پارادوکس توکنیزه‌سازی اوراق قرضه: فراترکیبی از مزایا، موانع نظارتی و بازآفرینی واسطه‌گری در بازارهای مالی

نوع مقاله : مقاله پژوهشی

نویسنده

گروه مالی و حسابداری، دانشکده اقتصاد مدیریت حسابداری، دانشگاه یزد، ایران.

چکیده
هدف: توکنیزه‌سازی اوراق قرضه با وعده‌های گسترده‌ای چون افزایش نقدینگی، کاهش هزینه‌های تراکنش و... همراه بوده است. با این حال، ادبیات موجود پراکنده و گاه متعارض است و تصویری جامع از اثرات واقعی این پدیده ارایه نمی‌دهد. هدف این پژوهش، یکپارچه‌سازی نظام‌مند یافته‌ها و ارایه تحلیلی کل‌نگر از مزایا، موانع و تاثیرات ساختاری توکنیزه‌سازی بر بازار اوراق قرضه است
روش‌شناسی پژوهش: این مطالعه با روش فراترکیب و بر اساس الگوی سندلوسکی انجام شد. از میان مقالات شناسایی‌شده، ۲۵ مقاله با ابزارCASP ارزیابی کیفی و از طریق سنتز موضوعی در سه مرحله کدگذاری آزاد، سازماندهی مضامین توصیفی و توسعه مضامین تحلیلی، ترکیب گردیدند. پایایی یافته‌ها با ضریب کاپای کوهن، ضریب همبستگی درون‌رده‌ای و پنل خبرگان تایید شد.
یافته‌ها: سه مضمون فراگیر استخراج گردید: 1- مزایای عملی شامل کاهش زمان تسویه و هزینه‌های تراکنش، هرچند افزایش نقدینگی محقق نشده است؛ 2- هزارتوی نظارتی شامل ابهامات حقوقی و پراکندگی چارچوب‌های قانونی که چرخه معیوبی از عدم‌قطعیت می‌آفریند و 3- تکامل ساختاری بازار که بیانگر پارادوکسی اساسی است: فناوری غیرمتمرکز به حذف واسطه‌ها منتهی نشده، بلکه به بازآفرینی آن‌ها در مدل‌های هیبریدی انجامیده است.
اصالت/ارزش افزوده علمی : پژوهش‌های قبلی به‌صورت جزیره‌ای بر کارایی، نظارت یا ساختار فنی متمرکز بوده‌اند. این مطالعه برای نخستین بار این سه جریان را در چارچوبی یکپارچه تلفیق کرده و «پارادوکس حاکمیت» را کشف می‌کند: مزایای فناورانه تحت‌فشار موانع نظارتی، به بازآفرینی واسطه‌ها به‌جای حذف آن‌ها می‌انجامد. این چرخه بازخوردی، نوآوری نظری اصلی مقاله بوده و با تبیین تکامل هیبریدی بازارها، نقشه راهی برای سیاست‌گذاران فراهم می‌آورد.

کلیدواژه‌ها

موضوعات

عنوان مقاله English

The paradox of bond tokenization: A meta-synthesis of benefits, regulatory barriers, and the reinvention of intermediation in financial markets

نویسنده English

MOHSEN GHARIHA
Department of Finance and Accounting, Faculty of Economics, Management and Accounting, Yazd University, Iran.
چکیده English

Purpose: Bond tokenization holds transformative potential for financial markets, promising enhanced liquidity, lower transaction costs, and democratized access. Yet, the existing literature remains fragmented and contradictory, failing to offer a comprehensive picture of its actual effects. This paper aimed to systematically integrate existing findings and provide a holistic analysis of the benefits, barriers, and structural impacts of tokenization on bond markets.
Methodology: Using a qualitative meta-synthesis approach based on Sandelowski and Barroso's seven-step model, 25 articles were selected through systematic database searching and screening, then qualitatively assessed using the CASP tool. Findings were synthesized via thematic synthesis in three stages. Reliability was confirmed through Cohen's Kappa, the Intraclass Correlation Coefficient, and an expert panel.
Findings: Three overarching themes emerged: 1) Practical efficiency gains, reduced settlement time and transaction costs, though enhanced liquidity remains unrealized; 2) The regulatory labyrinth, legal ambiguities and fragmented frameworks creating a vicious cycle of uncertainty; and 3) Structural and governance evolution, revealing a fundamental paradox whereby decentralized technology does not eliminate intermediaries but reinvents them through hybrid models.
Originality/Value: Previous studies have operated in silos, addressing efficiency, regulation, or technical architecture in isolation. This research, for the first time, integrates these three streams into a unified analytical framework. Critically, this synthesis uncovers the "Governance Paradox", where technological benefits, constrained by regulatory barriers, lead to the reinvention rather than elimination of intermediaries. This feedback loop, visible only through integrated analysis, constitutes the paper's principal theoretical innovation, advancing knowledge while providing a coherent roadmap for policymakers and market participants.

کلیدواژه‌ها English

Blockchain
Bond market
Financial intermediation
Meta-synthesis
Tokenization
 
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