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\u73b0\u65f6\u6295\u8d44\u8005\u901a\u5e38\u53ea\u80fd\u900f\u8fc7\u8d2d\u4e70\u516c\u53f8\u7684\u80a1\u4efd\u6216\u8bc1\u5238\u6765\u6295\u8d44\u3002\u6709\u4e86STO\uff0c\u6295\u8d44\u8005\u7684\u7ec4\u5408\u53ef\u4ee5\u66f4\u591a\u5143\u5316\uff0c\u5373\u4f7f\u62e5\u6709\u6743\u4e0d\u6613\u8f6c\u79fb\u7684\u8d44\u4ea7\uff0c\u5982\u79c1\u4eba\u503a\u52a1\u53ca\u80a1\u4efd\u3001\u540d\u753b\u7b49\uff0c\u53ef\u7ecf\u4ee3\u5e01\u5316\u5206\u5272\u6210\u53ef\u4e70\u5356\u7684\u6570\u76ee\uff0c\u4ee5\u4ee3\u5e01\u7684\u5f62\u5f0f\u8fdb\u884c\u4ea4\u6613\u3002\u4ee5\u4e00\u5e45\u4ef7\u503c400\u4e07\u7f8e\u5143\u7684\u540d\u753b\u4e3a\u4f8b\uff0c\u4ee3\u5e01\u5316\u540e\u5c06\u62e5\u6709\u6743\u5206\u4e3a4000\u4efd\uff0c\u6bcf\u4efd\u4ef7\u503c\u53d8\u4e3a1000\u7f8e\u5143\uff0c\u5c31\u53ef\u8ba9\u4e00\u822c\u6295\u8d44\u8005\u4e5f\u80fd\u5165\u573a\u3002 STO\u7684\u884d\u751f\u80fd\u591f\u63d0\u5347\u8d44\u4ea7\u7684\u6d41\u52a8\u6027\uff0c\u8d44\u4ea7\u62e5\u6709\u4eba\u53ca\u4ee3\u5e01\u53d1\u884c\u4eba\u53ef\u5229\u7528\u5176\u591a\u5143\u5316\u7279\u70b9\u5411\u4e0d\u540c\u4eba\u58eb\u96c6\u8d44\uff0c\u4ee4\u8d44\u91d1\u8f83\u5c11\u7684\u96f6\u552e\u6295\u8d44\u8005\u4e5f\u53ef\u53c2\u4e0e\u5176\u4e2d\uff0c\u6295\u8d44\u98ce\u9669\u53ca\u6210\u672c\u4ea6\u53ef\u964d\u4f4e\u3002 STO\u7684\u96c6\u8d44\u4f5c\u7528\u4e0e\u9996\u6b21\u516c\u5f00\u62db\u80a1\u76f8\u8fd1\uff0c\u540c\u6837\u53d7\u6cd5\u89c4\u76d1\u7ba1\uff0c\u4f46\u4f01\u4e1a\u8981\u900f\u8fc7\u540e\u8005\u4e0a\u5e02\uff0c\u6709\u66f4\u4e25\u683c\u7684\u8d22\u52a1\u8981\u6c42\u53ca\u7ecf\u8425\u6761\u4ef6\u3002 STO\u5219\u4e0e\u5b9e\u4f53\u8d44\u4ea7\u6302\u94a9\uff0c\u8ba9\u4f01\u4e1a\u5c06\u7269\u4e1a\u3001\u77e5\u8bc6\u4ea7\u6743\u7b49\u4f20\u7edf\u8d44\u4ea7\u4ee3\u5e01\u5316\uff0c\u7ee7\u800c\u5728\u6570\u7801\u4ea4\u6613\u6240\u4e0a\u5e02\uff0c\u6216\u4e3a\u533a\u5757\u94fe\u76f8\u5173\u9879\u76ee\u878d\u8d44\u3002 \u5bf9\u4e8e\u8d44\u4ea7\u62e5\u6709\u8005\u800c\u8a00\uff0cSTO\u4f7f\u5176\u975e\u6d41\u52a8\u6027\u8d44\u4ea7\u5f97\u4ee5\u5728\u7ebf\u4e0a\u4ea4\u6613\uff0c\u53d1\u6325\u5206\u5e03\u5f0f\u5206\u7c7b\u8d26\u6280\u672f\uff08distributed ledger technology\uff09\u7684\u4f18\u52bf\u6765\u52df\u96c6\u8d44\u91d1\u3002\u5982\u679c\u6ca1\u6709\u6570\u7801\u5316\uff0c\u5219\u5f88\u96be\u5c06\u62e5\u6709\u6743\u5206\u6563\u5230\u4e0d\u540c\u6295\u8d44\u8005\u624b\u4e2d\u3002\u5bf9\u521d\u521b\u4f01\u4e1a\u800c\u8a00\uff0cSTO\u63d0\u4f9b\u4e86\u95e8\u69db\u8f83\u4f4e\u7684\u878d\u8d44\u65b9\u5f0f\uff0c\u6709\u5229\u4e8e\u5c0f\u578b\u6216\u65b0\u6210\u7acb\u7684\u4f01\u4e1a\u3002\u8bc1\u5238\u578b\u4ee3\u5e01\u7684\u53e6\u4e00\u4f18\u52bf\u5728\u4e8e\u53ef\u4fdd\u5b58\u5168\u90e8\u62e5\u6709\u6743\u7eaa\u5f55\uff0c\u4e3a\u53d1\u884c\u4eba\u63d0\u4f9b\u8d44\u4ea7\u62e5\u6709\u8005\u7684\u5b8c\u6574\u7eaa\u5f55\uff0c\u56e0\u800c\u4e5f\u4fbf\u4e8e\u76d1\u7ba1\u3002\u5bf9\u6295\u8d44\u8005\u800c\u8a00\uff0c\u4e0d\u4f46\u53ef\u9009\u62e9\u4e0d\u540c\u79cd\u7c7b\u8d44\u4ea7\uff0c\u800c\u4e14\u5f97\u4ee5\u53d7\u60e0\u4e8e\u900f\u660e\u5ea6\u9ad8\u7684\u8d44\u4ea7\u89c4\u683c\u548c\u4f30\u4ef7\u62a5\u544a\u3002 \u5408\u89c4\u633d\u4fe1\u5fc3 \u81f3\u4e8e\u5e38\u4e0eSTO\u76f8\u63d0\u5e76\u8bba\u7684\u9996\u6b21\u4ee3\u5e01\u53d1\u884c\uff08Initial Coin Offering\uff1b\u7b80\u79f0ICO\uff09\u5219\u4e0d\u53d7\u76d1\u7ba1\uff0c\u53d1\u8d77\u4eba\u53ea\u9700\u4ee5\u767d\u76ae\u4e66\u5217\u660e\u96c6\u8d44\u76ee\u7684\uff0c\u4e0d\u9700\u4efb\u4f55\u62b5\u62bc\u54c1\u4fbf\u80fd\u96c6\u8d44\uff0c\u6295\u8d44\u98ce\u9669\u751a\u5927\u3002\u51b5\u4e14\u56e0\u4e0d\u53d7\u5404\u56fd\u91d1\u878d\u673a\u6784\u76d1\u7ba1\uff0c\u82e5\u53d7\u8bc8\u9a97\uff0c\u5c31\u53ef\u80fd\u6c38\u96be\u8ffd\u56de\u6295\u8d44\u3002 