Blockchain adoption and corporate financial reporting quality

IF 3.3 3区管理学 Q1 BUSINESS, FINANCE

Journal of Accounting and Public Policy Pub Date : 2024-11-30 DOI:10.1016/j.jaccpubpol.2024.107265

Ke Liao , Le Lin , Yukun Sun

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Abstract

We study the impact of blockchain technology on corporate financial reporting quality based on the staggered implementation of blockchain-based e-invoice systems by provincial and municipal governments in China since 2018. Using a difference-in-differences approach with a sample of listed firms in China from 2016 to 2022, we find that the accrual quality and earnings informativeness improve post-adoption. This treatment effect is more pronounced for firms with more complex operations and those located in technologically advanced and market-oriented environments, but is similar across firms with varying earnings management incentives. Blockchain adoption is associated with fewer error-related accounting restatements, but not with non-error-related restatements or corporate tax avoidance. Furthermore, blockchain adoption is associated with increased stock liquidity, improved analyst forecast consensus, and lower cost of equity. Overall, our results suggest that the blockchain adoption improves corporate financial reporting quality by enhancing accounting function efficiency rather than deterring potential manipulations.

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bbb采用与公司财务报告质量

我们基于2018年以来中国省级和市级政府错开实施基于区块链的电子发票系统，研究了b区块链技术对企业财务报告质量的影响。通过对2016 - 2022年中国上市公司样本的差异中差异分析，我们发现应计质量和盈余信息性在采用后有所改善。这种处理效果对于运营更复杂的公司和那些位于技术先进和市场导向环境中的公司更为明显，但对于具有不同盈余管理激励的公司来说是相似的。采用区块链与较少与错误相关的会计重述有关，但与无错误相关的会计重述或公司避税无关。此外，区块链的采用与增加的股票流动性、提高分析师预测共识和降低股权成本有关。总体而言，我们的研究结果表明，采用区块链通过提高会计职能效率而不是阻止潜在的操纵来提高公司财务报告质量。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Accounting and Public Policy Multiple-

CiteScore

4.80

自引率

2.80%

发文量

期刊介绍： The Journal of Accounting and Public Policy publishes research papers focusing on the intersection between accounting and public policy. Preference is given to papers illuminating through theoretical or empirical analysis, the effects of accounting on public policy and vice-versa. Subjects treated in this journal include the interface of accounting with economics, political science, sociology, or law. The Journal includes a section entitled Accounting Letters. This section publishes short research articles that should not exceed approximately 3,000 words. The objective of this section is to facilitate the rapid dissemination of important accounting research. Accordingly, articles submitted to this section will be reviewed within fours weeks of receipt, revisions will be limited to one, and publication will occur within four months of acceptance.