Study On The Financial Flexibility Of DX Company Base On The Improvement Of Enterprise Value

With the development of our country's social economy,the competition among enterprises is becoming increasingly fierce,and the management goal of enterprise managers has been transformed from the initial profit maximization to the enterprise value maximization.Enterprise value is a dynamic index,which reflects its profitability,solvency,operation ability and development ability.Enterprises can pass on the enterprise's viability and provide stakeholders with the ability to stabilize returns through the value of the company.Financial flexibility is the comprehensive embodiment of enterprise cash elasticity,debt elasticity and equity elasticity,which can help enterprises survive from the crisis,the reasonable planning and design of enterprise financial flexibility,and control in a suitable range,can make the company in the face of accidental crisis and opportunity,to be able to have enough reserve capital guarantee,response to prepare ahead of time,can help enterprises to survive in the crisis,to improve enterprise value also has a positive role in promoting.Therefore,it is very positive to study the financial flexibility of enterprises.First of all,we has combed the relevant literatures at home and abroad,and learned about the research status of the relationship between financial flexibility and enterprise value.Through summarizing,concluding and analyzing the factors affecting financial flexibility and combining the case of DX company's actual situation,we selected the indicators related to financial flexibility,using the factor analysis method to construct financial flexibility index model,then verified it with the relationship between the enterprise value,and proved that financial flexibility has positive significance for the promotion of enterprises and there is a positive relationship between them.In addition to consolidate our research results,we also established a financial elasticity index model for listed companies in the real estate industry and verified the same with the positive relationship between corporate's value.Therefore,we believe that the study of the financial flexibility of the enterprise has positive significance to the improvement of enterprise value.Next,on the basis of the financial elasticity index model we constructed,we measured the financial elasticity index and financial elastic growth rate of DX company over the years,and conducted a longitudinal comparison.We learned that the DX company's financial flexibility in recent years,although has been in a relatively low level,but present a rising trend overall,this proved DX company's financial flexibility has much room for improvement.This guarantees that our follow-up to financial flexibility as an entry point,and provides companies with the feasibility of providing value enhancement proposals.Finally,combined with our measured results of DX company financial flexibility and the actual situation of DX company,we have provided reasonable suggestions for DX company from five angles:application of evaluation system,optimize the mode of operation,cost control,broaden the financing channels,activate the income distribution policy,promote the competitiveness of the enterprise.