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1、AbstractIntoday'sever-changingageofglobalization,thebasicenvironmentalcharacteristicsofChineseenterprisesarefacingisuncertainty.Ononehand,thisfeatureisfromtheinternationalcapitalmarket'suncertainty,suchastheU.S.sub-primemortgagecrisisandtheEuropeansovereigndebtcrisis.Meanwhilethe
2、worldwideadv^icementsofscienceandtechnologyareforthebenefitoftheenterprises,butalsobringthegreaterrisktotheproductionandoperationoftheenterprises.Ontheotherhand，，，，market.Thisthesisisorganizedasfollows:Thefirstpartisanintroduction.Thispartismainlymadeupoftheresearchbackgroundandt
3、hetheoreticalandpracticalsignificance.Onthisbasis,thispartalsointroducestheresearchobjectivesandcontents,aswellastheresearchmethodsusedandinnovativepointsofthisthesis.Thesecondpartistiieliteratorereviewsection.Thispartwillsortandsummarizethedomesticandforeignrelevantliteraturesof
4、financialflexibility,environmentaluncertaintyandenterprisevalue.Basedonthis,theresearchofthisthesisiscarriedout.Thethirdpartisthetheoreticalbasisandhypothesisdeduction.Thispartdescribesthedeputationtheory,trade-offtheory,peckingordertheory,organizationlearningtheoryandstrategicma
5、nagementtheory.Meanwhile,onthebasisofthesetheories,thispartwillincludetheoreticalanalysisandthedeductionofhypothesis.Thefourthpatyistheempiricalstudyofenvironmentaluncertainty,financialflexibilityandenterprisevalue.Thissectionismadeupofstudydesign,descriptivestatisticalanalysis,c
6、orrelationanalysisandmultipleregressionanalysis.Finally,thethesiswillcarryouttherobustnessteseoftiaeresearchhypothesis.Thefifthpartistheresearchconclusion，，financialflexibility;(3)Consideringenvironmentaluncertaintywhichthecompaniesarefacing,thelargerenvironmentaluncertaintyis，1绪
7、论研宄背景及研究意义研宄背景研宄意义研究内容与研宄方法研宄内容研宄方法本文创新之处文献综述财务柔性相关文献综述财务柔性的定义财务柔性的获取方式财务柔性的度量方法财务柔性与企业价值文献综述财务柔性的本质属性角度财务柔性的期权性质角度环境不确定性与财务柔性文献综述环境不确定性的定义环境不确定性的度量方法环境不确定性与财务柔性产权性质与财务柔性产权性质与现金持有政策产权性质与资本结构文献述评理论基础与研宄假设理论基础委托代理理论权衡理论与融资优序理论3.1.3组织学习理论与战略管理理论理论分析与提出假设财务柔性与企业价值的关系环境不确定性对财务柔性与企业价值关
8、系的影响产权性质对财务柔性价值效应的影响环境不确定性、财务柔性与企业价值的实证研
