{"id":216491,"date":"2024-07-25T17:44:58","date_gmt":"2024-07-25T09:44:58","guid":{"rendered":"https:\/\/www.hkubs.hku.hk\/research\/thought-leadership\/216483\/"},"modified":"2024-07-30T16:24:43","modified_gmt":"2024-07-30T08:24:43","slug":"216483","status":"publish","type":"thought-leadership","link":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/216483\/","title":{"rendered":"\u6295\u8cc7\u7121\u7586\u754c \u898f\u7ba1\u65b0\u5b89\u6392"},"content":{"rendered":"<h2>\u6295\u8cc7\u7121\u7586\u754c \u898f\u7ba1\u65b0\u5b89\u6392<\/h2>\n<p>&nbsp;<\/p>\n<p>\u4e00\u822c\u5e02\u6c11\u4e5f\u8a31\u4e26\u4e0d\u70ba\u610f\uff0c\u9999\u6e2f\u6b63\u9032\u5165\u7b2c\u4e09\u4ee3\u4e92\u806f\u7db2\uff08Web 3.0\uff09\u6642\u4ee3\u3002\u7279\u5340\u653f\u5e9c\u8fd1\u5e74\u7a4d\u6975\u63a8\u52d5Web 3.0\u767c\u5c55\uff0c\u800c\u6578\u78bc\u6e2f\u4eca\u5e745\u6708\u5ba3\u5e03\u5728\u300c\u6578\u78bc\u6e2f\u6295\u8cc7\u8005\u7db2\u7d61\u300d\u4e4b\u4e0b\u6210\u7acb\u300cWeb 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href=\"#\u8a3b\">\u3010\u8a3b1\u3011<\/a>\u3002<\/p>\n<p>\u7136\u800c\uff0c\u96a8\u7740\u4e3b\u8981\u52a0\u5bc6\u8cc7\u7522\u670d\u52d9\u63d0\u4f9b\u5546\u5148\u5f8c\u5012\u9589\uff0c\u66b4\u9732\u4e86\u6563\u6236\u5982\u4f55\u8f15\u6613\u5730\u88ab\u4e00\u4e9b\u4e0d\u5408\u908f\u8f2f\u7684\u9ad8\u56de\u5831\u6240\u5438\u5f15\uff0c\u800c\u52a0\u5bc6\u8ca8\u5e63\u7684\u6975\u9ad8\u533f\u540d\u6027\u8cea\u4ea6\u6613\u88ab\u4e0d\u6cd5\u4e4b\u5f92\u5229\u7528\uff0c\u5e02\u5834\u8106\u5f31\u7684\u4e00\u9762\u9010\u6f38\u6d6e\u73fe\uff0c\u6295\u8cc7\u60c5\u7dd2\u96a8\u4e4b\u8f49\u70ba\u8ca0\u9762\uff0c\u65bc\u662f\u8fce\u4f86\u300c\u52a0\u5bc6\u5bd2\u51ac\u300d\uff08Crypto 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HKIMR Applied Research Report No.1\/2024.<\/p>\n<p><a id=\"\u8a3b\" name=\"\u8a3b\"><\/a>\u3010\u8a3b2\u3011 Aramonte, S., Huang, W., &amp; Schrimpf, A. \uff082021\uff09. &#8220;DeFi risks and the decentralisation illusion&#8221;. 