Research on the Impact of Financial Flexibility on Enterprise Growth: Based on the Empirical Analysis of Equipment Manufacturing Listed Enterprises in China

บทคัดย่อ

This paper selects the data of equipment manufacturing enterprises listed in China's A-shares in 2018-2022 as the research sample. The main research objectives of this paper are twofold: (1) to study the impact of financial flexibility on enterprise growth in China's equipment manufacturing enterprises , and (2) to find the impact of financial flexibility on the growth of enterprises under different property rights. This study adopts quantitative research methods, specifically utilizing multiple regression and empirical analysis. The results show that financial flexibility significantly affects the growth of enterprises, displaying a non-linear U-shaped relationship. Low levels of financial flexibility make the operating costs of enterprises high; therefore, when financial flexibility is greater than a certain range, it will promote the development of enterprises. Further research found that compared with state-owned enterprises, this relationship is more significant in non-state-owned enterprises.