Factors Influencing Commercial Credit Financing: A Technological Perspective

Existing research has primarily examined the factors influencing commercial credit financing from macro and micro perspectives. At the macro level, studies have focused on monetary policy and institutional environment. For example, Atanasova and Wilson (2004) found that firms rely more on commercial credit to alleviate financing difficulties during periods of monetary tightening. Regarding the institutional environment, Pan et al. (2022) suggested that a favorable legal and business environment enhances the level of commercial credit financing for enterprises.

At the micro level, research has concentrated on various factors such as corporate strategy, supply chain concentration, corporate social responsibility, accounting information disclosure quality, market position, operational risks, and corporate governance. In terms of corporate strategy, aggressive firms that adopt an offensive strategy tend to provide more commercial credit to customers (Chu et al., 2021), while companies with dominant operations demonstrate superior abilities in obtaining commercial credit financing (Peng et al., 2022).

Regarding supply chain concentration, higher customer concentration strengthens the positive impact of commercial credit financing on research and development investment (Mei et al., 2021), but it also intensifies the negative impact of external factors on commercial credit financing (Xiu et al., 2021). Moreover, higher supplier concentration reduces commercial credit financing for enterprises (Wang et al., 2021).

Corporate social responsibility has shown mixed effects on commercial credit financing. Some scholars argue that corporate social responsibility has a negative effect (Zhang et al., 2022), while others suggest that a good ESG performance, including environmental protection, social responsibility, and governance, promotes commercial credit financing (Li et al., 2022).

In terms of accounting information quality, enterprises with more transparent and higher quality financial information receive more commercial credit financing (Xiu et al., 2022). Market position also plays a significant role, as enterprises with a higher market position and stronger influence in the value chain are more likely to obtain commercial credit financing (Mariassunta et al., 2011; Zhang et al., 2012; Huang et al., 2022).

Operational risks have an adverse impact on commercial credit financing, as higher operational risks increase the transmission of credit risks among supply chain partners, reducing the willingness of commercial credit providers to offer credit (Wang et al., 2013). Finally, corporate governance factors, such as the pressure from controlling shareholders' pledges, can lead to financing difficulties for companies, increasing their inclination towards liquidity and motivating them to obtain commercial credit (Lu et al., 2022).

In summary, although existing research has explored the macro and micro factors influencing commercial credit financing, there is limited investigation into the technological factors influencing commercial credit financing. Therefore, it is worth exploring whether the willingness of commercial credit providers to offer credit can be enhanced from a technological perspective within the context of the digital economy, in order to alleviate financing constraints for private enterprises.