Research On Environmental Uncertainty,Financial Flexibility And Corporate Performance

With the development of modern economy,there are more and more uncertainties in the company's operating environment.The company's operation and management are facing major challenges.After the financial crisis,many companies go bankrupt because of the rupture of capital chain.Therefore,financial flexibility has gradually attracted the attention of the company's management,and scholars have also studied financial flexibility.The ultimate goal of the company's operation is to achieve higher company performance,and the reserve of financial flexibility will play a great role in the company's performance,therefore,when the uncertainty of the company's external environment is increasing,the impact of financial flexibility on the company's performance is becoming more and more important.The existence of financial flexibility plays an important role in the company's performance,which is worthy of further discussion.This thesis uses empirical analysis method,spss21.0,stata for empirical research.First of all,the relevant literature at home and abroad is sorted out,and the research views and conclusions of various scholars are sorted out,Secondly,on the basis of the existing research theories,combined with the relevant theories,this thesis analyzes the relationship between environmental uncertainty,financial flexibility and corporate performance,and puts forward the hypothesis of this thesis.Build three models to verify.Using the data of 349 companies in gem from 2014 to 2018 as research samples,conduct descriptive statistical analysis,correlation analysis and regression analysis.The results show that:(1)Moderate financial flexibility can improve the performance of the company.(2)The effect of excessive financial flexibility on corporate performance is inverted U-shaped,that is to say,the effect of financial flexibility on corporate performance is not completely linear,but to a certain extent,more than a certain extent,the effect on corporate financial performance is weakened.(3)When the environmental uncertainty factors increase,the more financial flexibility the company reserves,the more obvious the effect on the company performance.Based on the above research results,it is suggested that the managers of the company should pay attention to the important influence of the value of the financial flexible company in the strategic planning and management of the company,reserve appropriate financial flexibility to facilitate the company's response to emergencies and avoid capital fracture.Whenthe company's financial flexibility reserve reaches a certain level,the company shall appropriately reduce the financial flexibility reserve or not increase or decrease the company's financial flexibility reserve,reduce the company's idle capital,improve the company's capital utilization ratio,and ensure the company's capital appreciation.When the development of the company is in the growth period,the company is not mature,and the change of market environment has a particularly obvious impact on the company's performance.The company should increase its financial flexibility reserve,improve its ability to deal with occasional situations,and ensure sustainable profits.When the company's development and environment tend to be stable,the company should reduce its financial flexibility reserve,and improve its capital utilization ratio,And then promote the company's performance.