Research On The Reiationship Between Financial Flexibility,R&D Investment And Enterprise Value

Today,with the deep globalization of economy,modern enterprises faces the uncertainties come from various aspects and would become more and more prominent.Enterprises have to think that how to better themselves on the industry all the time.It is often difficult for enterprises to obtain the necessary funds from the capital market at a suitable price when innovation investment needs a large amount of capital support.Companies also consider that R&D requires sustained investment,and it may not has a positive impact on the value of the enterprise in the short term,and even adversely affect the financial statement data to reduce the valuation of the enterprise.This is a major reason why Chinese enterprises did not pay attenition to technology research and development in the past.If we want to change this situation,we would start with financial management.The purpose of this paper mainly includes two aspects:one is to study the factors affecting financial elasticity and quantify the level of financial elasticity;The second is to explore the influence mechanism of financial elasticity on enterprise value,and to study whether the intensity of R&D investment has intermediary effect,and the relationship among them.In this paper,the sample data from 2015 to 2017 are selected,and explore the influence mechanism of financial elasticity on enterprise value under the intermediary effect of R&D investment by using multiple linear regression analysis.This paper chooses enterprise value as explanatory variable,financial elasticity index as explanatory variable,R&D investment intensity as intermediary variable,and takes eight variables,such as profitability,solvency,enterprise size and equity concentration,as control variables.A multivariate linear regression model was established.Through research,we could draw conclusions:firstly,financial flexibility has a significant positive impact on R&D investment;secondly,financial flexibility has a significant positive impact on corporate value;Thirdly,it is found that due to the intermediary effect of R&D investment intensity,the intensity of R&D investment can be enhanced by raising the level of financial elasticity,and then the enterprise value can be enhanced.