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外部环境的不确定性,既为企业增加了新的投资机会,同时也增加了企业陷入财务困境的可能性。企业若没有保持足够的财务弹性来化解财务危机,则会损害企业价值。国外研究表明财务弹性已成为影响财务决策和公司价值的重要因素,而国内对财务弹性的研究相当匮乏。本文利用我国深沪A股上市公司数据,对其财务弹性与企业绩效的关系进行了探讨,结果表明财务弹性对企业绩效具有积极的影响,企业应保持较高的财务弹性来提升企业绩效。
The uncertainty of the external environment not only adds new investment opportunities for enterprises, but also increases the possibility of enterprises getting into financial difficulties. Corporations’ value can be undermined if they do not maintain sufficient financial flexibility to defuse the financial crisis. Foreign studies show that financial flexibility has become an important factor affecting financial decision-making and corporate value, while domestic research on financial flexibility is quite scarce. This paper uses the data of China’s A-share listed companies in Shanghai to discuss the relationship between financial flexibility and corporate performance. The results show that financial flexibility has a positive impact on corporate performance, and enterprises should maintain high financial flexibility to enhance corporate performance.