Research On The Influence Of Financial Flexibility On The Enterprise Value Of Z Company And The Improvement Path

Many uncertainties,such as the US-China trade war,COVID-19 and chip localization,have brought opportunities and challenges to the development of the IC industry.As a capital and technology intensive enterprise,IC enterprises have a great demand for capital,so how to use financial resources to enhance enterprise value in the uncertain environment is particularly important.Financial flexibility can flexibly mobilize financial resources and integrate financial strategies,which has the dual role of "preventing" risk impact and "utilizing" development opportunities.Therefore,financial flexibility through financial resource management can help enterprises cope with the risks brought by environmental change,alleviate the lack of investment innovation and other problems,which is of great significance for the improvement of enterprise value.Based on organizational flexibility theory,uncertainty theory and pecking order financing theory,this paper firstly uses descriptive statistics,correlation analysis and regression analysis to explore the relationship between financial flexibility and enterprise value in the IC industry,and preliminary validation that financial flexibility helps to enhance enterprise value.Secondly,focusing on the development reality of Z Company,the case analysis method is used to deeply analyze the relationship between the two,and further explore its internal influence mechanism,from which the path to enhance the enterprise value of Z company is explored.The results show that:(1)The financial flexibility of the current period and the lag period is conducive to the improvement of enterprise value;(2)The financial flexibility of Company Z flexibly integrates financial resources through the combination of increasing cash holding ratio,reducing asset-liability ratio and enhancing dividend payment ratio,which promotes both market value and financial value of enterprise value;(3)Z Company affects enterprise value through operation,financing,investment,R&D and innovation reserves and release of financial flexibility respectively.Therefore,this paper holds that financial flexibility can improve the value of enterprises through three ways: capital management,investment innovation and product layout,which can provide useful reference for the development of enterprises.