基于区块链技术的通证经济风险管理研究

通证经济完美利用了区块链新技术的优势,可以在没有中心结构且彼此陌生的环境下创造一个高效交易、无摩擦且维护成本极低的信用体系,给经济领域带来了新一轮的革命,但也面临较为突出的炒作风险、信用风险、经营风险等一系列新风险。本文着眼于区块链技术框架下的通证及通证经济,深入分析了通证经济的风险特征,并据此提出了应对措施,以期为有效防范通证经济风险、促进通证经济的规范发展提供参考。     

信用证通证化在银行国际业务中的创新和应用

为了解决国际贸易活动中买卖双方互不信任的问题,信用证应运而生.而区块链技术具有去中心化、不可篡改、安全可靠的特点,能使多方之间达成合约,保证合约的顺利执行,这与信用证"交易的多方通过协商和执行合约,完成交易过程"的典型商业模式不谋而合.区块链的潜力不仅在于技术本身,更在于所提炼出来的"通证"概念.本文提出了"信用证+区块链技术+通证"的新模式,从总体设计、通证价格、通证生态圈、风险防控、智能合约等方面论述了这一新模式可能带来的巨大变化.     

市场需求与农行的经营定位选择——对农村信用社“客户一证通”的调查与借鉴

不久前，姜堰市信用合作联社决定在全市开展一项让全市老百姓得到实惠的全新金融工具：“客户一证通”。所谓“客户一证通”就是将信用社的《股金证》、《贷款证》、《活期存折》三证合一，方便快捷地为农户、个体工商户、私营企业办理存、贷款业务。     

NFT的治理逻辑：风险研判、法律属性、制度因应

NFT(Non-Fungible-Token,又称非同质化通证)是一种存储在区块链上的数据块,具有唯一标记且限定数量的技术特性,主要以“染色币”与“以太坊意见征求稿”为技术原理,这些使得其能够作为检验数字资产真实性和所有权的有效凭证,从而得以广泛应用于社交平台、交易平台与金融活动、元宇宙等场景。NFT在应用过程中,也极易引发技术与信息风险、交易与金融风险、版权侵权风险。然而,在法律上将NFT定性为货币、民法上的“物”与“债”、虚拟财产都存在较大困难,故可以尝试将其等同于加密数字凭证。基于此,能够在技术与应用层面将NFT进行分割,同时以确定NFT的法律界限作为其治理基础,建立分化应用分类监管结构作为其治理框架,创设技术标准体系作为其治理规则,构建多元共治机制作为其治理保障,进而最大化发挥NFT的科技附加值,促进数字经济安全稳定协调发展。     

金融法维度下非同质化通证的属性研究与监管构建

2021年至今,非同质化通证（NFT）的应用场景在全球范围飞速拓展,其基于对区块链技术的深化运用可直接锚定数字世界中的特定资产,将与其对应的权利内容、历史交易信息等基本要素记录为智能合约的标示信息。就NFT法律属性的探讨,目前研究大多从知识产权法视角切入,核心研究其确权等问题。但鉴于NFT与数字货币、加密资产体现的相似性,市场或者持有者很难忽视其作为金融产品的可能,本文以非同质化通证为研究对象,以金融法作为研究视角,结合不同国别或地区对于NFT的属性认定与监管立场,论证非同质化通证具备“加密资产”的内涵与“证券化”的外延属性,并进一步提出应当在属性的监管上与数字货币作区分,构建NFT的平台方义务,金融监管与金融司法协同治理的监管建议,以推进其在我国的落实与深化应用。     

情系“三农”获“三赢”——淮安市全面推行农户小额贷款“信用一证通”的调查

实践“三个代表”，促进区域经济共同发展，全面建设小康社会，重点在农业、农村和农民。2001年以来，江苏省淮安市把推广农户小额信用贷款作为农村信用社和基层党政实践“三个代表”重要思想、支持县域经济发展的有效载体。截至2003年10月底，全市发放“信用一证通”和小额贷款证达42．09万户，85％有贷款需求的农户得到贷款，农民贷款难的问题基本解决。小额信用贷款的大力推广，取得了农民增收、政府增税、信用社     

