Research On Relationship Between Manufacturing Flexibility And Enterprise Value

With the swift development of global economic and commerce and the intense competition of market, enterprises are facing a complex and fickle environment. With the incessant changing of the market competition, enterprises need to change their manufacturing strategy to fit the transformation of market. And in the case, there is a new concept about produce management, flexibility manufacturing. Flexibility manufacturing is developing fast after its appearing.The research on flexibility manufacturing was emerging in 60's last century in England. The uncertainty of outside operating environment asks enterprises for a better flexibility.Most of previous researches on the manufacturing flexibility were focusing on the relationship of manufacturing flexibility and environment changing and the empirical analysis about manufacturing flexibility and enterprise proficiency. On the empirical researches, data were obtained via questionnaire survey. But the subjectivity caused by questionnaire survey can influence the result of research. In this study, on the basic of analysis on manufacturing flexibility, some related financial indexes were selected. Data were obtained from Xenophon database and regression analysis was carried out to delineate the related relationship between manufacturing flexibility and enterprise value via SPAA 16.0. DEA model was used to measure the effectiveness of manufacturing flexibility in different enterprises and the firm which reached the "best practice" was finally chosen.There there points below which were obtained from the research in this study:First, it was verified that the positive correlation between manufacturing flexibility and enterprise value. Enterprise value can be increased via promoting the manufacturing flexibility.Second, it was found that the positive correlation between the financial indexes instead of the manufacturing flexibility indexes, and the enterprise value.Third, a DEA model was established to evaluate the manufacturing flexibility of Chinese manufacturing listed companies. And a sequencing of the efficienty of manufacturing flexibility of the listed companies was obtained.