Research On The Impact Of Financial Flexibility On The Value Of Manufacturing Listed Companies

As a national pillar industry,manufacturing has always played an important role in the economic development of our country.With the continuous deepening and diversification of economy development and information technology,not only do the enterprises have a large number of potential investment opportunities,but also face adverse impact caused by imperfect capital markets and uncertain environment at the same time.Therefore,the strain capacity must be increased,and the financial risks should be reduced to the minimum.Also the favorable investment opportunities should be seized to maximize the value of enterprises.To some extent,financial flexibility must be reserved in the process of the implementation of financial decisions to reach scientific and effective financial decisions.First of all,this paper makes a deep analysis of the development status of China's manufacturing industry,the development characteristics of listed companies and the status of financial flexibility by combing the domestic and foreign financial flexible research literature,and puts forward the research hypothesis according to the related theory.Secondly,the 3426 financial data of listed companies in China's A-share manufacturing industry in 2014-2016 are taken as the research samples.The enterprise value is the explanatory variable,and the financial flexibility is the explanatory variable,and the technological innovation,and the enterprise growth,as well as product market competition is moderator variable,the enterprise scale,the profitability,the cash flow,the debt ratio,the equity nature,the year as the control variable,constructing multiple regression models.The paper uses the STATA software to test the relationship between financial flexibility and enterprise value,as well as the impact of growth of enterprises,technological innovation,and product market competition of financial flexibility on enterprise value.The research results show that financial flexibility and the enterprise value are inverted U-shaped relationship;the better the growth of enterprises,the higher the technological innovation,the more fierce competition in the product market,the more obvious the impact of financial flexibility on enterprise value.Finally,this paper puts forward some counter measures and suggestions to enhance the financial flexibility reserve consciousness for the development characteristics of the manufacturing industry and the financial flexible reserve.