在高度不确定的市场环境中，获取和保持财务柔性对企业生存与发展具有重要意义，相关研究已成为公司财务理论的前沿方向。但是，现有研究过度强调了财务柔性的正面效应，忽略了管理者在构造和运用财务柔性这一战略能力中所扮演的关键作用。本项目在财务柔性研究最新进展的基础上，借鉴战略管理和行为公司财务的相关理论，将管理者战略选择作为核心要素，通过对财务柔性本质特征与度量、财务柔性与公司各项财务决策之间的内在联系、基于财务柔性的财务决策效应等问题的理论探索和实证分析，探讨管理者在财务柔性获取和有效使用中的作用，把握财务柔性对公司可持续成长的影响机理，提出构建公司内部财务柔性监控机制和外部财务柔性信息披露规则的策略与方法。上述研究拓展了财务柔性研究的理论体系，为该领域研究的深入提供了新思路和新方法。同时，基于中国情景下财务柔性关键问题的研究成果，对管理者、投资者、商业银行及监管当局的相关决策也具有重要借鉴意义。

In a highly uncertain market environment, how to access and maintain financial flexibility is of great significance to corporate survival and development. However, existing related research, which have being one of forefront fields of corporate finance theory, has over-emphasized the positive effect of financial flexibility and ignored the key role senior managers plays in the process of acquiring and using this strategic capability effectively. This project is conducted through theoretical exploration and case analysis based on related theories in strategy management and behavioral corporate finance. Firstly, the project takes the strategic choice of senior managers as the core variable and investigates their roles in obtaining and executing financial flexibility. Secondly, the project shows the essential characteristics of financial flexibility, its synthesized measurement, its inherent connection with financial decisions, and its impact on enterprise sustainable growth. As the application of the studies above, the strategies of how to build internal control system and external information disclosure rules for financial flexibility are proposed. Theses researches extend the theoretical framework of corporate finance approach to the financial flexibility with new insights and approaches. In addition, it will offer extensive benefits to the senior managers, investors, commercial banks and regulatory authorities for decision making in practice.