企业战略定位差异与商业信用

Enterprise Strategic Positioning Difference and Commercial Credit

本文从供应商决策行为视角,考察了企业战略定位差异的溢出效应及其作用机理。研究发现:较高的企业战略定位差异度会对外部供应商决策行为产生负向冲击,以致目标企业获得的商业信用规模显著降低。采用工具变量法、固定效应模型等检验后,结论依然稳健。通过影响机理检验发现,企业战略定位差异对供应商商业信用决策的影响,受目标企业信息质量特征、融资约束程度及风险承担水平等因素的制约。进一步研究发现,随着战略定位差异度的上升,目标企业提供的商业信用也会显著降低,但是总体上获取的商业信用净额却显著增加。本文为探索我国企业战略定位差异的溢出效应,提供了新的视角;也为从企业战略定位层面,探究商业信用变化的内在逻辑及其所蕴含的潜在风险提供了新的经验证据。

From the perspective of supplier decision behavior,this paper examines the spillover effect and its mechanism of strategic positioning differences.It is found that:a higher degree of difference in enterprise strategic positioning will have a negative impact on the decision-making behavior of external suppliers,so that the scale of commercial credit obtained by target enterprises is significantly reduced.The conclusion is still robust after the test of instrumental variable method and fixed effect model.Through the influence mechanism test,it is found that the influence of enterprise strategic positioning differences on suppliers’commercial credit decisions is restricted by the information quality,financing constraints and risk-taking levels.Further study found that with the increase of the difference of strategic positioning,the business credit provided by the enterprise would also be significantly reduced,but the net business credit obtained by the target enterprise would increase significantly on the whole.This paper provides a new perspective for the spillover effect of Chinese enterprises’strategic positioning differences and the restriction factors of commercial credit decision-making.It also provides empirical evidence for exploring the internal logic of commercial credit change and its potential risks.