以我国2007-2016年沪深A股上市公司为样本进行实证检验,研究发现,我国上市公司存在获取和保持财务柔性的动机,且通常以持有现金的方式获取财务柔性;财务柔性是企业资本结构决策考虑的关键因素之一,财务柔性有利于优化资本结构调整速度,缓解资本结构调整的偏离度.%This paper examines the impact of financial flexibility on capital structure and its dynamic adjustment by using the data of Chinese A-share listed companies from 2007 to 2016.The results show that there are significant positive correlations between the marginal changes of cash and the enterprise's abnormal rate of return.The financial flexibility is one of the key factors in the decision-making of enterprise capital structure.Financial flexibility can alleviate the deviation of capital structure adjustment.
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