블록체인 기술이 중국 기업의 성과에 미치는 영향: 경영 전문성의 조절효과를 중심으로

초록

This study examines the impact of blockchain technology on Chinese firm performance using panel data from Chinese A-share listed companies from 2016 to 2023. It investigates the direct effect of blockchain technology application on firm performance and the moderating effect of managerial expertise on this relationship. Moreover, a heterogeneity analysis is conducted based on firms’ positions within the corporate life cycle to assess whether the performance impact of blockchain technology application varies across the growth, mature, and decline stages. The results indicate that blockchain technology application significantly enhances firm performance, with a stronger effect observed in firms with managerial expertise. Notably, the positive impact of blockchain technology application is significant for firms in both growth and decline stages, but not for those in the mature stage. These findings underscore the contingent nature of blockchain's performance implications and highlight the importance of internal managerial capabilities and life cycle positioning. The study contributes to the literature on digital technology adoption by providing firm-level empirical evidence from an emerging market context and offers practical insights for firms seeking to maximize the value of blockchain investments.

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