Research On The Relationship Between Financial Flexible And Inefficient Investment In High-Tech

The high-tech enterprises characterized by knowledge-intensive,high-input and high-growth play a pivotal role in China’s economic transformation and sustained and stable growth.The fierce market competition environment and the uncertainty of technological innovation also make the high-tech enterprises Status and funding needs continue to change,there are inefficient investment problems,facing a great financial risk.The value of investment decision-making and the efficiency of investment will not only be directly related to the survival and development of enterprises,but also affect the efficiency of resource allocation throughout the society,its importance is self-evident.In this context,this paper takes the sample data of the high-tech enterprises listed on the GEM market from 2013 to 2015 as the research object,and uses the method of multiple linear regression to verify the relationship between the financial flexibility and the inefficient investment of the high-tech enterprises.Get relevant conclusions,and high-tech enterprises on the financial management issues related to the proposed research recommendations.The empirical results of empirical regression are as follows:(1)The financial flexibility level of high-tech enterprises in China is generally low,and most enterprises have the problem of insufficient investment,but the degree of investment is more serious than the lack of investment.(2)The lower the financial flexibility level of high-tech enterprises,the more serious the problem of insufficient investment in enterprises.The higher the financial flexibility level,the more serious the investment problem is that the financial flexibility has the advantages of double-Sword effect.(3)the more serious the lack of investment in high-tech enterprises,will enable enterprises to increase the level of financial flexibility,but the impact of excessive investment on financial flexibility is small.