林业上市公司财务柔性对企业价值的影响研究

基于74家林业上市公司2008年至2019年基础数据，综合考虑不同债务结构对财务柔性的影响，通过构建财务柔性测度指标体系及其模型，对林业上市公司财务柔性进行具体测度，并进一步运用多元线性回归研究了林业上市公司财务柔性对企业价值的影响方向和力度。研究发现，林业上市公司财务柔性普遍偏低且差异在波动中呈现扩大的趋势，林业上市公司财务柔性对企业价值存在显著的正向影响。为增强抗风险能力，林业上市公司应重视财务柔性战略地位，合理储备财务柔性。

Research on the Impact of Financial Flexibility of Listed Forestry Companies on Enterprise Value

Based on the basic data of 74 listed forestry companies from 2008 to 2019, considering the influence of different debt structures on financial flexibility, this paper constructs a financial flexibility measurement index system and model to measure the financial flexibility of listed forestry companies. Furthermore, this paper uses multiple linear regression to study the influence direction and strength of financial flexibility of forestry listed companies on enterprise value. The study found that the financial flexibility of listed forestry companies is generally low and the differences show an expanding trend in fluctuations. And the financial flexibility of forestry listed companies has a significant positive impact on enterprise value. In order to enhance the ability to resist risks, listed forestry companies should attach importance to the strategic position of financial flexibility and reserve financial flexibility reasonably.