2019\u5e7410\u6708\u52302020\u5e743\u6708\uff0c\u7f8e\u56fd\u8054\u90a6\u8d38\u6613\u59d4\u5458\u4f1a\u5f55\u5f97570\u5b97\u52a0\u5bc6\u8d27\u5e01\u6295\u8d44\u8bc8\u9a97\u4e2a\u6848\uff0c\u53d7\u5bb3\u4eba\u5408\u5171\u635f\u5931750\u4e07\u7f8e\u5143\uff1b2020\u5e74\u540c\u671f\uff0c\u635f\u5931\u91d1\u989d\u5df2\u98d9\u5347\u81f3\u8d85\u8fc78000\u4e07\u7f8e\u5143\u3002 STO\u7684\u865a\u62df\u8d27\u5e01\u6709\u5b9e\u4f53\u8d44\u4ea7\u652f\u6301\uff0c\u53ef\u7b97\u662fICO\u7684\u8fdb\u5316\u7248\u3002\u8fd9\u79cd\u53d1\u884c\u65b9\u5f0f\u5229\u7528\u533a\u5757\u94fe\u7684\u96c6\u8d44\u4f18\u52bf\uff0c\u5728\u53d7\u76d1\u7ba1\u73af\u5883\u4e0b\u8fd0\u4f5c\uff0c\u53ef\u501f\u6b64\u4ece\u52a0\u5bc6\u8d27\u5e01\u9a97\u5c40\u9634\u5f71\u4e2d\u633d\u56de\u6295\u8d44\u8005\u7684\u4fe1\u5fc3\u3002\u76ee\u524d\u9999\u6e2f\u5bf9STO\u7684\u89c4\u7ba1\uff0c\u7531\u8bc1\u5238\u53ca\u671f\u8d27\u4e8b\u52a1\u76d1\u5bdf\u59d4\u5458\u4f1a\uff08\u8bc1\u76d1\u4f1a\uff09\u8d1f\u8d23\uff0c\u65e9\u57282019\u5e743\u6708\u5df2\u53d1\u8868\u58f0\u660e\uff0c\u6e05\u695a\u6307\u51fa\uff1a\u300c\u5728\u8bc1\u5238\u578b\u4ee3\u5e01\u5c5e\u4e8e\u300e\u8bc1\u5238\u300f\u7684\u60c5\u51b5\u4e0b\uff0c\u4efb\u4f55\u4eba\u5982\u8981\u63a8\u5e7f\u53ca\u5206\u9500\u8bc1\u5238\u578b\u4ee3\u5e01\uff08\u4e0d\u8bba\u662f\u5728\u9999\u6e2f\u6216\u4ee5\u9999\u6e2f\u6295\u8d44\u8005\u4e3a\u5bf9\u8c61\uff09\uff0c\u9664\u975e\u83b7\u5f97\u9002\u7528\u7684\u8c41\u514d\uff0c\u5426\u5219\u987b\u6839\u636e\u300a\u8bc1\u5238\u53ca\u671f\u8d27\u6761\u4f8b\u300b\u5c31\u7b2c1\u7c7b\u53d7\u89c4\u7ba1\u6d3b\u52a8\uff08\u8bc1\u5238\u4ea4\u6613\uff09\u83b7\u53d1\u724c\u6216\u6ce8\u518c\u3002\u300d \u5f53\u7136\uff0cSTO\u5728\u5b9e\u9645\u8fd0\u4f5c\u4e0a\u4e0d\u65e0\u6311\u6218\u3002\u867d\u7136\u8bb8\u591a\u7c7b\u578b\u7684\u8d44\u4ea7\u53ef\u4ee5\u4ee3\u5e01\u5316\uff0c\u4f46\u6295\u8d44\u8005\u5374\u96be\u4ee5\u5398\u5b9a\u8fd9\u4e9b\u865a\u62df\u8d44\u4ea7\u7684\u5185\u5728\u4ef7\u503c\uff08intrinsic value\uff09\u3002\u533a\u5757\u94fe\u6280\u672f\u6613\u53d7\u76d1\u7ba1\u653f\u7b56\u7684\u6539\u53d8\u6240\u5f71\u54cd\uff0c\u8bc1\u5238\u578b\u4ee3\u5e01\u7684\u4ef7\u503c\u53ef\u80fd\u968f\u4e4b\u5927\u5e45\u6ce2\u52a8\uff0c\u6216\u4ee4\u6295\u8d44\u8005\u8499\u53d7\u635f\u5931\u3002\u518d\u8005\uff0c\u8bc1\u5238\u578b\u4ee3\u5e01\u5728\u8bbe\u8ba1\u548c\u7ed3\u6784\u4e0a\u72ec\u4e00\u65e0\u4e8c\uff0c\u56e0\u800c\u5f88\u96be\u627e\u5230\u9002\u7528\u4e8e\u4f30\u503c\u7684\u53c2\u8003\u4ee3\u5e01\u3002\u56de\u62a5\u65e2\u96be\u4ee5\u786e\u5b9a\uff0c\u90e8\u5206\u6295\u8d44\u8005\u96be\u514d\u5374\u6b65\u3002 \u76d1\u7ba1\u8865\u6f0f\u6d1e \u4ece\u76d1\u7ba1\u673a\u6784\u7684\u89d2\u5ea6\u6765\u770b\uff0c\u52a0\u5bc6\u8d27\u5e01\u7684\u4e00\u5927\u95ee\u9898\u5728\u4e8e\u4e70\u5356\u53cc\u65b9\u6ca1\u6709\u8fdb\u884c\u5ba2\u6237\u8eab\u4efd\u8bc6\u522b\uff0c\u4ea4\u6613\u53ef\u80fd\u672a\u53d7\u5230\u53cd\u6d17\u94b1\u3001\u53cd\u6050\u878d\u8d44\u7684\u6301\u7eed\u76d1\u63a7\u3002 STO\u5728\u9ad8\u901f\u800c\u5168\u5929\u5019\u60c5\u51b5\u4e0b\u8fdb\u884c\u4ea4\u6613\uff0c\u8425\u8fd0\u5546\u5b9e\u65bd\u5168\u9762\u5ba2\u6237\u8eab\u4efd\u8bc6\u522b\u6216\u53cd\u6d17\u94b1\u3001\u53cd\u6050\u878d\u8d44\u8ffd\u8e2a\u5e76\u4e0d\u5bb9\u6613\u3002\u7279\u533a\u653f\u5e9c\u7406\u5e94\u5728\u4e0d\u59a8\u788d\u4ea4\u6613\u6548\u7387\u7684\u524d\u63d0\u4e0b\uff0c\u5c3d\u5feb\u5efa\u7acb\u76f8\u5173\u76d1\u63a7\u673a\u5236\uff0c\u4ee5\u8865\u4e0d\u8db3\u3002 \u4e3a\u5f15\u5165\u5bf9\u865a\u62df\u8d44\u4ea7\u670d\u52a1\u63d0\u4f9b\u8005\u7684\u53d1\u724c\u5236\u5ea6\uff0c\u53bb\u5e7412\u6708\u7acb\u6cd5\u4f1a\u901a\u8fc7\u300a2022\u5e74\u6253\u51fb\u6d17\u94b1\u53ca\u6050\u6016\u5206\u5b50\u8d44\u91d1\u7b79\u96c6\uff08\u4fee\u8ba2\uff09\u6761\u4f8b\u8349\u6848\u300b\uff0c\u9884\u8ba12023\u5e746\u6708\u8d77\uff0c\u4efb\u4f55\u672a\u83b7\u7279\u533a\u653f\u5e9c\u53d1\u724c\u7684\u865a\u62df\u8d44\u4ea7\u670d\u52a1\u63d0\u4f9b\u8005\u5c06\u4e0d\u51c6\u5728\u672c\u6e2f\u6d3b\u52a8\uff0c\u8303\u56f4\u6db5\u76d6\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u53ca\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\uff0c\u4ee5\u53ca\u975e\u540c\u8d28\u5316\u4ee3\u5e01\uff08Non-Fungible Token\uff09\u3002\u7531\u4e8e\u4e70\u5356\u4ee3\u5e01\u7684\u533f\u540d\u53ca\u9ad8\u901f\u6027\u8d28\uff0c\u5176\u4e2d\u6d89\u53ca\u7684\u5408\u89c4\uff08compliance\uff09\u6210\u672c\u504f\u9ad8\u3002 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STO\u7684\u865a\u62df\u8d27\u5e01\u6709\u5b9e\u4f53\u8d44\u4ea7\u652f\u6301\uff0c\u53ef\u7b97\u662fICO\u7684\u8fdb\u5316\u7248\u3002\u8fd9\u79cd\u53d1\u884c\u65b9\u5f0f\u5229\u7528\u533a\u5757\u94fe\u7684\u96c6\u8d44\u4f18\u52bf\uff0c\u5728\u53d7\u76d1\u7ba1\u73af\u5883\u4e0b\u8fd0\u4f5c\uff0c\u53ef\u501f\u6b64\u4ece\u52a0\u5bc6\u8d27\u5e01\u9a97\u5c40\u9634\u5f71\u4e2d\u633d\u56de\u6295\u8d44\u8005\u7684\u4fe1\u5fc3\u3002\u76ee\u524d\u9999\u6e2f\u5bf9STO\u7684\u89c4\u7ba1\uff0c\u7531\u8bc1\u5238\u53ca\u671f\u8d27\u4e8b\u52a1\u76d1\u5bdf\u59d4\u5458\u4f1a\uff08\u8bc1\u76d1\u4f1a\uff09\u8d1f\u8d23\uff0c\u65e9\u57282019\u5e743\u6708\u5df2\u53d1\u8868\u58f0\u660e\uff0c\u6e05\u695a\u6307\u51fa\uff1a\u300c\u5728\u8bc1\u5238\u578b\u4ee3\u5e01\u5c5e\u4e8e\u300e\u8bc1\u5238\u300f\u7684\u60c5\u51b5\u4e0b\uff0c\u4efb\u4f55\u4eba\u5982\u8981\u63a8\u5e7f\u53ca\u5206\u9500\u8bc1\u5238\u578b\u4ee3\u5e01\uff08\u4e0d\u8bba\u662f\u5728\u9999\u6e2f\u6216\u4ee5\u9999\u6e2f\u6295\u8d44\u8005\u4e3a\u5bf9\u8c61\uff09\uff0c\u9664\u975e\u83b7\u5f97\u9002\u7528\u7684\u8c41\u514d\uff0c\u5426\u5219\u987b\u6839\u636e\u300a\u8bc1\u5238\u53ca\u671f\u8d27\u6761\u4f8b\u300b\u5c31\u7b2c1\u7c7b\u53d7\u89c4\u7ba1\u6d3b\u52a8\uff08\u8bc1\u5238\u4ea4\u6613\uff09\u83b7\u53d1\u724c\u6216\u6ce8\u518c\u3002\u300d \u5f53\u7136\uff0cSTO\u5728\u5b9e\u9645\u8fd0\u4f5c\u4e0a\u4e0d\u65e0\u6311\u6218\u3002\u867d\u7136\u8bb8\u591a\u7c7b\u578b\u7684\u8d44\u4ea7\u53ef\u4ee5\u4ee3\u5e01\u5316\uff0c\u4f46\u6295\u8d44\u8005\u5374\u96be\u4ee5\u5398\u5b9a\u8fd9\u4e9b\u865a\u62df\u8d44\u4ea7\u7684\u5185\u5728\u4ef7\u503c\uff08intrinsic value\uff09\u3002\u533a\u5757\u94fe\u6280\u672f\u6613\u53d7\u76d1\u7ba1\u653f\u7b56\u7684\u6539\u53d8\u6240\u5f71\u54cd\uff0c\u8bc1\u5238\u578b\u4ee3\u5e01\u7684\u4ef7\u503c\u53ef\u80fd\u968f\u4e4b\u5927\u5e45\u6ce2\u52a8\uff0c\u6216\u4ee4\u6295\u8d44\u8005\u8499\u53d7\u635f\u5931\u3002\u518d\u8005\uff0c\u8bc1\u5238\u578b\u4ee3\u5e01\u5728\u8bbe\u8ba1\u548c\u7ed3\u6784\u4e0a\u72ec\u4e00\u65e0\u4e8c\uff0c\u56e0\u800c\u5f88\u96be\u627e\u5230\u9002\u7528\u4e8e\u4f30\u503c\u7684\u53c2\u8003\u4ee3\u5e01\u3002\u56de\u62a5\u65e2\u96be\u4ee5\u786e\u5b9a\uff0c\u90e8\u5206\u6295\u8d44\u8005\u96be\u514d\u5374\u6b65\u3002 \u76d1\u7ba1\u8865\u6f0f\u6d1e \u4ece\u76d1\u7ba1\u673a\u6784\u7684\u89d2\u5ea6\u6765\u770b\uff0c\u52a0\u5bc6\u8d27\u5e01\u7684\u4e00\u5927\u95ee\u9898\u5728\u4e8e\u4e70\u5356\u53cc\u65b9\u6ca1\u6709\u8fdb\u884c\u5ba2\u6237\u8eab\u4efd\u8bc6\u522b\uff0c\u4ea4\u6613\u53ef\u80fd\u672a\u53d7\u5230\u53cd\u6d17\u94b1\u3001\u53cd\u6050\u878d\u8d44\u7684\u6301\u7eed\u76d1\u63a7\u3002 STO\u5728\u9ad8\u901f\u800c\u5168\u5929\u5019\u60c5\u51b5\u4e0b\u8fdb\u884c\u4ea4\u6613\uff0c\u8425\u8fd0\u5546\u5b9e\u65bd\u5168\u9762\u5ba2\u6237\u8eab\u4efd\u8bc6\u522b\u6216\u53cd\u6d17\u94b1\u3001\u53cd\u6050\u878d\u8d44\u8ffd\u8e2a\u5e76\u4e0d\u5bb9\u6613\u3002\u7279\u533a\u653f\u5e9c\u7406\u5e94\u5728\u4e0d\u59a8\u788d\u4ea4\u6613\u6548\u7387\u7684\u524d\u63d0\u4e0b\uff0c\u5c3d\u5feb\u5efa\u7acb\u76f8\u5173\u76d1\u63a7\u673a\u5236\uff0c\u4ee5\u8865\u4e0d\u8db3\u3002 \u4e3a\u5f15\u5165\u5bf9\u865a\u62df\u8d44\u4ea7\u670d\u52a1\u63d0\u4f9b\u8005\u7684\u53d1\u724c\u5236\u5ea6\uff0c\u53bb\u5e7412\u6708\u7acb\u6cd5\u4f1a\u901a\u8fc7\u300a2022\u5e74\u6253\u51fb\u6d17\u94b1\u53ca\u6050\u6016\u5206\u5b50\u8d44\u91d1\u7b79\u96c6\uff08\u4fee\u8ba2\uff09\u6761\u4f8b\u8349\u6848\u300b\uff0c\u9884\u8ba12023\u5e746\u6708\u8d77\uff0c\u4efb\u4f55\u672a\u83b7\u7279\u533a\u653f\u5e9c\u53d1\u724c\u7684\u865a\u62df\u8d44\u4ea7\u670d\u52a1\u63d0\u4f9b\u8005\u5c06\u4e0d\u51c6\u5728\u672c\u6e2f\u6d3b\u52a8\uff0c\u8303\u56f4\u6db5\u76d6\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u53ca\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\uff0c\u4ee5\u53ca\u975e\u540c\u8d28\u5316\u4ee3\u5e01\uff08Non-Fungible Token\uff09\u3002\u7531\u4e8e\u4e70\u5356\u4ee3\u5e01\u7684\u533f\u540d\u53ca\u9ad8\u901f\u6027\u8d28\uff0c\u5176\u4e2d\u6d89\u53ca\u7684\u5408\u89c4\uff08compliance\uff09\u6210\u672c\u504f\u9ad8\u3002 \u5728\u73b0\u884c\u76d1\u7ba1\u673a\u5236\u4e0b\uff0c\u8bc1\u5238\u578b\u4ee3\u5e01\u53ca\u5176\u4ed6\u865a\u62df\u8d44\u4ea7\u7684\u5bf9\u8c61\u4e3b\u8981\u4e3a\u4e13\u4e1a\u6295\u8d44\u8005\u3002\u865a\u62df\u8d44\u4ea7\u548c\u8bc1\u5238\u578b\u4ee3\u5e01\u4f5c\u4e3a\u65b0\u5174\u8d44\u4ea7\uff0c\u6709\u52a9\u4e8e\u9999\u6e2f\u5de9\u56fa\u4f5c\u4e3a\u9886\u5148\u7684\u96c6\u8d44\u3001\u4ea4\u6613\u548c\u8d44\u4ea7\u7ba1\u7406\u4e2d\u5fc3\u7684\u5730\u4f4d\uff0c\u4ece\u800c\u5438\u5f15\u66f4\u591a\u4e13\u4e1a\u6295\u8d44\u8005\u7ee7\u7eed\u5728\u672c\u6e2f\u6295\u8d44\u3002 \u8de8\u5730\u57df\u5c55\u671b \u9999\u6e2f\u5e94\u8003\u8651\u53d1\u5c55\u6570\u7801\u8d27\u5e01\u548c\u7535\u5b50\u652f\u4ed8\u7684\u6d4b\u8bd5\u5e73\u53f0\uff0c\u4ee5\u4fbf\u652f\u63f4\u8bc1\u5238\u578b\u4ee3\u5e01\u7684\u7b80\u6613\u4ea4\u6613\u3002\u5177\u4f53\u800c\u8a00\uff0c\u672a\u6765\u8bc1\u5238\u578b\u4ee3\u5e01\u4ea4\u6613\u53ef\u91c7\u7528\u6570\u7801\u8d27\u5e01\u548c\u7535\u5b50\u652f\u4ed8\u65b9\u5f0f\u8fdb\u884c\u7ed3\u7b97\uff0c\u8fdb\u4e00\u6b65\u5960\u5b9a\u7279\u533a\u4f5c\u4e3a\u9996\u8981\u79bb\u5cb8\u4eba\u6c11\u5e01\u4e2d\u5fc3\u7684\u5730\u4f4d\uff0c\u4fc3\u8fdb\u4eba\u6c11\u5e01\u56fd\u9645\u5316\u3002 \u5728\u5927\u6e7e\u533a\u8bbe\u7acb\u7684\u79c1\u4eba\u8d22\u5bcc\u548c\u79c1\u52df\u80a1\u6743\u57fa\u91d1\uff0c\u53ef\u6839\u636e\u5404\u7c7b\u4e92\u8054\u4e92\u901a\u8ba1\u5212\u8fdb\u884c\u8bc1\u5238\u578b\u4ee3\u5e01\u4ea4\u6613\uff0c\u8ba9\u533a\u5185\u7684\u8d44\u672c\u53ef\u8fdb\u5165\u672c\u6e2f\u7684\u8bc1\u5238\u578b\u4ee3\u5e01\u4ea4\u6613\u5e02\u573a\uff0c\u5e76\u63d0\u9ad8\u96c6\u8d44\u7684\u6d41\u52a8\u6027\u3002\u6b64\u5916\uff0c\u9999\u6e2f\u4ea6\u53ef\u5229\u7528\u865a\u62df\u8d44\u4ea7\u4ea4\u6613\u5e73\u53f0\uff0c\u81f4\u529b\u6210\u4e3a\u4e2d\u592e\u94f6\u884c\u6570\u7801\u8d27\u5e01\uff08Central Bank Digital Currency\uff09\u5168\u7403\u5916\u6c47\u7ed3\u7b97\u4e2d\u5fc3\u3002 \u5f52\u6839\u7a76\u67e2\uff0c\u8d44\u4ea7\u4ee3\u5e01\u5316\u53ef\u4ece\u6839\u672c\u4e0a\u6539\u53d8\u4f20\u7edf\u91d1\u878d\u7684\u878d\u8d44\u65b9\u5f0f\uff0c\u6295\u8d44\u8005\u53ca\u673a\u6784\u5f97\u4ee5\u4ece\u5b8c\u5168\u6570\u7801\u5316\u7684\u91d1\u878d\u5de5\u5177\u4e2d\u83b7\u76ca\u3002\u5c3d\u7ba1\u8bc1\u5238\u578b\u4ee3\u5e01\u91c7\u7528\u533a\u5757\u94fe\u6280\u672f\uff0c\u4f46\u4e0e\u52a0\u5bc6\u8d27\u5e01\u4ee5\u81f3\u5176\u4ed6\u4ee3\u5e01\u76f8\u6bd4\uff0c\u5219\u66f4\u63a5\u8fd1\u4e8e\u4f20\u7edf\u8bc1\u5238\uff0c\u7136\u800c\u5728\u76d1\u7ba1\u65b9\u9762\uff0c\u4ecd\u6709\u6539\u5584\u7684\u7a7a\u95f4\u3002\u7531\u4e8e\u8fd9\u4e9b\u8d44\u4ea7\u53ef\u5728\u5168\u7403\u533a\u5757\u94fe\u8f7b\u677e\u79fb\u8f6c\uff0c\u56e0\u6b64\u5404\u56fd\u5fc5\u987b\u53ca\u65f6\u52a0\u5f3a\u5176\u53d1\u884c\u53ca\u6d41\u52a8\u6027\u673a\u5236\u3002\u8bc1\u5238\u578b\u4ee3\u5e01\u7684\u4ea4\u6613\u6d3b\u52a8\u8de8\u8d8a\u56fd\u754c\uff0c\u6709\u8d56\u5168\u7403\u76f8\u5173\u673a\u6784\u901a\u529b\u5408\u4f5c\uff0c\u4e88\u4ee5\u66f4\u6709\u6548\u7684\u76d1\u7ba1\u3002 \u8c22\u56fd\u751f\u535a\u58eb \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u9996\u5e2d\u8bb2\u5e08 \u4f55\u654f\u6dd9\u5148\u751f \u9999\u6e2f\u5927\u5b66\u9644\u5c5e\u5b66\u9662\u8bb2\u5e08 \uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u4e09\u5e74\u4e09\u6708\u4e8c\u5341\u4e5d\u65e5\u8f7d\u4e8e\u300a\u4fe1\u62a5\u300b\u300c\u9f99\u864e\u5c71\u4e0b\u300d\u4e13\u680f\uff09\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/%e5%8c%ba%e5%9d%97%e9%93%be%e6%97%b6%e4%bb%a3%e7%9a%84%e8%af%81%e5%88%b8%e6%96%b0%e5%bd%a2%e6%80%81\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2023-03-29T03:25:41+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2023-03-29T08:08:05+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"\u533a\u5757\u94fe\u65f6\u4ee3\u7684\u8bc1\u5238\u65b0\u5f62\u6001 - HKU Business School\" \/>\n\t\t<meta name=\"twitter:description\" content=\"\u8bc1\u5238\u578b\u4ee3\u5e01\u53d1\u884c\uff08Security Token Offering\uff1b\u7b80\u79f0STO\uff09\u6307\u5728\u7b26\u5408\u8bc1\u5238\u5e02\u573a\u7684\u76d1\u7ba1\u8981\u6c42\u4e0b\uff0c\u5229\u7528\u65e5\u65b0\u6708\u5f02\u7684\u533a\u5757\u94fe\u6280\u672f\uff0c\u5c06\u80a1\u7968\u3001\u623f\u5730\u4ea7\u3001\u53e4\u8463\u7b49\u6709\u5f62\u548c\u65e0\u5f62\u8d44\u4ea7\u4ee3\u5e01\u5316\u7684\u4e00\u79cd\u4f01\u4e1a\u878d\u8d44\u9014\u5f84\u3002 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STO\u5219\u4e0e\u5b9e\u4f53\u8d44\u4ea7\u6302\u94a9\uff0c\u8ba9\u4f01\u4e1a\u5c06\u7269\u4e1a\u3001\u77e5\u8bc6\u4ea7\u6743\u7b49\u4f20\u7edf\u8d44\u4ea7\u4ee3\u5e01\u5316\uff0c\u7ee7\u800c\u5728\u6570\u7801\u4ea4\u6613\u6240\u4e0a\u5e02\uff0c\u6216\u4e3a\u533a\u5757\u94fe\u76f8\u5173\u9879\u76ee\u878d\u8d44\u3002 \u5bf9\u4e8e\u8d44\u4ea7\u62e5\u6709\u8005\u800c\u8a00\uff0cSTO\u4f7f\u5176\u975e\u6d41\u52a8\u6027\u8d44\u4ea7\u5f97\u4ee5\u5728\u7ebf\u4e0a\u4ea4\u6613\uff0c\u53d1\u6325\u5206\u5e03\u5f0f\u5206\u7c7b\u8d26\u6280\u672f\uff08distributed ledger technology\uff09\u7684\u4f18\u52bf\u6765\u52df\u96c6\u8d44\u91d1\u3002\u5982\u679c\u6ca1\u6709\u6570\u7801\u5316\uff0c\u5219\u5f88\u96be\u5c06\u62e5\u6709\u6743\u5206\u6563\u5230\u4e0d\u540c\u6295\u8d44\u8005\u624b\u4e2d\u3002\u5bf9\u521d\u521b\u4f01\u4e1a\u800c\u8a00\uff0cSTO\u63d0\u4f9b\u4e86\u95e8\u69db\u8f83\u4f4e\u7684\u878d\u8d44\u65b9\u5f0f\uff0c\u6709\u5229\u4e8e\u5c0f\u578b\u6216\u65b0\u6210\u7acb\u7684\u4f01\u4e1a\u3002\u8bc1\u5238\u578b\u4ee3\u5e01\u7684\u53e6\u4e00\u4f18\u52bf\u5728\u4e8e\u53ef\u4fdd\u5b58\u5168\u90e8\u62e5\u6709\u6743\u7eaa\u5f55\uff0c\u4e3a\u53d1\u884c\u4eba\u63d0\u4f9b\u8d44\u4ea7\u62e5\u6709\u8005\u7684\u5b8c\u6574\u7eaa\u5f55\uff0c\u56e0\u800c\u4e5f\u4fbf\u4e8e\u76d1\u7ba1\u3002\u5bf9\u6295\u8d44\u8005\u800c\u8a00\uff0c\u4e0d\u4f46\u53ef\u9009\u62e9\u4e0d\u540c\u79cd\u7c7b\u8d44\u4ea7\uff0c\u800c\u4e14\u5f97\u4ee5\u53d7\u60e0\u4e8e\u900f\u660e\u5ea6\u9ad8\u7684\u8d44\u4ea7\u89c4\u683c\u548c\u4f30\u4ef7\u62a5\u544a\u3002 \u5408\u89c4\u633d\u4fe1\u5fc3 \u81f3\u4e8e\u5e38\u4e0eSTO\u76f8\u63d0\u5e76\u8bba\u7684\u9996\u6b21\u4ee3\u5e01\u53d1\u884c\uff08Initial Coin Offering\uff1b\u7b80\u79f0ICO\uff09\u5219\u4e0d\u53d7\u76d1\u7ba1\uff0c\u53d1\u8d77\u4eba\u53ea\u9700\u4ee5\u767d\u76ae\u4e66\u5217\u660e\u96c6\u8d44\u76ee\u7684\uff0c\u4e0d\u9700\u4efb\u4f55\u62b5\u62bc\u54c1\u4fbf\u80fd\u96c6\u8d44\uff0c\u6295\u8d44\u98ce\u9669\u751a\u5927\u3002\u51b5\u4e14\u56e0\u4e0d\u53d7\u5404\u56fd\u91d1\u878d\u673a\u6784\u76d1\u7ba1\uff0c\u82e5\u53d7\u8bc8\u9a97\uff0c\u5c31\u53ef\u80fd\u6c38\u96be\u8ffd\u56de\u6295\u8d44\u3002 