Empirical Study on the Impact of Capital Structure on Profitability in Blockchain Industry-Based on the Data Analysis of 127 Listed Companies

Abstract

Under the background of the rapid development of the digital economy, a new round of technological revolution represented by blockchain is emerging, and blockchain and other high-tech industries have become the technological support for economic development in the new era, which has attracted the great attention of countries around the world. How does the current capital structure of China's blockchain-listed companies generally affect their profitability? This paper adopts the data indicators of 127 blockchain-listed companies in 2022 for factor analysis and multivariate model regression to further analyze the impact of capital structure on profitability status. The empirical results show that: 1. The gearing ratio and long-term debt ratio of listed companies in China's blockchain industry are negatively correlated with profitability, and the effect of the gearing ratio on profitability is greater compared with the long-term debt ratio; 2. The equity ratio is positively correlated with profitability.