区块链技术应用对公司纵向并购的影响:促进还是抑制  

The Impact of Blockchain Technology Application on Vertical Mergers and Acquisitions of Companies:Promoting or Inhibiting

作　　者：许汝俊 XU Ru-jun(School of Economic and Management,Hubei University of Technology,Wuhan 430068,China)

机构地区：[1]湖北工业大学经济与管理学院,湖北武汉430068

出　　处：《现代财经（天津财经大学学报）》2024年第4期56-73,共18页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：国家自然科学基金青年项目(72202058);教育部人文社会科学基金青年项目(21YJC630150)。

摘　　要：数字化转型时代已经到来,相关新技术应用场景也越来越丰富。基于此背景,本文研究区块链技术的应用是否提升了公司纵向并购率,并从区块链技术发展和产业链发展视角提出相关建议。研究表明,区块链技术的应用能够显著推动公司进行更多的纵向并购,提升纵向并购率,这种影响是通过降低信息成本、提高风险承担水平及提升产业链资源整合效率三条路径来实现。同时,区块链技术的应用引致更大规模的纵向并购能够显著提高相关公司价值。进一步研究发现,较低的供应链集中度会强化区块链技术对纵向并购率的影响,公司所处生命周期的差异会显著影响区块链技术的应用与纵向并购率之间的关系。本文丰富了区块链在资本市场行为领域的应用研究范畴,也为产业数字化转型下公司高效进行纵向并购提供了理论依据及实践参考。The era of digital transformation has arrived,and the application scenarios of related new technologies are becoming increasingly diverse.Based on this background,this article studies whether the application of blockchain technology has improved the vertical merger and acquisition(M&A)rate of companies,and proposes advices from the perspectives of blockchain technology development and industrial chain development.It is found that the application of blockchain technology can significantly promote companies to engage in more vertical M&As,increasing the vertical M&A rate.This impact is achieved through three paths:reducing information costs,improving risk bearing levels,and improving the efficiency of industrial chain resource integration.Meanwhile,the application of blockchain technology leading to larger scale vertical M&A can significantly enhance the value of related companies.Further research finds that a lower concentration of the supply chain weakens the impact of blockchain technology on vertical M&A rates.Differences in the company's lifecycle significantly affect the relationship between the application of blockchain technology and vertical M&A rates.This article enriches the scope of research on the application of blockchain in the field of capital market behavior,and provides theoretical basis and practical reference for companies to efficiently carry out vertical M&A in the context of industrial digital transformation.

关 键 词：数字化转型 区块链 产业链 纵向并购 

分 类 号：F406.72[经济管理—产业经济] F062.4