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As financial infrastructure is key to the modern economic system, blockchain technology enormously drives the global securities and futures industry’s revolution. However, the application of blockchain technology in China is in the early experimental stage. This paper uses the difference-in-difference method to evaluate the actual policy effect of “Blockchain + Regional Equity Trading Markets” in China, based on the development indexes of the two institutions. The institution participating in the blockchain pilot program landing on December 20, 2021, is the experimental group, and the institution not participating in the pilot program is the control group. It is found that the blockchain pilot policy can significantly promote the development of the regional equity market, and the policy effect has a roughly 50-week lag in time. At the same time, this paper proposes an innovative solution to solve the existing problems of the regional equity market by using blockchain technology, which brings certain reference significance to the construction of practical work of the regional equity market.

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Research on Effects of Blockchain Pilot Programs in Regional Equity Markets: Evidence from Participant and Non-participant Institutions

  • 会议论文

  • 发表日期：

    2025年

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  • Ying Chen,
  • Zixin Zhang,
  • Xueqian Li,
  • Ke Zhang

摘要

As financial infrastructure is key to the modern economic system, blockchain technology enormously drives the global securities and futures industry’s revolution. However, the application of blockchain technology in China is in the early experimental stage. This paper uses the difference-in-difference method to evaluate the actual policy effect of “Blockchain + Regional Equity Trading Markets” in China, based on the development indexes of the two institutions. The institution participating in the blockchain pilot program landing on December 20, 2021, is the experimental group, and the institution not participating in the pilot program is the control group. It is found that the blockchain pilot policy can significantly promote the development of the regional equity market, and the policy effect has a roughly 50-week lag in time. At the same time, this paper proposes an innovative solution to solve the existing problems of the regional equity market by using blockchain technology, which brings certain reference significance to the construction of practical work of the regional equity market.