Research On Financial Flexibility Strategy Of Pharmaceutical Companies

In the current era of information,the various changes in the economic environment will have a huge impact on the operation of the enterprise,under the influence of these dynamic and changing economic environment,the business environment is also full of great uncertainty.Because the external environment is dynamic change,the uncertain factors always revolve around the process of our country's enterprise development,so the financial flexibility is self-evident to our country's enterprises.Financial flexibility is a new topic in the field of financial management in recent years,and it has received much attention from the theorists and the practical circles.The financial risk and the management and financial risk brought by the change of the external environment make the uncertainty of the enterprise increase greatly,how to make the enterprise maintain proper financial flexibility,deal with the adverse impact from the outside,grasp the potential investment opportunity in the future,it is the problem that the enterprise should focus on when choosing the financial strategy In order to realize the maximization of enterprise value,the financial flexibility must be taken into account in the choice of financial strategy,and the financial flexibility should be maintained to deal with the adverse impact and to seize the investment opportunity.Especially in China's objective economic environment,the incomplete capital market and the restriction of capital restrict the existence and development of enterprises.Financial flexibility allows companies to protect themselves under the influence of environmental turbulence and allow companies to gain favourable opportunities for development in a crisis.In this paper,the theoretical and practical cases of the research methods,first around the concept of financial flexibility,objectives,characteristics,classification,measurement,principles and other aspects of detailed description and analysis.In principle,enterprises should maintain an appropriate amount of value in the process of obtaining financial flexibility,while the financial flexibility of the prophase reserves should be fully considered and should not be overused.Then the paper expounds how to obtain financial flexibility and the main contents of financial flexibility strategy.If the capital market is strong and effective,then the enterprise can obtain a large amount of financial flexibility by raising funds through equity interest.However,enterprises in the imperfect capital market through the rights and interests of flexible financing of the low efficiency,which makes the enterprise must use other financial means to reserve financial flexibility.For example,in the cash flexibility,enterprises can strengthen the management of monetary funds,so that the proportion of money in the current assets to maintain a relatively high level,to obtain higher cash flexibility than the same industry.The paper then expounds the economic consequences and theoretical basis of maintaining financial flexibility.This paper thinks that the appropriate financial flexibility level can optimize the allocation of financial resources so as to realize the financial target and make the enterprise healthy and long-term development.Finally,under the guidance of the above theory,the case of the company is deeply discussed.This paper discusses the financial flexibility strategy of x company from different dimensions,and compares it with the average financial data of the pharmaceutical industry,and expounds the validity of the moderate financial flexibility to the long-term development of the enterprise.From this conclusion,moderate financial flexibility can better deal with the sudden adverse crisis,ease the financing constraints,grasp the market fleeting investment,promote the strategic transformation of enterprises.Finally,through the concrete analysis of the implementation means and effect of the financial flexibility strategy of x company,this paper sums up the reason of adopting this strategy,and provides an effective reference for the listed companies of Chinese medicine plate.