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ledgertechnology\uff09\u7684\u512a\u52e2\u4f86\u52df\u96c6\u8cc7\u91d1\u3002\u5982\u679c\u6c92\u6709\u6578\u78bc\u5316\uff0c\u5247\u5f88\u96e3\u5c07\u64c1\u6709\u6b0a\u5206\u6563\u5230\u4e0d\u540c\u6295\u8cc7\u8005\u624b\u4e2d\u3002\u5c0d\u521d\u5275\u4f01\u696d\u800c\u8a00\uff0cSTO\u63d0\u4f9b\u4e86\u9580\u6abb\u8f03\u4f4e\u7684\u878d\u8cc7\u65b9\u5f0f\uff0c\u6709\u5229\u65bc\u5c0f\u578b\u6216\u65b0\u6210\u7acb\u7684\u4f01\u696d\u3002\u8b49\u5238\u578b\u4ee3\u5e63\u7684\u53e6\u4e00\u512a\u52e2\u5728\u65bc\u53ef\u4fdd\u5b58\u5168\u90e8\u64c1\u6709\u6b0a\u7d00\u9304\uff0c\u70ba\u767c\u884c\u4eba\u63d0\u4f9b\u8cc7\u7522\u64c1\u6709\u8005\u7684\u5b8c\u6574\u7d00\u9304\uff0c\u56e0\u800c\u4e5f\u4fbf\u65bc\u76e3\u7ba1\u3002\u5c0d\u6295\u8cc7\u8005\u800c\u8a00\uff0c\u4e0d\u4f46\u53ef\u9078\u64c7\u4e0d\u540c\u7a2e\u985e\u8cc7\u7522\uff0c\u800c\u4e14\u5f97\u4ee5\u53d7\u60e0\u65bc\u900f\u660e\u5ea6\u9ad8\u7684\u8cc7\u7522\u898f\u683c\u548c\u4f30\u50f9\u544a\u3002 \u5408\u898f\u633d\u4fe1\u5fc3 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STO\u7684\u865b\u64ec\u8ca8\u5e63\u6709\u5be6\u9ad4\u8cc7\u7522\u652f\u6301\uff0c\u53ef\u7b97\u662fICO\u7684\u9032\u5316\u7248\u3002\u9019\u7a2e\u767c\u884c\u65b9\u5f0f\u5229\u7528\u5340\u584a\u93c8\u7684\u96c6\u8cc7\u512a\u52e2\uff0c\u5728\u53d7\u76e3\u7ba1\u74b0\u5883\u4e0b\u904b\u4f5c\uff0c\u53ef\u85c9\u6b64\u5f9e\u52a0\u5bc6\u8ca8\u5e63\u9a19\u5c40\u9670\u5f71\u4e2d\u633d\u56de\u6295\u8cc7\u8005\u7684\u4fe1\u5fc3\u3002\u76ee\u524d\u9999\u6e2f\u5c0dSTO\u7684\u898f\u7ba1\uff0c\u7531\u8b49\u5238\u53ca\u671f\u8ca8\u4e8b\u52d9\u76e3\u5bdf\u59d4\u54e1\u6703\uff08\u8b49\u76e3\u6703\uff09\u8ca0\u8cac\uff0c\u65e9\u57282019\u5e743\u6708\u5df2\u767c\u8868\u8072\u660e\uff0c\u6e05\u695a\u6307\u51fa\uff1a\u300c\u5728\u8b49\u5238\u578b\u4ee3\u5e63\u5c6c\u65bc\u300e\u8b49\u5238\u300f\u7684\u60c5\u6cc1\u4e0b\uff0c\u4efb\u4f55\u4eba\u5982\u8981\u63a8\u5ee3\u53ca\u5206\u92b7\u8b49\u5238\u578b\u4ee3\u5e63\uff08\u4e0d\u8ad6\u662f\u5728\u9999\u6e2f\u6216\u4ee5\u9999\u6e2f\u6295\u8cc7\u8005\u70ba\u5c0d\u8c61\uff09\uff0c\u9664\u975e\u7372\u5f97\u9069\u7528\u7684\u8c41\u514d\uff0c\u5426\u5247\u9808\u6839\u64da\u300a\u8b49\u5238\u53ca\u671f\u8ca8\u689d\u4f8b\u300b\u5c31\u7b2c1\u985e\u53d7\u898f\u7ba1\u6d3b\u52d5\uff08\u8b49\u5238\u4ea4\u6613\uff09\u7372\u767c\u724c\u6216\u8a3b\u518a\u3002\u300d \u7576\u7136\uff0cSTO\u5728\u5be6\u969b\u904b\u4f5c\u4e0a\u4e0d\u7121\u6311\u6230\u3002\u96d6\u7136\u8a31\u591a\u985e\u578b\u7684\u8cc7\u7522\u53ef\u4ee5\u4ee3\u5e63\u5316\uff0c\u4f46\u6295\u8cc7\u8005\u537b\u96e3\u4ee5\u91d0\u5b9a\u9019\u4e9b\u865b\u64ec\u8cc7\u7522\u7684\u5167\u5728\u50f9\u503c\uff08intrinsic