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

摘要： 本文针对上市公司财务柔性资源的储备和释放来考察财务柔性政策对于资本投向的影响。研究发现,财务柔性资源不同程度地影响固定资产投资、无形资产投资和股权投资决策;样本公司储备的现金柔性主要用于固定资产投资,一般不会用于无形资产投资,企业需要进行股权投资时无须储备财务柔性。随着财务柔性的不断储备,企业会相应降低投资决策对内部资金的依赖性,但固定资产投资除外,尤其是长期储备的债务柔性对于固定资产投资所需资金的补充作用不会减弱。此外,引起资本投资结构发生变化的主要诱因是债务柔性。

关键词: 财务柔性储备, 资本投向, 资源配置