Optimal financing with tokens

被引:26
|
作者
Gryglewicz, Sebastian [1 ]
Mayer, Simon [4 ,5 ]
Morellec, Erwan [2 ,3 ]
机构
[1] Erasmus Univ, Off E2-21,Burgemeester Oudlaan 50, NL-3062 PA Rotterdam, Netherlands
[2] Swiss Finance Inst, EPF Lausanne, Extranef UNIL 210, CH-1015 Lausanne, Switzerland
[3] CEPR, Extranef UNIL 210, CH-1015 Lausanne, Switzerland
[4] Univ Chicago, Booth Sch Business, 5807 South Woodlawn Ave, Chicago, IL 60637 USA
[5] HEC Paris, 1 Rue Liberat, F-78350 Jouy En Josas, France
关键词
Coin offering; Security tokens; Optimal financing; Agency conflicts; CONTRACTS; MARKETS;
D O I
10.1016/j.jfineco.2021.05.004
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
We develop a model in which a start-up firm issues tokens to finance a digital platform, which creates agency conflicts between platform developers and outsiders. We show that token financing is preferred to equity financing unless the platform expects strong cash flows, has large financing needs, or faces severe agency conflicts. Tokens are characterized by their utility features, facilitating transactions, and security features, granting cash flow rights. While security features trigger endogenous network effects and spur platform adoption, they also dilute developers' equity stake and incentives so that the optimal level of security features decreases with agency conflicts and financing needs. (c) 2021 Published by Elsevier B.V.
引用
收藏
页码:1038 / 1067
页数:30
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