摘要
区块链有效解决多主体间的信息共享与弱信任问题,缓解企业融资约束实现企业高质量发展。本文选取2010年—2021年A股上市公司采用Python爬虫技术手工获取区块链与企业数字化转型数据。实证研究发现区块链通过降低信息不对称性、增加投资者信心、降低融资成本有效缓解融资约束。企业数字化转型作为调节变量,显著促进区块链对融资约束的缓解作用,企业数字化程度越高越有利于区块链技术发挥自身作用。进一步研究发现,在成熟期企业,企业数字化转型促进区块链技术对融资约束的缓解作用更为明显,在非国有企业中,区块链技术更有利于缓解融资约束,在大规模企业中,区块链技术更能发挥自身技术优势,显著缓解企业融资约束。本文以企业信息技术管理缓解融资约束的创新视角,对企业数字化转型和推行区块链技术提供了基础理论支持。
Blockchain effectively solves the problem of information sharing and weak trust among multiple entities,alleviates the financing constraints of enterprises and achieves high-quality development of enterprises.In this paper,A-share listed companies from 2010 to 2021 are selected to manually acquire blockchain and enterprise digital transformation data by using Python crawler technology.Empirical studies have found that blockchain effectively alleviates financing constraints by reducing information asymmetry,increasing investor confidence and reducing financing costs.As a moderating variable,the digital transformation of enterprises significantly promotes the easing effect of blockchain on financing constraints.The higher the degree of enterprise digitalization,the better for blockchain technology to play its role.Further research shows that in mature enterprises,digital transformation of enterprises promotes blockchain technology to play a more obvious role in alleviating financing constraints.In nonstate-owned enterprises,blockchain technology is more conducive to alleviating financing constraints.In large-scale enterprises,blockchain technology is more able to play its technical advantages and significantly alleviate financing constraints.From the innovative perspective of enterprise information technology management to ease financing constraints,this paper provides basic theoretical support for enterprise digital transformation and implementation of blockchain technology.
出处
《投资研究》
CSSCI
北大核心
2023年第2期56-74,共19页
Review of Investment Studies
基金
国家社会科学基金一般项目“世界政治不确定对中国企业国际化动态选择及其创新的影响研究”(项目编号:19BJL130)
西藏哲社科学资金一般项目“西藏农牧业高质量发展与巩固脱贫成果的区块链应用研究”(项目编号:21BJY02)
西藏民族大学研究生金课建设“实证会计研究”(项目编号:2022-7)
关键词
区块链
融资约束
企业数字化转型
企业异质性
Blockchain
Financing constraints
Enterprise digital transformation
Enterprise heterogeneity
作者简介
乔鹏程:西藏民族大学财经学院副教授,博士,硕士生导师,主要从事区块链会计、资本市场、企业数字化与财务研究;张岩松:西藏民族大学管理学院硕士研究生,主要从事企业数字化与企业融资、公司战略研究。
