Industry Listing Corporation Financial Flexibility And Choice Of Financing Manufacturing In Zhejiang Province

Today,with the rapid development of information technology, enterprises are facing increasingly fierce market competition, enterprises should be able to adapt quickly to the changes of market signals, its financial activities must be able to maintain a flexible ability to adapt or can be adjusted, that is to say, the elastic. Financial flexibility for enterprise take measures to satisfy future unexpected funding needs. Enterprises in different financial flexibility under the condition, make capital allocation decisions on how and business conditions thus to the capital market information, affect the company’s future financial activities. Therefore, more and more scholars have conducted the research on the financial flexibility and financial distribution relations, and have achieved a lot of fruits.Along with the deepening of China’s reform and opening up and the market economy continues to mature, the capital market of our country capital market created a world miracle, become an important part of the international capital market. Although many domestic scholars have conducted extensive research on the financial flexibility, but with the allocation of funds for financial flexibility for empirical studies of the domestic capital market to get involved fewer, and the lack of results. Draw on the basis of empirical research on this issue of foreign scholars, for the listed companies in China’s capital market related empirical research, is conducive to the constant improvement of China’s capital market is conducive to raising the level of corporate governance of listed companies in China, research has important practical significance.According to the research results now indicate that, there is a relationship of mutual influence between financial flexibility and enterprise financing activities.Therefore, through the collection of the "China Securities News" and "Shanghai Securities News"; Wind information financial terminals; financial data for the year2007-2009, part of the Chinese Listed Company Information Network and the Shanghai Stock Exchange Listed Manufacturing Company in Zhejiang Province, the establishment of financial elastic evaluation indicators and corporate finance, empirical analysis based on a measure of the results of the sample to find out the correlation between the two.Therefore, based on this theory and real needs, this paper attempts a more systematic and in-depth exploration of the close relationship between the Zhejiang manufacturing listed company’s financial flexibility with the company financing, the study found financial flexibility in its financing behavior of listed companies are interdependent, both in continuous flux; mutual effect between corporate financial flexibility and financing activities have a certain range; high financial flexibility of the company focused equity funds formed outside shareholders’ investment and retained profits, low financial flexibility, the company focus the use of borrowed funds.