我国保险企业证券投资风险研究简

我国现阶段整个保险行业所面临的发展现状在于：政策宽松、证券市场结构性调整、政府支持等因素共同作用,使得保险企业证券投资行为得到了极为有利的保障。通过环境支持,使得保险企业证券投资面临着前所未有的发展机遇,但同时也是巨大的挑战。本文以保险企业证券投资行为为研究对象,着眼于对投资风险的合理控制,首先分析了我国保险企业证券投资过程中,风险的主要影响因素,进而分析保险企业证券投资风险相应的控制措施,希望能够为后续实践工作的开展提供参考和帮助。     

利用技术优势做强民族产业——访深圳市证通电子股份有限公司总经理曾胜强

成立于1993年的深圳市证通电子股份有限公司（以下简称“深圳证通”），是从事安全支付套件、自助服务终端、金融POS产品等的开发、生产和销售及软件应用集成的高新技术企业集团。作为金融设备厂商，深圳证通拥有大规模生产能力，并且凭借自身的技术和成本优势，系列产品已成功走出国门，销往世界各地，这成为深圳证通做强民族产业的一大特色。日前，本刊记者访问了深圳证通总经理曾胜强先生，就国内金融设备厂商的发展方略及深圳证通的企业策略进行了探讨。     

“E保通”产品的成本、收益及风险控制的分析

融资难是制约中小企业发展壮大的瓶颈．缺乏资金往往导致中小企业发展缓慢、竞争力不足。而中国建设银行和敦煌网联合推出的“e保通”产品的出现则在很大程度上缓解了这一瓶颈问题。本文主要通过对“e保通”产品的成本、收益及风险控制三方面的详细分析，最终得出结论。     

互助养老“时间银行”的信用困境与化解路径

随着人口老龄化趋势日渐显现,社会养老服务需求不断增加。“时间银行”以“互助共济”为运行逻辑,可以有效激发社会层面的互助养老氛围,丰富和优化养老服务的供给模式。然而研究发现,“时间银行”在具体实践过程中,存在着用户信用模糊、信用背书不足、统筹层次过低以及通存通兑困难等信用困境。而以互信为基础的区块链技术,通过构建去中心化平台、建立行业联盟链、应用共识机制以及嵌入通证激励机制等技术路径,能够有效整合社会养老服务资源、优化“时间银行”的信任匹配机制,从技术层面为“时间银行”赋信,纾解“时间银行”所面临的信用困境。     

Introducing New Forms of Digital Money: Evidence from the Laboratory

Central banks may soon issue currencies that are entirely digital (CBDCs) and possibly interest bearing. A strategic analytical framework is used to investigate this innovation in the laboratory, contrasting a traditional “plain” tokens baseline to treatments with “sophisticated” interest-bearing tokens. In the experiment, this theoretically beneficial innovation precluded the emergence of a stable monetary system, reducing trade and welfare. Similar problems emerged when sophisticated tokens complemented or replaced plain tokens. This evidence underscores the advantages of combining theoretical with experimental investigation to provide insights for payments systems innovation and policy design.     

论我国证券监管机构的域外管辖权——以科创板开放红筹企业上市为视角

美国在反欺诈、反贿赂的域外管辖权等公法部分的证券立法经验,对于我国红筹企业在科创板上市的管辖权完善具有积极的借鉴意义。与SEC相比,我国证券监管机构在跨境执法权限上的立法层级不高,调查取证等原则性规定的实际指导意义有限,在司法与执法互动的制度上仍待完善,双边合作监管等“软法”性质的跨境执法合作也比较少。有必要通过赋予证监会更多独立性,建立以司法互动为核心的跨境执法机制,加强柔性跨境执法合作等方式,完善我国证券域外管辖与跨境执法。     

Pricing Derivatives on Financial Securities Subject to Credit Risk

This article provides a new methodology for pricing and hedging derivative securities involving credit risk. Two types of credit risks are considered. The first is where the asset underlying the derivative security may default. The second is where the writer of the derivative security may default. We apply the foreign currency analogy of Jarrow and Turnbull (1991) to decompose the dollar payoff from a risky security into a certain payoff and a “spot exchange rate.” Arbitrage-free valuation techniques are then employed. This methodology can be applied to corporate debt and over the counter derivatives, such as swaps and caps.     

