An Empirical Study On The Operating Efficiency Of Blockchain Listed Companies Based On DEA Model

The emergence of financial technology has brought a digital revolution to various industries.With the development of the Internet,technologies such as blockchain,artificial intelligence,Bitcoin,and big data have gradually been paid attention to by people.Many countries have expressed support for blockchain technology,and its application prospects are promising.The application of blockchain technology can optimally allocate enterprise resources and play an important role in improving business processes,reducing the cost of enterprises in the operation process,and establishing trust mechanisms.Therefore,how to apply emerging fintech technologies to products and services,improve product quality and operational efficiency,and create corporate value is a question worthy of deep consideration for enterprises.In this context,We intend to study the operational efficiency of blockchain listed companies,and summarize substantive suggestions for improving the operational efficiency of blockchain listed companies through empirical research and case analysis.First of all,we summarize and discuss the domestic and foreign literature on the development and impact of blockchain technology,describe the theoretical definition and measurement methods of the operating efficiency of blockchain listed companies,and outline the geographical distribution,industry distribution and application of blockchain technology of blockchain listed companies;Secondly,we selected the financial data of 276 listed companies in the A-share blockchain sector from 2016 to2020 as sample for analysis,and established the input-output index system through Du Pont analysis method,using DEA model and Malmquist index method to compare from the perspectives of operational efficiency,pure technical efficiency and scale efficiency.Thirdly,we quantitatively analyze the factors that affect the operating efficiency of blockchain listed companies,and select the appropriate variables of the company based on the characteristics of blockchain technology for Tobit regression analysis.The research results show that blockchain technology can promote listed companies to improve their operational efficiency,while the poor operational efficiency is mainly affected by the low value of scale efficiency,and the fluctuation of pure technical efficiency is small.At the same time,there are differences in the operational efficiency of blockchain-listed companies in different dimensions.The eastern regions,such as Guangdong,Beijing,and Zhejiang provinces,have the highest operational efficiency,while the central regions,such as Chongqing and Ningxia,have the lowest operational efficiency.In addition,the level of investment in blockchain technology,the company’s establishment years and capital structure are significantly positively correlated with the operating efficiency of blockchain-listed companies,the size of the company is significantly negatively correlated with the operating efficiency of blockchain-listed companies,and the shareholding ratio of the top ten shareholders is significantly uncorrelated with the operating efficiency of blockchain-listed companies.Finally,we take GRGBanking as the research object,and based on the company’s performance,efficiency changes and the application of blockchain technology,we analyze the impact path and effect of blockchain technology on GRGBanking’ operating efficiency from financial and non-financial indicators.The results found that the impact of blockchain technology on the operating efficiency of GRGBanking is positive.Based on these conclusions,we put forward three suggestions for improving the operational efficiency of blockchain listed companies: strengthening the application of blockchain technology,paying attention to the introduction of talents with blockchain technology,and strengthening the comprehensive development of the company.