区块链技术在我国股权交易中的应用
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摘要
基于严格加密算法的区块链技术,具备数据真实、共享、安全、可跟踪等特性,能解决传统金融行业交易成本高、系统性风险和监管难度大、数据接口技术不完善等痛点。从我国证券市场的发展现状和特点来看,区块链技术应率先在区域性股权交易、机构间市场和股权店头交易中应用,且更多的是在联盟链上进行,即在获取智能合约管理数据、股权交易信息上链数据、链上数字资产确权数据和应用程序编程接口(API)数据基础上,搭建股权登记模块、估值模块、发行与交易模块、退出模块、监管模块、风控模块、清结算模块、股东(中小投资者)投票模块等,以更好地维护投资者利益,方便流转和数据存储。但是,区块链技术在改善传统股权交易平台的同时,也存在一些技术或者法律上需要解决的问题。
Block chain technology,which is based on encryption algorithm,has such characteristics as real data,sharing,safety,and traceability. And this technology can help us to solve the problems with financing industry,such as the high transaction cost,the significant systematic risk and difficulties in supervision,and the imperfect technology of data interface.From the current situation and characteristic of China's security market development,block chain technology should be firstly applied to regional equity transaction,institutional market,and the OTC market;and most of these transactions will be taken place in consortium block chain to better maintain investors' interests and make the flow and storage of data to be more convenience by constructing such modules as equity registration,valuing,issuing and transaction,withdrawing,supervision,risk control,clearance and settlement,and stock holders(small and medium investors) voting. While improving and making innovation in traditional equity transaction platforms,block chain technology also leads to some technological and legal problems.
Block chain technology,which is based on encryption algorithm,has such characteristics as real data,sharing,safety,and traceability. And this technology can help us to solve the problems with financing industry,such as the high transaction cost,the significant systematic risk and difficulties in supervision,and the imperfect technology of data interface.From the current situation and characteristic of China's security market development,block chain technology should be firstly applied to regional equity transaction,institutional market,and the OTC market;and most of these transactions will be taken place in consortium block chain to better maintain investors' interests and make the flow and storage of data to be more convenience by constructing such modules as equity registration,valuing,issuing and transaction,withdrawing,supervision,risk control,clearance and settlement,and stock holders(small and medium investors) voting. While improving and making innovation in traditional equity transaction platforms,block chain technology also leads to some technological and legal problems.
引文
[1]阿尔文德·纳拉亚南,纳什·贝努.区块链:技术驱动金融[M].北京:中信出版集团,2016:26-39.
[2]《中国互联网发展报告(2017)》发布:填补国内互联网发展综合指标的空白”[EB/OL].(2017-12-04)[2017-12-06].http://media.people.com.cn/n1/2017/1204/c14677-29684822.html.
[3]金融工作会议定调金融安全,懂14要点掌握中国经济[EB/OL].(2017-07-16)[2017-12-06].http://stock.jrj.com.cn/2017/07/16073822754132.shtml.
[4]彭真善,宋德勇.交易成本理论的现实意义[J].财经理论与实践,2006,27(142):15.
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[6]俞靖.银行监管理论演变综述[J].当代经济,2010(12):77.
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[8]陈晓华,曹国岭.互联网金融风险控制[M].北京:中国工信出版集团,2017:72-73.
[9]ZHU H S,ZHOU Z Z.Analysis and outlook of applications of blockchain technology to equity crowdfunding in China[J].Financial innovation,2016,29(2):1.
[10]Angus Scott,Katrina Sartorius,Ian Dalton.Blockchain in capital markets:the prize and the journey[R].Oliver Wyman report,2016.
[11]Jesse Mc Waters,Giancarlo Bruno.The future of financial infrastructure An ambitious look at how blockchain can reshape financial services[R].World ecnomy forum,2016.
[12]夏新岳.基于区块链的股权资产购买和转赠设计与实现[D].呼和浩特:内蒙古大学,2016.
[13]陈迪芳,张金林.区块链技术下价值互联网对传统金融机构的影响[J].财会月刊,2017(33):49-50.
[14]龚鸣.从证券的角度开始讲,区块链为什么能成为一种颠覆性的技术[J].新经济,2016(1):85-86.
