Research On The Impact Of Financial Flexibility On Equity Financing And Cash Dividends Of Listed Companies

With the speeding up of economic globalization and the adjustment of the economic growth pattern,enterprises increasingly complex and changeful business environment,the enterprise is facing more uncertainty.The changing business environment,enterprise's strategic choice changed,incentive system,and financial decisions.In order to enable enterprises to better management environment and the uncertainty of decision-making results keep certain prevention ability,financial flexibility theory arises at the historic moment.This article through to the domestic and foreign scholars research on financial flexibility,attempt from the perspective of financial flexibility to explore the equity financing preference of listed companies in our country and the characteristics of cash dividend.This article selects 2009-2015 Shanghai a-share listed companies in our country is based on the sample data for empirical research,in the variable design and build the model after the empirical analysis it is concluded that the following results: Flexible financial reserves was positively correlated with equity financing relationship,flexible financial reserves,the higher the companies prefer to equity financing.Financial flexible marginal value and equity financing preference,the negative relationship between financial flexible marginal value,the higher the enterprises are not inclined to equity financing.Flexible financial reserves of cash dividend has a promoting effect,the higher the flexible financial reserves enterprise more willing to cash dividends.Financial flexible marginal value and cash dividend,the negative relationship between financial flexible marginal value,the higher the less cash dividends will strongly.Finally,according to the results put forward the following policy Suggestions: Enterprises should improve the understanding of Financial flexibility,maintain proper financial flexibility;Enterprises should together with the present situation of financial flexibility level,formulate reasonable financing decision;Enterprises should combine financial flexibility level present situation,formulate reasonable dividend policy.For the peculiar phenomenon of equity financing preference in ourcountry,this paper,the innovative financial flexibility as the breakthrough point,the research of flexible financial equity financing preference of listed companies,and for financial flexibility in the study of the existing research only one-sided,for example,study how to obtain financial flexibility,flexible level,how to measure the financial,financial decisions together with the financial flexibility research is relatively small,therefore,this article through studies of flexible financial financing and distribution policy,the influence of combination of theoretical and empirical,can enrich the financial flexibility research content,improve enterprise keep financial awareness of the importance of flexible,can also from finance Flexible perspective to explain the phenomenon of equity financing preference,in addition,the research financial flexibility and the correlation between cash dividends,dividend distribution policy for the enterprises in the know is to provide some reference value.