The empirical analysis of listed company financial flexibility based on financial flexibility index

Based on the existing research findings, this paper has a comprehensive consideration of these three aspects as cash index, leverage index as well as exterior financing cost index and builds a financial flexibility index. we has researched the financial flexibility situation of chinese listed companies by financial flexibility index and found out that the financial flexibility index of chinese listed companies were on the low side as a whole, and that of ST companies were lower than the average level of the listed companies. The inspection of the design of the financial flexibility index as well as the structure rationality shows that the reliability and validity of this index is satisfactory.