Research On The Correlation Between Financial Flexibility And Investment Intensity Of Manufacturing Enterprises Under Financing Constraints

With the development of China's economy and the acceleration of marketization,the development of domestic enterprises has been greatly restricted due to the lagging of capital market.The scarcity of financial resources has resulted in inefficient investment of a large number of Companies in China due to financing difficulties.Facing the uncertain market environment in the future,how to cope with external financing difficulties,effectively enhance the ability to resist financial risks and reasonably grasp investment opportunities is crucial for the survival and development of enterprises.Therefore,based on the perspective of financing constraints,it is of great practical significance to study the relationship between financial flexibility and investment intensity of Listed Companies in China.Based on literature analysis,logical reasoning and empirical test,this thesis focuses on the relationship between financial flexibility and corporate investment intensity under the background of financing constraints.This thesis first discusses the current research status at home and abroad,and the research ideas and methods of this thesis;secondly,the concept of financing constraint,financial flexibility and investment intensity are expounded,and relevant theories are introduced;thirdly,the relationship between financing constraint,financial flexibility and investment intensity is analyzed theoretically;then put forward the research hypothesis and build the research model;and then based on data sample,descriptive analysis,correlation analysis and multiple regression analysis are carried out to verify the hypothesis proposed in this thesis;Finally,the research conclusions are drawn and the policy suggestions are put forward for the listed companies in China,and the shortage of the research and the future research prospect are expounded.Synthesis of the above research,this thesis makes the following conclusions:(1)for the non-state-owned manufacturing listed companies,financing constraints faced by the larger,the reserve of financial flexibility is also higher,but the state-owned listed companies,the relationship is not significant;(2)in the context of financing constraints non-state-owned listed companies,investment intensity and flexible financial reserves were positively correlated,and the greater the financing constraints,investment intensity is higher for the financial dependence of flexibility;(3)in the background of strong financing constraints,enterprise investment expenditure and cash reserves and flexible debt flexibility were significantly positively correlated,and it is more sensitive to cash flexibility,which means that the enterprises with financing constraints,the investment intensity is more dependent on its cash reserves flexibility;(4)in the weak context of financing constraints,corporate investment expenditure is positively correlated with debt flexibility,and has no significant relationship with cash flexibility.This means that when financing constraints are relatively small,the investment intensity of enterprises is more dependent on corporate debt flexibility.