Do Corporate Strategic Differences Affect Commercial Credit Financing?——Analysis of the Regulatory Effects Based on Scale Discrimination and Industry Characteristics

Abstract

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

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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