| 摘要: |
| 本文引入战略财务弹性的概念，利用动态能力的战略管理分析框架和实际数据，从理论和实证两个方面剖析和测度企业财务的动态能力，得到战略财务弹性的三个能力因子，即与财务相关的企业位势、财务管理路径和财务管理过程。实证结果表明，战略财务弹性能够更好地刻画企业财务的应变能力，并且对企业价值有着显著的正向作用。 |
| 关键词: 动态能力框架 战略财务弹性 企业价值 |
| DOI： |
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| Strategic Financial Flexibility and Firm’s Value: Modeling and Empirical Study |
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GONG Ting
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| Abstract: |
| Generally, financial flexibility only considers whether the cash of the enterprise is sufficient or not and is not enough to embody really financial adaptable capacity of the enterprise, thus, this paper introduces the concept of strategic financial flexibility, uses strategic management analysis framework of dynamic capacity and real data to analyze and measure dynamic capacity of enterprise finance from theoretical and empirical perspective and obtains three capacity factors of strategic financial flexibility such as enterprise potential related to finance, financial management path and financial management process. The empirical results show that the strategic financial flexibility can better characterize the resilience of corporate finance and has a significant positive effect on firm’s value. |
| Key words: frame of dynamic capacity strategic financial flexibility firm’s value |
