A Study on the Impact of Financial Flexibility on Corporate Value: Moderating Effects Based on Environmental Uncertainty and Agency Costs

• 발행기관: 한국무역연구원
• 저자명: Xiuping Li Yeong-Gil Kim
• 간행물 정보: 『무역연구』제17권 제6호, 17~32쪽, 전체 16쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2021.12.31

영문 초록

Purpose The purpose of this article is to understand the financial flexibility reserves of listed companies in China. Based on the internal and external environment of China’s listed manufacturing companies, it studies the impact of financial flexibility on corporate value. Design/Methodology/Approach Based on the trade-off theory, this paper studies the impact of financial flexibility on corporate value. According to the resource-based theory, environmental uncertainty and agency cost are selected from the internal and external factors of the enterprise, and financial contingency theory and principal-agent theory are introduced to analyze their influence mechanism on the relationship between financial flexibility and enterprise value. According to the research results, corresponding suggestions are made to the government and enterprises respectively. Findings This paper studies the impact of financial flexibility on corporate value. Financial flexibility can significantly increase the corporate value of listed companies. Environmental uncertainty plays a positive role in regulating the positive impact of financial flexibility on corporate value. The moderating effect of agency costs between financial flexibility and corporate value has not been proven. Research Implications In the management of this paper, this article provides strong empirical support for the establishment of an effective financial flexibility reserve mechanism and the improvement of corporate value. At the same time, it provides an important theoretical basis for the government’s policy of “structural deleveraging to resolve financial risks” during the transition period, and also provides a reference for the steady advancement of Chinese enterprises’ deleveraging work.

목차

Ⅰ. Introduction

Ⅱ. Theoretical Analysis and Research Hypothesis

Ⅲ. Research Design

Ⅳ. Empirical Analysis

Ⅴ. Robustness Test

Ⅵ. Conclusion and Suggestion

키워드

Agency Cost Corporate Value Environmental Uncertainty Financial Flexibility