Investigating the Influence of Blockchain Technology on Corporate Total Factor Productivity through Trust Enhancement and Operational Efficiency
This research examines the influence of blockchain technology on corporate production efficiency,utilizing a sample of non-ST manufacturing companies listed on the A-share market from 2019 to 2021.The study employs text analysis and the machine learning word2vec method to quantify the extent of blockchain application in enterprises,as reported in their annual reports.The empirical analysis investigates the relation-ship between blockchain technology adoption and the total factor productivity(TFP)of these manufacturing firms.The findings indicate a positive correlation between the degree of blockchain technology implementation and the TFP of the companies.Mechanistic insights reveal that trust construction and the dual objectives of cost reduction and efficiency enhancement are pivotal pathways through which blockchain application contributes to the improvement of TFP.Additional analysis suggests that the sub-industry classification of businesses and the agency costs associated with corporate governance can influence the extent to which blockchain application boosts productivity.This study contributes to the understanding of blockchain technology's impact and its oper-ational mechanisms within microenterprises,offering valuable insights for the broader adoption of blockchain in enterprises and the advancement of high-quality economic growth.
total factor productivityblockchain applicationtrust enhancementtext analysismachine learning
NETL
NSTL
万方数据
