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

ZHANG Yu-ke; CHEN Yun-xian

Volume 37 Issue 6

Nov. 2022

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Article Navigation > Journal of Guangdong University of Finance & Economics > 2022 > 37(6): 36-49

ZHANG Yu-ke, CHEN Yun-xian. Blockchain Information Disclosure and Capital Market response: Evidence from Chinese A-share Listed Companies[J]. Journal of Guangdong University of Finance & Economics, 2022, 37(6): 36-49.

Citation:

ZHANG Yu-ke, CHEN Yun-xian. Blockchain Information Disclosure and Capital Market response: Evidence from Chinese A-share Listed Companies[J]. Journal of Guangdong University of Finance & Economics, 2022, 37(6): 36-49.

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

Institute of Advanced Finance, Sun Yat-sen University, Guangzhou 510051, China

Received Date: 2022-03-23
Available Online: 2023-01-13
Publish Date: 2022-11-28

Abstract

Abstract

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.
- blockchain,
- blockchain information disclosure,
- capital market,
- digital economy,
- company value,
- investor attention

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References(40)

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