财务柔性

财务柔性由现金柔性、债务柔性和权益柔性三个方面构成。

Financial flexibility is constituted by cash flexibility , debt flexibility and equity flexibility .

这说明，企业需要根据自身的情况合理调整自己的财务柔性水平和内在构成。

This shows that enterprises need to adjust the level of its financial flexibility and the inherent structure according to the circumstance .

美国次贷危机和欧债危机再一次提醒理论界与实务界，企业财务柔性是应对不确定性的最好的武器。

The American subprime mortgage crisis and European debt crisis warn the theoretical and practical financial flexibility is the best weapon to cope with uncertainty .

因此，如何保持适度的财务柔性，以便灵活应对不利冲击，把握未来有利的投资机会，是企业在财务政策选择时亟须考虑的问题。

Therefore , enterprises must maintain an appropriate financial flexibility in order to respond flexibly to adverse shocks as well as take advantage of profitable investment opportunities in the future .

目前，国内学者大都基于股权融资偏好探讨上市公司的非效率投资问题，而甚少就企业财务柔性视角研究投资效率。

At present , the domestic scholars mostly study inefficient investment of listing corporation based on their equity financing preference , but seldom research on the effect of corporate financial flexibility on the efficiency of investment .

当今企业所面临的外部环境复杂多变，使得财务柔性已成为企业财务系统的一种重要的综合能力，是企业应对市场不确定性和把握未来投资机会的重要途径。

Under the uncertainty of the external environment and internal decision-making , financial flexibility , as an integrated capability of enterprise financial system , has become an important way to respond to market uncertainty and take advantage of future investment opportunities .

在本文中，财务柔性是指企业为了整合内外部资源和应对环境变化，以达到企业的财务目标和战略目标，而进行的适应性财务管理。

In this article , financial flexibility is an enterprise in order to integrate the internal and external resources and respond to environmental change , in order to achieve the financial targets and strategic objectives , and the adaptive financial management .

因此，本文借鉴国内外财务柔性和超额持现的经典理论，立足于我国特殊的制度背景和市场环境，对超额持现与企业市场业绩和市场竞争力关系展开理论分析和实证研究。

Based on the classical theory and special institutional background and market environment in our country , the auther try to find the real relationship between excess cash holdings and market performance or market competitiveness through the theoretical analysis and empirical research .

通过界定基本概念，揭示了财务预警的柔性决策实质。

The basic conceptions were defined . Naturally , the warning in advance is flexible decision-making .

本文首先对财务管理和柔性财务管理相关理论进行了回顾，在此基础上对高新技术企业财务管理的特点进行分析。

Firstly the financial management and flexible financial management theories are reviewed in the thesis , and analysis the characteristics of high-tech enterprises ' financial management based on the retrospection .

在财务管理领域，财务柔性研究尚属一个相对新兴的研究领域，在国际上正日益受到实务界与理论界的广泛关注。

Financial flexibility is still a relatively new research area , which is drawing increasingly attentions of practitioners and theorists in the international community .