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

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.