2019\u5e7410\u6708\u52302020\u5e743\u6708\uff0c\u7f8e\u56fd\u8054\u90a6\u8d38\u6613\u59d4\u5458\u4f1a\u5f55\u5f97570\u5b97\u52a0\u5bc6\u8d27\u5e01\u6295\u8d44\u8bc8\u9a97\u4e2a\u6848\uff0c\u53d7\u5bb3\u4eba\u5408\u5171\u635f\u5931750\u4e07\u7f8e\u5143\uff1b2020\u5e74\u540c\u671f\uff0c\u635f\u5931\u91d1\u989d\u5df2\u98d9\u5347\u81f3\u8d85\u8fc78000\u4e07\u7f8e\u5143\u3002 STO\u7684\u865a\u62df\u8d27\u5e01\u6709\u5b9e\u4f53\u8d44\u4ea7\u652f\u6301\uff0c\u53ef\u7b97\u662fICO\u7684\u8fdb\u5316\u7248\u3002\u8fd9\u79cd\u53d1\u884c\u65b9\u5f0f\u5229\u7528\u533a\u5757\u94fe\u7684\u96c6\u8d44\u4f18\u52bf\uff0c\u5728\u53d7\u76d1\u7ba1\u73af\u5883\u4e0b\u8fd0\u4f5c\uff0c\u53ef\u501f\u6b64\u4ece\u52a0\u5bc6\u8d27\u5e01\u9a97\u5c40\u9634\u5f71\u4e2d\u633d\u56de\u6295\u8d44\u8005\u7684\u4fe1\u5fc3\u3002\u76ee\u524d\u9999\u6e2f\u5bf9STO\u7684\u89c4\u7ba1\uff0c\u7531\u8bc1\u5238\u53ca\u671f\u8d27\u4e8b\u52a1\u76d1\u5bdf\u59d4\u5458\u4f1a\uff08\u8bc1\u76d1\u4f1a\uff09\u8d1f\u8d23\uff0c\u65e9\u57282019\u5e743\u6708\u5df2\u53d1\u8868\u58f0\u660e\uff0c\u6e05\u695a\u6307\u51fa\uff1a\u300c\u5728\u8bc1\u5238\u578b\u4ee3\u5e01\u5c5e\u4e8e\u300e\u8bc1\u5238\u300f\u7684\u60c5\u51b5\u4e0b\uff0c\u4efb\u4f55\u4eba\u5982\u8981\u63a8\u5e7f\u53ca\u5206\u9500\u8bc1\u5238\u578b\u4ee3\u5e01\uff08\u4e0d\u8bba\u662f\u5728\u9999\u6e2f\u6216\u4ee5\u9999\u6e2f\u6295\u8d44\u8005\u4e3a\u5bf9\u8c61\uff09\uff0c\u9664\u975e\u83b7\u5f97\u9002\u7528\u7684\u8c41\u514d\uff0c\u5426\u5219\u987b\u6839\u636e\u300a\u8bc1\u5238\u53ca\u671f\u8d27\u6761\u4f8b\u300b\u5c31\u7b2c1\u7c7b\u53d7\u89c4\u7ba1\u6d3b\u52a8\uff08\u8bc1\u5238\u4ea4\u6613\uff09\u83b7\u53d1\u724c\u6216\u6ce8\u518c\u3002\u300d \u5f53\u7136\uff0cSTO\u5728\u5b9e\u9645\u8fd0\u4f5c\u4e0a\u4e0d\u65e0\u6311\u6218\u3002\u867d\u7136\u8bb8\u591a\u7c7b\u578b\u7684\u8d44\u4ea7\u53ef\u4ee5\u4ee3\u5e01\u5316\uff0c\u4f46\u6295\u8d44\u8005\u5374\u96be\u4ee5\u5398\u5b9a\u8fd9\u4e9b\u865a\u62df\u8d44\u4ea7\u7684\u5185\u5728\u4ef7\u503c\uff08intrinsic value\uff09\u3002\u533a\u5757\u94fe\u6280\u672f\u6613\u53d7\u76d1\u7ba1\u653f\u7b56\u7684\u6539\u53d8\u6240\u5f71\u54cd\uff0c\u8bc1\u5238\u578b\u4ee3\u5e01\u7684\u4ef7\u503c\u53ef\u80fd\u968f\u4e4b\u5927\u5e45\u6ce2\u52a8\uff0c\u6216\u4ee4\u6295\u8d44\u8005\u8499\u53d7\u635f\u5931\u3002\u518d\u8005\uff0c\u8bc1\u5238\u578b\u4ee3\u5e01\u5728\u8bbe\u8ba1\u548c\u7ed3\u6784\u4e0a\u72ec\u4e00\u65e0\u4e8c\uff0c\u56e0\u800c\u5f88\u96be\u627e\u5230\u9002\u7528\u4e8e\u4f30\u503c\u7684\u53c2\u8003\u4ee3\u5e01\u3002\u56de\u62a5\u65e2\u96be\u4ee5\u786e\u5b9a\uff0c\u90e8\u5206\u6295\u8d44\u8005\u96be\u514d\u5374\u6b65\u3002 \u76d1\u7ba1\u8865\u6f0f\u6d1e 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1946\u5e74\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\u8d77\u8bc9Howey\u516c\u53f8\uff0c\u6700\u9ad8\u6cd5\u9662\u88c1\u5b9a\uff0c\u4e00\u9879\u6295\u8d44\u662f\u5426\u5c5e\u4e8e\u300c\u8bc1\u5238\u300d\uff0c\u5fc5\u987b\u5177\u59074\u9879\u6761\u4ef6\uff1a\u4e00\u3001\u91d1\u94b1\u5f62\u5f0f\u8fdb\u884c\u7684\u8d44\u4ea7\u6295\u8d44\uff1b\u4e8c\u3001\u9884\u671f\u4ece\u4e2d\u83b7\u5f97\u6536\u76ca\uff1b\u4e09\u3001\u8d44\u91d1\u6295\u653e\u4e8e\u5171\u540c\u4e1a\u52a1\uff08common enterprise\uff09\uff1b\u56db\u3001\u6536\u76ca\u901a\u8fc7\u53d1\u884c\u4eba\u6216\u7b2c\u4e09\u65b9\u6536\u53d6\u3002\u8fd9\u5c31\u662f\u8457\u540d\u7684\u8c6a\u5a01\u6d4b\u8bd5\uff08Howey Test\uff09\uff0c\u5176\u5bf9\u4eca\u65e5\u63a8\u5c55\u865a\u62df\u8d44\u4ea7\u5e02\u573a\u53d1\u6325\u4e3e\u8db3\u8f7b\u91cd\u7684\u4f5c\u7528\u3002 \u8bc1\u5238\u578b\u4ee3\u5e01\u4f5c\u4e3a\u6295\u8d44\u4ea7\u54c1\uff0c\u901a\u5e38\u7b26\u5408\u4e0a\u8ff0\u6807\u51c6\uff0c\u800c\u53d1\u884c\u4eba\u7684\u6536\u76ca\u3001\u73b0\u91d1\u6d41\u6216\u8d44\u4ea7\u4efd\u989d\u7684\u8bc1\u5238\u578b\u4ee3\u5e01\uff0c\u65e0\u8bba\u91c7\u7528\u4f55\u79cd\u5408\u7ea6\u5f62\u5f0f\uff0c\u5b9e\u8d28\u4e0a\u90fd\u5c5e\u4e8e\u8bc1\u5238\u8303\u7574\uff0c\u53d7\u8bc1\u5238\u6cd5\u7ea6\u675f\u3002 \u6295\u8d44\u5feb\u8f66\u9053 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STO\u7684\u884d\u751f\u80fd\u591f\u63d0\u5347\u8d44\u4ea7\u7684\u6d41\u52a8\u6027\uff0c\u8d44\u4ea7\u62e5\u6709\u4eba\u53ca\u4ee3\u5e01\u53d1\u884c\u4eba\u53ef\u5229\u7528\u5176\u591a\u5143\u5316\u7279\u70b9\u5411\u4e0d\u540c\u4eba\u58eb\u96c6\u8d44\uff0c\u4ee4\u8d44\u91d1\u8f83\u5c11\u7684\u96f6\u552e\u6295\u8d44\u8005\u4e5f\u53ef\u53c2\u4e0e\u5176\u4e2d\uff0c\u6295\u8d44\u98ce\u9669\u53ca\u6210\u672c\u4ea6\u53ef\u964d\u4f4e\u3002 STO\u7684\u96c6\u8d44\u4f5c\u7528\u4e0e\u9996\u6b21\u516c\u5f00\u62db\u80a1\u76f8\u8fd1\uff0c\u540c\u6837\u53d7\u6cd5\u89c4\u76d1\u7ba1\uff0c\u4f46\u4f01\u4e1a\u8981\u900f\u8fc7\u540e\u8005\u4e0a\u5e02\uff0c\u6709\u66f4\u4e25\u683c\u7684\u8d22\u52a1\u8981\u6c42\u53ca\u7ecf\u8425\u6761\u4ef6\u3002 STO\u5219\u4e0e\u5b9e\u4f53\u8d44\u4ea7\u6302\u94a9\uff0c\u8ba9\u4f01\u4e1a\u5c06\u7269\u4e1a\u3001\u77e5\u8bc6\u4ea7\u6743\u7b49\u4f20\u7edf\u8d44\u4ea7\u4ee3\u5e01\u5316\uff0c\u7ee7\u800c\u5728\u6570\u7801\u4ea4\u6613\u6240\u4e0a\u5e02\uff0c\u6216\u4e3a\u533a\u5757\u94fe\u76f8\u5173\u9879\u76ee\u878d\u8d44\u3002 \u5bf9\u4e8e\u8d44\u4ea7\u62e5\u6709\u8005\u800c\u8a00\uff0cSTO\u4f7f\u5176\u975e\u6d41\u52a8\u6027\u8d44\u4ea7\u5f97\u4ee5\u5728\u7ebf\u4e0a\u4ea4\u6613\uff0c\u53d1\u6325\u5206\u5e03\u5f0f\u5206\u7c7b\u8d26\u6280\u672f\uff08distributed ledger technology\uff09\u7684\u4f18\u52bf\u6765\u52df\u96c6\u8d44\u91d1\u3002\u5982\u679c\u6ca1\u6709\u6570\u7801\u5316\uff0c\u5219\u5f88\u96be\u5c06\u62e5\u6709\u6743\u5206\u6563\u5230\u4e0d\u540c\u6295\u8d44\u8005\u624b\u4e2d\u3002\u5bf9\u521d\u521b\u4f01\u4e1a\u800c\u8a00\uff0cSTO\u63d0\u4f9b\u4e86\u95e8\u69db\u8f83\u4f4e\u7684\u878d\u8d44\u65b9\u5f0f\uff0c\u6709\u5229\u4e8e\u5c0f\u578b\u6216\u65b0\u6210\u7acb\u7684\u4f01\u4e1a\u3002\u8bc1\u5238\u578b\u4ee3\u5e01\u7684\u53e6\u4e00\u4f18\u52bf\u5728\u4e8e\u53ef\u4fdd\u5b58\u5168\u90e8\u62e5\u6709\u6743\u7eaa\u5f55\uff0c\u4e3a\u53d1\u884c\u4eba\u63d0\u4f9b\u8d44\u4ea7\u62e5\u6709\u8005\u7684\u5b8c\u6574\u7eaa\u5f55\uff0c\u56e0\u800c\u4e5f\u4fbf\u4e8e\u76d1\u7ba1\u3002\u5bf9\u6295\u8d44\u8005\u800c\u8a00\uff0c\u4e0d\u4f46\u53ef\u9009\u62e9\u4e0d\u540c\u79cd\u7c7b\u8d44\u4ea7\uff0c\u800c\u4e14\u5f97\u4ee5\u53d7\u60e0\u4e8e\u900f\u660e\u5ea6\u9ad8\u7684\u8d44\u4ea7\u89c4\u683c\u548c\u4f30\u4ef7\u62a5\u544a\u3002 \u5408\u89c4\u633d\u4fe1\u5fc3 \u81f3\u4e8e\u5e38\u4e0eSTO\u76f8\u63d0\u5e76\u8bba\u7684\u9996\u6b21\u4ee3\u5e01\u53d1\u884c\uff08Initial Coin Offering\uff1b\u7b80\u79f0ICO\uff09\u5219\u4e0d\u53d7\u76d1\u7ba1\uff0c\u53d1\u8d77\u4eba\u53ea\u9700\u4ee5\u767d\u76ae\u4e66\u5217\u660e\u96c6\u8d44\u76ee\u7684\uff0c\u4e0d\u9700\u4efb\u4f55\u62b5\u62bc\u54c1\u4fbf\u80fd\u96c6\u8d44\uff0c\u6295\u8d44\u98ce\u9669\u751a\u5927\u3002\u51b5\u4e14\u56e0\u4e0d\u53d7\u5404\u56fd\u91d1\u878d\u673a\u6784\u76d1\u7ba1\uff0c\u82e5\u53d7\u8bc8\u9a97\uff0c\u5c31\u53ef\u80fd\u6c38\u96be\u8ffd\u56de\u6295\u8d44\u3002 2019\u5e7410\u6708\u52302020\u5e743\u6708\uff0c\u7f8e\u56fd\u8054\u90a6\u8d38\u6613\u59d4\u5458\u4f1a\u5f55\u5f97570\u5b97\u52a0\u5bc6\u8d27\u5e01\u6295\u8d44\u8bc8\u9a97\u4e2a\u6848\uff0c\u53d7\u5bb3\u4eba\u5408\u5171\u635f\u5931750\u4e07\u7f8e\u5143\uff1b2020\u5e74\u540c\u671f\uff0c\u635f\u5931\u91d1\u989d\u5df2\u98d9\u5347\u81f3\u8d85\u8fc78000\u4e07\u7f8e\u5143\u3002 