Research on the Influence of High-Tech Enterprise Strategy on Commercial Credit Financing

Yutingzi Zhang

doi:doi:10.11648/j.si.20231103.13

| Peer-Reviewed

Research on the Influence of High-Tech Enterprise Strategy on Commercial Credit Financing

Yutingzi Zhang

Published in Science Innovation (Volume 11, Issue 3)

Received: 17 April 2023 Accepted: 13 May 2023 Published: 18 May 2023

Views: Downloads:

Download PDF

Share This Article

Twitter
Linked In
Facebook

Abstract

Scientific and technological innovation has become an important strategic resource for the development of national economy. Due to the knowledge-intensive and technology-intensive characteristics of high-tech industries, the traditional pledge financing means are not suitable for such enterprises, and the commercial credit financing based on delayed payment has become an important means of short-term financing. Strategic management has always been a hot topic in the field of enterprise operation and management accounting, and the strategic decision-making of enterprises on financing will be reflected in the financial behavior of enterprises. Therefore, this paper takes China's A-share high-tech listed companies from 2004 to 2020 as samples, introduces A comprehensive index system of strategic aggressiveness, explores the impact path of strategic deviance on corporate commercial credit financing, and evaluates the moderating effect of market position on the relationship between the two. The results show that high-tech enterprise strategy can significantly affect the enterprise's commercial credit financing, with the increase of strategy aggressiveness, the enterprise's commercial credit financing ability will decline; This effect will be weakened for companies with high market position. Finally, this paper summarizes the research conclusions and puts forward suggestions from three perspectives, which has reference value for understanding the economic consequences of enterprises' strategic decisions, improving commercial credit financing strategies and determining enterprises' strategic transformation and development, and provides strategic decision-making suggestions for high-tech enterprises' short-term financing.

Published in	Science Innovation (Volume 11, Issue 3)
DOI	10.11648/j.si.20231103.13
Page(s)	111-117
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

High-tech Enterprises, Strategic Management, Commercial Credit Financing, Position in the Market