value\uff09\u3002\u5340\u584a\u93c8\u6280\u8853\u6613\u53d7\u76e3\u7ba1\u653f\u7b56\u7684\u6539\u8b8a\u6240\u5f71\u97ff\uff0c\u8b49\u5238\u578b\u4ee3\u5e63\u7684\u50f9\u503c\u53ef\u80fd\u96a8\u4e4b\u5927\u5e45\u6ce2\u52d5\uff0c\u6216\u4ee4\u6295\u8cc7\u8005\u8499\u53d7\u640d\u5931\u3002\u518d\u8005\uff0c\u8b49\u5238\u578b\u4ee3\u5e63\u5728\u8a2d\u8a08\u548c\u7d50\u69cb\u4e0a\u7368\u4e00\u7121\u4e8c\uff0c\u56e0\u800c\u5f88\u96e3\u627e\u5230\u9069\u7528\u65bc\u4f30\u503c\u7684\u53c3\u8003\u4ee3\u5e63\u3002\u56de\u5831\u65e2\u96e3\u4ee5\u78ba\u5b9a\uff0c\u90e8\u5206\u6295\u8cc7\u8005\u96e3\u514d\u537b\u6b65\u3002 \u76e3\u7ba1\u88dc\u6f0f\u6d1e \u5f9e\u76e3\u7ba1\u6a5f\u69cb\u7684\u89d2\u5ea6\u4f86\u770b\uff0c\u52a0\u5bc6\u8ca8\u5e63\u7684\u4e00\u5927\u554f\u984c\u5728\u65bc\u8cb7\u8ce3\u96d9\u65b9\u6c92\u6709\u9032\u884c\u5ba2\u6236\u8eab\u4efd\u8b58\u5225\uff0c\u4ea4\u6613\u53ef\u80fd\u672a\u53d7\u5230\u53cd\u6d17\u9322\u3001\u53cd\u6050\u878d\u8cc7\u7684\u6301\u7e8c\u76e3\u63a7\u3002STO\u5728\u9ad8\u901f\u800c\u5168\u5929\u5019\u60c5\u6cc1\u4e0b\u9032\u884c\u4ea4\u6613\uff0c\u71df\u904b\u5546\u5be6\u65bd\u5168\u9762\u5ba2\u6236\u8eab\u4efd\u8b58\u5225\u6216\u53cd\u6d17\u9322\u3001\u53cd\u6050\u878d\u8cc7\u8ffd\u8e64\u4e26\u4e0d\u5bb9\u6613\u3002\u7279\u5340\u653f\u5e9c\u7406\u61c9\u5728\u4e0d\u59a8\u7919\u4ea4\u6613\u6548\u7387\u7684\u524d\u63d0\u4e0b\uff0c\u76e1\u5feb\u5efa\u7acb\u76f8\u95dc\u76e3\u63a7\u6a5f\u5236\uff0c\u4ee5\u88dc\u4e0d\u8db3\u3002 \u70ba\u5f15\u5165\u5c0d\u865b\u64ec\u8cc7\u7522\u670d\u52d9\u63d0\u4f9b\u8005\u7684\u767c\u724c\u5236\u5ea6\uff0c\u53bb\u5e7412\u6708\u7acb\u6cd5\u6703\u901a\u904e\u300a2022\u5e74\u6253\u64ca\u6d17\u9322\u53ca\u6050\u6016\u5206\u5b50\u8cc7\u91d1\u7c4c\u96c6\uff08\u4fee\u8a02\uff09\u689d\u4f8b\u8349\u6848\u300b\uff0c\u9810\u8a082023\u5e746\u6708\u8d77\uff0c\u4efb\u4f55\u672a\u7372\u7279\u5340\u653f\u5e9c\u767c\u724c\u7684\u865b\u64ec\u8cc7\u7522\u670d\u52d9\u63d0\u4f9b\u8005\u5c07\u4e0d\u51c6\u5728\u672c\u6e2f\u6d3b\u52d5\uff0c\u7bc4\u570d\u6db5\u84cb\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u53ca\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\uff0c\u4ee5\u53ca\u975e\u540c\u8cea\u5316\u4ee3\u5e63\uff08Non-Fungible Token\uff09\u3002\u7531\u65bc\u8cb7\u8ce3\u4ee3\u5e63\u7684\u533f\u540d\u53ca\u9ad8\u901f\u6027\u8cea\uff0c\u5176\u4e2d\u6d89\u53ca\u7684\u5408\u898f\uff08compliance\uff09\u6210\u672c\u504f\u9ad8\u3002 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STO\u7684\u865b\u64ec\u8ca8\u5e63\u6709\u5be6\u9ad4\u8cc7\u7522\u652f\u6301\uff0c\u53ef\u7b97\u662fICO\u7684\u9032\u5316\u7248\u3002\u9019\u7a2e\u767c\u884c\u65b9\u5f0f\u5229\u7528\u5340\u584a\u93c8\u7684\u96c6\u8cc7\u512a\u52e2\uff0c\u5728\u53d7\u76e3\u7ba1\u74b0\u5883\u4e0b\u904b\u4f5c\uff0c\u53ef\u85c9\u6b64\u5f9e\u52a0\u5bc6\u8ca8\u5e63\u9a19\u5c40\u9670\u5f71\u4e2d\u633d\u56de\u6295\u8cc7\u8005\u7684\u4fe1\u5fc3\u3002\u76ee\u524d\u9999\u6e2f\u5c0dSTO\u7684\u898f\u7ba1\uff0c\u7531\u8b49\u5238\u53