The Research On The Influence Of Financial Flexibility On Value Of Companies

In the past two years,the outbreak of the new crown pneumonia epidemic has led to the intensification of china’s economic environment instability,and in the critical period of the new normal of economic development,it is very important for enterprises to reserve financial flexibility to cope with environmental instability.As an important force in achieving high-quality development of the country,technological innovation activities have the characteristics of large capital demand,long cycle and high risk,so technological innovation activities require enterprises to have a good capital environment.Enterprises with financial flexibility can allocate funds in a timely manner,providing a guarantee for improving their own innovation capabilities,and then realizing the improvement of enterprise value.In this context,this paper attempts to explore the relationship between financial flexibility,technological innovation efficiency,and corporate value.Based on the existing research results,this paper first defines the concepts of financial flexibility,enterprise value and technological innovation efficiency,and combines the relevant theoretical basis to analyze the relationship between financial flexibility,technological innovation efficiency and enterprise value,and puts forward corresponding research hypotheses on this basis.In order to verify the hypothesis proposed,this paper takes 891 high-tech enterprises listed on the A-share market as the research object,a total of 5346 samples,and through the establishment of the corresponding regression model,it is found that there is a significant positive correlation between financial flexibility,cash flexibility and debt flexibility on enterprise value;financial flexibility,cash flexibility and debt flexibility have a significant positive correlation between technological innovation efficiency;and the intermediary effect of technological innovation efficiency between financial flexibility and enterprise value is verified.The results show that:(1)high-tech enterprises can achieve enterprise value improvement by adopting financial flexibility policies,and simple cash flexibility and debt flexibility are conducive to the improvement of enterprise value;(2)high-tech enterprises adopt financial flexibility policies are conducive to improving the efficiency of technological innovation,and simple cash flexibility and debt flexibility are also conducive to the improvement of enterprise technological innovation efficiency;(3)high-tech enterprises improve the efficiency of enterprise technological innovation by applying financial flexibility policies,thereby realizing enterprise value appreciation.Finally,some suggestions are put forward according to the research conclusions.