区块链信息披露与资本市场反应——来自中国A股上市公司的证据

Blockchain Information Disclosure and Capital Market response:Evidence from Chinese A-share Listed Companies

区块链技术与实体产业深度融合将助力数字经济高质量发展。基于发展中国家视角,利用中国非金融上市公司各类公告,运用事件研究法,解析资本市场对公司披露区块链信息这一事件的反应。研究发现:披露区块链信息的公司在[-1,1]事件窗口期股票市值上涨0.424%,2017-2019年间以及通过非定期性公告披露信息的公司回报率更高;比较而言,披露区块链信息的公司显著增加了研发创新费用,并能吸引更多的投资者关注,且非投机性公司投入的研发创新费用相对更多;资本市场对不同类别区块链信息的反应存在异质性。研究结论为有效防范和监管区块链技术应用过程中可能发生的金融风险提供了启示和借鉴。

The deep integration of blockchain technology and real industry will help the high-quality development of digital economy.Using various announcements of Chinese non-financial listed companies,the paper employs the event study method to analyze the capital market’s reaction to the event that companies disclose blockchain investment.It is found that companies disclosing blockchain information increased by 0.424%in stock market capitalization during the[-1,1]event window,with higher returns from 2017-2019 and through non-periodic announcements;companies that have disclosed blockchain information significantly increased their R&D innovation expenses and attracted more investor attention compared to companies that do not disclose blockchain information.Non-speculative companies invest more in R&D innovation expenses compared to speculative companies;there is heterogeneity in capital market responses to different types of blockchain announcements.Based on the perspective of developing countries,this study investigates how blockchain information disclosure affects capital markets,and provides a reference for effective prevention and regulation of financial risks that may occur in the process of the application of blockchain technology.