An Empirical Study Of Financial Flexibility,Corporate Governance And Corporate Value

With the impact of the global financial crisis,the uncertainty of the external macro environment has an increasingly serious impact on the production,operation and investment fields of enterprises,and financial flexibility has been paid more and more attention by scholars at home and abroad.As an important strategic management,financial flexibility has a significant impact on the financing costs and investment efficiency.In the face of external adverse impact and the negative impact of the macro environment,the financial flexibility of enterprise reserve is to maintain its own interests and effectively grasp the investment opportunities to enhance its own value.Therefore,how financial flexibility plays a role in enterprise value is an important topic.Although there are foreign scholars involved in the perspective of financial flexibility,it is not appropriate to apply foreign research results to China because of the special property right nature of China and the economic environment after China enters the new normal.After China's economy entered the new normal,the problems of low investment efficiency and financing constraints of listed companies have become increasingly serious,and the willingness of enterprises to reserve financial flexibility has been strengthened.Under the background of the new normal of economy,this paper takes enterprises listed on A-share market in 2014-2018 as the research object,and takes the principal-agent theory,information asymmetry theory,priority financing theory and trade-off theory as the theoretical basis to explore the financial flexibility,corporate governance mechanism and the impact on Enterprise value.The results show that when investment opportunities increase,enterprises tend to reserve more financial flexibility.Corporate governance can significantly promote the reserve of financial flexibility.Financial flexibility can improve investment efficiency and increase enterprise value.The nature of property right has different effects on the level of financial flexibility reserve and economic consequences.First,compared with private enterprises,investment opportunities in state-owned enterprises are more conducive to the reserve of financial flexibility.Secondly,the effect of corporate governance mechanism on the improvement of financial flexibility in private enterprises is higher than that in state-owned enterprises.Thirdly,financial flexibility plays a more important role in promoting the value of private enterprises than that of state-owned enterprises.This study provides a reference for Chinese enterprises to reasonably use financial flexibility,improve corporate governance mechanism and promote the reform of enterprise nationalization to enhance enterprise value.