管理评论 ›› 2021, Vol. 33 ›› Issue (11): 341-352.

• 金融科技与区块链 • 上一篇    

区块链技术与企业绩效:公司治理结构的调节作用

林心怡, 吴东   

  1. 浙江大学管理学院, 杭州 310058
  • 收稿日期:2020-09-07 发布日期:2022-01-12
  • 通讯作者: 林心怡(通讯作者),浙江大学管理学院博士研究生。
  • 作者简介:吴东,浙江大学管理学院副教授,博士生导师。
  • 基金资助:
    国家自然科学基金项目(71832013;71821002)。

Blockchain Technology and Firm Performance: The Moderating Role of Corporate Governance Structure

Lin Xinyi, Wu Dong   

  1. School of Management, Zhejiang University, Hangzhou 310058
  • Received:2020-09-07 Published:2022-01-12

摘要: 当前,我国正在全面迈进数字经济新时代。区块链技术作为数字经济最为重要的基础技术设施之一,正在加速推动新一轮产业变革和数字创新,被越来越多的企业接受和应用。区块链技术对企业绩效的作用机制是什么?针对以上问题,本研究通过倾向得分匹配方法(PSM)选取2014—2019年中国沪深A股上市公司为研究样本,以当年是否引入区块链技术作为公司治理手段为哑变量,通过计量分析研究了区块链技术应用与企业绩效之间的关系,并进一步探索了公司治理结构在区块链技术应用与企业绩效关系间的调节作用。研究发现,区块链技术应用对企业绩效有促进作用|当公司治理结构呈现较高独董比例和较高股权集中度时,区块链技术应用对企业绩效的促进作用得到加强。

关键词: 区块链技术, 企业绩效, 公司治理结构, 独董比例, 股权集中度

Abstract: Nowadays, China is stepping into a new era of digital economy. Blockchain technology, as one of the most critical infrastructures of digital economy, is accelerating a new round of industrial transformation and digital innovation, and has been accepted and applied by more and more firms. What is the mechanism underlying blockchain technology acting on firm performance? In view of the above scientific issues, this paper selects the listed companies in Shanghai and Shenzhen stock markets in China from 2014 to 2019 as the research samples by using the propensity score matching method (PSM), and studies the relationship between the application of blockchain technology and firm performance by econometric analysis, taking whether blockchain technology was introduced into corporate governance in that year as the dummy variable. The moderating effect of corporate governance structure on the relationship between blockchain technology application and firm performance is further explored. The research finds that the application of blockchain technology can promote firm performance; When the corporate governance structure presents a high proportion of independent directors and a high degree of ownership concentration, the application of blockchain technology to promote firm performance is strengthened.

Key words: blockchain technology, firm performance, corporate governance structure, proportion of independent directors, ownership concentration