Blockchain Technology and Corporate Performance: Empirical Evidence from Listed Companies in China

Blockchain technology is widely recognized and adopted by many organizations, as it serves as a fundamental technological infrastructure for the digital economy. This has led to a rapid acceleration of industrial transformation and digital innovation. This study employs empirical data from a substantial sample to investigate the potential applications, strategies, and advantages of blockchain technology. This paper examines A-share listed companies in China from 2015 to 2021, offering valuable empirical insights that demonstrate how the implementation of blockchain technology can markedly improve corporate performance in a major global economy. The research in this paper examines the differential effects of blockchain technology by innovatively integrating financial and environmental performance metrics into an empirical model, revealing that implementing blockchain technology significantly enhances environmental performance. Furthermore, it has been observed that blockchain technology adoption can contribute to corporate performance by improving information transparency. It is worth noting that blockchain technology’s influence on enterprises’ performance exhibits discernible variations based on the ownership structure, environmental sensitivity, and technical features of said enterprises. This paper can be used as a guide for enterprises looking to implement blockchain technology and for governments seeking to develop digitalization legislation.