财务柔性、风险承担与企业战略激进度

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中图分类号：F275 文献标识码：A 文章编号：1672-7312（2026）01-0064-10

Abstract： In order to achieve the goal of sustainable development，enterprises need to strike a balance between short-term survival needs and long-term development potential，and choose an appropriate degree of strategic aggressiveness based on their own financial capabilities.This paper takes A-share listed companies in China from 2O13 to 2O23 as the research object，empirically analyzes the impact and mechanism of financial flexibility on strategic aggressiveness，and further examines the relationship between financial flexibility，risk-taking and corporate strategic aggressiveness.The results show that financial flexibilitycan effctively alleviate financing constraints，which in turn leads to the improvement of corporate strategic aggressiveness，and that risk-taking plays a positive moderating role in the relationship between financial flexibilityand strategicaggressiveness，i.e.，financial flexibility promotes strategic aggressiveness more significantly when firms have stronger risk-taking ability. In addition，the heterogeneity analysis shows that firms of different nature，industries，and digital transformation capabilities exhibit significant differences in the effectiveness of financial flexibility in enhancing strategic aggressiveness.The relevant conclusions enrich the theory of financial management and strategic decisionmaking，provide a financial theoretical basis for enterprises to make strategic decisions indifferent environments，and at the same time meet the practical needs of the digital economy era，providing a feasible way for enterprises to solve the problems of strategic transformation and optimize the risk mechanism.

Key Words： financial flexibility; strategic aggressiveness; risk-taking; financing constraints; digital transformation; industry competition

0 引言

在人工智能、区块链、物联网等为核心动力的第四次工业革命驱动下，全球商业环境不确定性及复杂性日益增长。（剩余13242字）