Abstract
With the rapid development of blockchain technology, more and more attention has shifted from the theoretical research of blockchain technology to the application of specific business of the company. However, there are few literatures on the quantitative research on the impact of blockchain technology on the company's market value after it is applied to the company's actual business. In this paper, 73 listed companies published blockchain application announcements from 2016 to 2019 are selected as the research objects, and the short-term event analysis method is used to quantitatively analyze the impact of the application about blockchain technology on the market performance of listed companies. The results show that: after the announcement of blockchain application in their own business, listed companies have a more significant abnormal income, which shows that the capital market has a significant positive response to the application of blockchain. Finally, this paper puts forward the theoretical and practical significance, limitations and future research.
Highlights
At present,The rise of blockchain technology has brought new development opportunities to many fields, which is both an opportunity and a challenge for China
H1: Stock markets react positively to the announcement of blockchain application in Chinese Enterprises. Whether it is the research of technology theory or the application of specific business, blockchain technology has a huge development prospect
In additioncing that the company has applied blockchain technology in specific business, n, in order to make the research more targeted, we focused on the companies listed on the Chinese stock exchanges, excluding those listed on the New York Stock Exchange and NASDAQ
Summary
At present,The rise of blockchain technology has brought new development opportunities to many fields, which is both an opportunity and a challenge for China. Enterprises from all walks of life have begun to combine blockchain technology with their own business through their own research or cooperation with technology companies, so as to give full play to the advantages of blockchain. There is no quantitative analysis on the market reaction of Chinese companies after applying this technology in their own business. 73 listed companies published blockchain application announcements from 2016 to 2019 are selected as the research objects, and the short-term event analysis method is used to quantitatively analyze the impact of the application of blockchain technology on the market performance of listed companies
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