A Novel DTW ‐ TMFG Network Analysis of Emerging Blockchain Market in China
研究84家中国上市区块链企业2017-2022年的财务数据，用DTW-TMFG网络分析产业结构和企业特征，发现东部主导、西部薄弱的地理不均，以及网络对随机攻击的稳健性，为投资管理提供参考。
ABSTRACT Although the blockchain industry has attracted significant supportive policies and venture capital in recent years, existing research primarily focuses on technological developments and application scenarios, largely overlooking the industrial structure which is crucial to the investment development of the industry. To gain a nuanced understanding of the industrial structure and facilitate its investment management, this study examines 84 listed blockchain enterprises in China, from 2017 to 2022, exploring their industrial structure from the financial information‐based network perspective. A novel industrial network, DTW‐TMFG, is proposed to describe both the macro industrial structure and the micro corporate characteristics. The empirical findings reveal heterogeneous influence and dependence across blockchain firms, as well as the prominent geographical unevenness, characterised by the dominance of the developed East and the weakened West, among which Beijing and Guangdong Province have basically formed blockchain industry clusters. Furthermore, the proposed network structure demonstrates robustness against random attacks. Some strategic insights from these macro and micro findings are provided to help stakeholders take informed actions to foster industrial investment and ensure the stable development of the blockchain industry.