References

[1]	谢小平. 浅谈中小高新技术企业融资问题 [J]. 财会学习, 2020 (16): 195-196.
[2]	谭伟强. 商业信用: 基于企业融资动机的实证研究 [J]. 南方经济, 2006 (12): 50-60.
[3]	石晓军, 张顺明. 商业信用、融资约束及效率影响 [J]. 经济研究, 2010, 45 (01): 102-114.
[4]	郑军, 林钟高, 彭琳. 高质量的内部控制能增加商业信用融资吗?——基于货币政策变更视角的检验 [J]. 会计研究, 2013 (06): 62-68+96.
[5]	夏银桂, 程仲鸣. 商业信用影响因素研究——来自中国上市公司的证据 [J]. 财会通讯, 2009 (24): 36-38.
[6]	刘欢, 邓路, 廖明情. 公司的市场地位会影响商业信用规模吗? [J]. 系统工程理论与实践, 2015, 35 (12): 3119-3134.
[7]	饶品贵, 姜国华. 货币政策对银行信贷与商业信用互动关系影响研究 [J]. 经济研究, 2013, 48 (01): 68-82+150.
[8]	Miles, Snow, Meyer. Organizational strategy, structure and process [J]. Academy of Management Review, 1978, 3 (3): 93-96.
[9]	Tang, Grossan, Rowe. Dominant CEO, Deviant Strategy, and Extreme Performance: The Moderating Role of a Powerful Board [J]. Journal of Management Studies, 2011, 48 (7): 1479-1503.
[10]	Bentley, Omer, Sharp. Business strategy, financial reporting irregularities, and audit effort [J]. Contemporary Accounting Research, 2013, 30 (2): 780-817.
[11]	孙健, 王百强, 曹丰, 刘向强. 公司战略影响盈余管理吗? [J]. 管理世界, 2016 (03): 160-169.
[12]	刘行. 企业的战略类型会影响盈余特征吗——会计稳健性视角的考察 [J]. 南开管理评论, 2016, 19 (04): 111-121.
[13]	宫兴国, 于月莉, 林春雷. 战略激进、市场化进程与企业融资约束——基于A股制造业上市公司的实证数据 [J]. 南京审计大学学报, 2022, 19 (02): 50-59.
[14]	楚有为. 公司战略与金融资产配置——基于经济政策不确定性的证据 [J]. 会计与经济研究, 2019, 33 (03): 108-126.
[15]	楚有为. 激进战略与企业现金持有——预防性动机还是代理动机 [J]. 财经理论与实践, 2019, 40 (01): 90-98.
[16]	王化成, 张修平, 侯粲然, 李昕宇. 企业战略差异与权益资本成本——基于经营风险和信息不对称的中介效应研究 [J]. 中国软科学, 2017 (09): 99-113.
[17]	Eddie, Casey, Conor, et al. Bank lending constraints, trade credit and alternative financing during the financial crisis: Evidence from European SMEs [J]. Journal of Corporate Finance, 2014 (27): 173-193.
[18]	翁建明. 高新技术企业基于价值链的竞争战略分析 [J]. 科技创业月刊, 2006 (03): 56-57.
[19]	盛文军, 廖晓燕. 产品差异化战略: 企业获得竞争优势的新途径 [J]. 当代经济研究, 2001 (11): 32-35.
[20]	Powell. The Iron Cage Revisted: Institutional Isomorphism and Collective Rationality in Organizational Fields [J]. American Sociological Review, 1983, 48 (2): 147-160.
[21]	王化成, 侯粲然, 刘欢. 战略定位差异、业绩期望差距与企业违约风险 [J]. 南开管理评论2019, 22 (04): 4-19.
[22]	Bhojraj, Hribar, Picconi. Making Sense of Cents: An Examination of Firms that Marginally Miss or Beat Analysts Forecasts [J]. Social Science Electronic Publishing.
[23]	胡志亮, 郑明贵. 企业战略差异影响了商业信用融资吗?——基于规模歧视、行业特征的调节效应分析 [J]. 管理评论, 2022, 34 (06): 292-302.
[24]	Fisman, Raturi. Does competition encourage credit provision? Evidence from African Trade Credit Relationships [J]. Review of Economics and Statistics, 2004, 86 (1): 345-352.
[25]	王竹泉. 宏观经济信息质量指数: 提升国家治理水平和发展质量的战略举措 [J]. 财务与会计, 2018 (21): 75-78.
[26]	张新民, 王珏, 祝继高. 市场地位、商业信用与企业经营性融资 [J]. 会计研究, 2012 (8): 58-65+97.
[27]	卢馨, 郑阳飞, 李建明. 融资约束对企业R&D投资的影响研究——来自中国高新技术上市公司的经验证据 [J]. 会计研究, 2013 (05): 51-58+96.

Cite This Article

Plain Text BibTeX RIS

APA Style

Yutingzi Zhang. (2023). Research on the Influence of High-Tech Enterprise Strategy on Commercial Credit Financing. Science Innovation, 11(3), 111-117. https://doi.org/10.11648/j.si.20231103.13

Copy | Download

ACS Style

Yutingzi Zhang. Research on the Influence of High-Tech Enterprise Strategy on Commercial Credit Financing. Sci. Innov. 2023, 11(3), 111-117. doi: 10.11648/j.si.20231103.13

Copy | Download

AMA Style

Yutingzi Zhang. Research on the Influence of High-Tech Enterprise Strategy on Commercial Credit Financing. Sci Innov. 2023;11(3):111-117. doi: 10.11648/j.si.20231103.13

