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Blockchain adoption and corporate investment efficiency: Evidence from the blockchain-based electronic invoice system

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  • Yang, Junjie
  • Wang, Liwen
  • Ma, Jing

Abstract

This paper examines how blockchain adoption affects corporate investment efficiency in China. Exploiting the staggered regional rollout of China's blockchain-based electronic invoice system as a quasi-natural experiment, we employ a difference-in-differences design and find that blockchain adoption significantly improves corporate investment efficiency. The results remain robust across a series of endogeneity and robustness tests. Mechanism analysis indicates that the effect operates primarily through improvements in financial reporting quality. Overall, our findings provide novel causal evidence on the real economic consequences of blockchain adoption and highlight the role of government-mandated information technology infrastructure in enhancing firms' resource allocation efficiency.

Suggested Citation

  • Yang, Junjie & Wang, Liwen & Ma, Jing, 2026. "Blockchain adoption and corporate investment efficiency: Evidence from the blockchain-based electronic invoice system," Economics Letters, Elsevier, vol. 266(C).
    • Handle: RePEc:eee:ecolet:v:266:y:2026:i:c:s0165176526002508
    DOI: 10.1016/j.econlet.2026.113056
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    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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