Research On The Financial Flexibility And The Enterprise Value Relations Based On The Perspective Of Corporate Governace

With the rapid development of the process of technological and information technology,Internet plus era,which accelerate the upgrading of products,the market competition intensifies,exacerbated the environmental uncertainty,and as the economy micro,how do enterprises deal with this uncertainty has become an important research topic,The research of flexible financial emerged.According to the existing research,it shows that whether the enterprise holds financial flexibility and flexible financial holding is the result of game during the managers,the shareholders,the creditors and other stakeholders for different targets,also the result of institutional environment,government regulation market process and other external governance mechanisms influence each other.Related the financial flexibility and the enterprise value influence has proved many times,but under the perspective of corporate governance to explore the relationship between the financial flexibili ty and the enterprise value is not much.This paper tries to discuss the relationship between financial flexibility and enterprise value from the perspective of internal and external corporate governance,specific launches from three sub problems: the relat ionship between financial flexibility and enterprise value,the difference influence of the different nature of property right,the influence about mechanism of corporate governance on the relationship between financial flexibility and the value of enterpr ise.This paper under the foundation of definition of the important concepts about corporate governance and financial flexibility,enterprise value,use the free cash flow theory,the property rights theory,the principal-agent theory,the unbalanced growth theory as the theoretical support,put forward the research questions and hypothesis and analysis into the mechanism theoretically.This article put the listed manufacturing industry in our country as sample data,trying to explore the relationship between the financial flexibility and the enterprise value under the perspective of corporate governance and made the regression analysis.The results show that:(1)the financial flexibility of manufacturing enterprises in China is not a linear relationship with the enterprise value but an inverted U shaped characteristic,flexible financial reserves are not more many more good but there is a best holdings.And relative to the state-owned enterprises and non-state-owned enterprises equilibrium relative lag,non-state enterprise reaches equilibrium need greater financial reserves.(2)the good internal and external corporate governance mechanism on the relationship between the financial flexibility and enterprise value influence present a "synergistic effect".And in order to achieve some practical significance of this paper,this paper put forward the corresponding proposals accordingly about how can enterprises use financial flexibility and how can the government create an enabling environment.