Research On The Path Of Smes' Financial Flexibility Influence On Enterprise Value

The influence of financial flexibility on enterprise value has been a hot topic in the academic circle,Scholars at home and abroad have discussed it from the Angle of diversification,but have not reached a unified conclusion.Financial flexibility is the ability to timely mobilize and obtain financing in a complex economic environment,which plays an important role in the growth of enterprise value.With the increasing risk of uncertain economic environment,companies need to rely on sufficient funds to achieve better survival and growth,so maintaining financial flexibility becomes the key for enterprises to win.At present,China's small and medium-sized enterprises are developing rapidly and occupy an important position in the national economy.But compared with large enterprises,their financing constraints are stronger and their ability to resolve crises is weaker.At the same time,the small scale,poor realization,high risk of default,and the life cycle are in the growth stage,so that the development of SMEs' requires more capital.As an important influencing factor of corporate value,financial flexibility influences the financial policy choices of SMEs'.So,in this case,how does the retention of financial resilience of SMEs' affect corporate value? To be further explored.Although there are many researches on the impact of financial flexibility on enterprise value,there is still a lack of researches on how financial flexibility affects enterprise value as more and more attention is paid to the path research.A large number of studies have shown that improving the level of corporate risk-taking and commercial credit is an important means for enterprises to win market competition,it affects the market position and development prospects of enterprises,and is very important for the creation of corporate value,while improving the level of risk-taking and commercial credit need internal financial support.As a reserve resource within an enterprise,financial flexibility will affect the value of the enterprise by affecting the level of risk-taking and commercial credit.At the same time,based on the reality of poor SMEs' risk-bearing level and high default risk level,can the financial resilience of SMEs' enhance the value of the enterprise through the two paths of increasing risk-taking level and commercial credit level? And which path is more conducive to value creation for SMEs' ? The answers to these series of questions not only help us to clarify the mechanism of financial flexibility on enterprise value,enrich the path research,but also provide an important reference for SMEs' financial policy selectionand enterprise value enhancement.Therefore,based on the uncertainty theory,real option theory,information asymmetry theory and financing constraint theory,this paper makes a detailed analysis of the relationship between financial flexibility and enterprise value and the mechanism of financial elasticity's influence on enterprise value.And selected the data of China's small and medium-sized board listed companies from 2010 to 2018 for9 consecutive years as the research sample,by analyzing the current situation and changing trend of financial flexibility,enterprise value,enterprise risk bearing level and business credit level.The results show that compared with the main board listed companies,the financial flexibility of small and medium-sized board listed companies is relatively low;Although the risk-taking level of small and medium-sized enterprises is low,it is constantly improving.At the same time,the level of commercial credit is also low and the development trend is not optimistic;The value of China's small and medium-sized enterprises is on the rise,and the fluctuation is more obvious.By constructing a multiple linear regression model and using the intermediary effect path test method,the empirical analysis of the impact of financial elasticity on enterprise value and the transmission path.The study found that the financial resilience of SMEs' will significantly enhance enterprise value;The financial resilience of SMEs' mainly enhances the value of the enterprise through the two paths of increasing the level of risk-taking and commercial credit;Compared with the level of commercial credit,the financial resilience of SMEs' is to enhance the value of enterprises by increasing the level of enterprise risk-taking.This indicates that SMEs' in China want to increase the value of enterprises should retain financial flexibility,in order to improve the ability of enterprises to respond to risks and commercial credit level,because SMEs' mainly enhance the value of enterprises by improving these two aspects.Therefore,the government should guide financial institutions to improve service awareness and reduce the financing constraints of SMEs' so that they can increase financial flexibility and better cope with risks,thereby promoting the development of SMEs'.Although financial flexibility can improve corporate value through commercial credit levels,it is not obvious,so SMEs' should form better commercial credit levels through other means.