Financing Constraint, Financial Flexibility And Corporate Investment

In recent years, the speeding up process of globalization, the interdisciplinary technology and intensifying enterprise competition making the management environment constantly changing and rising strategic discontinuity and uncertainty. At the same time, companies of China are also affected by factors such as market transition, social change and government regulation of the interwoven influence. They are facing more complex and volatile environment. Especially our country capital market development lags behind, the enterprise internal and external financing costs exists obvious difference, which causes uncertainty capital financing. Therefore, how to maintain the moderate financial flexibility, so that companies can response to the adverse impact, grasp the future profitable investment opportunities.In the field of financial management, financial flexibility research is relatively new, however it is increasingly received extensive attention from practice and theory. So in thesis we study the flexible financial flexibility problems, and financial impact on investment spending from the perspective of financing constraints,This article structure arrangement is as follows:The first part is introduction, expounding the research background and significance, clearing the research content and research methods, and pointing out the innovation of this paper;The second part is literature review of domestic and foreign research about the dynamic review and evaluation of financial flexible. At the same time come up with the conclusion of financial flexibility research review.In the third part, respectively, study the effect of financing constraints on financial flexibility reserves and under financing constraints, how financial flexibility affects enterprises investment behavior;In the fourth part first, making regression test about how financing constraint affects financial flexibility, and discusses the result of the regression analysis and robustness testing. Then the financing constraints, flexible financial impact on the enterprise investment behavior by regression analysis and the discussion;The fifth part to summarize the research achievements, pointing out the main study limitations and future research directions, putting forward the policy implications.There are mainly three points of innovation in this article:(1) revealing the inner mechanism of the financial impact of flexible financing constraints. This paper test the financing constraints directly how the enterprise internal cash flow is used to reserve financial flexibility, at the same time, making different sample groups on the basis of company scale and duration, finding how companies reserve financial flexibility from different resource with different degree of financing constraints.(2) in this paper, the cash flexibility, liability flexibility and financial flexibility are studied and compared at the same time, pointing out how financial constraints affect financial flexibility on the quantity and quality.innovation of financial flexibility and the important source of reserve cash is analyzed by flexible at the same time reveals the flexible and liabilities financing constraints, the inner mechanism of flexible financial reserves, not only test the financing constraints on corporate reserves the amount of financial flexibility and the effect of financing constraints on flexible financial reserves.(3) From the perspective of financing constraints to clarify the financial flexibility for holdings of different influence on enterprises investment behavior, the empirical test of flexible financial investment behavior under the high melting constraints of promoting effect, enrich the economic consequences of financial flexibility research.