[15]安立.区块链在私募股权交易领域的应用[J].上海金融学院学报,2017(2):47-51。
[16]韩笑天,马超群.基于区块链技术的股权众筹模式构建[J].商业经济研究,2017(20):169.
[17]中国证券投资基金业协会.股权投资基金[M].北京:中国金融出版社,2017:54-56.
[18]曹锋,宋天玮.区块链技术在证券市场的应用探索[J].清华金融评论,2017(4):42-45.
[19]苟亚茹.区域性股权交易市场存在的问题及完善[J].理论广角,2014(9)(下):246.
[20]三大问题困扰股权交易市场[EB/OL].(2013-12-03)[2017-12-15].http://www.chinairn.com/news/20131203/115703289.Html.
[21]区块网:联盟区块链(Consortium Blockchain)简介[EB/OL].(2013-12-03)[2017-12-06].http://www.qukuaiwang.com.cn/news/3168.html.
[22]深圳前海瀚德互联网金融研究院.区块链金融[M].北京:中信出版集团,2016:116.
(1)必要的交易成本主要包括在谈判、监管过程中所产生的成本,原则上是不能消除的;非必要的交易成本主要包括由于机构臃肿、人浮于事、多头管理所产生的成本,是可以消除的。
[2]《中国互联网发展报告(2017)》发布:填补国内互联网发展综合指标的空白”[EB/OL].(2017-12-04)[2017-12-06].http://media.people.com.cn/n1/2017/1204/c14677-29684822.html.
[3]金融工作会议定调金融安全,懂14要点掌握中国经济[EB/OL].(2017-07-16)[2017-12-06].http://stock.jrj.com.cn/2017/07/16073822754132.shtml.
[4]彭真善,宋德勇.交易成本理论的现实意义[J].财经理论与实践,2006,27(142):15.
[5]威廉姆森:新制度经济学创始人[EB/OL].(2017-07-16)[2017-12-06].http://www.doc88.com/p-8458522067594.html.
[6]俞靖.银行监管理论演变综述[J].当代经济,2010(12):77.
[7]李成.金融监管学[M].北京:高等教育出版社,2007:29-42.
[8]陈晓华,曹国岭.互联网金融风险控制[M].北京:中国工信出版集团,2017:72-73.
[9]ZHU H S,ZHOU Z Z.Analysis and outlook of applications of blockchain technology to equity crowdfunding in China[J].Financial innovation,2016,29(2):1.
[10]Angus Scott,Katrina Sartorius,Ian Dalton.Blockchain in capital markets:the prize and the journey[R].Oliver Wyman report,2016.
[11]Jesse Mc Waters,Giancarlo Bruno.The future of financial infrastructure An ambitious look at how blockchain can reshape financial services[R].World ecnomy forum,2016.
[12]夏新岳.基于区块链的股权资产购买和转赠设计与实现[D].呼和浩特:内蒙古大学,2016.
[13]陈迪芳,张金林.区块链技术下价值互联网对传统金融机构的影响[J].财会月刊,2017(33):49-50.
[14]龚鸣.从证券的角度开始讲,区块链为什么能成为一种颠覆性的技术[J].新经济,2016(1):85-86.
[15]安立.区块链在私募股权交易领域的应用[J].上海金融学院学报,2017(2):47-51。
[16]韩笑天,马超群.基于区块链技术的股权众筹模式构建[J].商业经济研究,2017(20):169.
[17]中国证券投资基金业协会.股权投资基金[M].北京:中国金融出版社,2017:54-56.
[18]曹锋,宋天玮.区块链技术在证券市场的应用探索[J].清华金融评论,2017(4):42-45.
[19]苟亚茹.区域性股权交易市场存在的问题及完善[J].理论广角,2014(9)(下):246.
[20]三大问题困扰股权交易市场[EB/OL].(2013-12-03)[2017-12-15].http://www.chinairn.com/news/20131203/115703289.Html.
[21]区块网:联盟区块链(Consortium Blockchain)简介[EB/OL].(2013-12-03)[2017-12-06].http://www.qukuaiwang.com.cn/news/3168.html.
[22]深圳前海瀚德互联网金融研究院.区块链金融[M].北京:中信出版集团,2016:116.
(1)必要的交易成本主要包括在谈判、监管过程中所产生的成本,原则上是不能消除的;非必要的交易成本主要包括由于机构臃肿、人浮于事、多头管理所产生的成本,是可以消除的。