关键词: 财务柔性储备, 资本投向, 资源配置

Abstract: This paper focuses on the reserve and release of financial flexible resources of listed companies to investigate how the financial flexibility policy affect different kinds of capital investment. The study finds that the financial flexibility resource promotes the increase of three types of capital allocation to different degrees. Research on the Sample Firms shows that the cash flexible reserves are generally used for fixed asset,while generally not released for the investment of intangible assets. Therefore, companies do not need to reserve the financial flexibility resources when they make the equity investment decision. With the continuous increase of the financial flexibility,enterprises will correspondingly reduce their dependence on internal capital when making investment decisions with the fixed-asset investment as an exception,and the supplementary role of the capital,but as for financial flexibility reserve,especially the long-term reserve of surplus liability will not weaken its role of the capital supliability flexibility of the long-term reserves,inparticular,with regard to the capital required by the fixed-asset investment,will not be weakened. What's more,the real change of the structure of the capital investment is attributed to the liability flexibility of the financial reserve.

Key words: Financial Flexible Reserve, Capital Allocation, Resource Allocation