ca\u671f\u8ca8\u4e8b\u52d9\u76e3\u5bdf\u59d4\u54e1\u6703\uff08\u8b49\u76e3\u6703\uff09\u8ca0\u8cac\uff0c\u65e9\u57282019\u5e743\u6708\u5df2\u767c\u8868\u8072\u660e\uff0c\u6e05\u695a\u6307\u51fa\uff1a\u300c\u5728\u8b49\u5238\u578b\u4ee3\u5e63\u5c6c\u65bc\u300e\u8b49\u5238\u300f\u7684\u60c5\u6cc1\u4e0b\uff0c\u4efb\u4f55\u4eba\u5982\u8981\u63a8\u5ee3\u53ca\u5206\u92b7\u8b49\u5238\u578b\u4ee3\u5e63\uff08\u4e0d\u8ad6\u662f\u5728\u9999\u6e2f\u6216\u4ee5\u9999\u6e2f\u6295\u8cc7\u8005\u70ba\u5c0d\u8c61\uff09\uff0c\u9664\u975e\u7372\u5f97\u9069\u7528\u7684\u8c41\u514d\uff0c\u5426\u5247\u9808\u6839\u64da\u300a\u8b49\u5238\u53ca\u671f\u8ca8\u689d\u4f8b\u300b\u5c31\u7b2c1\u985e\u53d7\u898f\u7ba1\u6d3b\u52d5\uff08\u8b49\u5238\u4ea4\u6613\uff09\u7372\u767c\u724c\u6216\u8a3b\u518a\u3002\u300d \u7576\u7136\uff0cSTO\u5728\u5be6\u969b\u904b\u4f5c\u4e0a\u4e0d\u7121\u6311\u6230\u3002\u96d6\u7136\u8a31\u591a\u985e\u578b\u7684\u8cc7\u7522\u53ef\u4ee5\u4ee3\u5e63\u5316\uff0c\u4f46\u6295\u8cc7\u8005\u537b\u96e3\u4ee5\u91d0\u5b9a\u9019\u4e9b\u865b\u64ec\u8cc7\u7522\u7684\u5167\u5728\u50f9\u503c\uff08intrinsic value\uff09\u3002\u5340\u584a\u93c8\u6280\u8853\u6613\u53d7\u76e3\u7ba1\u653f\u7b56\u7684\u6539\u8b8a\u6240\u5f71\u97ff\uff0c\u8b49\u5238\u578b\u4ee3\u5e63\u7684\u50f9\u503c\u53ef\u80fd\u96a8\u4e4b\u5927\u5e45\u6ce2\u52d5\uff0c\u6216\u4ee4\u6295\u8cc7\u8005\u8499\u53d7\u640d\u5931\u3002\u518d\u8005\uff0c\u8b49\u5238\u578b\u4ee3\u5e63\u5728\u8a2d\u8a08\u548c\u7d50\u69cb\u4e0a\u7368\u4e00\u7121\u4e8c\uff0c\u56e0\u800c\u5f88\u96e3\u627e\u5230\u9069\u7528\u65bc\u4f30\u503c\u7684\u53c3\u8003\u4ee3\u5e63\u3002\u56de\u5831\u65e2\u96e3\u4ee5\u78ba\u5b9a\uff0c\u90e8\u5206\u6295\u8cc7\u8005\u96e3\u514d\u537b\u6b65\u3002 \u76e3\u7ba1\u88dc\u6f0f\u6d1e \u5f9e\u76e3\u7ba1\u6a5f\u69cb\u7684\u89d2\u5ea6\u4f86\u770b\uff0c\u52a0\u5bc6\u8ca8\u5e63\u7684\u4e00\u5927\u554f\u984c\u5728\u65bc\u8cb7\u8ce3\u96d9\u65b9\u6c92\u6709\u9032\u884c\u5ba2\u6236\u8eab\u4efd\u8b58\u5225\uff0c\u4ea4\u6613\u53ef\u80fd\u672a\u53d7\u5230\u53cd\u6d17\u9322\u3001\u53cd\u6050\u878d\u8cc7\u7684\u6301\u7e8c\u76e3\u63a7\u3002STO\u5728\u9ad8\u901f\u800c\u5168\u5929\u5019\u60c5\u6cc1\u4e0b\u9032\u884c\u4ea4\u6613\uff0c\u71df\u904b\u5546\u5be6\u65bd\u5168\u9762\u5ba2\u6236\u8eab\u4efd\u8b58\u5225\u6216\u53cd\u6d17\u9322\u3001\u53cd\u6050\u878d\u8cc7\u8ffd\u8e64\u4e26\u4e0d\u5bb9\u6613\u3002\u7279\u5340\u653f\u5e9c\u7406\u61c9\u5728\u4e0d\u59a8\u7919\u4ea4\u6613\u6548\u7387\u7684\u524d\u63d0\u4e0b\uff0c\u76e1\u5feb\u5efa\u7acb\u76f8\u95dc\u76e3\u63a7\u6a5f\u5236\uff0c\u4ee5\u88dc\u4e0d\u8db3\u3002 \u70ba\u5f15\u5165\u5c0d\u865b\u64ec\u8cc7\u7522\u670d\u52d9\u63d0\u4f9b\u8005\u7684\u767c\u724c\u5236\u5ea6\uff0c\u53bb\u5e7412\u6708\u7acb\u6cd5\u6703\u901a\u904e\u300a2022\u5e74\u6253\u64ca\u6d17\u9322\u53ca\u6050\u6016\u5206\u5b50\u8cc7\u91d1\u7c4c\u96c6\uff08\u4fee\u8a02\uff09\u689d\u4f8b\u8349\u6848\u300b\uff0c\u9810\u8a082023\u5e746\u6708\u8d77\uff0c\u4efb\u4f55\u672a\u7372\u7279\u5340\u653f\u5e9c\u767c\u724c\u7684\u865b\u64ec\u8cc7\u7522\u670d\u52d9\u63d0\u4f9b\u8005\u5c07\u4e0d\u51c6\u5728\u672c\u6e2f\u6d3b\u52d5\uff0c\u7bc4\u570d\u6db5\u84cb\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u53ca\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\uff0c\u4ee5\u53ca\u975e\u540c\u8cea\u5316\u4ee3\u5e63\uff08Non-Fungible Token\uff09\u3002\u7531\u65bc\u8cb7\u8ce3\u4ee3\u5e63\u7684\u533f\u540d\u53ca\u9ad8\u901f\u6027\u8cea\uff0c\u5176\u4e2d\u6d89\u53ca\u7684\u5408\u898f\uff08compliance\uff09\u6210\u672c\u504f\u9ad8\u3002 \u5728\u73fe\u884c\u76e3\u7ba1\u6a5f\u5236\u4e0b\uff0c\u8b49\u5238\u578b\u4ee3\u5e63\u53ca\u5176\u4ed6\u865b\u64ec\u8cc7\u7522\u7684\u5c0d\u8c61\u4e3b\u8981\u70ba\u5c08\u696d\u6295\u8cc7\u8005\u3002\u865b\u64ec\u8cc7\u7522\u548c\u8b49\u5238\u578b\u4ee3\u5e63\u4f5c\u70ba\u65b0\u8208\u8cc7\u7522\uff0c\u6709\u52a9\u65bc\u9999\u6e2f\u978f\u56fa\u4f5c\u70ba\u9818\u5148\u7684\u96c6\u8cc7\u3001\u4ea4\u6613\u548c\u8cc7\u7522\u7ba1\u7406\u4e2d\u5fc3\u7684\u5730\u4f4d\uff0c\u5f9e\u800c\u5438\u5f15\u66f4\u591a\u5c08\u696d\u6295\u8cc7\u8005\u7e7c\u7e8c\u5728\u672c\u6e2f\u6295\u8cc7\u3002 \u8de8\u5730\u57df\u5c55\u671b \u9999\u6e2f\u61c9\u8003\u616e\u767c\u5c55\u6578\u78bc\u8ca8\u5e63\u548c\u96fb\u5b50\u652f\u4ed8\u7684\u6e2c\u8a66\u5e73\u53f0\uff0c\u4ee5\u4fbf\u652f\u63f4\u8b49\u5238\u578b\u4ee3\u5e63\u7684\u7c21\u6613\u4ea4\u6613\u3002\u5177\u9ad4\u800c\u8a00\uff0c\u672a\u4f86\u8b49\u5238\u578b\u4ee3\u5e63\u4ea4\u6613\u53ef\u63a1\u7528\u6578\u78bc\u8ca8\u5e63\u548c\u96fb\u5b50\u652f\u4ed8\u65b9\u5f0f\u9032\u884c\u7d50\u7b97\uff0c\u9032\u4e00\u6b65\u5960\u5b9a\u7279\u5340\u4f5c\u70ba\u9996\u8981\u96e2\u5cb8\u4eba\u6c11\u5e63\u4e2d\u5fc3\u7684\u5730\u4f4d\uff0c\u4fc3\u9032\u4eba\u6c11\u5e63\u570b\u969b\u5316\u3002 \u5728\u5927\u7063\u5340\u8a2d\u7acb\u7684\u79c1\u4eba\u8ca1\u5bcc\u548c\u79c1\u52df\u80a1\u6b0a\u57fa\u91d1\uff0c\u53ef\u6839\u64da\u5404\u985e\u4e92\u806f\u4e92\u901a\u8a08\u5283\u9032\u884c\u8b49\u5238\u578b\u4ee3\u5e63\u4ea4\u6613\uff0c\u8b93\u5340\u5167\u7684\u8cc7\u672c\u53ef\u9032\u5165\u672c\u6e2f\u7684\u8b49\u5238\u578b\u4ee3\u5e63\u4ea4\u6613\u5e02\u5834\uff0c\u4e26\u63d0\u9ad8\u96c6\u8cc7\u7684\u6d41\u52d5\u6027\u3002\u6b64\u5916\uff0c\u9999\u6e2f\u4ea6\u53ef\u5229\u7528\u865b\u64ec\u8cc7\u7522\u4ea4\u6613\u5e73\u53f0\uff0c\u81f4\u529b\u6210\u70ba\u4e2d\u592e\u9280\u884c\u6578\u78bc\u8ca8\u5e63\uff08Central Bank Digital Currency\uff09\u5168\u7403\u5916\u532f\u7d50\u7b97\u4e2d\u5fc3\u3002 \u6b78\u6839\u7a76\u67e2\uff0c\u8cc7\u7522\u4ee3\u5e63\u5316\u53ef\u5f9e\u6839\u672c\u4e0a\u6539\u8b8a\u50b3\u7d71\u91d1\u878d\u7684\u878d\u8cc7\u65b9\u5f0f\uff0c\u6295\u8cc7\u8005\u53ca\u6a5f\u69cb\u5f97\u4ee5\u5f9e\u5b8c\u5168\u6578\u78bc\u5316\u7684\u91d1\u878d\u5de5\u5177\u4e2d\u7372\u76ca\u3002\u5118\u7ba1\u8b49\u5238\u578b\u4ee3\u5e63\u63a1\u7528\u5340\u584a\u93c8\u6280\u8853\uff0c\u4f46\u8207\u52a0\u5bc6\u8ca8\u5e63\u4ee5\u81f3\u5176\u4ed6\u4ee3\u5e63\u76f8\u6bd4\uff0c\u5247\u66f4\u63a5\u8fd1\u65bc\u50b3\u7d71\u8b49\u5238\uff0c\u7136\u800c\u5728\u76e3\u7ba1\u65b9\u9762\uff0c\u4ecd\u6709\u6539\u5584\u7684\u7a7a\u9593\u3002\u7531\u65bc\u9019\u4e9b\u8cc7\u7522\u53ef\u5728\u5168\u7403\u5340\u584a\u93c8\u8f15\u9b06\u79fb\u8f49\uff0c\u56e0\u6b64\u5404\u570b\u5fc5\u9808\u53ca\u6642\u52a0\u5f37\u5176\u767c\u884c\u53ca\u6d41\u52d5\u6027\u6a5f\u5236\u3002\u8b49\u5238\u578b\u4ee3\u5e63\u7684\u4ea4\u6613\u6d3b\u52d5\u8de8\u8d8a\u570b\u754c\uff0c\u6709\u8cf4\u5168\u7403\u76f8\u95dc\u6a5f\u69cb\u901a\u529b\u5408\u4f5c\uff0c\u4e88\u4ee5\u66f4\u6709\u6548\u7684\u76e3\u7ba1\u3002 \u8b1d\u570b\u751f\u535a\u58eb \u6e2f\u5927\u7d93\u7ba1\u5b78\u9662\u91d1\u878d\u5b78\u9996\u5e2d\u8b1b\u5e2b \u4f55\u654f\u6dd9\u5148\u751f \u9999\u6e2f\u5927\u5b78\u9644\u5c6c\u5b78\u9662\u8b1b\u5e2b \uff08\u672c\u6587\u540c\u6642\u65bc\u4e8c\u96f6\u4e8c\u4e09\u5e74\u4e09\u6708\u4e8c\u5341\u4e5d\u65e5\u8f09\u65bc\u300a\u4fe1\u5831\u300b\u300c\u9f8d\u864e\u5c71\u4e0b\u300d\u5c08\u6b04\uff09\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/opinions-and-speeches\/%e5%8d%80%e5%a1%8a%e9%8f%88%e6%99%82%e4%bb%a3%e7%9a%84%e8%ad%89%e5%88%b8%e6%96%b0%e5%bd%a2%e6%85%8b-2\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2023-03-29T03:38:08+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2023-03-29T08:05:56+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"\u5340\u584a\u93c8\u6642\u4ee3\u7684\u8b49\u5238\u65b0\u5f62\u614b - HKU Business School\" \/>\n\t\t<meta name=\"twitter:description\" content=\"\u8b49\u5238\u578b\u4ee3\u5e63\u767c\u884c\uff08Security Token Offering\uff1b\u7c21\u7a31STO\uff09\u6307\u5728\u7b26\u5408\u8b49\u5238\u5e02\u5834\u7684\u76e3\u7ba1\u8981\u6c42\u4e0b\uff0c\u5229\u7528\u65e5\u65b0\u6708\u7570\u7684\u5340\u584a\u93c8\u6280\u8853\uff0c\u5c07\u80a1\u7968\u3001\u623f\u5730\u7522\u3001\u53e4\u8463\u7b49\u6709\u5f62\u548c\u7121\u5f62\u8cc7\u7522\u4ee3\u5e63\u5316\u7684\u4e00\u7a2e\u4f01\u696d\u878d\u8cc7\u9014\u5f91\u3002 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ledgertechnology\uff09\u7684\u512a\u52e2\u4f86\u52df\u96c6\u8cc7\u91d1\u3002\u5982\u679c\u6c92\u6709\u6578\u78bc\u5316\uff0c\u5247\u5f88\u96e3\u5c07\u64c1\u6709\u6b0a\u5206\u6563\u5230\u4e0d\u540c\u6295\u8cc7\u8005\u624b\u4e2d\u3002\u5c0d\u521d\u5275\u4f01\u696d\u800c\u8a00\uff0cSTO\u63d0\u4f9b\u4e86\u9580\u6abb\u8f03\u4f4e\u7684\u878d\u8cc7\u65b9\u5f0f\uff0c\u6709\u5229\u65bc\u5c0f\u578b\u6216\u65b0\u6210\u7acb\u7684\u4f01\u696d\u3002\u8b49\u5238\u578b\u4ee3\u5e63\u7684\u53e6\u4e00\u512a\u52e2\u5728\u65bc\u53ef\u4fdd\u5b58\u5168\u90e8\u64c1\u6709\u6b0a\u7d00\u9304\uff0c\u70ba\u767c\u884c\u4eba\u63d0\u4f9b\u8cc7\u7522\u64c1\u6709\u8005\u7684\u5b8c\u6574\u7d00\u9304\uff0c\u56e0\u800c\u4e5f\u4fbf\u65bc\u76e3\u7ba1\u3002\u5c0d\u6295\u8cc7\u8005\u800c\u8a00\uff0c\u4e0d\u4f46\u53ef\u9078\u64c7\u4e0d\u540c\u7a2e\u985e\u8cc7\u7522\uff0c\u800c\u4e14\u5f97\u4ee5\u53d7\u60e0\u65bc\u900f\u660e\u5ea6\u9ad8\u7684\u8cc7\u7522\u898f\u683c\u548c\u4f30\u50f9\u544a\u3002 \u5408\u898f\u633d\u4fe1\u5fc3 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STO\u7684\u865b\u64ec\u8ca8\u5e63\u6709\u5be6\u9ad4\u8cc7\u7522\u652f\u6301\uff0c\u53ef\u7b97\u662fICO\u7684\u9032\u5316\u7248\u3002\u9019\u7a2e\u767c\u884c\u65b9\u5f0f\u5229\u7528\u5340\u584a\u93c8\u7684\u96c6\u8cc7\u512a\u52e2\uff0c\u5728\u53d7\u76e3\u7ba1\u74b0\u5883\u4e0b\u904b\u4f5c\uff0c\u53ef\u85c9\u6b64\u5f9e\u52a0\u5bc6\u8ca8\u5e63\u9a19\u5c40\u9670\u5f71\u4e2d\u633d\u56de\u6295\u8cc7\u8005\u7684\u4fe1\u5fc3\u3002\u76ee\u524d\u9999\u6e2f\u5c0dSTO\u7684\u898f\u7ba1\uff0c\u7531\u8b49\u5238\u53ca\u671f\u8ca8\u4e8b\u52d9\u76e3\u5bdf\u59d4\u54e1\u6703\uff08\u8b49\u76e3\u6703\uff09\u8ca0\u8cac\uff0c\u65e9\u57282019\u5e743\u6708\u5df2\u767c\u8868\u8072\u660e\uff0c\u6e05\u695a\u6307\u51fa\uff1a\u300c\u5728\u8b49\u5238\u578b\u4ee3\u5e63\u5c6c\u65bc\u300e\u8b49\u5238\u300f\u7684\u60c5\u6cc1\u4e0b\uff0c\u4efb\u4f55\u4eba\u5982\u8981\u63a8\u5ee3\u53ca\u5206\u92b7\u8b49\u5238\u578b\u4ee3\u5e63\uff08\u4e0d\u8ad6\u662f\u5728\u9999\u6e2f\u6216\u4ee5\u9999\u6e2f\u6295\u8cc7\u8005\u70ba\u5c0d\u8c61\uff09\uff0c\u9664\u975e\u7372\u5f97\u9069\u7528\u7684\u8c41\u514d\uff0c\u5426\u5247\u9808\u6839\u64da\u300a\u8b49\u5238\u53ca\u671f\u8ca8\u689d\u4f8b\u300b\u5c31\u7b2c1\u985e\u53d7\u898f\u7ba1\u6d3b\u52d5\uff08\u8b49\u5238\u4ea4\u6613\uff09\u7372\u767c\u724c\u6216\u8a3b\u518a\u3002\u300d \u7576\u7136\uff0cSTO\u5728\u5be6\u969b\u904b\u4f5c\u4e0a\u4e0d\u7121\u6311\u6230\u3002\u96d6\u7136\u8a31\u591a\u985e\u578b\u7684\u8cc7\u7522\u53ef\u4ee5\u4ee3\u5e63\u5316\uff0c\u4f46\u6295\u8cc7\u8005\u537b\u96e3\u4ee5\u91d0\u5b9a\u9019\u4e9b\u865b\u64ec\u8cc7\u7522\u7684\u5167\u5728\u50f9\u503c\uff08intrinsic value\uff09\u3002\u5340\u584a\u93c8\u6280\u8853\u6613\u53d7\u76e3\u7ba1\u653f\u7b56\u7684\u6539\u8b8a\u6240\u5f71\u97ff\uff0c\u8b49\u5238\u578b\u4ee3\u5e63\u7684\u50f9\u503c\u53ef\u80fd\u96a8\u4e4b\u5927\u5e45\u6ce2\u52d5\uff0c\u6216\u4ee4\u6295\u8cc7\u8005\u8499\u53d7\u640d\u5931\u3002\u518d\u8005\uff0c\u8b49\u5238\u578b\u4ee3\u5e63\u5728\u8a2d\u8a08\u548c\u7d50\u69cb\u4e0a\u7368\u4e00\u7121\u4e8c\uff0c\u56e0\u800c\u5f88\u96e3\u627e\u5230\u9069\u7528\u65bc\u4f30\u503c\u7684\u53c3\u8003\u4ee3\u5e63\u3002\u56de\u5831\u65e2\u96e3\u4ee5\u78ba\u5b9a\uff0c\u90e8\u5206\u6295\u8cc7\u8005\u96e3\u514d\u537b\u6b65\u3002 \u76e3\u7ba1\u88dc\u6f0f\u6d1e 