Does the application of blockchain technology enhance total factor productivity of enterprises?

【Author】 Wang, Jianzhi; Zhu, Jinhe

【Source】FINANCE RESEARCH LETTERS

【影响因子】9.848

【Abstract】Using panel data from Chinese listed companies spanning 2000 to 2023, this study constructs an empirical model and finds that the application of blockchain technology significantly enhances total factor productivity (TFP), particularly under conditions of capital structure optimization and improved corporate profitability. Moreover, supply chain finance also exerts a positive influence on TFP and plays a significant moderating role in the relationship between blockchain technology and production efficiency. Further heterogeneity analysis reveals that the impact of blockchain technology on corporate TFP varies significantly across regions, with the most pronounced effects observed in the eastern region, followed by the central region, while the western region exhibits weaker or even insignificant effects.

【Keywords】Blockchain technology; Total factor productivity; Supply chain finance

【发表时间】2025 NOV

【收录时间】2025-09-11

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