中文摘要：

本文以2007年爆发的全球性金融危机对中国大陆上市企业的冲击为研究事件，实证结果发现，与非财务柔性企业相比，各类财务柔性企业在金融危机时期具有更强的资金筹集和调用能力，能更好地为其投资活动提供资金；并且在危机前储备不同类型财务柔性的企业在危机中的融资方式也存在显著差异。这些发现支持了下述观点：当遭遇重大不利冲击而面临现金流短缺时，企业事前储备的财务柔性能较好地为其有价值的投资机会提供资金。

英文摘要：

Employing the impact of global financial crisis in 2007 on China＇s listed companies as study event, this paper shows that, compared with non-financially-flexible companies, financially flexible companies have greater capacity to raise funds and can support their investment activities more effectively during the financial crisis. These findings support the point of view that, when confronted with cash flow shortfall resulted from un- expected adverse impacts, companies can utilize their financial flexibility preserved ex ante to finance profitable investment opportunities more effectively.