The Impact Of Blockchain Technology Application On Corporate Financing Constraints

In recent years,in order to help enterprises get out of the predicament of financing constraints,the government has introduced a series of financial reform policies to regulate the market to facilitate the development of enterprises,but financing constraints are still the main factor limiting the development of enterprises.At the same time,the development of digital technology is the key to innovation.As the technologydriven digital revolution of the Internet of Things,big data,cloud computing and other technologies has gradually penetrated into the financial field,blockchain and other technological means in particular have been applied to various financial service platforms,providing strong technical support for the development of comprehensive supply chain financial services.As a highly disruptive emerging digital technology,blockchain technology can effectively alleviate the problems of information asymmetry,high financing cost,single approach and low financing efficiency in the process of financing,and plays a pivotal role in promoting technological innovation and industrial transformation and upgrading.Therefore,in the current information age,it is of great practical and theoretical significance to use new development concepts to study corporate financing based on advanced digital technologies such as blockchain and big data.Taking Chinese listed enterprises in Shanghai and Shenzhen stock markets from2014 to 2021 as research samples,this paper adopts PSM-DID model to empirically study the influence of blockchain technology application on corporate financing constraints,and tests the heterogeneity caused by the micro characteristics and macro environment of the enterprise and the mediating effect of information asymmetry.The study found that the application of blockchain technology can significantly ease the financing constraints of enterprises,and this conclusion remains valid after a series of robustness tests,such as parallel trend test,placebo test,and changing sample matching methods.Heterogeneity test shows that the easing effect of the application of blockchain technology on the financing constraints of enterprises is more obvious in the non-state-owned enterprises,the enterprises with financial risks,the enterprises with more concentrated equity,the management shareholding ratio,the customers concentration degree is lower,and the enterprises in the high marketization process.Further tests show that the application of blockchain technology can alleviate corporate financing constraints by reducing information asymmetry and increasing current liabilities.The research conclusion provides empirical evidence for enterprises to apply blockchain technology to relieve financing constraints based on their own characteristics.