Strategic Differentiation,Disclosure Quality And Corporate Debt Financing

Corporate strategy is the production and operation mode formulated by the management according to the company’s own development when making internal decisions,which will affect the company’s operational risks and information disclosure,thereby having a profound impact on the enterprise’s investment and financing decisions and performance.At present,China’s capital market system and mechanism are not sound enough,compared with the slow development of foreign financial markets and there are certain loopholes,the problem of uneven credit distribution based on moral hazard is particularly serious.As a result,many enterprises face the risk of capital chain rupture in the process of R&D,and due to their own conditions and external borrowing terms,there are different degrees of difficulties in debt financing,and the problem of financing constraints is becoming increasingly serious.Therefore,studying the relationship between corporate strategy and debt financing,and exploring the internal mechanism of the two,has important practical significance for controlling the financing risks of upstream and downstream enterprises in the supply chain.By summarizing and combing the relevant literature,using a large amount of data for empirical analysis,and choosing to start from the perspective of information asymmetry,based on relevant theories such as credit allocation and alternative financing,this paper empirically analyzes the relationship between strategic differentiation,information disclosure quality and corporate debt financing by using the GMM estimation method to mitigate endogenousness,and taking the data of A-share listed companies from 2010 to 2020 as a sample.Empirical studies show that the bank credit obtained by enterprises with large strategic differences of listed enterprises in China will decrease,and enterprises will have to seek assistance from suppliers,and the demand for commercial credit financing will increase.Moreover,the quality of information disclosure plays an intermediary role between strategic differentiation and debt financing,that is,strategic differentiation affects commercial credit and bank credit by affecting the quality of information disclosure.At the same time,environmental uncertainty plays a significant regulating role in the relationship between the two,that is,compared with high environmental uncertainty,with the continuous improvement of strategic differentiation,that is,the more commercial credit is needed to alleviate the pressure of cyclical capital shortage,the less bank credit is required;In the threshold effect,when the asset-backed capacity is at a low level,the strategic difference of enterprises is negatively correlated with the credit level of banks,and when the asset-collateralized capacity is at a high level,the strategic difference of enterprises is positively correlated with the credit level of banks,and the positive relationship between strategy and debt financing is more significant.The research in this paper is helpful to correctly understand the relationship between strategic differentiation and corporate debt financing and the internal mechanism of enterprises,and further refine the different effects of strategic differentiation on the quality of information disclosure,which is helpful for enterprises to actively disclose information and reasonably adjust debt financing policies.Finally,this paper puts forward several suggestions and points out the shortcomings in the paper,with a view to improving them in subsequent research.