Research On The Relationship Between Financial Flexibility And Corporate Value Under Environmental Uncertainty

From a global perspective,the impact of the 2008 US subprime mortgage crisis on China and the world economy continues to this day.From the domestic point of view,China's economy is still in the process of transformation and upgrading,the decentralization of government functions,the change of policies for small and micro enterprises,etc.These external environmental factors are all related to the production and operation activities of enterprises,investment and financing activities of enterprises.It has an impact,so how to deal with the impact of the uncertainty caused by environmental changes on the enterprise,so that enterprises can resolve the impact smoothly,is a problem that enterprises must solve.This paper takes China's manufacturing listed companies as a research sample,with cash flexibility and debt flexibility as the research perspective,and conducts in-depth and systematic research on financial flexibility through empirical research methods.The results of the study show that by properly storing financial flexibility,companies can be more comfortable in responding to the impact of environmental uncertainty,and can mitigate the adverse effects of environmental changes,thereby enhancing the value of the enterprise.In terms of theoretical significance,this paper takes environmental uncertainty as the research background to consider the impact of environmental changes on the value of enterprises in the special window period,thus opening up new research ideas for financial flexibility theory research.At the same time,it further considers the impact and difference of the financial flexibility of different attributes on the value of the enterprise in the face of environmental uncertainty,thus clarifying that the financial flexibility of different attributes should be selected by enterprises with different property rights.In terms of practical significance,it provides new ideas for how to formulate financial policies and allocate financial resources in practice.It provides a new method for how to deal with the impact of environmental uncertainty,and also establishes a more reasonable and fair forour country.The capital market provides advice.