Industrial Characteristics,Corporate Strategic Difference And Trade Credit Financing

The rapid development of China's economy has brought opportunities for the development of corporate.However,since China is still in the period of economic transformation,credit market development is not perfect,which makes most corporates faced with different degrees of capital constraints,so that,hinder its further growth.In the past,most researches have solved this problem through bank borrowings,but neglected the function of trade credit financing.In fact,as an informal financing mechanism,trade credit financing has been widely used in the daily operation of corporates.At present,the influence factors of trade credit financing,scholars mainly from macro factors and corporate factors,such as related research,as to how the business strategy affects trade credit financing,but few thesis mentioned.Corporate strategy guides the overall development direction of corporates and the implementation of the strategy will affect the various functions of the corporate.As an important financing decision,trade credit financing is bound to be influenced by corporate strategy.Therefore,based on the analysis of corporate strategic differences,the thesis analyzes the role of corporate strategy in using trade credit financing.However,the existence of market competition makes the financial decision of the company influenced by competitors in the industry,so this thesis further explores the difference of the relationship between the two industries from the angle of the industry characteristics.These aspects of exploration,not only enrich the trade credit related to the warmth,but also have important practical significance for our corporates to improve corporate financial decision-making and optimize the company's strategy.The structure of this thesis is as follows:Part one is introduction.This section firstly introduces the research background and significance of this paper to introduce the basis of this paper,secondly.Then,it will define the relevant concepts and explain the contents and methods of the study,meanwhile summarize the structure of this article and possible innovation?Part two is literature review.This part mainly combs and summarizes the following related literature:the influence factors of commercial credit financing at home and abroad,the emergence of enterprise strategy difference,the economic consequence.Also,the industry characteristics and commercial credit financing is introduced,and the current research status of literatures is summarized and expounded,and the theoretical basis and writing value of this paper are analyzed from the literature.Part three is theoretical analysis and hypothesis.This part first introduces the basic theory of this thesis,including strategic management theory,information asymmetry theory,and signal transmission theory.On the basis of these theories,from the point of view of risk,this thesis makes a concrete theoretical analysis on the influence of corporate strategic difference on trade credit financing and the effect of industry characteristic regulation on the listed companies in China,and finally puts forward the research hypothesis.Part four is study design.This thesis selects the appropriate sample data from the CSMAR and the WIND database and defines the variables for the sample data.The model is designed by selecting the appropriate explanations,interpreting variables and corresponding control variables.Part five is empirical analysis.In this part,the thesis first describes the corporate strategy difference,trade credit financing,industry characteristics and other variables descriptive statistics and correlation analysis.And then,through the empirical analysis of the variables and models,this thesis analyzes the influence of the corporate strategic differences on the trade credit financing and the adjustment effect of the industry characteristics from the test results,and finally carries on the robustness test and further analysis.Part six is summary.Based on the above empirical study,this thesis studies the conclusion,analyzes the conclusion and puts forward further countermeasures and Suggestions to realize the meaning of writing in this thesis.Finally,the thesis summarizes the shortcomings and prospects of the research.Based on Chinese listed company financial data from 2001 to 2015,through the empirical study,the following conclusions are drawn:(1)There is a significant negative correlation between corporate strategic difference and trade credit financing;(2)The industry assets structure(the proportion of tangible assets),the industry control will significantly weaken the corporate strategic difference and trade credit financing negatively correlated relationship.The industry competition degree will significantly enhance the enterprise strategic difference and trade credit financing negative correlation relationship;(3)Compared with state-owned enterprises,the strategic difference of Non-state-owned enterprises is stronger than the negative correlation of trade credit financing;(4)The market position will significantly weaken the negative correlation between corporate strategic differences and trade credit financing.Compared with the existing research,the innovation of this thesis is as follows:(1)This thesis,from the brand-new perspective of corporate strategic difference,examines how the corporate's strategic choice is to the business credit financing status,it enriches the literature of the influence factors of trade credit financing,and also opens up a new angle of view for how the corporate strategy influences financial decision-making;(2)The thesis further delves into the level of the industry characteristics,and finds that the relationship between business strategy difference and trade credit financing is influenced by the industry characteristics.This further expands the research literature of trade credit financing from the perspective of industry characteristics.