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北京工商大学学报(社会科学版)摇 摇 摇 摇 2020 年摇 第 6 期

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Strategic Difference and Provision of Trade Credit

1,2
LI Gaobo
(1. School of Economics and Management, Beijing Jiaotong University, Beijing 100044, China;
2. Business School, Beijing Open University, Beijing 100081, China)

Abstract: The strategic difference can influence corporate trade credit through operational motivation and liquidity risk sim鄄
ultaneously. Based on the sample of A鄄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 provi鄄
sion of trade credit. On average, for every 1 standard deviation increase in the degree of strategic difference, the provision of cor鄄
porate trade credit will decrease by about 6郾 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 cor鄄
porate 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 uncer鄄
tainty and competitive position also need to be considered.
Key Words: strategic difference; provision of trade credit; environmental uncertainty; competitive position;corporate liq鄄
uidity

(本文责编摇 王摇 轶)

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