区块链与金融市场稳定:真实行动还是概念炒作？

Effect of Blockchain on Financial Market Stability: Substantial Action or Concept Hype?

中文关键词:  区块链  金融市场稳定  数字经济  股价崩盘风险  概念炒作  信息质量

英文关键词:blockchain  financial market stability  digital economy  risk of stock price crash  concept hype  information quality

中文摘要:

      当前,区块链已成为全球科技竞争的新焦点,其在助力数字经济高质量发展的同时也成为资本市场的投资热点。基于2016—2021年中国上市公司披露的区块链信息数据,实证检验了区块链对金融市场稳定的影响及其潜在机制。研究发现:公司披露区块链信息显著提高了股价崩盘风险,支持了区块链信息披露的概念炒作假说。机制检验结果显示,公司或管理层出于资源获取和个人私利等动机操纵区块链信息披露,降低了信息质量,从而提高了股价崩盘风险。进一步研究表明,公司涉足区块链产生的股价崩盘效应主要存在于非国有公司和非高科技公司；加强外部监督、提高内部治理效率会有效抑制公司涉足区块链所导致的股价崩盘风险。因此,应该警惕区块链与实体产业深度融合过程中可能引发的金融风险,通过优化内外部治理机制保障产业数字化转型的稳步推进。

英文摘要:

      Blockchain technology, as a new focus of global scientific and technological competition, has also become a hot spot for investment in the capital market while promoting the high-quality development of digital economy. Based on the blockchain announcement data of Chinese listed firms from 2016 to 2021, this paper empirically analyzes the effect of blockchain on financial market stability and the influence mechanism. Research results show that firms' involvement in blockchain significantly increases the risk of stock price crash, which supports the concept hype hypothesis of blockchain information disclosure. The mechanism test shows that firms or the management manipulate blockchain information disclosure for resource acquisition and personal gain, which reduces the information quality, thus exacerbating the risk of stock price crash. Further research shows that the stock price crash effect caused by firms' involvement in blockchain mainly exists in non-state-owned firms and non-high-tech firms; and increasing external supervision and internal governance efficiency will effectively curb the risk of stock price crash caused by firms' involvement in blockchain. Therefore, we should be alert to potential financial risks caused by the deep integration of blockchain and the real industry and guarantee the stable advancement of industrial digital transformation by optimizing the internal and external governance mechanism.