上海管理科学2026，Vol.48Issue(4)：1-8,8.
词元经济:人工智能时代的价值核算、产业组织与治理框架
Token Economy:Value Accounting,Industrial Organization and Governance Framework in the AI Era
摘要
Abstract
After generative artificial intelligence enters the stage of large-scale application,the focus of competition in the AI industry is shifting from model parameters,training data,and algorithmic capa-bilities to inference efficiency,scenario conversion,and continuous service capacity.As the basic unit for large model invocation,measurement,and settlement,the token is evolving from a technical term into a key medium connecting computing power,data,models,applications,and commercial value.This paper argues that the essence of the token economy is not merely a pricing method for AI ser-vices,but a new form of economic organization in which the AI industry moves from capability supply to value delivery,from single-call invocation to task-based accounting,and from model competition to scenario competition.The paper constructs an analytical framework comprising the infrastructure layer,model capability layer,scenario application layer,and rule governance layer,and proposes a value realization logic that evolves from invocation-based pricing to task-based accounting and result-based payment.It further identifies several challenges,including unclear value attribution,the decou-pling of price signals from value creation,and the inadequacy of existing statistical and governance tools.Finally,the paper proposes future research directions and policy implications concerning token pricing,token-based industrial organization,token adoption,global competition,and a RMB-denomi-nated settlement system for token-based intelligent services.关键词
词元经济/人工智能+/产业组织/价值核算/智能经济治理Key words
Token economy/AI+/industrial organization/value accounting/intelligent economy governance分类
管理科学引用本文复制引用
吴晓隽,霍怡希,潘煜..词元经济:人工智能时代的价值核算、产业组织与治理框架[J].上海管理科学,2026,48(4):1-8,8.基金项目
国家社会科学基金项目(25BKX061)的资助 （25BKX061）
