区块链资产证券化融资模式创新  

Financing Model Innovation with Blockchain-based Asset Securitization

作　　者：杨招军 李仲飞[2] YANG Zhaojun;LI Zhongfei

机构地区：[1]南方科技大学金融系,广东深圳518055 [2]中山大学管理学院,广东广州510275

出　　处：《深圳社会科学》2020年第6期47-59,共13页Social Sciences in Shenzhen

基　　金：国家自然科学基金重点项目(72031003);广东省普通高校特色创新类项目(2018WTSCX131);广东省哲学社会科学一般项目(GD19CYJ23);深圳市人文社会科学重点研究基地成果。

摘　　要：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。This paper proposes the double securitization financing mode based on blockchain technology:the first securitization is backed by the cash flow generated by a single enterprise,to design enterprise securities,and obtain external financing by selling them to issuers(such as banks,asset management companies,government management agencies of micro,small and medium-sized enterprises,government industry fund management companies);at the second securitization the issuers collect the enterprise securities to establish asset pool,designs asset-backed securities backed by the asset pool,and sells them to ordinary or institutional investors.The double securitizations financing mode overcomes two fatal shortcomings of the security token offering(STO):STO has no due diligence of the issuers;STO has no the powerful risk diversification mechanism of the asset securitization.

关 键 词：区块链金融 资产证券化 两次证券化 融资模式创新 智能合约 

分 类 号：F83[经济管理—金融学]