The mitigating effects of blockchain adoption on supply chain financing disruptions under crises: Evidence from China

IF 5.2 1区经济学 Q1 ECONOMICS

中国经济评论 Pub Date : 2025-07-12 DOI:10.1016/j.chieco.2025.102502

Haolin Li , Sirui Cheng , Xiuping Hua , Yong Wang

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Abstract

The paper investigates the negative effect of the COVID-19 crisis on supply chain financing in China. It examines the role of blockchain adoption in mitigating such disruptions by using data from Chinese firms between 2015 and 2022 and employs textual analysis to construct indexes on firms' blockchain innovation and supply chain risk exposure. We find that firms with high supply chain risk experience a more significant reduction in formal and informal financing during the COVID-19 pandemic. Nevertheless, blockchain adoption helps provide more resilience to supply chain financing disruptions in the crisis by enhancing information transparency, corporate governance, and production network efficiency. Further analysis shows that the alleviation effect is heterogeneous and more pronounced for firms with private ownership and lower social trust. The main results remain consistent using alternative measures based on Generative Pre-trained Transformer (GPT), a large language model. Our paper highlights the importance of digital technology advancement in protecting supply chain security under crises.

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采用区块链对危机下供应链融资中断的缓解作用：来自中国的证据

本文研究了新冠肺炎危机对中国供应链融资的负面影响。本文利用2015年至2022年中国企业的数据，考察了bb0采用在缓解此类中断方面的作用，并采用文本分析构建了企业bb1创新和供应链风险暴露的指数。我们发现，在2019冠状病毒病大流行期间，供应链风险高的企业在正式和非正式融资方面的减少更为显著。然而，区块链的采用通过提高信息透明度、公司治理和生产网络效率，有助于提高危机中供应链融资中断的弹性。进一步分析表明，社会信任程度较低的私有制企业的缓解效应具有异质性，且更为明显。使用基于生成预训练转换器（GPT）（一个大型语言模型）的替代测量方法，主要结果保持一致。本文强调了数字技术进步在危机下保护供应链安全的重要性。

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来源期刊

中国经济评论 ECONOMICS-

CiteScore

10.60

自引率

4.40%

发文量

380

期刊介绍： The China Economic Review publishes original works of scholarship which add to the knowledge of the economy of China and to economies as a discipline. We seek, in particular, papers dealing with policy, performance and institutional change. Empirical papers normally use a formal model, a data set, and standard statistical techniques. Submissions are subjected to double-blind peer review.