Research On The Financial Flexibility Of SUNING From The Perspective Of Enterprise Life Cycle

Financial flexibility refers to the ability of an enterprise to obtain financial resources and carry out financial activities at a low cost.The increasingly complex economic environment makes financial flexibility become a very important part of enterprise management.Under the background of China's economic transformation and supply-side structural reform,due to the uncertainty of the competitive environment,whether the enterprises can adapt to the changes of the economic environment quickly and make effective use of investment opportunities is the key to achieve sustainable development.The value of financial flexibility is affected by the behavior and characteristics of enterprises,and there are differences in the value of financial flexibility in different life cycle stages.When making financial decisions,it is of great significance for the sustainable development of enterprises to fully consider the impact of the life cycle stage of the enterprises on the value of financial flexibility and to reasonably adjust the level of financial flexibility.In this paper,the theoretical analysis and case study are used to study financial flexibility.In the part of theoretical analysis,this paper discusses the relative level of financial flexibility value in different life cycle stages.In the part of case study,based on the theoretical analysis,the financial flexibility of SUNING in 2009-2018 is taken as the research object.First of all,this paper draw uses Cao Yu's method for reference,divides the life cycle of SUNING through the growth rate of the average operating revenue for 5 consecutive years,and uses the financial flexibility index system constructed by Ma Chunai to calculate the financial flexibility level of the enterprise.Then,based on the financial flexibility value of different life cycle stages,this paper analyzes the overall rationality of financial flexibility of SUNING in each stage.Through the evaluation,it is found that the overall rationality of the financial flexibility level of SUNING was good during the research period,but still needed to be improved in terms of input flexibility and accumulated flexibility.In the end,based on the results of theoretical analysis and case study,this paper puts forward some suggestions for optimizing financial decision-making and adjusting the level of financial flexibility for enterprises in the industry who may have problems in different life cycle stages.