企业战略差异影响了商业信用融资吗?——基于规模歧视、行业特征的调节效应分析

摘要/Abstract

摘要： 本文构建了企业战略差异与商业信用融资理论模型，选取2009-2018年中国沪深A股上市非金融、非ST企业数据为研究样本，对企业战略差异与商业信用融资关系进行了实证分析，同时考察了规模歧视、行业特征因素对企业战略差异与商业信用融资关系的影响。研究发现:(1)企业战略差异与商业信用融资呈显著负相关关系，且在大型企业中更为显著，大型企业应设法降低商业信用供应方的“规模歧视”，以获取更多的商业信用融资。(2)受行业管制企业以及有形资产占比较高的企业，越容易获取商业信用融资。(3)行业竞争程度越激烈，企业越难以获取商业信用融资。此时，企业应加强战略信息的披露，主动与出资方、客户交流，让其了解战略差异给企业可能带来的收益。

关键词: 企业战略差异, 商业信用融资, 企业规模, 行业特征

Abstract: This paper constructs a theoretical model of corporate strategic differences and trade credit financing,and empirically analyzes their correlation based on the data of Chinese listed non-financial and non-ST firms from 2009 to 2018.This paper also discusses the influence of scale discrimination and industry characteristics on corporate strategic differences and trade credit financing.The research finds that:(1) There is a significant negative correlation between corporate strategic differences and trade credit financing,especially in the large-scale enterprises which should reduce their trade credit suppliers' scale discrimination to obtain more trade credit financing.(2) It is easier for industry-regulating firms and firms with a relatively high proportion of tangible assets to obtain more trade credit financing.(3) The more intense the industry competition is,the more difficult it is for the firms to obtain more trade credit financing.And hence,they should actively communicate with the sponsors and customers to improve the disclosure of strategic information,so that they can understand the potential benefits brought by the strategic differences.

Key words: corporate strategy differences, trade credit financing, firm scale, industry characteristics

胡志亮, 郑明贵. 企业战略差异影响了商业信用融资吗?——基于规模歧视、行业特征的调节效应分析[J]. 管理评论, 2022, 34(6): 292-302.

Hu Zhiliang, Zheng Minggui. Do Corporate Strategic Differences Affect Commercial Credit Financing?——Analysis of the Regulatory Effects Based on Scale Discrimination and Industry Characteristics[J]. Management Review, 2022, 34(6): 292-302.

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