RWA：金融服务实体经济的一场革命——从公司融资到项目融资｜金融与科技

Core Viewpoint - The article emphasizes that Real World Assets (RWA) are reshaping the financial services ecosystem for the real economy through blockchain technology, creating efficient and transparent financing pathways and indicating a fundamental transformation in financial service models [2][4]. Summary by Sections Definition and Connotation of RWA - RWA refers to Real World Assets, which involves the digitization and tokenization of physical assets like real estate and receivables through blockchain technology, enhancing liquidity and trading attributes of these assets [6]. Origin and Development of RWA in Finance - The development of RWA stems from traditional financial systems' exploration of risk management and asset liquidity enhancement, evolving from corporate credit-based financing to project financing that focuses on specific project cash flows and assets [7][8]. Main Types of RWA - RWA includes various types such as: - Real estate RWA, which simplifies transaction processes and broadens investment channels - Infrastructure RWA, optimizing financing and management for projects - Commodity RWA, enhancing transaction transparency and reducing costs and risks - Receivables RWA, improving corporate financing and cash flow efficiency - Intellectual property RWA, facilitating the transfer and licensing of intellectual property [9]. Differences Between RWA and Traditional Financial Models - RWA significantly differs from traditional financial models in several aspects: - Lowering entry barriers for small investors and enterprises - Ensuring information transparency through blockchain technology - Enhancing transaction efficiency via digital technology and smart contracts - Increasing asset liquidity by transforming traditional assets into digital assets for rapid global trading [10]. Current State and Challenges of Corporate Financing - Corporate financing primarily occurs through debt and equity financing, with challenges including rising costs, economic instability, information asymmetry, and limitations of traditional financing models [12][13]. Emergence and Advantages of Project Financing - Project financing, which uses specific project assets and expected revenues as collateral, has distinct advantages such as risk isolation, flexible financing structures, diversified investment attraction, improved project efficiency, and promotion of financial innovation [15][17].