企业区块链应用、信息化投入与内部资本市场效率

Corporate Blockchain Application,Informatization Investment and Internal Capital Market Efficiency

本文以2016-2019年我国A股上市公司数据为样本研究发现:首先,企业区块链应用与企业内部资本市场效率之间呈正相关关系。然后,分别检验政府信息化补贴和企业信息化投入对企业区块链应用和内部资本市场效率之间关系的影响,发现政府信息化补贴和企业信息化投入能够促进区块链应用对企业内部资本市场效率的提升作用。这些结果说明,区块链应用对于改善企业内部资本市场效率发挥了积极作用,为进一步促进区块链生态良性发展提供了理论参考。

Based on the data of Chinese A-share listed firms from 2001 to 2016, we found there is a positive relationship between the application of blockchain and the efficiency of internal capital market. Then, we examined the impact of informatization investment including government informatization grants and corporate informatization investment on the relationship between blockchain application and internal capital market efficiency. It is found that government informatization grants and enterprise informatization investment can promote the impact of blockchain on enhancing the internal capital market efficiency. These results suggest that the application of blockchain has played a positive role in improving the efficiency of internal capital market of enterprises,which provides theoretical reference to promote the healthy development of the blockchain industry.