Research On Financial Flexibility Factors Of Chinese Listed Firms

With the rapid development of economy,the competition between enterprises is no longer confined in a country,and the business environment is open,dynamic and complex.If the enterprise wants to deal with this kind of uncertainty easily,when the business environment is changing,it has better measures than the competitors,and stronger ability to resist risks,the enterprise should have its own financial flexibility.In the face of uncertainty of operating environment,Financial flexibility as fundraising and scheduling capability can help the enterprise to succeed,so as to achieve the ultimate goal of maximizing the value of enterprises.Research on the financial flexibility factors of Chinese listed firms will help enterprises to better understand the financial flexibility characteristics,to distinguish which are the beneficial factors and adverse factors,and which factors are more affective.The enterprise understand the financial flexibility factors,in order to better obtain and utilize the financial flexibility,which guide the management of enterprises to make the rational decision,grasp the economic pattern to realize the goal of enterprise.In this paper,we will consider the combination of cash flexibility and debt flexibility,which is more accurate and effective.At the same time,this paper will analyze the financial flexibility factors deeply according to the different stages of the life cycle,The analysis of the enterprise's financial flexibility factors in the growth period,mature period and decline period will help enterprises to self positioning,determine which stage the belongs to,which factors have great effect on this stage,they can take measures to obtain and utilize the financial flexibility to increase their ability to resist risks.According to the enterprise life cycle theory,data can be divided into a more in-depth study of the financial flexibility factors to research the impact of different financial flexibility,and then determine their own level of financial flexibility.