The Discussion On Financial Flexibility Policy Of Listed Companies

21st century is the age of the information,the economic environment that all the enterprises facing is filled with great changes.These changes in economic environment make the enterprise facing the business environment is filled with great uncertainty.The unceasing change of external environment makes the development of the enterprise is faced with great uncertainty.This makes financial flexibility in the Enterprise financial systems more and more important.In terms of financial decision-making,growing uncertainty makes the enterprises must keep moderate financial flexibility in the financial policy choice in order to make a flexible response to unexpected investment opportunities and adverse impact and to achieve preferably the enterprise value maximization.Especially under the objective environment in which the capital market is not perfect and enterprise has different degree of financing constraints,financial flexibility allows companies to respond calmly when facing the adverse impact of the enterprise upheaval in the uncertainty environment.Also,financial flexibility can seize the favorable investment opportunities in environmental change.Therefore,how to maintain the moderate financial flexibility to response flexibly to the adverse impact and how to grasp the future profitable investment opportunities are the problems that the enterprise need to consider when it comes to financial policy choices.Based on this,this article,taking Yunnan Baiyao as an example,discussed the financial flexible deeply and systematically.This article strives to provide a reference of research materials for enterprise financial flexible policy in China.This article provides the experiences and lessons to our country's enterprise financial flexible management practice,in order to put forward suggestions for our country's enterprise financial policy,so as to realize the maximization of enterprise value.Firstly,this thesis describes and analyzes the concept,goal,characteristics,classification,measurement and principle of financial flexibility.It clears some principles that enterprise should grasp when enterprises acquire and use financial flexibility,such as principles of appropriate access.And then the access way and main content of financial flexibility have been elaborated.In the fully effective capital market,the enterprise can maintain the low financial leverage,the sustained considerable interest payment and the limited cash balance to obtain the debt flexibility,the equity flexibility and the cash flexibility.However,the capital market is not fully effective.Therefore,in the realistic environment,it is difficult for firms to obtain equity flexibility from the outside,and more is to ensure that the firm obtains equity inside through the lower cash dividend payment,while maintaining low debt level to get debt flexibility.As for the cash flexibility,the enterprise mainly through the control of the enterprise's cash flow in each operation link,to expand the cash flow,so as to get through maintaining a high level of cash holdings.In this thesis,the economic consequences and theoretical basis of financial flexibility are described subsequently.We believe that maintaining the appropriate financial flexibility can adjust financial resources and achieve financial goals,so as to promote sustainable growth of enterprises.Finally,on the basis of theoretical analysis,combined with the case of Yunnan Baiyao,it makes an in-depth analysis on how to obtain and improve financial flexibility.This thesis mainly discusses the financial flexibility of Yunnan Baiyao from four aspects,cash flexible policy,debt flexibility policy,flexible policy of rights and interests,and combined financial flexibility policy.It also compares it with its competitors and expounds that good financial flexibility is of great importance to the long-term development of enterprises.It is concluded that moderate financial flexibility can successfully deal with the unexpected crisis,alleviate the financing constraints,and promote the strategic transformation of enterprises.Finally,through the concrete analysis of the implementation method and effect of the financial flexibility policy of Yunnan Baiyao,this paper summarizes the reasons for the success of the policy and measures adopted and provided the corresponding opinions and suggestions for the listed companies in China.Summarize the case: this paper comes to some Suggestions.Enterprise should pay attention to convert the financial flexibility to the long-term competitive advantage of the enterprise.At the same time,enterprise should be flexibly use financial means,combined with their own specific operating environment,to comprehensively consider financial flexibility,and finally fulfill the object.