Abstract: Commercial Credit and bank credit are two basic credit models. In the industrial cycle of the real economic sector, the supply and financing of funds are required to combine with each other vertically and horizontally, that is, bank credit and commercial credit are indispensable and compatible with each other. This paper makes a theoretical analysis from the four dimensions, i.e., bank credit influencing factors, commercial credit and bank credit, industry-finance integration and enterprise operating efficiency, industry-financial integration and enterprise risk-taking ability. It also conducts an empirical test with the data of China's listed companies from 2010 to 2020. It is found that enterprises with state-owned capital participation and enterprises with higher market share are more likely to obtain bank credit.Commercial credit has an important complementary feature to bank credit, and enterprises lacking short-term loans usually use more commercial credit to make up for their fund shortage; companies that obtain more short-term loans provide more commercial credit to the downstream companies.The use of commercial credit by enterprises will generate a positive impact on the profit margin of their operating income; however, the use of bank credit will generate a reverse impact on the profit margin.The enterprises obtaining commercial credit will enhance their risk-bearing capacity, while enterprises providing commercial credit will reduce their risk-bearing capacity. Therefore, it is necessary to establish and improve the commercial credit system, promote the development of commercial credit, strengthen the construction of the credit system, and promote the innovation of the commercial credit system.

Key words: commercial credit, bank credit, integration of industry and finance