Strategic Difference, Manager Characteristics And Commercial Credit Financing

The economic system reform has brought opportunities for the development of private enterprises,and the private economy has been strongly supported and encouraged.However,due to the shortage of resources and financing constraints,the implementation effect of the policies is still many obstacles.Commercial credit is the most important short-term financing tool for private enterprises.On the one hand,strategic information includes the overall business risk of the enterprise,determines its resource allocation and development direction.The commercial credit is such an important financing decision which is bound to be influenced by the corporate strategy;On the other hand,managers,as the core decision makers of enterprises,the behaviors and risk preferences behind different personal characteristics will affect all aspects of the enterprise.Therefore,based on the perspective of strategic differences,this paper analyzes the role of strategy in commercial credit financing of private enterprises.Furthermore,from the theoretical basis of the high-level echelon,it is discussed whether the characteristics of the manager influence the external stakeholders' response to the enterprise differentiation strategy.Firstly,this paper defines the related concepts of strategic difference,commercial credit financing and managerial characteristics,and describes the organizational structure of the research methods of the article.Secondly,it reviews the related research literatures of enterprise strategic difference,influencing factors of commercial credit financing and managerial characteristics.On this basis,it expounds the main contents of relevant theories such as strategic management theory,high-level echelon theory and signal transmission theory.Combined with theoretical analysis,the four research hypotheses of this paper are proposed.Thirdly,the model is constructed for empirical analysis.Taking the 2011-2017 Shanghai-Shenzhen A-share listed private enterprises as the research object,the multi-regression model is used to deeply explore the relationship between strategic differences and commercial credit financing.The research shows that:(1)The greater the strategic difference between enterprises,the less commercial credit financing is obtained;(2)the creditor of commercial credit will pay attention to the risks brought by the strategic differences of enterprises when providing commercial credit financing for enterprises.The human resources,social capital,risk appetite and control ability of managers with different characteristics will affect the judgment of commercial credit creditors on enterprise risks.Specifically,women,seniors and managers with higher education levels It can alleviate the deterioration of commercial credit financing conditions brought about by strategic differences to a certain extent.The research results in this paper confirm the importance of strategic information in corporate commercial credit financing decisions,and confirm the important role of managerial characteristics in corporate strategy and access to commercial credit resources.It has certain enlightenment significance for the strategic information disclosure of private enterprises,management construction,and the disclosure of non-financial information disclosure systems such as capital market strategy information.At the same time,it also serves as a reference for suppliers to provide commercial credit resources to enterprises.Added,it has positive significance for optimizing commercial credit supply decision.