论坛活动

时 间

2026年5月21日（周四）上午10:00-11:30

地 点

中国人民大学中关村校区明德主楼801

主办单位

国家金融研究院、中国人民大学财政金融学院

主讲嘉宾简介

罗丹，香港中文大学金融系助理教授，于斯坦福大学商学院取得金融学博士学位，曾在芝加哥大学Booth商学院担任博士后。他的主要研究方向是公司金融与银行、金融理论和中国经济，论文发表于金融学国际顶级期刊，如Journal of Finance和Review of Financial Studies。他还获得过多个学术奖项,如The Finance Theory Group best paper prize, Charles River Associates Award for the Best Paper on Corporate Finance at WFA, Best Research Paper Award in Finance at RSFE.

沙龙内容摘要

We develop a Diamond-Dybvig-style model in which a non-bank firm issues tokens backed by its future services. Consumers face uncertain liquidity demand and costly ex-post borrowing.Tokens are partially liquid-they provide liquidity for the firm's service but not other consumption goods, creating an endogenous liquidity premium. This premium is influenced by the imperfect substitution between tokens and fully liquid claims, leading to a non-monotonic relationship with the cost of illiquidity.The issuing firm has a stronger incentive to issue tokens when it provides high-value services with infrequent demand or when the demand for the service is positively correlated with the demand for other consumption goods. In terms of token design, we characterize conditions under which the firm may offer consumers more flexibility in token issuance and redemption, potentially making tokens tradable. For tradable tokens, the firm may also permit conversion back to cash at a one-to-one rate, resembling stablecoins prevailing in practice.