Analysis of the Negative Relationship between Blockchain Application and Corporate Performance

Table 10

The effect of blockchain implementation on the company’s financial conditions.

	(1)	(2)	(3)	(4)	(5)	(6)
	FC		Subsidy		Growth
	Full sample	PSM	Full sample	PSM	Full sample	PSM
Treat × Time	0.020	0.020	−0.002	−0.002	−0.172	−0.166
	(0.000)	(0.000)	(0.022)	(0.028)	(0.000)	(0.000)
Size	−0.072	−0.073	0.000	0.000	0.234	0.237
	(0.000)	(0.000)	(0.471)	(0.408)	(0.000)	(0.000)
State	0.019	0.014	−0.000	0.000	−0.159	−0.143
	(0.010)	(0.078)	(0.572)	(0.861)	(0.004)	(0.027)
Lev	−0.036	−0.037	−0.004	−0.004	−0.070	−0.098
	(0.000)	(0.000)	(0.000)	(0.000)	(0.243)	(0.166)
Largest	−0.027	−0.019	0.001	0.001	0.412	0.405
	(0.051)	(0.220)	(0.524)	(0.474)	(0.000)	(0.002)
Firmage	0.177	0.181	−0.005	−0.004	0.279	0.272
	(0.000)	(0.000)	(0.085)	(0.245)	(0.035)	(0.070)
Growth	−0.024	−0.022	−0.001	−0.001
	(0.000)	(0.000)	(0.000)	(0.001)
MS	0.774	0.825	−0.028	−0.032	7.037	6.008
	(0.000)	(0.000)	(0.005)	(0.005)	(0.000)	(0.000)
Constant	1.395	1.396	0.016	0.012	−6.043	−6.088
	(0.000)	(0.000)	(0.096)	(0.276)	(0.000)	(0.000)
Year	Control	Control	Control	Control	Control	Control
Fixed effect	Control	Control	Control	Control	Control	Control
Number	20544	14662	20149	14369	20695	14768
R^2	0.215	0.220	0.023	0.025	0.055	0.058
F Value	111.480	86.650	12.742	9.282	28.532	21.827