Empirical Research On The Impact Of Financial Flexibility Of The High And New Technology Enterprise On Investment

High and new technology enterprise has become an important force to promote the development of China's capital market,which is an important measurable index of China's comprehensive national strength,economic competitiveness and technological power.However,the rapid development of science and technology makes high and new technology enterprises' environment complicated.Compared with general enterprises,high and new technology enterprises face more risk and uncertainty.At the same time,because of our imperfect capital market,the existence of information asymmetry and transaction cost,high and new technology enterprises exist financing constraints,which lead to low level of investment and the widespread phenomenon of under-investment.Not only moderate financial flexibility can guarantee existing project completed successfully,but also can it seize the future profitable investment opportunities through the reserve of internal cash flow or remaining debt capacity,enable enterprises to reduce business risks and realize the goal of value maximization.Therefore,facing with the rapidly changing market environment,the high and new technology enterprises need to reserve the moderate financial flexibility,to cushion adverse shocks and seize the investment opportunities.Based on the information asymmetry theory,financing constraints theory and principal-agent theory,this paper combine normative research method with empirical research method to introduce comprehensive financial flexibility which is obtained by factor analysis method in high and new technology enterprise,to explore the impact of financial flexibility of the high and new technology enterprise on investment.The main contents of the research are as follows:First of all,state the research purpose and meaning of this paper.On the basis of studying of a large number of related literature about financial flexibility and the impact of financial flexibility on investment both at home and abroad,put forward this paper's research content and method.Secondly,normative analyze the theoretical foundation of the impact of financial flexibility of high and new technology enterprises on investment,including the definition of high and new enterprises,the connotation of financial flexibility and the relationship between high and new technology enterprises' financial flexibility and investment,provide the theoretical basis and method basis for subsequent empirical research.Thirdly,empirical analyze on the impact of financial flexibility of the high and new technology enterprise on investment.On the basis of theoretical analysis,puts forward the four hypothesis,constructs regression models of the high and new enterprises' financial flexibility and investment,financial flexibility and under-investment;Through descriptive statistics,correlation analysis and regression analysis on the data from 2010 to 2014 of 672 high and new enterprises listed on the small and medium-sized board and GEM board,found that the financial flexibility of high and new technology enterprise was positively related with investment,of which,compared with the cash flexibility,debt financing flexibility and investment have significant positive correlation.The financial flexibility of high and new technology enterprise is negatively related to under-investment;And compared with debt financing flexibility,cash flexibility and inadequate investment have significant negative correlation;At the same time,instead of higher cash flexibility's lighter relief of under-investment,the higher debt financing flexibility,the greater degree of relief of under-investment,and higher cash flexibility can inhibit the effect of debt financing flexibility on the promotion of investment.Finally,according to the research conclusion of empirical analysis,put forward the optimization countermeasures and policy suggestions of high and new technology enterprises' investment.