Research On The Impact Of Dynamic Adjustment Of Financial Flexibility On Corporate Green Transformatio

Nowadays,China’s manufacturing industry is facing the challenges from various aspects,such as economy,ecological environment,and domestic and international situations.The transition towards green and intelligent production has become the key to enhancing the core competitiveness of enterprises,realizing high-quality development of the manufacturing industry,and solving current environmental problems,which is also an important transformation direction that the manufacturing industry must take.The goal proposed in 2020 of carbon neutrality and emission peak has made enterprises’ development in a green and low-carbon way become one of the most important economic development policies in China.When facing environmental risks,flexible financial resources is the key to the green transformation.Based on the contingency theory,uncertainty theory,financing hierarchy theory,and dynamic capability theory,this paper analyzes the mechanism that how financial flexibility can help enterprises during the green transformation process.Next,referring to the financial flexibility evaluation system proposed by Ma Chunai,this paper uses the coefficient of variation method and analytic hierarchy process to determine the weights of various indicators.This paper chooses China Jushi as the example,2001 to 2021 as the research period,using its financial data to measure and evaluate its financial flexibility,and further analyzes its capital requirements at each stage of the green transformation process.Then,this paper studies the specific effects of three different types of financial flexibility on green transformation.Through the research of this paper,the conclusions are as follows:(1)Financial flexibility is the result of the balance between risks and benefits during the green transformation;(2)Coordinating the types of financial flexibility can alleviate financing constraints and obtain enough money to meet the fund demand of green transformation and seize the development opportunities;(3)Reasonable financial flexibility allocation can improve enterprises’ ability of to withstand the risks of green transformation,ensuring the sustainability of green transformation.