Perceived Competition and Trade Credit Provision
研究管理者对竞争的主观感知如何影响企业提供商业信用的决策，发现感知竞争越强，企业越倾向于提供商业信用，尤其对追随型企业，虽增加坏账但能降低财务困境风险并提升长期绩效。
ABSTRACT We examine how managers' perceived competition—a subjective interpretation of competitive pressures—affects firms' decisions to extend trade credit and its subsequent effects. Analyzing data from Chinese‐listed firms (2007–2020), we find a positive association between perceived competition and trade credit provision, especially among follower firms. While this strategy helps firms expand market share, it increases bad debt. On balance, however, the net effect is positive, as it reduces the likelihood of financial distress and enhances long‐term performance. Our findings indicate that perceived competition drives managers to offer trade credit that has mixed short‐term effects but yields long‐term benefits.