| The development of the digital economy is fast,widespread,and influential,driving a series of changes and becoming a key force in reorganizing global factor resources and changing the global competition pattern.Faced with the complex international environment,it is unstoppable for enterprises to accelerate digital transformation and upgrading.Digital transformation brings data connectivity,accelerates the business collaboration of the value chain,forms the data-driven intelligent decision-making capability,and improves the overall operation efficiency of enterprises and the collaborative efficiency of the upstream and downstream of the industrial chain.So,will digital transformation affect enterprises to allocate credit resources to upstream and downstream enterprises in the supply chain in the form of commercial credit? And in the face of increasingly competitive market environment,the market power of enterprises becomes the key factor in the game between upstream and downstream.What is the impact on the relationship between the two? Will be the focus of this study.This paper selects the data samples of A-share listed companies in Shanghai and Shenzhen from 2011-2021 as the research object.Based on the theory of information asymmetry,signal transmission theory and competitive hypothesis,this paper studies the impact of enterprise digital transformation on the reallocation of commercial credit,and further analyzes the relationship between the three by adding the factor of product market competition.This study finds that the higher the degree of enterprise digital transformation,the larger the scale of commercial credit reallocation;In contrast,the more perfect the product market environment and the weaker the market power of enterprises,the more obvious the impact of digital transformation on the reallocation of commercial credit.In order to enrich the research,this paper continues to explore the mechanism of digital transformation on commercial credit reallocation,and finds that the information effect of Digital transformation can enhance the ability of enterprises to obtain credit resources and reduce the rate of bad debt losses of enterprises to realize the reallocation of business credit of upstream and downstream enterprises.As well as further research,it is found that digital transformation has different impacts on commercial credit reallocation under the difference of digital environment and credit allocation.Through the research of this paper,it can enrich the relevant literature of digital transformation and commercial credit reallocation,and has important practical value for Chinese enterprises to optimize their business strategies.Enterprises should clarify the impact of digital transformation and market competitive advantage on their business decisions,make reasonable use of commercial credit,and promote the coordinated development of enterprise supply chain in maintaining competitive advantage;It is clear that transforming upstream and downstream counterparties into long-term and stable partners in the supply chain is the key to collaborative development,promoting industrial transformation and upgrading,and achieving high-quality development of enterprises. |
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