数字经济浪潮下的区块链技术:概念炒作还是高质量创新  

Blockchain Technology in the Wave of Digital Economy:Conceptual Hype or High-quality Innovation?

作　　者：宋敏 徐瑞峰 Song Min;Xu Ruifeng(Economics and Management School,Wuhan University;School of Finance,Capital University of Economics and Business)

机构地区：[1]武汉大学经济与管理学院 [2]首都经济贸易大学金融学院

出　　处：《南开管理评论》2024年第6期112-123,共12页Nankai Business Review

基　　金：国家社会科学基金重大项目“新形势下全球创新网络演化及风险治理研究”(20&ZD072)资助。

摘　　要：作为数字经济领域最具革命性但也广受争议的技术,区块链是概念炒作还是高质量创新?本文将2012-2021年中国上市公司财务数据与区块链专利数据进行匹配,基于事件研究法和股票日度数据,发现虽然区块链发明专利公告前后的累计异常收益率为正,但在剔除投资者基于企业研发强度对股价增长的理性预期后,区块链专利市场价值均值为负,说明区块链创新炒作性质不强,反而存在市场支持不足的问题。基于企业-年度面板数据,本文发现在缓解可能存在的内生性问题后,区块链创新确实是能够提升企业全要素生产率的高质量创新,均值水平上每项区块链专利应用价值约1125万元。本文还进行了机制分析和异质性分析,并据此为中国的区块链发展战略提供了参考建议。In recent years,the development momentum of China's digital economy has been exceptionally rapid,and the digital economy has become a new driving force and new path for improving the quality and efficiency of economic development,industrial transformation and upgrading.Digital technology innovations like AI,IoT,blockchain,and 5G are pivotal in transforming industries,enhancing efficiency,and driving economic growth.These advancements are crucial for improving connectivity,security,and data analysis,ultimately shaping a more intelligent and interconnected world.Among them,blockchain technology has emerged as a transformative force in the digital era,and its importance cannot be overstated.However,blockchain technology is considered by many opponents in China as a concept hype of immature technology.On January 16,2018,the Shenzhen Stock Exchange announced that it would strictly investigate listed companies that"latch onto blockchain concept"and impose penalties on those who violate regulations by using blockchain concepts for speculation.On the same day,the Shanghai Stock Exchange also stated that the blockchain technology is still in the early development stage and it is difficult to form stable business,with clear signs of conceptual hype.Is China's blockchain technology innovation really a concept hype that can bring abnormal returns to the capital market?What is the market value of blockchain technology innovation?In addition,many people have also questioned the practical application value of blockchain technology.In August 2018,American economist and New York University professor Nouriel Roubini asserted that blockchain is nothing but a useless and overhyped technology that will never make any progress.What is the actual application value of blockchain?To answer the above questions,we use event study method to calculate the market value of blockchain innovation.Specifically,the estimation of cumulative abnormal returns based on event study method is often used by researchers to determine the speculative nature

关 键 词：数字经济 区块链 概念炒作 高质量创新 全要素生产率 

分 类 号：TP311.13[自动化与计算机技术—计算机软件与理论] F275[自动化与计算机技术—计算机科学与技术] F832.51[经济管理—企业管理]