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1、华中科技大学硕士学位论文与独立董事比例对公司整体业绩水平的影响不显著。关键词：长期目标杠杆水平财务弹性财务业绩市场业绩II华中科技大学硕士学位论文AbstractThetimeofglobaleconomicintegration,participantencounteredunprecedentedchallenges,cashflowshortages,missinvestmentopportunities,problemssuchascapitalchainrupturetimeteststhecompany'sma
2、nagementability,managershadtostorenecessaryenergyforthedevelopmentofthecompany-asparedebtcapacity,thiskindofabilityiscalledfinancialflexibility.Itistheimportantreferencefactorofcompany'sfinancialdecision-makingprocess,andisalsotheblindareaincapitalstructuretheoryr
3、esearch,andgraduallybecomethefocusofacademicresearchproblems.Ontheonehand,financialflexibilitycanrelieveenterprisefinancingdifficulties,andhelpthecompanysmoothlyintothecapitalmarketfinancing.Ontheotherhand,itcanimproveenterprise'sinvestmentcondition.Anditalsoensur
4、esthecompanydoesnotgiveupthevaluableinvestmentopportunityduetoshortageoffunds.Whileitcanalsoensurethatcompanieshavetheabilitytochoosethebestinvestment,createthegreatervalueforthecompanyinthefuture.Thereviewisbasedonbothhomeandabroadliteraturelikecapitalstructure,f
5、inancialflexibilityandcorporategovernance,anddrawingonforeignscholarstothelatestresearchresults.Thenitselectsnon-financiallistedcompaniesinShanghaiandShenzhenStockExchangewithcompletefinancialdatafrom2007to2011assamples,usingfixedtwo-factorutilitymodel,empirically
6、researchesthecompany’sfinancialflexibility,themainsourceoffinancialflexibilityanditseffectontheperformance.Themainresearchfindingsare:(1)Thetargetleverageofcompanyhasacloserelationshipwithmedianindustryleverage,markettobookratio,assettangibility,profitabilityandsi
7、ze.Theresultfindsthatthetargetleverageofcompanyispositivecorrelatewithmedianindustryleverageandprofitability,whichsupportthetrade-offtheory.ThetargetleverageofcompanyisIII华中科技大学硕士学位论文negativecorrelatewithmarkettobookratio,assettangibilityandsize,whichsupportthepec
8、kingordertheory.(2)Withalistedcompanywiththefinancialflexibilitytotheoverallproportionof35%,thelistedcompaniesofChinapayhighattentiontothefinancialflexi
