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A study of the impact of blockchain technology on carbon trading risk

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Listed:
  • Zhou, Bing
  • Tang, Xingyu

Abstract

Based on the annual reports of Chinese listed companies from 2013 to 2023, this study used Python’s Java PDFBox library to extract the frequency of the term “blockchain technology” and form a sample set. It examined the impact of blockchain technology on carbon trading risks and its underlying mechanisms. The results indicate that the impact of blockchain technology on carbon trading risk exhibits a significant inverted U-shaped relationship (Block coefficient: 0.00134***; Block2 coefficient: -0.0000186***). Mechanism analysis reveals that blockchain technology reduces carbon trading risk through three pathways: optimizing the level of corporate digital transformation (-0.00000492***), increasing total factor productivity (-0.00000375**), and controlling carbon emissions (-0.00000406***). Heterogeneity analysis indicates that the role of blockchain technology in reducing carbon trading risks is primarily evident in the relatively economically developed eastern regions of China (-0.0000206***), large-scale enterprises (-0.0000182***), and start-ups (-0.000021***). Additionally, a difference-in-differences model was employed to examine the policy impact of carbon trading policies (0.00789***) on the relationship between blockchain technology and carbon trading risks. These findings aim to provide theoretical support and practical guidance for promoting the healthy development of the carbon trading market.

Suggested Citation

  • Zhou, Bing & Tang, Xingyu, 2026. "A study of the impact of blockchain technology on carbon trading risk," Economic Analysis and Policy, Elsevier, vol. 92(C), pages 386-407.
    • Handle: RePEc:eee:ecanpo:v:92:y:2026:i:c:p:386-407
    DOI: 10.1016/j.eap.2026.06.021
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    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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