Research On The Impact Of Financial Flexibility On Corporate Value From The Perspective Of Corporate Governance

The development of the economy,the advancement of science and technology,the changes in society are gradually changing the business environment and the competitive environment of the enterprise.The market demand is more complicated and diverse.Faced with this uncertainty,companies need to be fully prepared,which makes flexible management gradually paid attention to by enterprises and the financial flexibility has become a hot topic for scholars.Whether enterprises can effectively predict the uncertainty of the future environment and take appropriate measures to deal with the crisis is the great significance to the survival and development of the enterprise.Therefore,the company should always pay attention to financial flexibility reserve.However,the domestic research on financial flexibility started late and not too deep,and there is still a large space for further study.This paper is based on principal-agent theory and property rights theory and flexible organization theory,combined with theoretical analysis and empirical analysis methods.And using the A-share listed information technology industry data of China’s 2013-2017,discussed the relationship between corporate value and financial flexibility,how the nature of property rights affects corporate value and financial flexibility,how corporate governance affects corporate value and financial flexibility.Research indicates: The research results show that both enterprise value and financial flexibility have an inverted U relationship.Due to the problem of agency cost,the increasing financial flexibility makes the enterprise value increase first and then decrease.Compared with state-owned enterprises,the financial flexibility of non-state-owned enterprises can more improve the value of enterprises;A good corporate governance mechanism actively adjusts the impact of financial flexibility on corporate value,making financial flexibility more conducive to enhancing corporate value.Based on the research conclusions,this paper puts forward that China’s information technology enterprises should ensure the financial flexibility of appropriate reserves and should strengthen the internal corporate governance level to make shareholders and managers and enterprises have synergistic effects,so as to ensure that the financial flexibility of the reserves held by the company can play its role correctly and effectively.