Research On The Impact Of Financial Flexibility On The Performance Of China's Small And Medium-sized Listed Companies

Financial resilience is the ability of a company to obtain financial resources faster and at a lower cost when the external environment is uncertain.This ability enables the company to better adapt to changes in the external environment and to seize favorable investment opportunities in a timely manner,thereby improving the company's operating performance.At present,the environment at home and abroad is becoming more and more complex and changeable,and the uncertainty faced by the company in the future will be further increased.Reserve a moderate amount of financial flexibility in dealing with the crisis and capturing fleeting investment opportunities is especially important for the company.Small and medium-sized listed companies are an important part of China's economic development.Most of them are in the stage of transition from maturity to maturity.Their financing constraints are more serious,and the lack of financial flexibility reserves makes them unable to cope with the adverse changes in the market environment.The lack of ability to raise funds and dispatch funds in a timely manner has led to the breakage or even decline of the company's capital chain.In order to better cope with the uncertainty of the future business environment and grasp the good investment opportunities,China's small and medium-sized listed companies must realize the importance of maintaining appropriate financial flexibility.This paper takes financial flexibility as the research object,and takes the data of China's small and medium-sized listed companies from 2013 to 2017 as the research sample,and uses the combination of normative research method and empirical analysis method to deeply analyze the relationship between financial flexibility and business performance.Firstly,the paper analyzes the mechanism of financial resilience on business performance and the status quo of financial flexibility and business performance of China's small and medium-sized listed companies.Secondly,the analytic hierarchy process and coefficient of variation method are used to design the financial elasticity comprehensive index,and thefactor analysis method is used to design the operation.Comprehensive performance indicators and build research models;again,through empirical statistics,correlation tests,regression analysis and robustness tests,empirical tests and analysis of research hypotheses;finally,according to the research conclusions of this paper,China's small and medium-sized listed companies Maintain appropriate financial flexibility and propose relevant countermeasures.The conclusions of the study indicate that:(1)Moderate financial flexibility is positively correlated with the performance of small and medium-sized listed companies,and financial flexibility has a strong ability to explain business performance.(2)excessive financial flexibility and small and medium-sized listed companies Business performance is negatively correlated.(3)Low financial flexibility is negatively correlated with the performance of small and medium-sized listed companies.Therefore,China's small and medium-sized listed companies should enhance their financial flexibility reserve awareness,maintain financial flexibility through multiple channels,maintain appropriate financial flexibility,and use financial flexibility resources to cultivate the company's dynamic core competitiveness,ease financing constraints,and form effective fund management.And protection mechanisms to better adapt to changes in the external environment and to seize favorable investment opportunities,and continuously improve the company's operating performance.