Abstract：
Based on the data of Chinese listed manufacturing companies between 1998 and 2012, this paper tests the nonlinear relationship between enterprise’s commodity competitive intensity and commercial credit utilization. Test results show that commodity competitive intensity has an overall nonlinear effect on the enterprise’s commercial credit utilization. Under different competitive circumstances, it is both likely that market competition intensity will increase with the rise and the fall of market monopoly power. The paper also tests the impact of commodity competitive intensity and the enterprise’s competitiveness on the choices between commercial credit and bank credit. It is found that enterprises with less market power display stronger substitution effect between bank credit and commercial credit than those with more market power. This shows that enterprises facing more fierce competition favor commercial credit over bank credit.
2017 