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\u5728\u73fe\u884c\u76e3\u7ba1\u6a5f\u5236\u4e0b\uff0c\u8b49\u5238\u578b\u4ee3\u5e63\u53ca\u5176\u4ed6\u865b\u64ec\u8cc7\u7522\u7684\u5c0d\u8c61\u4e3b\u8981\u70ba\u5c08\u696d\u6295\u8cc7\u8005\u3002\u865b\u64ec\u8cc7\u7522\u548c\u8b49\u5238\u578b\u4ee3\u5e63\u4f5c\u70ba\u65b0\u8208\u8cc7\u7522\uff0c\u6709\u52a9\u65bc\u9999\u6e2f\u978f\u56fa\u4f5c\u70ba\u9818\u5148\u7684\u96c6\u8cc7\u3001\u4ea4\u6613\u548c\u8cc7\u7522\u7ba1\u7406\u4e2d\u5fc3\u7684\u5730\u4f4d\uff0c\u5f9e\u800c\u5438\u5f15\u66f4\u591a\u5c08\u696d\u6295\u8cc7\u8005\u7e7c\u7e8c\u5728\u672c\u6e2f\u6295\u8cc7\u3002 \u8de8\u5730\u57df\u5c55\u671b 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1946\u5e74\u7f8e\u570b\u8b49\u5238\u4ea4\u6613\u59d4\u54e1\u6703\u8d77\u8a34Howey\u516c\u53f8\uff0c\u6700\u9ad8\u6cd5\u9662\u88c1\u5b9a\uff0c\u4e00\u9805\u6295\u8cc7\u662f\u5426\u5c6c\u65bc\u300c\u8b49\u5238\u300d\uff0c\u5fc5\u9808\u5177\u50994\u9805\u689d\u4ef6\uff1a\u4e00\u3001\u91d1\u9322\u5f62\u5f0f\u9032\u884c\u7684\u8cc7\u7522\u6295\u8cc7\uff1b\u4e8c\u3001\u9810\u671f\u5f9e\u4e2d\u7372\u5f97\u6536\u76ca\uff1b\u4e09\u3001\u8cc7\u91d1\u6295\u653e\u65bc\u5171\u540c\u696d\u52d9\uff08common enterprise\uff09\uff1b\u56db\u3001\u6536\u76ca\u901a\u904e\u767c\u884c\u4eba\u6216\u7b2c\u4e09\u65b9\u6536\u53d6\u3002\u9019\u5c31\u662f\u8457\u540d\u7684\u8c6a\u5a01\u6e2c\u8a66\uff08Howey Test\uff09\uff0c\u5176\u5c0d\u4eca\u65e5\u63a8\u5c55\u865b\u64ec\u8cc7\u7522\u5e02\u5834\u767c\u63ee\u8209\u8db3\u8f15\u91cd\u7684\u4f5c\u7528\u3002 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ledgertechnology\uff09\u7684\u512a\u52e2\u4f86\u52df\u96c6\u8cc7\u91d1\u3002\u5982\u679c\u6c92\u6709\u6578\u78bc\u5316\uff0c\u5247\u5f88\u96e3\u5c07\u64c1\u6709\u6b0a\u5206\u6563\u5230\u4e0d\u540c\u6295\u8cc7\u8005\u624b\u4e2d\u3002\u5c0d\u521d\u5275\u4f01\u696d\u800c\u8a00\uff0cSTO\u63d0\u4f9b\u4e86\u9580\u6abb\u8f03\u4f4e\u7684\u878d\u8cc7\u65b9\u5f0f\uff0c\u6709\u5229\u65bc\u5c0f\u578b\u6216\u65b0\u6210\u7acb\u7684\u4f01\u696d\u3002\u8b49\u5238\u578b\u4ee3\u5e63\u7684\u53e6\u4e00\u512a\u52e2\u5728\u65bc\u53ef\u4fdd\u5b58\u5168\u90e8\u64c1\u6709\u6b0a\u7d00\u9304\uff0c\u70ba\u767c\u884c\u4eba\u63d0\u4f9b\u8cc7\u7522\u64c1\u6709\u8005\u7684\u5b8c\u6574\u7d00\u9304\uff0c\u56e0\u800c\u4e5f\u4fbf\u65bc\u76e3\u7ba1\u3002\u5c0d\u6295\u8cc7\u8005\u800c\u8a00\uff0c\u4e0d\u4f46\u53ef\u9078\u64c7\u4e0d\u540c\u7a2e\u985e\u8cc7\u7522\uff0c\u800c\u4e14\u5f97\u4ee5\u53d7\u60e0\u65bc\u900f\u660e\u5ea6\u9ad8\u7684\u8cc7\u7522\u898f\u683c\u548c\u4f30\u50f9\u544a\u3002 \u5408\u898f\u633d\u4fe1\u5fc3 