An Empirical Study On Financing Constraint,Financial Flexibility And Investment Efficiency Of Small And Medium-sized Listed Companies

After the US subprime mortgage crisis in 2008,the financial elasticity is increasingly respected by the academia and the business community on the basis of its own ability to deal with the future unfavorable impact.Our country is now at the critical stage of economic transformation and reform.In recent years,the development momentum of small and medium-sized enterprises is fierce which has made outstanding contributions for China's economic development and employment and other aspects,but they have been trapped in fanancing constraints for a long time.So this paper chooses the small and medium-sized enterprises from 2012 to 2015 as the object of elaboration,and puts the financial flexibility into the life of the enterprise from the perspective of micro-financial decision-making,to explore the diffrences between financial elasticity and efficiency of investment performance under the different situation of financing constraints.Then we will make substantive recommendations for small and medium enterprises to ease the financing constraints and improve investment efficiency.This paper uses the methods of literature analysis,empirical analysis and comparative analysis.The research shows that the phenomenon of inefficient investment is prevalent in the listed companies of small and medium-sized enterprises in China.The phenomenon of insufficient investment is more obvious than the phenomenon of over-investment,and the financing and investment expenditure are negative.The greater the investment constraint,the more obvious the lack of investment;the smaller the financing constraints,the more obvious the phenomenon of over-investment.The external financing of enterprises is very difficult when they face fanancing contraints,even they may lose their debt capacity.In order to avoid the loss of good investment investment opportunities in the future,companies tend to hold internal cash reserves,and this phenomenon under the high financing constraints is more obvious than under the low financing constraints.At the same time,the financial flexibility-cash flow sensitivity under the high financing constraints is greater than the performance of low financing constraints.In the context of high financing constraints,the negative correlation between financial elasticity and under-investment is more obvious,that is,the financial elasticity can effectively restrain the under-investment.Simultaneously,the financial elasticity under the low financing constraint is not the main reason for the over-investment of small and medium-sized enterprises.That is to say the relationship between financial elasticity and over-investment under financing constraints is not significant.