The Role of Financial Flexibility in Sustainable Development Performance of SRDI Enterprises  

作　　者：Yuxiang An Xiaojuan Sheng Xiaowei Zhu Qiyue Zhang 

机构地区：[1]School of Economics and Management,Beijing Jiaotong University,Beijing,100044,China [2]School of Management,Beijing Union University,Beijing,100101,China [3]College of Business and Public Management,West Chester University,West Chester,PA,19383,USA [4]National Library of China,Beijing,100081,China

出　　处：《Journal of Systems Science and Systems Engineering》2025年第1期78-101,共24页系统科学与系统工程学报(英文版)

摘　　要：Financial flexibility, due to its capability in optimizing resource allocation, enhancing operational efficiency, and responding to market changes, has become a crucial strategy for “specialized, refined, differentiated, and innovative” (SRDI) enterprises to address financing difficulties and cash flow management pressures, thereby achieving sustainable development. This study, based on financial flexibility theory, conducts an empirical analysis using data from China’s listed SRDI enterprises from 2016 to 2023. The results show that there is an inverted U-shaped relationship between financial flexibility and corporate sustainable development performance. Heterogeneity analysis indicates that the impact of financial flexibility on sustainable development performance varies significantly under different ownership structures and dimensions. This study not only enriches the theory of financial flexibility but also reveals its complex impact mechanisms within SRDI enterprises, providing practical guidance and data support for enterprises to achieve sustainable development in a complex market environment.

关 键 词：Financial flexibility sustainable development performance SRDI enterprises 

分 类 号：F42[经济管理—产业经济]