战略差异与商业信用提供

Strategic Difference and Provision of Trade Credit

战略差异可通过经营性动机和流动性风险同时影响企业的商业信用提供。以2007—2017年沪深A股上市公司为研究样本,实证考察了战略差异对公司商业信用提供的影响及其作用机制。研究发现,战略差异的增加会显著减少商业信用提供,平均而言,战略差异程度每增加1个标准差,公司商业信用提供减少约6.5%。机制研究发现,现金流波动性是战略差异影响商业信用提供的重要渠道。进一步地,环境不确定性的增加加剧了战略差异对公司商业信用提供的负向影响,而公司竞争地位的提高可以缓解这一影响。因此,建议我国上市公司在制定信用政策时,应当关注企业战略差异对公司流动性造成的负向影响,减少商业信用提供,为企业发展储备必要的流动性,但同时也应注意环境不确定性和竞争地位的影响。

The strategic difference can influence corporate trade credit through operational motivation and liquidity risk simultaneously.Based on the sample of A-share listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange during the years from 2007 to 2017,this paper empirically examines the impact of strategic differences on the provision of corporate trade credit and the mechanism of action.The result suggests that the increase of strategic difference will significantly reduce the provision of trade credit.On average,for every 1 standard deviation increase in the degree of strategic difference,the provision of corporate trade credit will decrease by about 6.5%.The mechanism research shows that the fluctuation of cash flow is an important channel through which the strategic difference could influence the provision of trade credit and reserve necessary liquidity for corporate development.Therefore,it is suggested that the listed companies in China should pay attention to the negative impact of strategic differences on the provision of trade credit when making credit policies.In addition,the impacts of environmental uncertainty and competitive position also need to be considered.