Institutional Environment, Accounting Information Quality And Corporate Financial Flexibility

According to the existing research,the financial flexibility of enterprises refers to a strategic means adopted by enterprises to deal with the impact of various uncertain factors.In the specific implementation process,the financial flexibility is not only a kind of ability maintenance level,but also a kind of resource reserve acquisition ability.Enterprises that maintain a reasonable level of financial flexibility can not only reverse adversity to some extent,but also seize opportunities to enhance the overall value.And the existing research on enterprise financial flexibility of literature are more concentrated in the financial and economic consequences caused by flexible and will focus on the research conclusion emphasizes the enterprises should improve the financial flexibility,but because of the existence of enterprise financial flexibility "double-edged sword" effect,high level of financial flexibility but will cause the waste of financial resources and waste the rising cost of capital.Therefore,this paper takes the accounting information quality of enterprises as the entry point of analysis,discusses and preliminarily analyzes the feasibility that enterprises can reduce the level of financial flexibility by improving the quality of accounting information on the basis of dealing with uncertainty,easing financing constraints and improving the final investment efficiency.In the following empirical research part,in this paper,from the Shanghai and shenzhen a-share listed companies from 2007 to 2018 collected 22340 samples of observations as the research object,under the guidance of the relevant theoretical basis by setting up the variable hypothesis test is put forward,and the specific measures and build the model of the empirical method of accounting information quality and the relationship between enterprise financial flexibility and the institutional environment in macro micro-level adjustment effect were analyzed,and accordingly made some robustness test to further strengthen the judgement of preliminary conclusions.After research,this paper draws the following conclusions :(1)in China's capital market,enterprises can improve their accounting information quality to reduce the level of financial flexibility.(2)Compared with non-state-owned enterprises,state-owned enterprises are more likely to reduce their financial flexibility by improving the quality of their accounting information.(3)In China,where the market economy is relatively developed,it is more obvious that listed companies can reduce the level of financial flexibility by improving the quality of accounting information.In view of the above conclusions,this paper finally puts forward relevant policies and Suggestions from the perspectives of maintaining a reasonable level of corporate financial flexibility,further improving the quality of accounting information,improving the governance mechanism and perfecting the construction of institutional environment.