The Impact of Strategic Differentiation on Financing Constraints

Strategic differentiation can reflect a firm’s competitive advantage and has a certain impact on its financing constraints. Using a sample of non-financial listed companies on the Shanghai and Shenzhen A-shares from 2009 to 2022, this paper empirically analyzes the effect of strategic differentiation on corporate financing constraints. The findings indicate a significant positive correlation between strategic differentiation and financing constraints, with this relationship being particularly prominent in state-owned enterprises and firms located in the central and western regions of China. This research not only enriches the intersectional field of strategic management and financing constraints but also provides valuable references for firms in formulating strategies, helping them optimize capital structure and reduce financing pressure.