Impact of Financial Crisis,Preservation of Financial Flexibility and Corporate Financing Behaviors:Evidence from China's Listed Companies
以2007年全球金融危机对中国上市公司的影响为事件，研究发现财务灵活的公司比不灵活的公司更能筹集资金并支持投资活动，说明事先保持的财务灵活性有助于应对现金流短缺。
Employing the impact of global financial crisis in 2007 on China's listed companies as study event, this paper shows that,compared with non-financially-flexible companies,financially flexible companies have greater capacity to raise funds and can support their investment activities more effectively during the financial crisis.These findings support the point of view that,when confronted with cash flow shortfall resulted from unexpected adverse impacts,companies can utilize their financial flexibility preserved ex ante to finance profitable investment opportunities more effectively.