论文标题
具有自我评估估值的公平连续组织
Equitable Continuous Organizations with Self-Assessed Valuations
论文作者
论文摘要
组织通常无法使所有利益相关者的利益与组织的财务成功保持一致（例如，由于法规）。但是，连续组织（COS）引入了范式转变。 COS提供即时流动性，无许可，并且可以使激励措施保持一致。 CO股票是通过区块链上的智能合约不断以令牌的形式发行的。代币价格旨在提高，随着更多的令牌被铸造。当股票供应较低时，接近零的价格使购买和持有令牌有利，直到对CO的利息增加，从而实现了有利可图的销售。 GOS的这种属性（称为投资效率）是可取的。但是，它可以通过“保留问题”产生分配的效率低下，即后来的人可能会发现比早期令牌更有价值的CO，但由于价格膨胀而无法获得同样的标记持有量。为了提高整体股权，我们将投票机制引入COS。我们表明，这可以平衡分配和投资效率，并可能劝阻投机性交易行为，从而降低投资风险。
Organizations are often unable to align the interests of all stakeholders with the financial success of the organization (e.g. due to regulation). However, continuous organizations (COs) introduce a paradigm shift. COs offer immediate liquidity, are permission-less and can align incentives. CO shares are issued continuously in the form of tokens via a smart contract on a blockchain. Token prices are designed to increase as more tokens are minted. When the share supply is low, near-zero prices make it advantageous to buy and hold tokens until interest in the CO increases, enabling a profitable sale. This attribute of COs, known as investment efficiency, is desirable. Yet, it can yield allocative inefficiency via the "holdout problem," i.e. latecomers may find a CO more valuable than early tokenholders, but be unable to attain the same token holdings due to inflated prices. With the aim of increasing overall equity, we introduce a voting mechanism into COs. We show this balances allocative and investment efficiency, and may dissuade speculative trading behaviors, thereby decreasing investment risk.