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STO\u7684\u865b\u64ec\u8ca8\u5e63\u6709\u5be6\u9ad4\u8cc7\u7522\u652f\u6301\uff0c\u53ef\u7b97\u662fICO\u7684\u9032\u5316\u7248\u3002\u9019\u7a2e\u767c\u884c\u65b9\u5f0f\u5229\u7528\u5340\u584a\u93c8\u7684\u96c6\u8cc7\u512a\u52e2\uff0c\u5728\u53d7\u76e3\u7ba1\u74b0\u5883\u4e0b\u904b\u4f5c\uff0c\u53ef\u85c9\u6b64\u5f9e\u52a0\u5bc6\u8ca8\u5e63\u9a19\u5c40\u9670\u5f71\u4e2d\u633d\u56de\u6295\u8cc7\u8005\u7684\u4fe1\u5fc3\u3002\u76ee\u524d\u9999\u6e2f\u5c0dSTO\u7684\u898f\u7ba1\uff0c\u7531\u8b49\u5238\u53ca\u671f\u8ca8\u4e8b\u52d9\u76e3\u5bdf\u59d4\u54e1\u6703\uff08\u8b49\u76e3\u6703\uff09\u8ca0\u8cac\uff0c\u65e9\u57282019\u5e743\u6708\u5df2\u767c\u8868\u8072\u660e\uff0c\u6e05\u695a\u6307\u51fa\uff1a\u300c\u5728\u8b49\u5238\u578b\u4ee3\u5e63\u5c6c\u65bc\u300e\u8b49\u5238\u300f\u7684\u60c5\u6cc1\u4e0b\uff0c\u4efb\u4f55\u4eba\u5982\u8981\u63a8\u5ee3\u53ca\u5206\u92b7\u8b49\u5238\u578b\u4ee3\u5e63\uff08\u4e0d\u8ad6\u662f\u5728\u9999\u6e2f\u6216\u4ee5\u9999\u6e2f\u6295\u8cc7\u8005\u70ba\u5c0d\u8c61\uff09\uff0c\u9664\u975e\u7372\u5f97\u9069\u7528\u7684\u8c41\u514d\uff0c\u5426\u5247\u9808\u6839\u64da\u300a\u8b49\u5238\u53ca\u671f\u8ca8\u689d\u4f8b\u300b\u5c31\u7b2c1\u985e\u53d7\u898f\u7ba1\u6d3b\u52d5\uff08\u8b49\u5238\u4ea4\u6613\uff09\u7372\u767c\u724c\u6216\u8a3b\u518a\u3002\u300d \u7576\u7136\uff0cSTO\u5728\u5be6\u969b\u904b\u4f5c\u4e0a\u4e0d\u7121\u6311\u6230\u3002\u96d6\u7136\u8a31\u591a\u985e\u578b\u7684\u8cc7\u7522\u53ef\u4ee5\u4ee3\u5e63\u5316\uff0c\u4f46\u6295\u8cc7\u8005\u537b\u96e3\u4ee5\u91d0\u5b9a\u9019\u4e9b\u865b\u64ec\u8cc7\u7522\u7684\u5167\u5728\u50f9\u503c\uff08intrinsic value\uff09\u3002\u5340\u584a\u93c8\u6280\u8853\u6613\u53d7\u76e3\u7ba1\u653f\u7b56\u7684\u6539\u8b8a\u6240\u5f71\u97ff\uff0c\u8b49\u5238\u578b\u4ee3\u5e63\u7684\u50f9\u503c\u53ef\u80fd\u96a8\u4e4b\u5927\u5e45\u6ce2\u52d5\uff0c\u6216\u4ee4\u6295\u8cc7\u8005\u8499\u53d7\u640d\u5931\u3002\u518d\u8005\uff0c\u8b49\u5238\u578b\u4ee3\u5e63\u5728\u8a2d\u8a08\u548c\u7d50\u69cb\u4e0a\u7368\u4e00\u7121\u4e8c\uff0c\u56e0\u800c\u5f88\u96e3\u627e\u5230\u9069\u7528\u65bc\u4f30\u503c\u7684\u53c3\u8003\u4ee3\u5e63\u3002\u56de\u5831\u65e2\u96e3\u4ee5\u78ba\u5b9a\uff0c\u90e8\u5206\u6295\u8cc7\u8005\u96e3\u514d\u537b\u6b65\u3002 \u76e3\u7ba1\u88dc\u6f0f\u6d1e \u5f9e\u76e3\u7ba1\u6a5f\u69cb\u7684\u89d2\u5ea6\u4f86\u770b\uff0c\u52a0\u5bc6\u8ca8\u5e63\u7684\u4e00\u5927\u554f\u984c\u5728\u65bc\u8cb7\u8ce3\u96d9\u65b9\u6c92\u6709\u9032\u884c\u5ba2\u6236\u8eab\u4efd\u8b58\u5225\uff0c\u4ea4\u6613\u53ef\u80fd\u672a\u53d7\u5230\u53cd\u6d17\u9322\u3001\u53cd\u6050\u878d\u8cc7\u7684\u6301\u7e8c\u76e3\u63a7\u3002STO\u5728\u9ad8\u901f\u800c\u5168\u5929\u5019\u60c5\u6cc1\u4e0b\u9032\u884c\u4ea4\u6613\uff0c\u71df\u904b\u5546\u5be6\u65bd\u5168\u9762\u5ba2\u6236\u8eab\u4efd\u8b58\u5225\u6216\u53cd\u6d17\u9322\u3001\u53cd\u6050\u878d\u8cc7\u8ffd\u8e64\u4e26\u4e0d\u5bb9\u6613\u3002\u7279\u5340\u653f\u5e9c\u7406\u61c9\u5728\u4e0d\u59a8\u7919\u4ea4\u6613\u6548\u7387\u7684\u524d\u63d0\u4e0b\uff0c\u76e1\u5feb\u5efa\u7acb\u76f8\u95dc\u76e3\u63a7\u6a5f\u5236\uff0c\u4ee5\u88dc\u4e0d\u8db3\u3002 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