Research On The Correlation Between Financial Flexibility And Enterprise Value Of High-tech Enterprises

The development of enterprises cannot be separated from innovation,but innovation activities have risks such as high investment,long cycle and great uncertainty,especially for high-tech enterprises,these risks are more prominent.Compared with other industries,innovation activities are more common in high-tech enterprises,and the formation of innovative achievements through the transformation of research and development input and output is an important part of its realization of enterprise value.However,high-tech enterprises are often in the growth stage and lack of funds.Meanwhile,the inherent risks of technological innovation activities make them face higher financing constraints and restrict the development of enterprises.In this context,the research on financial flexibility brings new ideas to solve the financing problem of high-tech enterprises.Financial flexibility is the ability of an enterprise to actively implement financial management in order to respond to the risks brought by uncertainty.Financial flexibility not only emphasizes the ability to respond to risks,but also emphasizes the ability to grasp opportunities,that is,financial flexibility has the dual nature of"preventive" and "exploitable".Through these two attributes,high-tech enterprises can better grasp the investment opportunities of technological innovation,maintain the stability of enterprise development,and achieve steady growth of enterprise value.This paper is guided by the pecking order financing theory,information asymmetry theory,money demand theory and balance theory,and analyzes the internal principles of financial flexibility,R&D input and enterprise value through the combination of theoretical research and empirical research.In this paper,the a-share high-tech listed companies from 2013 to 2017 were taken as the research samples,and SPSS20.0 was used to conduct descriptive statistical analysis,correlation analysis,regression analysis and robustness test on the sample data.The results show that there is a significant positive correlation between the financial flexibility of high-tech enterprises and enterprise value.There is a significant positive correlation between financial flexibility reserve and R&D input in high-tech enterprises.Based on the above results,the mediating effect test model verifies that R&D input is the mediating variable between financial flexibility reserve and enterprise value,and the mediating effect is partially mediating effect.Finally,this paper puts forward relevant suggestions from the two aspects of enterprise and government.The innovation of this paper is to connect financial flexibility,R&D input and enterprise value in series,further clarify the interaction between the three,and provide some reference for enterprises to choose a reasonable financial flexibility policy.