Copy | Download

@article{10.11648/j.si.20231103.13,
  author = {Yutingzi Zhang},
  title = {Research on the Influence of High-Tech Enterprise Strategy on Commercial Credit Financing},
  journal = {Science Innovation},
  volume = {11},
  number = {3},
  pages = {111-117},
  doi = {10.11648/j.si.20231103.13},
  url = {https://doi.org/10.11648/j.si.20231103.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.si.20231103.13},
  abstract = {Scientific and technological innovation has become an important strategic resource for the development of national economy. Due to the knowledge-intensive and technology-intensive characteristics of high-tech industries, the traditional pledge financing means are not suitable for such enterprises, and the commercial credit financing based on delayed payment has become an important means of short-term financing. Strategic management has always been a hot topic in the field of enterprise operation and management accounting, and the strategic decision-making of enterprises on financing will be reflected in the financial behavior of enterprises. Therefore, this paper takes China's A-share high-tech listed companies from 2004 to 2020 as samples, introduces A comprehensive index system of strategic aggressiveness, explores the impact path of strategic deviance on corporate commercial credit financing, and evaluates the moderating effect of market position on the relationship between the two. The results show that high-tech enterprise strategy can significantly affect the enterprise's commercial credit financing, with the increase of strategy aggressiveness, the enterprise's commercial credit financing ability will decline; This effect will be weakened for companies with high market position. Finally, this paper summarizes the research conclusions and puts forward suggestions from three perspectives, which has reference value for understanding the economic consequences of enterprises' strategic decisions, improving commercial credit financing strategies and determining enterprises' strategic transformation and development, and provides strategic decision-making suggestions for high-tech enterprises' short-term financing.},
 year = {2023}
}

Copy | Download

TY  - JOUR
T1  - Research on the Influence of High-Tech Enterprise Strategy on Commercial Credit Financing
AU  - Yutingzi Zhang
Y1  - 2023/05/18
PY  - 2023
N1  - https://doi.org/10.11648/j.si.20231103.13
DO  - 10.11648/j.si.20231103.13
T2  - Science Innovation
JF  - Science Innovation
JO  - Science Innovation
SP  - 111
EP  - 117
PB  - Science Publishing Group
SN  - 2328-787X
UR  - https://doi.org/10.11648/j.si.20231103.13
AB  - Scientific and technological innovation has become an important strategic resource for the development of national economy. Due to the knowledge-intensive and technology-intensive characteristics of high-tech industries, the traditional pledge financing means are not suitable for such enterprises, and the commercial credit financing based on delayed payment has become an important means of short-term financing. Strategic management has always been a hot topic in the field of enterprise operation and management accounting, and the strategic decision-making of enterprises on financing will be reflected in the financial behavior of enterprises. Therefore, this paper takes China's A-share high-tech listed companies from 2004 to 2020 as samples, introduces A comprehensive index system of strategic aggressiveness, explores the impact path of strategic deviance on corporate commercial credit financing, and evaluates the moderating effect of market position on the relationship between the two. The results show that high-tech enterprise strategy can significantly affect the enterprise's commercial credit financing, with the increase of strategy aggressiveness, the enterprise's commercial credit financing ability will decline; This effect will be weakened for companies with high market position. Finally, this paper summarizes the research conclusions and puts forward suggestions from three perspectives, which has reference value for understanding the economic consequences of enterprises' strategic decisions, improving commercial credit financing strategies and determining enterprises' strategic transformation and development, and provides strategic decision-making suggestions for high-tech enterprises' short-term financing.
VL  - 11
IS  - 3
ER  -

Copy | Download

Author Information

Yutingzi Zhang

Management Department, University of Shanghai for Science and Technology, Shanghai, China

Download PDF

Sections

Plain Text BibTeX RIS

APA Style

Yutingzi Zhang. (2023). Research on the Influence of High-Tech Enterprise Strategy on Commercial Credit Financing. Science Innovation, 11(3), 111-117. https://doi.org/10.11648/j.si.20231103.13

Copy | Download

ACS Style

Yutingzi Zhang. Research on the Influence of High-Tech Enterprise Strategy on Commercial Credit Financing. Sci. Innov. 2023, 11(3), 111-117. doi: 10.11648/j.si.20231103.13

