财务危机与企业财务柔性的关系研究.docVIP

PAGE PAGE 18 财务危机与企业财务柔性的关系研究 摘要：随着全球化经济的不断发展，科学技术的不断进步，企业的财务状况深受市场不确定性特征的影响。为了在将来能够更好地应对市场的不确定性，缓冲财务危机降临时的财务冲击，以及能更好地利用机会进行投资扩张，企业需要储备财务柔性使得自身在市场中占有一席之地。 本文从财务柔性的基本概念入手，以财务柔性的定义、分类和测度三个方面为下文的研究作铺垫。然后通过探寻财务柔性与融资约束和经营现金流之间关系，来发现和证明财务柔性在金融危机中所发挥的作用，从而体现财务柔性在企业运作中的价值，并为企业如何储备和运用财务柔性提供了思路。接着，从两个案例：超日太阳和云南白药中财务柔性的储备情况和发挥的作用对以上理论性的表述提供了实际的印证。最后一部分的内容是研究总结和研究不足。 关键词：财务柔性 财务危机 财务柔性资源配置 不确定性 Research on the Relationship Between Financial Crisis and Corporate Financial Flexibility Abstract: With the development of the global economy and the continuous progress of science and technology, the uncertainty of the market has influenced on the financial situation of the enterprise much more. In order to deal with the uncertainty in the future, financial impact buffering financial crisis comes, and can make better use of the opportunity to expand investment, enterprises need to reserve financial flexibility makes its occupy an important place in the market. 本文从财务柔性的基本概念入手，以财务柔性的定义、分类和测度三个方面为下文的研究打下基础。然后通过分析财务柔性与融资约束和经营现金流之间的关系，财务柔性在金融危机中所起到的作用来诠释财务柔性在财务企业财务运作中的价值，并为企业如何储备和运用财务柔性提供了思路。接着，从两个案例：超日太阳和云南白药中财务柔性的储备情况和发挥的作用对以上理论性的表述提供了实际的印证。最后一部分是研究总结和研究不足的分析。 This paper starts with the basic concept of financial flexibility, and lays the foundation for the following research in three aspects: the definition, classification and measurement of financial flexibility. Then through the relationship between financial analysis and flexible financing constraints and operating cash flow, role of financial flexibility in the financial crisis to interpret value of financial flexibility in the financial operation of financial enterprises, and enterprises how to reserve and use financial flexibility provides a train of thought. Then from two cases: Chao Ri Tai Yang and Yun Nan Bai Yao financial flexibility of reserve and play the role of above theoretical statement provides practical proof. The last part is the research summary and the analysis of the problem. Keywords: Financial flexibility, Fin