We investigate the impact of the announcement of the COVID-19 pandemic on the market value and trading volume of supply chain finance (SCF) firms. Using an event study, we observe a significant valuation loss and higher trading volume of SCF firms. However, blockchain-enabled SCF firms are protected from such valuation loss and volatility in trading. We find that higher research and development (R&D) and capital expenditures by firms prevent the loss. Moreover, the firm value of blockchain-enabled SCF firms is impacted by their membership in a blockchain consortium and progress in blockchain implementation. Investors’ confidence in blockchain reduces the market uncertainty.

我们调查了宣布 COVID-19 大流行对供应链金融 (SCF) 公司的市场价值和交易量的影响。使用事件研究，我们观察到 SCF 公司的重大估值损失和更高的交易量。但是，启用区块链的 SCF 公司可以免受此类估值损失和交易波动的影响。我们发现公司更高的研发（R&D）和资本支出可以防止损失。此外，支持区块链的 SCF 公司的公司价值受到其在区块链联盟中的成员身份和区块链实施进展的影响。投资者对区块链的信心降低了市场的不确定性。