Purpose

In recent years, the application of blockchain in enterprise financing has become a hot topic in academic research. This study aims to review the existing literature, construct a knowledge framework for this research topic and propose an agenda for future research.

Design/methodology/approach

Based on 181 papers published from 2016 to 2020 in core journal databases in China and abroad, this study used bibliometric tools to identify and analyze an overview of literature publications, research hotspot trends and research theme clustering. This study also qualitatively analyzes literature from the dimensions of enabling mechanisms, multitechnology synergy, challenges, theoretical perspectives and research methods.

Findings

This study presents the research progress of blockchain applications in direct financing, bank credit, supply chain finance and other financing modes and analyzes the similarities and differences between domestic and international literature. This study also reveals enabling mechanisms of blockchain in enterprise financing, reflected as information quality improvement (data elements), trust mechanism innovation (business process) and collaboration structure enhancement (network structure). The study found several challenges (e.g. technological uncertainty, data security and organizational change) and trends (e.g. integrated innovation of multiple digital technologies). Additionally, the authors identified several gaps and opportunities for further research.

Research limitations/implications

This study adopts a strict strategy of selecting search terms when retrieving the literature, leading to the exclusion of certain papers on this topic.

Practical implications

This study provides valuable insights into the innovative development of enterprise financing modes enabled by blockchain and emphasizes that managers should clarify the applicable boundaries and necessary conditions of blockchain innovation in different financing scenarios to match technological innovation with industrial expectations.

Originality/value

This study constructs a knowledge framework on this topic based on a comprehensive review of existing research and proposes several important issues for future research based on the identified research gaps.

中文翻译：

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区块链在企业融资中的应用：文献综述与知识框架

目的

近年来，区块链在企业融资中的应用成为学术界研究的热点。本研究旨在回顾现有文献，构建本研究主题的知识框架，并提出未来研究的议程。

设计/方法论/途径

本研究以2016年至2020年国内外核心期刊数据库发表的181篇论文为研究对象，利用文献计量工具，对文献发表概况、研究热点趋势和研究主题聚类进行识别和分析。本研究还从赋能机制、多技术协同、挑战、理论视角和研究方法等维度对文献进行定性分析。

发现

本研究介绍了区块链应用在直接融资、银行信贷、供应链金融等融资模式中的研究进展，并分析了国内外文献的异同。本研究还揭示了区块链在企业融资中的赋能机制，体现为信息质量提升（数据要素）、信任机制创新（业务流程）和协作结构增强（网络结构）。研究发现了一些挑战（例如技术不确定性、数据安全和组织变革）和趋势（例如多种数字技术的集成创新）。此外，作者还发现了进一步研究的一些差距和机会。

研究局限性/影响

本研究在检索文献时采用了严格的搜索词选择策略，导致排除了有关该主题的某些论文。

实际影响

本研究为区块链赋能的企业融资模式创新发展提供了有价值的见解，并强调管理者应明确区块链创新在不同融资场景下的适用边界和必要条件，使技术创新与行业预期相匹配。

原创性/价值

本研究在对现有研究的全面回顾的基础上构建了该主题的知识框架，并根据已确定的研究差距提出了未来研究的几个重要问题。