An enterprise's sales return ability is an important indicator of its future development, and enterprises often want to transact with cash to ensure sufficient cash flow and thus sustain their normal development operations. This paper will use public data of Chinese listed companies from 2008 to 2021 to explore the relationship between the percentage of state ownership in a company and the company's credit sales policy, and concludes the following: the higher the percentage of state ownership

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... a company, the lower the percentage of credit sales in a company. This reflects that state ownership helps firms to occupy a favorable position in transaction negotiations and is conducive to improving firms' ability to pay back. In addition, this paper makes policy recommendations for reference in response to the research findings.