The Impact of Blockchain Technology on Stock Price: An Emprical Study

Abstract

With the rapid development of blockchain technology, more and more attention has shifted from the theoretical research of blockchain technology to the application of specific business of the company. However, there are few literatures on the quantitative research on the impact of blockchain technology on the company's market value after it is applied to the company's actual business. In this paper, 73 listed companies published blockchain application announcements from 2016 to 2019 are selected as the research objects, and the short-term event analysis method is used to quantitatively analyze the impact of the application about blockchain technology on the market performance of listed companies. The results show that: after the announcement of blockchain application in their own business, listed companies have a more significant abnormal income, which shows that the capital market has a significant positive response to the application of blockchain. Finally, this paper puts forward the theoretical and practical significance, limitations and future research.