Research On The Influence Of Financial Flexibility On The Performance Of Strategic Emerging Enterprises

As an important part of the modern economic system,strategic emerging industries represent the development direction of the new round of scientific,technological and industrial revolution of the country,and are an important driving force for maintaining high-quality economic development.However,today’s world is undergoing profound changes unseen in a century.Under such a world pattern,trade frictions between China and the United States have occurred from time to time in recent years,and antiglobalization voices have also frequently appeared in recent years.Coupled with the adverse impact of the COVID-19 pandemic,the macro environment has become more severe and complex,full of uncertainties,and the recovery of the domestic economy is still not stable.The industry environment faced by strategic emerging industries is in dynamic change and full of uncertainty,which will affect and impact the current and even future development of enterprises,and enterprise performance will be affected,and the performance of strategic emerging enterprises will directly affect whether the development and expansion of strategic emerging industries can be implemented.Therefore,How to improve the performance of strategic emerging enterprises in the uncertain environment has become a key issue that needs to be answered and solved.On the other hand,in the increasingly uncertain environment,the use of "flexible" thinking to help the development of enterprises has attracted more and more attention from the academic and practical circles.As an important resource reserve of enterprises,financial flexibility can resist the change of environment well by giving full play to the role of cash reserve and debt retention ability.In this context,the thesis focuses on the influence of financial flexibility on firm performance,its influence mechanism and influence path.First,this paper reviews the concepts and measurement methods of enterprise performance,financial flexibility,dynamic capability and environmental uncertainty.Then,based on theoretical analysis and literature research,the research hypothesis of this paper is proposed.After that,the empirical research method is adopted to take the sample stocks in the comprehensive index of China’s strategic emerging industries from2016 to 2020 as the research samples,with financial flexibility as the independent variable,dynamic capacity as the intermediary variable,environmental uncertainty as the moderating variable,and enterprise performance as the dependent variable.Stata 15 software was used to conduct descriptive statistical analysis,correlation analysis and multiple regression analysis of the data in turn,to clarify the influence mechanism of financial flexibility of strategic emerging enterprises on enterprise performance,explore the mediating role of dynamic capability in the influence path,and test the regulatory role of environmental uncertainty,and by changing the measurement method of variables and adopting new measurement methods.The robustness of the research results was tested.The results show that:(1)Financial flexibility has a significant positive impact on corporate performance and dynamic capability;(2)Dynamic capability has a significant positive effect on firm performance,and plays an intermediary role between financial flexibility and firm performance;(3)Environmental uncertainty has a negative moderating effect on the relationship between dynamic capability and firm performance,but it only has a negative moderating effect in the second half of the influence path of "financial flexibility--dynamic capability--firm performance".This study reveals the action path and influence relationship of financial flexibility on enterprise performance,and provides support for strategic emerging enterprises to maintain financial flexibility,improve enterprise performance and build collaborative development of high-order dynamic capabilities under external uncertainties.