under-provision because the payoff to equity investors depends on profit, whereas the payoff to token investors depends on transaction volume, which is less sensitive to effort. Second, we show that decentralized governance associated with tokenization eliminates a potential holdup of platform users, which in turn alleviates the need to provide users with incentives to join, reducing the entrepreneur's financing burden. The downside of tokenization is that it puts a cap on how much capital the entrepreneur can raise. Namely, if tokens are highly liquid, i.e., they change hands many times per unit of time, their market capitalization is small relative to the NPV of the platform profits, limiting how much money one can raise by issuing tokens rather than equity. | |
报告人简介：杨颂（S. Alex Yang）博士为伦敦商学院（London Business School）副教授，国家级人才。本科毕业于清华大学自动化系，后于美国西北大学获得管理科学硕士，于芝加哥大学布斯商学院获得工商管理硕士和博士学位，自2010年执教于伦敦商学院。于包括伦敦商学院，哥伦比亚大学，芝加哥大学，香港大学，复旦大学，和中欧商学院在内的院校教授MBA，金融MBA，EMBA和高管培训课程。主要研究与教学方向为供应链金融，金融科技，大数据与商业分析，风险管理，价值链管理与创新，平台治理与运营。相关研究成果多次发表于管理学及金融学顶级期刊如《管理科学》(Management Science)，《金融经济学杂志》(Journal of Financial Economics)，《制造与服务运营管理》（MSOM）等。担任多个国际权威期刊的编委，目前为管理学顶级期刊MSOM的科技金融专刊的联合主编。多次组织科技金融和金融创新方面的国际会议，并获邀于包括哈佛商学院和斯坦福商学院在内的30余所国际著名高校和国际学术会议上作学术报告。曾为世界多家公司，金融机构，和国际组织提供咨询与解决方案。目前与世界多家公司有供应链金融，金融科技，和商业分析方面的研究项目合作。 | ||
