The Impact of Blockchain Technology Applications on Enterprise Innovation in the Digital Economy Era: An Empirical Test Based on a PSM-DID Model

Abstract

In the era of digital economy, enterprises need to maximize the acquisition and absorption of innovation knowledge with the help of digital technologies. And blockchain technology, as an emerging digital technology with features such as tamper-evident, distributed storage and accounting, has the potential to help enterprises solve the trust risk in a multi-entity environment, and help them acquire and absorb innovative knowledge to gain innovation advantages. Therefore, this paper deeply explores the impact of blockchain technology applications on enterprise innovation and analyzes the mediating effect of knowledge acquisition and absorptive capacity. Based on the data of Chinese A-share listed companies from 2013 to 2020, this paper conducts an empirical test by applying the PSM-DID method. The results of this study find that blockchain technology applications positively promote enterprise innovation. In terms of impact mechanism, this paper illustrates that blockchain technology applications promote enterprise innovation by improving knowledge acquisition and absorptive capacity. Heterogeneity analysis shows that blockchain technology applications have a more significant promoting effect on innovation in private enterprises. This study expands the theoretical research on the relationship between blockchain technology applications and enterprise innovation, which is of certain significance to the development of enterprise digital innovation under the background of digital economy.