An essay on financial innovation: The case of instalment receipts

We investigate the relative pricing of an innovated security called “instalment receipts” (IRs). IRs are securities that evidence the purchase of some underlying securities on an instalment basis. Theoretically, we show that investors with borrowing restrictions will be willing to pay for the leverage benefit embedded in IRs. We then provide an empirical support for our argument. The observed premium in IR price over the underlying price implies that by using IRs, the issuers benefit from both an increase in demand and a reduction in the price concessions that they have to make to ensure the success of their offerings.     

Consolidation and universal banking

Banks in the US have been competing with investment banks through newly created “Section 20” subsidiaries. The evidence to date suggests that banks entry into securities activities via these subsidiaries has been pro-competitive. Recently, however, banks have been allowed to enter securities activities via acquisitions. This may not result in the same competitive effects as “new bank” entry.     

Inflation Accounting Disclosures and Stock Price Adjustments: Some Canadian Results

This article tests for an association between security returns and anticipated and unanticipated inflation. Inflation accounting disclosures are used to group securities on the basis of their sensitivity to inflation. Nominal security returns and residual returns are independently regressed on the levels of anticipated and unanticipated inflation using a dummy variable model. Results support previous U.S. findings that investors do not seem to use these accounting disclosures in the selection of securities. The evidence indicates, however, that for firms “less affected” by inflation, there exists an association between residual returns and anticipated inflation.     

The Impact of Publication of Analysts' Recommendations on Returns and Trading Volume

Publication of security analysts' recommendations in the column “Inside Wall Street,” which is published in Business Week, induces abnormal returns on the publication day and the following day. The abnormal returns are robust to the use of alternative samples and methodologies. The publication increases trading volumes for the securities that are recommended to be purchased, but not for securities that are recommended to be sold. The abnormal returns and trading volumes support the view that stock prices do not adjust instantaneously when new information arrives, and that the time pattern of price adjustment depends on the time pattern of the accessibility of the information. The authors find no statistically significant difference between the average abnormal returns that are induced by recommendations that appear at the beginnings of “Inside Wall Street” columns (and are covered more extensively than others) and the average abnormal returns induced by other recommendations.     

Asymmetric information and the death of ABS CDOs

A key feature of the 2007 financial crisis is that for many securities trading had ceased; where trading did occur, market prices were well below intrinsic values, especially for ABS CDOs. One explanation is that information had been asymmetric, with sellers having better information than buyers. We first show the information advantages sellers had over buyers in both the issuance of CDOs and, through vertical integration, performance of the CDO collateral that could well have disrupted trading after the onset of the crisis. Using a “workhorse” model for pricing securities under asymmetric information and a novel dataset, we show how adverse selection could explain why the bulk of these securities either traded at significant discounts or did not trade at all.     

Commodity Bonds and Consumption Risks

This paper analyzes the economic role of commodity bonds by examining the nature of the demand for these securities. I show that while commodity bonds protect against relative price changes, they do so by introducing variability into the future real income stream. This variability limits the desirability of using commodity bonds to provide “price insurance” for future consumption. However, this variability may allow commodity bonds to hedge risks to consumption caused by stochastic changes in income. The analysis also suggests that it is this “income insurance” rather than “price insurance” that is important in hedging risks to future consumption.     

A Critical Reexamination of the Empirical Evidence on the Arbitrage Pricing Theory

This paper demonstrates that the Roll and Ross (RR) and other previously published tests of the APT are subject to several basic limitations. There is a general nonequivalence of factor analyzing small groups of securities and factor analyzing a group of securities sufficiently large for the APT model to hold. It is found that as one increases the number of securities, the number of “factors” determined increases. This increase in the number of “factors” with larger groups of securities cannot readily be explained by a distinction between “priced” and “nonpriced” risk factors as it is impermissible to carry out tests on whether a given “risk factor is priced” using factor analytic procedures.