初始加密资产发行（ICO）、代币化和公司治理
Initial Crypto-asset Offerings (ICOs), tokenization and corporate governance
摘要：
本文讨论了所谓的“初始代币发行”以及基于分布式账本技术（DLT）的若干发展对公司治理的潜在影响。虽然许多学术论文主要关注DLT和加密资产的法律资格，最明显的是后者作为证券/金融工具的潜在定义，但作者分析了基于DLT技术的一些用例及其对公司治理分析的重大变化的潜力。本文研究了新型企业利益相关者（即加密资产持有者）的出现对中小企业（“中小企业”）和上市公司治理的影响。自2016年初以来，一种新的融资方式迅速成为金融科技创始人和金融监管机构面临的一个重大问题。通常被称为初始代币发行、初始代币发行（“ITO”）、代币生成事件（“TGE”）或简单地“代币销售”，我们在论文中使用术语初始加密资产发行（“ICO”），因为它比“初始代币发行”更有效地描述了可以创建的多种资产，并且远远超出了支付工具问题。
英文摘要：
This paper discusses the potential impacts of the so-called `initial coin offerings', and of several developments based on distributed ledger technology (`DLT'), on corporate governance. While many academic papers focus mainly on the legal qualification of DLT and crypto-assets, and most notably in relation to the potential definition of the latter as securities/financial instruments, the authors analyze some of the use cases based on DLT technology and their potential for significant changes of the corporate governance analyses. This article studies the consequences due to the emergence of new kinds of firm stakeholders, i.e. the crypto-assets holders, on the governance of small and medium-sized enterprises (`SMEs') as well as of publicly traded companies. Since early 2016, a new way of raising funds has rapidly emerged as a major issue for FinTech founders and financial regulators. Frequently referred to as initial coin offerings, Initial Token Offerings (`ITO'), Token Generation Events (`TGE') or simply `token sales', we use in our paper the terminology Initial Crypto-asset Offerings (`ICO'), as it describes more effectively than `initial coin offerings' the vast diversity of assets that could be created and which goes far beyond the payment instrument issue.
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
