Research On Relationship Between Financial Flexibility And Enterprise Value Of Listed Companies In China

There was no doubt that every country in the world has formed an interrelated and interdependent economy with the continuous advance of economic globalization.The global economic chain is getting closer and closer,and the foreign trade and capital flow of enterprises will be affected by any economic fluctuation in the world.In the external environment,Changes of enterprises has become an unavoidable situation."The poor to change,and change will pass,and then success",financial flexibility is the product of the change.In recent years,the study of financial flexibility has become the focus of the theory and practice in the financial management area.The academic community has repeatedly stressed the importance of financial flexibility,but in fact,so many bankruptcy cases duing lacking of financial flexibility.The funds of Sichuan Chengdu Tengzhong cannot extract from "Huatong" which leads to rupture of capital chain and collapse of enterprise;The failure of Zhejiang Wenzhou tengxu Industrial Park is mainly because of the financial crisis in the capital chain,So the enterprises which are lacking of financial flexibility will suffer heavy losses.Therefore,this paper focuses on the research of the relationship between financial flexibility and enterprise value,and to explore the factors influencing the relationship between financial flexibility and enterprise value,hoping to guide enterprises to reserve financial flexibility,and then improving the value of enterprises with financial flexibility.This paper mainly includes five parts,The first part is the introduction,introducing the research background and purpose of the research of financial flexibility and enterprise value,and showing that it is necessary to study the relationship between financial flexibility and enterprise value,then elaborating the research contents and Technology Roadmap of this paper;The second part is the relevant theory and literature review,which mainly introduces the theoretical basis,the core concepts and the literature review at home and abroad;The third part is the research hypothesis and empirical research design,firstly based on the previous theoretical analysis to determine the research framework,puting forward the hypothesis,then followed by variable design,sample selection and model building;The fourth part is the empirical researchon Relationship between financial flexibility and enterprise value of Listed Companies in China,which mainly through descriptive statistical analysis,correlation analysis and multiple regression analysis to verify the hypothesis;The fifth part is the conclusion and prospect of the research,Refining the conclusions according to the empirical results,and then showing the recommendations and prospects for the future.Based on the financial data of Listed Companies in China,this paper studies the relationship between financial flexibility and enterprise value.The results are as follows:(1)The financial flexibility of Listed Companies in China still has space to promote.(2)The financial flexibility of China's listed companies can enhance enterprise value.(3)The financial flexibility of China's listed companies can increase investment,and Short-term operating performance can be increased by financial flexibility through investment.(4)The financial flexibility of listed companies can promote the value of enterprises through the promotion of R&D.(5)The financial flexibility of listed companies can enhance the value of the enterprise by increasing the market share of the enterprise.This paper studies the influence of related factors on the relationship between financial flexibility and enterprise value,the relevant interpretation of empirical results and puting forward relevant policy suggestions,providing a reference for the optimization of corporate financial flexibility to enhance corporate value of Listed Companies in China.