Motivation,Mechanism And Strategy For Improving Financial Elasticity Of Zero-Leverage Enterprises

As a special capital structure,the zero-leverage strategy is applied by some companies in the capital market.The proportion of companies that implement the zero-leverage policy among the listed companies in the country increases year by year and is distributed in all walks of life.With economic development and policy changes,the importance of financial flexibility to business operations and management has become increasingly prominent.For enterprises,maintaining good financial flexibility can not only rely on the free capital flow reserved for enterprises and strong foreign investment strength under the harsh external economic environment,but also successfully overcome external business risks and corporate profit difficulties.,and can more easily grasp the opportunities for enterprises to enter the international financing market,so as to accurately grasp the timing of effective financing,thereby creating more corporate value.At present,the research on financial elasticity mainly focuses on the impact of financial elasticity as an independent variable on the development of enterprises,and few studies consider that financial elasticity itself can also be used as a dependent variable and its own improvement mechanism.Therefore,this paper aims to clarify the driving and supporting factors of financial resilience improvement and the improvement path planning and strategy issues of typical enterprises that have successfully adopted the zero-leverage policy,so as to make the relationship between related concepts clearer.It provides new inspiration and theoretical basis for further research in this field.Taking Hengrui Medicine,a leading enterprise in the pharmaceutical manufacturing industry as an example,focusing on the financial data,operating conditions and capital structure of Hengrui Medicine in the past ten years from2011 to 2020,the financial flexibility of enterprises under the special capital structure of zero leverage has been improved.In-depth study of the mechanism.The study found that companies that actively choose a zero-leverage strategy can usually take advantage of the improvement of the company’s cash flexibility and the retention of debt financing flexibility to further improve the company’s financial flexibility,so as to effectively respond to the everchanging external environment and growing internal demand..First,applying the case study method to identify the driving factors for the improvement of the financial elasticity of the case company from the external environment and internal operation,and then to explore the improvement mechanism of the company’s financial elasticity under different paths.Based on the perspective of different sources of financial elasticity,the static improvement mechanism is divided into the cash elasticity improvement mechanism and the debt elasticity improvement mechanism,and the dynamic improvement mechanism in which the enterprise is in different life cycles is divided into the start-up period,the growth period and the mature period,which makes up for the analysis of a single mechanism.of insufficiency.Secondly,on the basis of case analysis,establish the evaluation index of financial elasticity influencing factors,and use the entropy weight-TOPSIS model to analyze the vertical change trend of Hengrui Medicine’s financial elasticity from 2011 to2020 and the horizontal change trend of cash elasticity and debt financing elasticity.Finally,according to the different nature of enterprises,enterprises are divided from six perspectives:financial leverage,life cycle,asset management,technological content,property rights affiliation and competition situation,and practically put forward corresponding countermeasures for the improvement of financial flexibility of enterprises,in order to provide the development of enterprises.Learn from.