区块链与最优融资合约的未来

区块链与最优融资合约的未来
Working paper, last revised: 27 May 2018
作者：Katrin Tinn

摘要：区块链技术让我们能够基于可靠且最新的交易记录设计融资合约。本文建立了一种理论模型，该模型使用动态合约理论来推导在这种新环境中的最优融资合约。本文展示了动态调整的利润分配规则是最优的，并且突出显示了决定拆分规则的性质。与区块链通过提高效率来改善债务和股权等传统合约的观点相反，本文强调因为区块链使借款人可以更频繁地做出决策，所以债务和股权合同的成本增加了。

Blockchain and the Future of Optimal Financing Contracts
Abstract: Blockchain technology makes it possible to design financing contracts that are based on reliable and up-to-date records of transactions. This paper develops a theoretical model that uses dynamic contract theory to derive optimal financing contracts in this new environment. I show that a dynamically adjusting profit sharing rule is optimal and I highlight properties that determine the splitting rule. In contrast to the view that blockchain enhances traditional contracts like debt and equity by bringing efficiency gains, I emphasise that blockchain allows borrowers to take effort decisions more frequently, which can make debt and equity contracts relatively costlier.

翻译：郑瑜琦

CAFR区块链应用研究
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