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Finance\uff0c\u7c21\u7a31DeFi\uff09\u5c6c\u65b0\u8208\u91d1\u878d\u6280\u8853\uff0c\u4e0d\u5fc5\u4f9d\u8cf4\u50b3\u7d71\u91d1\u878d\u4e2d\u4ecb\u6a5f\u69cb\uff0c\u800c\u80fd\u63d0\u4f9b\u91d1\u878d\u670d\u52d9\uff0c\u70ba\u50b3\u7d71\u91d1\u878d\u9ad4\u7cfb\u63d0\u4f9b\u66f4\u5177\u6210\u672c\u6548\u76ca\u3001\u66f4\u5b89\u5168\u7684\u66ff\u4ee3\u65b9\u6848\u3002DeFi\u8907\u88fd\u4e86\u8a31\u591a\u50b3\u7d71\u91d1\u878d\u670d\u52d9\uff0c\u5305\u62ec\u4ea4\u6613\u6240\u3001\u501f\u8cb8\u3001\u4fdd\u96aa\u548c\u8cc7\u7522\u7ba1\u7406\uff0c\u4f46\u4e0d\u53d7\u5236\u65bc\u4e2d\u592e\u6a5f\u69cb\u3002\u518d\u8005\uff0cDeFi\u7684\u4fe1\u4efb\u6a5f\u5236\u5efa\u57fa\u65bc\u667a\u80fd\u5408\u7d04\uff0c\u662f\u5340\u584a\u93c8\u4e0a\u4e00\u7d44\u5236\u5b9a\u5354\u8b70\u7684\u7a0b\u5f0f\u78bc\uff0c\u5f9e\u800c\u964d\u4f4e\u6210\u672c\u548c\u4eba\u70ba\u932f\u8aa4\u7684\u53ef\u80fd\u6027\uff0c\u53ef\u5f4c\u88dc\u50b3\u7d71\u91d1\u878d\u5236\u5ea6\u7684\u4e0d\u8db3\u3002 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2023\uff09\uff0c\u81da\u5217\u6709\u95dcDeFi\u7684\u689d\u6587\u3002 \u7279\u5340\u653f\u5e9c\u8a8d\u540c\u865b\u64ec\u8cc7\u7522\u7684\u5408\u6cd5\u6027\u53ca\u5176\u5728\u91d1\u878d\u696d\u7684\u89d2\u8272\uff0c\u4e26\u6b61\u8fce\u670d\u52d9\u63d0\u4f9b\u8005\u5728\u9999\u6e2f\u843d\u6236\uff0c\u540c\u6642\u5f37\u8abf\u8a2d\u7acb\u9069\u6642\u548c\u5fc5\u8981\u7684\u9632\u7bc4\u63aa\u65bd\u3002\u9999\u6e2f\u91d1\u878d\u5b78\u9662\u884c\u653f\u7e3d\u88c1\u99ae\u6bb7\u8afe\u8868\u793a\uff0c\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u548c\u5143\u5b87\u5b99\u76f8\u95dc\u7684\u65b0\u8208\u79d1\u6280\uff0c\u8207\u66f4\u5ee3\u6cdb\u7684\u865b\u64ec\u8cc7\u7522\u548cWeb 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3.0\u751f\u614b\u5708\u7684\u91cd\u8981\u677f\u584a\u3002\u8fd1\u5e74\u865b\u64ec\u8cc7\u7522\u9a19\u6848\u4e0d\u6642\u51fa\u73fe\uff0c\u8b66\u52d9\u8655\u53cd\u8a50\u9a19\u5354\u8abf\u4e2d\u5fc32023\u5e7412\u6708\u7684\u6578\u64da\u986f\u793a\uff0c\u4ee5\u6578\u91cf\u6392\u540d\u4f9d\u6b21\u70ba\u6295\u8cc7\u9a19\u6848\u3001\u6c42\u8077\u9a19\u6848\u53ca\u96fb\u8a71\u9a19\u6848\uff0c\u7576\u4e2d\u6295\u8cc7\u9a19\u6848\u5347\u5e45\u8f03\u70ba\u986f\u8457\u3010\u8868\u3011\u3002 \u865b\u64ec\u8cc7\u7522\u5e02\u5834\u4e00\u518d\u767c\u751f\u5927\u898f\u6a21\u8a50\u9a19\u4e8b\u4ef6\uff0c\u96e3\u514d\u4ee4\u90e8\u5206\u6295\u8cc7\u8005\u5c0d\u65b0\u7d93\u6fdf\u7522\u751f\u6212\u5fc3\u3002\u53bb\u5e74\u4e00\u5834JPEX\u91d1\u878d\u5927\u6848\uff0c\u77ac\u9593\u52a0\u6df1\u6e2f\u4eba\u5c0d\u865b\u64ec\u8cc7\u7522\u6295\u8cc7\u7684\u8a8d\u8b58\uff0c\u8b49\u5238\u53ca\u671f\u8ca8\u4e8b\u52d9\u76e3\u5bdf\u59d4\u54e1\u6703\u56e0\u800c\u5b9a\u671f\u516c\u5e03\u865b\u64ec\u8cc7\u7522\u4ea4\u6613\u5e73\u53f0\u7684\u53ef\u7591\u540d\u55ae\uff0c\u4ee5\u53ca\u6b63\u5728\u7533\u8acb\u724c\u7167\u7684\u670d\u52d9\u63d0\u4f9b\u8005\u540d\u55ae\u3002 \u65b0\u8208\u91d1\u878d\u7684\u512a\u52e2 \u5728\u50b3\u7d71\u91d1\u878d\u5e02\u5834\u4e0a\uff0c\u6295\u8cc7\u6d3b\u52d5\u4f9d\u8cf4\u4eba\u969b\u4e92\u52d5\u3002\u7531\u65bc\u64d4\u5fc3\u7af6\u722d\u5c0d\u624b\u6216\u6703\u6a21\u4eff\uff0c\u516c\u53f8\u6709\u6b0a\u62d2\u7d55\u62ab\u9732\u5176\u4ea4\u6613\u6a21\u5f0f\u7684\u7d30\u7bc0\uff0c\u5f62\u6210\u8cc7\u8a0a\u4e0d\u5c0d\u7a31\uff08Asymmetric Information\uff09\u3002\u73fe\u4ee3\u91d1\u878d\u5e02\u5834\u9ad8\u6548\u904b\u4f5c\uff0c\u6975\u70ba\u8907\u96dc\uff0c\u56e0\u6b64\u6709\u5fc5\u8981\u5728\u6295\u8cc7\u95dc\u4fc2\u4e2d\u52a0\u5165\u5951\u7d04\u4fe1\u4efb\uff08Contractual Trust\uff09\uff0c\u610f\u5373\u4e00\u65b9\u76f8\u4fe1\u53e6\u4e00\u65b9\u6703\u5c65\u884c\u5408\u7d04\u7fa9\u52d9\u3002\u5951\u7d04\u4f7f\u6295\u8cc7\u8005\u80fd\u6e96\u78ba\u5730\u8a55\u4f30\u98a8\u96aa\u548c\u56de\u5831\uff0c\u6709\u52a9\u65bc\u5404\u65b9\u8a55\u4f30\u98a8\u96aa\uff0c\u5305\u62ec\u53d7\u8a17\u4eba\u7684\u6f5b\u5728\u6536\u76ca\u548c\u640d\u5931\u3002 \u79d1\u6280\u65e5\u65b0\u6708\u7570\uff0c\u4ea6\u70ba\u91d1\u878d\u754c\u5e36\u4f86\u7ffb\u5929\u8986\u5730\u7684\u6539\u8b8a\u3002\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\uff08Decentralized Finance\uff0c\u7c21\u7a31DeFi\uff09\u5c6c\u65b0\u8208\u91d1\u878d\u6280\u8853\uff0c\u4e0d\u5fc5\u4f9d\u8cf4\u50b3\u7d71\u91d1\u878d\u4e2d\u4ecb\u6a5f\u69cb\uff0c\u800c\u80fd\u63d0\u4f9b\u91d1\u878d\u670d\u52d9\uff0c\u70ba\u50b3\u7d71\u91d1\u878d\u9ad4\u7cfb\u63d0\u4f9b\u66f4\u5177\u6210\u672c\u6548\u76ca\u3001\u66f4\u5b89\u5168\u7684\u66ff\u4ee3\u65b9\u6848\u3002DeFi\u8907\u88fd\u4e86\u8a31\u591a\u50b3\u7d71\u91d1\u878d\u670d\u52d9\uff0c\u5305\u62ec\u4ea4\u6613\u6240\u3001\u501f\u8cb8\u3001\u4fdd\u96aa\u548c\u8cc7\u7522\u7ba1\u7406\uff0c\u4f46\u4e0d\u53d7\u5236\u65bc\u4e2d\u592