贸易摩擦涟漪效应视角下的企业财务柔性——基于长电科技的案例研究

Corporate Financial Flexibility from the Perspective of Trade Friction Ripple Effect--A Case Study Based on JCET

主流财务学认为,企业储备财务柔性使得企业在面临外部环境不确定性冲击时具有更强的抗风险能力。本文通过案例研究方法,剖析了中美贸易摩擦对欧菲光造成的负面影响,以及相关影响如何通过涟漪效应向长电科技进行扩散。研究结果表明,欧菲光所卷入的贸易摩擦的确通过涟漪效应波及到了同业企业长电科技,受欧菲光贸易摩擦案影响,长电科技股价随之下跌,海外市场业务随之收缩;作为应对贸易摩擦涟漪效应的策略,长电科技实时提高了现金柔性和负债柔性储备。本文研究既为贸易摩擦涟漪效应提供了实务证据,也为企业财务柔性储备的环境适应性调整调整提供了案例支持。

Mainstream finance believes that the financial flexibility of enterprise reserves makes enterprises have a stronger ability to resist risks in the face of the impact of external environmental uncertainty.Through the case study method,this paper analyzes the negative impact of Sino-US trade friction on OFILM,and how the related impact spreads to JCET through the ripple effect.The results show that the trade friction involved in OFILM has indeed affected the peer company JCET through the ripple effect,and the share price of JCET has fallen and the business in overseas markets has shrunk due to the impact of the OFILM trade friction case.As a strategy to deal with the ripple effect of trade frictions,JCET has improved its cash flexibility and debt flexibility reserves in real time.This paper not only provides practical evidence for the ripple effect of trade frictions,but also provides case support for the environmental adaptability adjustment and adjustment of enterprises'financial flexible reserves.