The Impact of Blockchain Implementation on Received and Provided Trade Credit
基于2015-2022年中国A股上市公司数据，研究发现区块链实施减少了企业从供应商收到的贸易信用，但增加了向客户提供的贸易信用，且效果受供应商集中度和客户需求不确定性影响。
Trade credit is a financing tool used in supply chain (SC) management. Blockchain can improve transparency among transaction parties and reduce transaction costs through consensus mechanisms and automation, offering a more efficient solution for managing trade credit. This study investigates how and to what extent blockchain affects trade credit. The empirical analysis is based on data from firms listed on the Shanghai and Shenzhen stock exchanges (A-share market) during the period 2015-2022. The results show that blockchain implementation reduces received trade credit from suppliers, whereas it increases provided trade credit to customers. A series of robustness procedures-including alternative variable constructions, lagged specifications, alternative identification strategies, and placebo-based Monte Carlo simulations-confirm the validity and stability of the empirical findings. This study further investigates the mechanisms of how blockchain implementation affects trade credit. The results show that blockchain implementation further reduces received trade credit from more centralized suppliers. In addition, the results also indicate that more trade credit will be provided to customers with a higher level of demand uncertainty. This study offers a comprehensive view of how firms utilize blockchain to improve trade credit efficiency. Managerial implications based on the research findings are also provided.