Copy | Download

AMA Style

Yutingzi Zhang. Research on the Influence of High-Tech Enterprise Strategy on Commercial Credit Financing. Sci Innov. 2023;11(3):111-117. doi: 10.11648/j.si.20231103.13

Copy | Download

@article{10.11648/j.si.20231103.13,
  author = {Yutingzi Zhang},
  title = {Research on the Influence of High-Tech Enterprise Strategy on Commercial Credit Financing},
  journal = {Science Innovation},
  volume = {11},
  number = {3},
  pages = {111-117},
  doi = {10.11648/j.si.20231103.13},
  url = {https://doi.org/10.11648/j.si.20231103.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.si.20231103.13},
  abstract = {Scientific and technological innovation has become an important strategic resource for the development of national economy. Due to the knowledge-intensive and technology-intensive characteristics of high-tech industries, the traditional pledge financing means are not suitable for such enterprises, and the commercial credit financing based on delayed payment has become an important means of short-term financing. Strategic management has always been a hot topic in the field of enterprise operation and management accounting, and the strategic decision-making of enterprises on financing will be reflected in the financial behavior of enterprises. Therefore, this paper takes China's A-share high-tech listed companies from 2004 to 2020 as samples, introduces A comprehensive index system of strategic aggressiveness, explores the impact path of strategic deviance on corporate commercial credit financing, and evaluates the moderating effect of market position on the relationship between the two. The results show that high-tech enterprise strategy can significantly affect the enterprise's commercial credit financing, with the increase of strategy aggressiveness, the enterprise's commercial credit financing ability will decline; This effect will be weakened for companies with high market position. Finally, this paper summarizes the research conclusions and puts forward suggestions from three perspectives, which has reference value for understanding the economic consequences of enterprises' strategic decisions, improving commercial credit financing strategies and determining enterprises' strategic transformation and development, and provides strategic decision-making suggestions for high-tech enterprises' short-term financing.},
 year = {2023}
}

Copy | Download

TY  - JOUR
T1  - Research on the Influence of High-Tech Enterprise Strategy on Commercial Credit Financing
AU  - Yutingzi Zhang
Y1  - 2023/05/18
PY  - 2023
N1  - https://doi.org/10.11648/j.si.20231103.13
DO  - 10.11648/j.si.20231103.13
T2  - Science Innovation
JF  - Science Innovation
JO  - Science Innovation
SP  - 111
EP  - 117
PB  - Science Publishing Group
SN  - 2328-787X
UR  - https://doi.org/10.11648/j.si.20231103.13
AB  - Scientific and technological innovation has become an important strategic resource for the development of national economy. Due to the knowledge-intensive and technology-intensive characteristics of high-tech industries, the traditional pledge financing means are not suitable for such enterprises, and the commercial credit financing based on delayed payment has become an important means of short-term financing. Strategic management has always been a hot topic in the field of enterprise operation and management accounting, and the strategic decision-making of enterprises on financing will be reflected in the financial behavior of enterprises. Therefore, this paper takes China's A-share high-tech listed companies from 2004 to 2020 as samples, introduces A comprehensive index system of strategic aggressiveness, explores the impact path of strategic deviance on corporate commercial credit financing, and evaluates the moderating effect of market position on the relationship between the two. The results show that high-tech enterprise strategy can significantly affect the enterprise's commercial credit financing, with the increase of strategy aggressiveness, the enterprise's commercial credit financing ability will decline; This effect will be weakened for companies with high market position. Finally, this paper summarizes the research conclusions and puts forward suggestions from three perspectives, which has reference value for understanding the economic consequences of enterprises' strategic decisions, improving commercial credit financing strategies and determining enterprises' strategic transformation and development, and provides strategic decision-making suggestions for high-tech enterprises' short-term financing.
VL  - 11
IS  - 3
ER  -

Copy | Download