Based on the sample of Chinese A-type share listed firms from 2007 to 2016, this paper empirically examines the impact of heterogeneity in corporate financial strategy positioning on corporate commercial credit financing capability. The results show that the heterogeneous financial strategy deviating from the industry average level reduces the corporate commercial credit financing ability. The increasing of earnings volatility and the earnings management through maneuverability accruals are the intermediary paths of the heterogeneous financial strategy affecting the company’s commercial credit financing capacity, which plays a part of the intermediary effect. Considering the moderating effect of property rights, this paper finds that comparing with non-state-owned enterprises, the state-owned enterprises have aggravated the negative effects of heterogeneous financial strategy on the company’s commercial credit financing ability. This paper discusses the mechanism about the relationship between the difference of corporate financial strategy positioning and the credit financing, which enriches the literature about the economic consequences of the financial strategies and the influence factors of the commercial credit financing. The conclusions are of practical significance to guide companies to determine the financial strategy positioning.