财政与货币金融教研室学术讲座

报告题目：Smart Contracts, Prepayment and Seller Selection: Evidence from China’s Education-Training Industry
报  告 人： 肖筱林（北京大学光华管理学院 副教授）
主  持 人： 黄雪松（中山大学岭南学院 助理教授）
时      间：2026年11月6日（周五）14：30
地      点： 岭南堂汪道涵会议室（101）
语      言： 中文
摘要：
      We study how smart contracts embedded in digital payments reshape markets that run on prepayment. Sellers differ privately in reliability; buyers prepay through one of three contracts: money up front (M), smart-contract escrow (S), or platform escrow (I). We map the theory to China’s education-training industry and Shenzhen’s Zhifu Wuyou pilot—built on e-CNY, the world’s largest central bank digital currency (CBDC) pilot—which by July 2026 had recorded roughly 0.9 million prepaid-tuition contracts and held a cumulative RMB 4.5 billion of tuition under smart-contract escrow. Three main results follow. First, sellers make different contract choices: reliable types adopt smart contracts, unreliable types take money up front, and delivery-contingent competition can break down the pooling that sustains prepaid M contracts. Second, learning by doing lowers adoption costs, generating a diffusion path along which smart contracts spread and aggregate default falls, while the unescrowed segment shrinks and worsens in composition over time. Third, the existence of smart-contract escrow can cap the platform’s commission fees at the value of its matching service.
报告人介绍：

       肖筱林博士是北京大学光华管理学院应用经济学系副教授，博士生导师，“日出东方 - 光华青年人才”研究学者，主要研究领域为货币经济学和宏观经济学。肖博士当前研究聚焦于数字货币、政府风险投资以及相关的产业与宏观经济学课题，并主持国家自然科学基金(2项)、光华思想力和其他多项科研基金。加入北大之前，她先后在美国威斯康星大学麦迪逊分校(UW-Madison)和新西兰奥克兰理工大学(AUT)工作。她的研究成果已发表于Journal of Monetary Economics、International Economic Review、 Review of Economic Dynamics、European Economic Review、 Journal of Economic Dynamics and Control、《管理世界》、《经济学（季刊）》和《经济管理学刊》等国内外顶级和权威学术期刊。所获奖项包括：国际金融学年会“杰出论文奖”(2025)，北京大学优秀班主任(2024)，北京大学第二十一届青教赛二等奖、最佳教学演示奖和优秀教案奖 (2021)，Dan Searle Fellowship in Economics(国际奖，美国Donors基金会评选并资助), 等。

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