STO\u7684\u865a\u62df\u8d27\u5e01\u6709\u5b9e\u4f53\u8d44\u4ea7\u652f\u6301\uff0c\u53ef\u7b97\u662fICO\u7684\u8fdb\u5316\u7248\u3002\u8fd9\u79cd\u53d1\u884c\u65b9\u5f0f\u5229\u7528\u533a\u5757\u94fe\u7684\u96c6\u8d44\u4f18\u52bf\uff0c\u5728\u53d7\u76d1\u7ba1\u73af\u5883\u4e0b\u8fd0\u4f5c\uff0c\u53ef\u501f\u6b64\u4ece\u52a0\u5bc6\u8d27\u5e01\u9a97\u5c40\u9634\u5f71\u4e2d\u633d\u56de\u6295\u8d44\u8005\u7684\u4fe1\u5fc3\u3002\u76ee\u524d\u9999\u6e2f\u5bf9STO\u7684\u89c4\u7ba1\uff0c\u7531\u8bc1\u5238\u53ca\u671f\u8d27\u4e8b\u52a1\u76d1\u5bdf\u59d4\u5458\u4f1a\uff08\u8bc1\u76d1\u4f1a\uff09\u8d1f\u8d23\uff0c\u65e9\u57282019\u5e743\u6708\u5df2\u53d1\u8868\u58f0\u660e\uff0c\u6e05\u695a\u6307\u51fa\uff1a\u300c\u5728\u8bc1\u5238\u578b\u4ee3\u5e01\u5c5e\u4e8e\u300e\u8bc1\u5238\u300f\u7684\u60c5\u51b5\u4e0b\uff0c\u4efb\u4f55\u4eba\u5982\u8981\u63a8\u5e7f\u53ca\u5206\u9500\u8bc1\u5238\u578b\u4ee3\u5e01\uff08\u4e0d\u8bba\u662f\u5728\u9999\u6e2f\u6216\u4ee5\u9999\u6e2f\u6295\u8d44\u8005\u4e3a\u5bf9\u8c61\uff09\uff0c\u9664\u975e\u83b7\u5f97\u9002\u7528\u7684\u8c41\u514d\uff0c\u5426\u5219\u987b\u6839\u636e\u300a\u8bc1\u5238\u53ca\u671f\u8d27\u6761\u4f8b\u300b\u5c31\u7b2c1\u7c7b\u53d7\u89c4\u7ba1\u6d3b\u52a8\uff08\u8bc1\u5238\u4ea4\u6613\uff09\u83b7\u53d1\u724c\u6216\u6ce8\u518c\u3002\u300d \u5f53\u7136\uff0cSTO\u5728\u5b9e\u9645\u8fd0\u4f5c\u4e0a\u4e0d\u65e0\u6311\u6218\u3002\u867d\u7136\u8bb8\u591a\u7c7b\u578b\u7684\u8d44\u4ea7\u53ef\u4ee5\u4ee3\u5e01\u5316\uff0c\u4f46\u6295\u8d44\u8005\u5374\u96be\u4ee5\u5398\u5b9a\u8fd9\u4e9b\u865a\u62df\u8d44\u4ea7\u7684\u5185\u5728\u4ef7\u503c\uff08intrinsic value\uff09\u3002\u533a\u5757\u94fe\u6280\u672f\u6613\u53d7\u76d1\u7ba1\u653f\u7b56\u7684\u6539\u53d8\u6240\u5f71\u54cd\uff0c\u8bc1\u5238\u578b\u4ee3\u5e01\u7684\u4ef7\u503c\u53ef\u80fd\u968f\u4e4b\u5927\u5e45\u6ce2\u52a8\uff0c\u6216\u4ee4\u6295\u8d44\u8005\u8499\u53d7\u635f\u5931\u3002\u518d\u8005\uff0c\u8bc1\u5238\u578b\u4ee3\u5e01\u5728\u8bbe\u8ba1\u548c\u7ed3\u6784\u4e0a\u72ec\u4e00\u65e0\u4e8c\uff0c\u56e0\u800c\u5f88\u96be\u627e\u5230\u9002\u7528\u4e8e\u4f30\u503c\u7684\u53c2\u8003\u4ee3\u5e01\u3002\u56de\u62a5\u65e2\u96be\u4ee5\u786e\u5b9a\uff0c\u90e8\u5206\u6295\u8d44\u8005\u96be\u514d\u5374\u6b65\u3002 \u76d1\u7ba1\u8865\u6f0f\u6d1e \u4ece\u76d1\u7ba1\u673a\u6784\u7684\u89d2\u5ea6\u6765\u770b\uff0c\u52a0\u5bc6\u8d27\u5e01\u7684\u4e00\u5927\u95ee\u9898\u5728\u4e8e\u4e70\u5356\u53cc\u65b9\u6ca1\u6709\u8fdb\u884c\u5ba2\u6237\u8eab\u4efd\u8bc6\u522b\uff0c\u4ea4\u6613\u53ef\u80fd\u672a\u53d7\u5230\u53cd\u6d17\u94b1\u3001\u53cd\u6050\u878d\u8d44\u7684\u6301\u7eed\u76d1\u63a7\u3002 STO\u5728\u9ad8\u901f\u800c\u5168\u5929\u5019\u60c5\u51b5\u4e0b\u8fdb\u884c\u4ea4\u6613\uff0c\u8425\u8fd0\u5546\u5b9e\u65bd\u5168\u9762\u5ba2\u6237\u8eab\u4efd\u8bc6\u522b\u6216\u53cd\u6d17\u94b1\u3001\u53cd\u6050\u878d\u8d44\u8ffd\u8e2a\u5e76\u4e0d\u5bb9\u6613\u3002\u7279\u533a\u653f\u5e9c\u7406\u5e94\u5728\u4e0d\u59a8\u788d\u4ea4\u6613\u6548\u7387\u7684\u524d\u63d0\u4e0b\uff0c\u5c3d\u5feb\u5efa\u7acb\u76f8\u5173\u76d1\u63a7\u673a\u5236\uff0c\u4ee5\u8865\u4e0d\u8db3\u3002 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\u5728\u73b0\u884c\u76d1\u7ba1\u673a\u5236\u4e0b\uff0c\u8bc1\u5238\u578b\u4ee3\u5e01\u53ca\u5176\u4ed6\u865a\u62df\u8d44\u4ea7\u7684\u5bf9\u8c61\u4e3b\u8981\u4e3a\u4e13\u4e1a\u6295\u8d44\u8005\u3002\u865a\u62df\u8d44\u4ea7\u548c\u8bc1\u5238\u578b\u4ee3\u5e01\u4f5c\u4e3a\u65b0\u5174\u8d44\u4ea7\uff0c\u6709\u52a9\u4e8e\u9999\u6e2f\u5de9\u56fa\u4f5c\u4e3a\u9886\u5148\u7684\u96c6\u8d44\u3001\u4ea4\u6613\u548c\u8d44\u4ea7\u7ba1\u7406\u4e2d\u5fc3\u7684\u5730\u4f4d\uff0c\u4ece\u800c\u5438\u5f15\u66f4\u591a\u4e13\u4e1a\u6295\u8d44\u8005\u7ee7\u7eed\u5728\u672c\u6e2f\u6295\u8d44\u3002 \u8de8\u5730\u57df\u5c55\u671b 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