基于区块链的加密代币定价研究  

The Blockchain Crypto Token Pricing Research

作　　者：陈阳 费为银[2] 潘海峰[2] CHEN Yang;FEI Weiyin;PAN Haifeng(Antai College of Economics and Management,Shanghai Jiao Tong University,Shanghai 200030,China;School of Mathematics-Physics and Finance,Anhui Polytechnic University,Wuhu 241000,China)

机构地区：[1]上海交通大学安泰经济与管理学院,上海200030 [2]安徽工程大学数理与金融学院,芜湖241000

出　　处：《计量经济学报》2023年第1期195-212,共18页China Journal of Econometrics

基　　金：国家自然科学基金(62273003)。

摘　　要：代币作为区块链融资过程中的重要媒介,在区块链平台运营中发挥了重要作用.本文构建了有分红权益的平台币和无分红权益的一般实用型代币的定价模型.与传统金融产品价格依赖于未来的现金流不同,加密代币的价格由用户对代币的均衡采纳所决定.模型中影响代币价格的变量包括平台用户基础、平台生产力、用户的应用需求、代币供应量、价格的漂移项和分红水平等,其中平台生产力、平台用户基础与代币价格的交互影响促进了平台代币经济的积极发展.具体地,采用随机分析的方法来刻画代币的价格、平台生产力和平台用户基础的变动规律,分析平台币和一般实用型代币在平台的用户基础、用户基础波动性以及代币价格波动性等方面的差异.研究表明代币赋权能够促进平台用户基础的增长,但同时也会放大用户基础和代币价格的波动性;此外,分红系数越高,用户基础增长越快,用户基础和代币价格的波动性也越大.As an important medium in the process of blockchain financing, token plays an important role in the operation of blockchain platform. This paper gives a pricing model of platform token with dividends and general utility one without dividends. Unlike the traditional financial products whose price depends on the future cash flow, the price of crypto token is determined by the user’s balanced adoption of the token. The variables that affect token price include platform user base, platform productivity, user application demand, token supply, price drift and dividend level.Among them, the platform productivity, platform user base and token price interact with each other to promote the positive development of platform token economy. We use stochastic method to describe the token price, productivity and user base of the platform, and analyze the differences between the platform token and the general utility token without dividends in terms of the platform user base, user base volatility and token price volatility. The results show that token empowerment can promote the growth of user base, but also enlarge the volatility of user base and token price.In addition, the higher the dividend coefficient, the faster the growth of user base,and the greater the volatility of user base and token price.

关 键 词：区块链 代币定价 分红权益 用户基础 随机分析 

分 类 号：TP311.13[自动化与计算机技术—计算机软件与理论] F820[自动化与计算机技术—计算机科学与技术]