e\u6a5f\u69cb\u3002\u518d\u8005\uff0cDeFi\u7684\u4fe1\u4efb\u6a5f\u5236\u5efa\u57fa\u65bc\u667a\u80fd\u5408\u7d04\uff0c\u662f\u5340\u584a\u93c8\u4e0a\u4e00\u7d44\u5236\u5b9a\u5354\u8b70\u7684\u7a0b\u5f0f\u78bc\uff0c\u5f9e\u800c\u964d\u4f4e\u6210\u672c\u548c\u4eba\u70ba\u932f\u8aa4\u7684\u53ef\u80fd\u6027\uff0c\u53ef\u5f4c\u88dc\u50b3\u7d71\u91d1\u878d\u5236\u5ea6\u7684\u4e0d\u8db3\u3002 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2023\uff09\uff0c\u81da\u5217\u6709\u95dcDeFi\u7684\u689d\u6587\u3002 \u7279\u5340\u653f\u5e9c\u8a8d\u540c\u865b\u64ec\u8cc7\u7522\u7684\u5408\u6cd5\u6027\u53ca\u5176\u5728\u91d1\u878d\u696d\u7684\u89d2\u8272\uff0c\u4e26\u6b61\u8fce\u670d\u52d9\u63d0\u4f9b\u8005\u5728\u9999\u6e2f\u843d\u6236\uff0c\u540c\u6642\u5f37\u8abf\u8a2d\u7acb\u9069\u6642\u548c\u5fc5\u8981\u7684\u9632\u7bc4\u63aa\u65bd\u3002\u9999\u6e2f\u91d1\u878d\u5b78\u9662\u884c\u653f\u7e3d\u88c1\u99ae\u6bb7\u8afe\u8868\u793a\uff0c\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u548c\u5143\u5b87\u5b99\u76f8\u95dc\u7684\u65b0\u8208\u79d1\u6280\uff0c\u8207\u66f4\u5ee3\u6cdb\u7684\u865b\u64ec\u8cc7\u7522\u548cWeb 3.0\u767c\u5c55\u606f\u606f\u76f8\u95dc\uff0c\u6709\u671b\u70ba\u91d1\u878d\u670d\u52d9\u696d\u5e36\u4f86\u5404\u7a2e\u6a5f\u9047\u3002\u5e02\u5834\u53c3\u8207\u8005\u5247\u8a8d\u70ba\uff0c\u660e\u78ba\u7684\u76e3\u7ba1\u6846\u67b6\u3001\u5f37\u5927\u7684\u91d1\u878d\u57fa\u790e\u8a2d\u65bd\u548c\u7db2\u7d61\uff0c\u4ee5\u53ca\u5177\u5099\u5340\u584a\u93c8\u76f8\u95dc\u6280\u80fd\u7684\u4eba\u624d\uff0c\u5c0d\u4fc3\u9032\u672c\u6e2fDeFi\u548c\u865b\u64ec\u8cc7\u7522\u5e02\u5834\u7684\u9032\u4e00\u6b65\u767c\u5c55\u81f3\u95dc\u91cd\u8981\u3002 \u3010\u8a3b1\u3011 Hong Kong Institute for Monetary and Financial\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/216483\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2024-07-25T09:44:58+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2024-07-30T08:24:43+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"\u6295\u8cc7\u7121\u7586\u754c \u898f\u7ba1\u65b0\u5b89\u6392 - HKU Business School\" \/>\n\t\t<meta name=\"twitter:description\" content=\"\u6295\u8cc7\u7121\u7586\u754c \u898f\u7ba1\u65b0\u5b89\u6392 \u4e00\u822c\u5e02\u6c11\u4e5f\u8a31\u4e26\u4e0d\u70ba\u610f\uff0c\u9999\u6e2f\u6b63\u9032\u5165\u7b2c\u4e09\u4ee3\u4e92\u806f\u7db2\uff08Web 3.0\uff09\u6642\u4ee3\u3002\u7279\u5340\u653f\u5e9c\u8fd1\u5e74\u7a4d\u6975\u63a8\u52d5Web 3.0\u767c\u5c55\uff0c\u800c\u6578\u78bc\u6e2f\u4eca\u5e745\u6708\u5ba3\u5e03\u5728\u300c\u6578\u78bc\u6e2f\u6295\u8cc7\u8005\u7db2\u7d61\u300d\u4e4b\u4e0b\u6210\u7acb\u300cWeb 3.0\u6295\u8cc7\u5708\u300d\uff0c\u4ee5\u4fc3\u9032\u76f8\u95dc\u6295\u8cc7\u9805\u76ee\u3002\u6b64\u7b49\u8207\u6642\u4e26\u9032\u7684\u65b0\u7337\u6709\u8cf4\u65bc\u7db2\u7d61\u5b89\u5168\u548c\u5c0d\u6d88\u8cbb\u8005\u3001\u6295\u8cc7\u8005\u7684\u4fdd\u969c\u3002 Web 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3.0\u751f\u614b\u5708\u7684\u91cd\u8981\u677f\u584a\u3002\u8fd1\u5e74\u865b\u64ec\u8cc7\u7522\u9a19\u6848\u4e0d\u6642\u51fa\u73fe\uff0c\u8b66\u52d9\u8655\u53cd\u8a50\u9a19\u5354\u8abf\u4e2d\u5fc32023\u5e7412\u6708\u7684\u6578\u64da\u986f\u793a\uff0c\u4ee5\u6578\u91cf\u6392\u540d\u4f9d\u6b21\u70ba\u6295\u8cc7\u9a19\u6848\u3001\u6c42\u8077\u9a19\u6848\u53ca\u96fb\u8a71\u9a19\u6848\uff0c\u7576\u4e2d\u6295\u8cc7\u9a19\u6848\u5347\u5e45\u8f03\u70ba\u986f\u8457\u3010\u8868\u3011\u3002 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Finance\uff0c\u7c21\u7a31DeFi\uff09\u5c6c\u65b0\u8208\u91d1\u878d\u6280\u8853\uff0c\u4e0d\u5fc5\u4f9d\u8cf4\u50b3\u7d71\u91d1\u878d\u4e2d\u4ecb\u6a5f\u69cb\uff0c\u800c\u80fd\u63d0\u4f9b\u91d1\u878d\u670d\u52d9\uff0c\u70ba\u50b3\u7d71\u91d1\u878d\u9ad4\u7cfb\u63d0\u4f9b\u66f4\u5177\u6210\u672c\u6548\u76ca\u3001\u66f4\u5b89\u5168\u7684\u66ff\u4ee3\u65b9\u6848\u3002DeFi\u8907\u88fd\u4e86\u8a31\u591a\u50b3\u7d71\u91d1\u878d\u670d\u52d9\uff0c\u5305\u62ec\u4ea4\u6613\u6240\u3001\u501f\u8cb8\u3001\u4fdd\u96aa\u548c\u8cc7\u7522\u7ba1\u7406\uff0c\u4f46\u4e0d\u53d7\u5236\u65bc\u4e2d\u592e\u6a5f\u69cb\u3002\u518d\u8005\uff0cDeFi\u7684\u4fe1\u4efb\u6a5f\u5236\u5efa\u57fa\u65bc\u667a\u80fd\u5408\u7d04\uff0c\u662f\u5340\u584a\u93c8\u4e0a\u4e00\u7d44\u5236\u5b9a\u5354\u8b70\u7684\u7a0b\u5f0f\u78bc\uff0c\u5f9e\u800c\u964d\u4f4e\u6210\u672c\u548c\u4eba\u70ba\u932f\u8aa4\u7684\u53ef\u80fd\u6027\uff0c\u53ef\u5f4c\u88dc\u50b3\u7d71\u91d1\u878d\u5236\u5ea6\u7684\u4e0d\u8db3\u3002 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