| The role of SMEs in national economic and social development is self-evident.At present,the national macroeconomic policy is effectively implemented,the economy as a whole shows a stable development trend,the deepening of reform is gradually increasing,and the goal of high-quality development is constantly moving forward.However,the once-in-a-century epidemic has brought a serious impact on the world economy,and China’s economy has also been affected in many ways,especially in the face of the impact of the epidemic,the capital chain and supply chain are facing a series of problems and are systematically affected.Internal factors are the basis for the change and development of things,and financial flexibility is the condition for enterprises to achieve strategic goals.The flexible financial operation mechanism not only provides small and medium-sized enterprises with new management concepts and optimizes internal financial resource management,but also enhances the adaptability of the financial system,which is conducive to breaking through the bottleneck in market competition and finding direction in the development of the new era.Therefore,it is of great theoretical and practical significance to study the operation mechanism of financial flexibility of small and medium-sized enterprises.The research content of this paper is as follows: First,the research background,significance,content and method are expounded,the relevant research literature and theories are sorted out,and the relevant concepts are defined.Secondly,from the four logical levels to clarify the acquisition mechanism of financial flexibility of small and medium-sized enterprises: why to obtain,what to obtain,where to obtain,how to obtain.Third,empirical analysis is conducted from three parts: one is the mechanism and effect of environmental uncertainty on the financial flexibility of small and medium-sized enterprises;the second is the mechanism and effect of financial flexibility on the operating performance of small and medium-sized enterprises;and the third is the intermediary effect of financial flexibility of small and medium-sized enterprises between environmental uncertainty and business performance.Finally,from the three aspects of financial flexibility concept,financial flexibility means and financial flexible environment,and from the four perspectives of financial flexible management,financial flexible management,financial flexible governance and financial flexible innovation,the countermeasures for improving the financial flexibility of small and medium-sized enterprises are proposed.The research conclusions of this paper mainly include: First,compared with large enterprises,environmental uncertainty increases the difficulty of financial flexible reserves of small and medium-sized enterprises,and reduces the ability of financial flexible reserves;financing constraints increase the impact of environmental uncertainty on the financial flexibility of small and medium-sized enterprises,and this impact is more obvious in non-state-owned enterprises,recessionary enterprises and enterprises with low regional inclusive financial levels.Second,the role of financial flexibility of small and medium-sized enterprises in China on business performance has shown an "inverted U-shaped" change trend;financing constraints have strengthened this role.Third,the financial flexibility of SMEs mediates between environmental uncertainty and business performance.Fourth,adhering to the concept of financial flexibility,improving financial flexibility means and optimizing the financial flexibility environment are effective countermeasures to enhance the financial flexibility of small and medium-sized enterprises.The marginal contribution of this paper is: First,starting from the 3W1 H analysis idea,a logical framework for the flexible acquisition of financial finance of small and medium-sized enterprises is constructed.Second,the empirical research from the path of "environmental uncertainty-financial flexibility-business performance" highlights the intermediary role played by financial flexibility,and also reflects the great importance attached to the financial flexibility of small and medium-sized enterprises in the theoretical and practical circles.Third,from the concept,means and environment to put forward the improvement of the financial flexibility of small and medium-sized enterprises to improve the financial flexibility of small and medium-sized enterprises,has great theoretical and practical significance. |
