Research On The Impact Of Blockchain On Corporate Financial Risk

As one of the products of the development of the digital era,blockchain technology is a representative of the development of information technology,and has played its own advantages in auditing,finance,supply chain,agriculture,commodity circulation,energy and other industries,and there are huge development prospects in various industries.The level of financial risk of an enterprise is a good reflection of the company’s operating results and financial status over a period of time,and enterprises need to maintain a more appropriate level of financial risk if they want long-term and stable development,Blockchain has the characteristics of trustlessness,openness and transparency,non-tampering and collective maintenance,which can ensure the authenticity of financial data,improve the accuracy of financial data,and combine blockchain with financial risks to help management clearly grasp the internal financial status of enterprises,and then make correct decisions and appropriately reduce corporate financial risks.At present,most scholars on the application of blockchain in the field of finance research is only in accounting,financial data real level,for blockchain on the process of business operation research is very little,this paper hopes to build a mathematical model of the impact of blockchain technology on financial risk,using empirical research to explore the substantial impact of blockchain technology on enterprise financial risk,while enriching the theory of blockchain application in the process of enterprise operation,for enterprises to apply blockchain to finance to provide a theoretical basis.In this paper,the influence of blockchain on corporate financial risk,the impact of blockchain on financing constraints,and the role of financing constraints in the relationship between blockchain and financial risk are systematically sorted out,and the multi-temporal double difference model,propensity score matching model and mediation effect model are constructed based on principal-agent theory,comprehensive risk management theory and tradeoff theory.Based on the principal-agent theory,the owner can formulate relevant systems to reduce the degree of information asymmetry with the management,and the relevant financial early warning indicators proposed by the manager based on the comprehensive management theory and the balance theory can adjust the capital structure of the enterprise,and the combination of the three can control the financial risk of the enterprise from top to bottom.Whether the application of blockchain can be regarded as a policy of enterprises,multi-time point double difference model is mainly used in policy effect evaluation problems,combined with the propensity score matching model can reduce the influence of data bias and mixed variables,and better evaluate the application effect of blockchain.The mediation effect model is established to further explain the impact of blockchain on financial risk and enrich empirical research.This paper selects the panel data of non-financial enterprises in Shanghai and Shenzhen A-shares from 2017 to 2021 to explore the impact of blockchain application on corporate financial risk and the mediating role of financing constraints in blockchain and corporate financial risk.The empirical results show that blockchain can reduce the financial risk of enterprises,financing constraints are one of the factors affecting corporate financial risks,and the decentralization and data openness and transparency of blockchain can alleviate the degree of financing constraints on enterprises,thereby reducing corporate financial risks.