Study On Strategic Difference、Growth And Financial Flexibility

At present,the economy of our country is in the critical period of transition from high-speed economic development to high-quality development.As the microcosmic main body of the social economic development,facing the increasingly complex and changeable global economic environment,the competitive pressure continues to increase,in order to realize the excess profit and obtain the unique competitive advantage,the enterprise needs to make the differentiation strategy(also called the characteristic advantage strategy)which is suitable for its own characteristics.At the same time,enterprises in the process of growth and development,but also according to the changing internal and external environment changes timely adjust the differentiation strategy.However,the implementation of differentiation strategy is often accompanied by high cost,will have a certain impact on the investment and financing behavior of enterprises,to bring certain risks,in this case,put forward the request to the enterprise financial flexibility,provide the necessary financial support for the enterprise,deal with the possible risk.Therefore,to study the relationship between firm differentiation strategy and financial flexibility,and pay more attention to the moderating effect of firm growth on the relationship,is helpful for enterprises to better cope with risks and grasp opportunities.On the basis of systematically combing relevant literature,this paper analyzes the research status of enterprise strategic difference,financial flexibility and enterprise growth,based on strategic choice theory,Information asymmetry theory and endogenous growth theory,the paper further selects 2014-2021 a-share listed manufacturing enterprises in our country as research samples,this paper focuses on the empirical test of the impact of corporate strategic differentiation on financial flexibility,and introduces the moderating variable of corporate growth to examine the moderating effect of corporate growth on the relationship between corporate strategic differentiation and financial flexibility Finally,the robustness and accuracy of the research results are further illustrated by using the robustness test of the substitution variable and the variable lag.The results show that:(1)the degree of strategic difference can significantly enhance the financial flexibility of enterprises,the greater the degree of strategic difference,the higher the need for enterprises to maintain financial flexibility.(2)from the perspective of enterprise growth,the higher the level of enterprise growth,the higher the financial flexibility.(3)the growth of enterprises plays a positive role in the adjustment of strategic difference and financial flexibility.Based on the above research and analysis,it is suggested that the enterprise management should make the development strategy with special advantages and establish the reasonable financial flexible reserve,so as to promote the enterprise to have a better risk response capacity,to achieve sustainable development of enterprises.