战略差异、环境不确定性与商业信用融资

Strategic Deviance,Environment Uncertainty and Trade Credit Financing

本文以2004-2015年我国A股非金融行业上市公司为研究样本,对战略差异与商业信用融资的关系进行实证检验,并考察了环境不确定性对战略差异与商业信用融资关系的调节作用。研究发现,战略差异与商业信用融资呈显著负相关关系;环境不确定性负向调节了战略差异与商业信用融资的关系,而且环境不确定性的这种调节作用在非国有上市公司中更显著。本文的研究结论表明,战略信息披露有助于供应商判断下游客户的风险状况,进而做出合理的商业信用供给决策。

Taking Chinese A--share non--financial listed companies from year 2004 to year 2015 as a sample, this paper empirically examined the relationship of strategic deviance and trade credit financing and the regulatory role of environment uncertainty. We find that strategic deviance is significantly negatively correlated with trade credit financing; environment uncertainty negatively regulates the relationship of strategic deviance and trade credit financing and the regulatory role of environment uncertainty is more pronounced in non--state--owned listed companies. The conclu- sions of this study show that strategic information helps the suppliers determine the risk profile of downstream customers and then make reasonable decision of trade credit supply.