Empirical Research On Environmental Uncertainty And Corporate Financial Flexibility

The uncertainty of the environment is associated with the company.With the deepening of the economic globalization,the energy of the knowledge economy has erupted,the speed of technological innovation is accelerating,the uncertainty of the environment is increasing at an unprecedented rate.Environmental uncertainty means opportunities for the company,but to seize this opportunity,we must first be able to withstand the risks associated with it.For companies,the effective way to deal with risks is to maintain a reasonable level of financial flexibility.In the 2008 financial crisis,enterprises that maintained relatively high financial flexibility survived in the crisis,confirming the important role of financial flexibility in practice.Therefore,it is significant to study financial flexibility.The theoretical significance of this paper is to study the influence of environmental uncertainty on corporate financial flexibility and the influence of changes in environmental uncertainty on corporate financial flexibility.In the further study,CEO duality is considered as an adjustment variable,and the dynamic causes of the firm's financial flexibility are revealed.In practice,this study helps to guide enterprises to maintain the level of financial flexibility in line with their own business needs.In order to reveal the impact of environmental uncertainty on the company's financial flexibility,this article reviews relevant literature and defines the research ideas and methods.The connotation and measurement methods of environmental uncertainty and financial flexibility are defined,and the related theories are deeply studied.On this basis,the hypothesis is introduced.Then,the hypotheses are verified through empirical analysis.This paper selects 10782 samples of 1797 A shares listed companies in the past 2011-2016 years.On the basis of controlling the scale of the enterprises,the proportion of the projects invested,the ability to obtain the operating cash,the future growth,the profitability and the proportion of the mortgaged assets,this paper studies the influence of environmental uncertainty to the financial flexibility of the company,and the influence of changes in environmental uncertainty on corporate financial flexibility.The moderating role of CEO duality in the impact of environmental uncertainty and changes on the company's financial flexibility.The empirical results show that the uncertainty of the environment is positively related to the financial flexibility of the company,the greater the uncertainty of the environment,the higher the level of financial flexibility,the relationship between change of uncertainty environment and financial flexibility of the company is related to the changing direction of the environmental uncertainty,the company financial flexibility increases and the environment is inaccurate when the environmental uncertainty increases.The company's financial flexibility can not be reduced synchronously when the quality is reduced.The two enterprise maintains a reasonable financial flexibility level when the environment is uncertain and the environmental uncertainty is reduced.There is no significant relationship between the change of environmental uncertainty and financial flexibility when the environmental uncertainty increases.Based on the above research conclusions,this paper suggests that enterprises strengthen the understanding of environmental uncertainty and maintain reasonable financial flexibility matching with them,establish a tracking mechanism for environmental uncertainty changes,adjust financial flexibility according to the changes in environmental uncertainty,improve the quality of employees and enhance the level of financial management of enterprises.Therefore,the enterprise should maintain a reasonable level of financial flexibility;take a definite target,combine the company's reality,maintain a reasonable financial flexibility level,and pay attention to the role of corporate governance factors in the maintenance of corporate financial flexibility.