Research On Financial Flexibility Of Company H Under Environmental Uncertainty

In the context of economic globalization,risks and opportunities are magnified,and the environment of enterprises is more complex and changeable.It will not only be affected by the macroeconomic situation,but also face the uncertain environment of industries and individual enterprises due to different business contents.For enterprises,it is particularly important whether financial flexibility can be used to minimize its adverse effects,or whether effective measures can be taken to reserve financial flexibility to deal with possible environmental changes.The aviation industry has the characteristics of heavy assets and low profit margin.When the external environment is unfavorable,it will produce higher financial risks.However,when the environment is highly uncertain,it has higher requirements for the financial flexibility of enterprises.How to obtain and use financial flexibility to avoid crises and seize opportunities has also become one of the most concerned issues for enterprises.This paper mainly adopts case analysis method,from the enterprise micro level research financial flexibility,in the domestic and foreign and financial flexibility,environmental uncertainty related important theory and on the basis of research results,select experienced big impact,experienced bankruptcy restructuring company H as the research object,understand its development process and major changes,collect related business data and financial indicators,from the macro environment,industry environment,individual enterprise three level analysis of the actual environment uncertainty,and from cash flexible,debt flexible company H financial flexibility and enterprise financial performance in the face of environmental changes.Build the evaluation index system,evaluate the financial flexibility of the company,and get the comprehensive score.Through horizontal comparison with the industry average level and other industry enterprises,expand the data time span,so as to understand the financial flexibility level of company H;help find the key elements affecting the financial flexibility of company H,and provide the direction for the improvement of financial flexibility.According to the quantitative evaluation results,the problems and causes of financial flexibility of company H are further analyzed,and some suggestions for improvement are put forward.It is hoped to summarize the relevant enlightenment from the case and provide reference for the financial flexible management of listed companies in China.This paper finds that environmental uncertainty brings new challenges and opportunities for the business development of enterprises,and enterprises need to reserve financial flexibility to adapt to the changes of the environment and grasp the investment opportunities.The overall level of financial flexibility of company H is lower than the industry average.Compared with cash flexibility,debt flexibility has a greater impact on the overall financial flexibility,and the impact of each indicator on the financial flexibility of the enterprise is: non-operating income to assets ratio > current ratio > cash ratio > asset to liability ratio > operating cash flow ratio.After analyzing the existing problems and causes of the financial flexibility of company H,more focused recommendations are made on the financial flexibility reserves of company H,in the hope that the research in this paper will further promote the case-based application of financial flexibility theory and seek to provide valuable practical experience and suggestions for the financial flexibility management of Chinese enterprises facing unique environments.