本研究主要為探討公司治理是否能影響財務彈性，以及企業要透過種方法而成為財務彈性公司，同時也加入成長機會和生命週期這兩個會影響財務彈性的因素來進行研究，探討這兩個因素是否會影響公司治理和財務彈性之間的關係。在本研究中發現G-index以及E-index和財務槓桿呈現正相關，但是和公司現金持有數量呈現負相關，本研究證實公司治理會正向影響財務彈性，即企業擁有較佳的公司治理，其財務彈性也相對大，同時也得到企業可以透過維持低財務槓桿或是持有較多的現金以達到財務彈性。從結果得知成長機會和生命週期不會影響到公司治理和財務彈性之間的關係，但是這兩個因素各自都會影響到財務彈性，擁有高成長機會的公司會保有較大的財務彈性，在之後面臨投資機會時便可以利用先前所擁有的舉債能力來進行投資;而公司在不同的生命週期階段其資金結構都會改變，所需的財務彈性大小也都不同，因此，生命週期確實會影響財務彈性。從實證的結果得知即使加入成長機會和生命週期來探討，企業的公司治理好壞才是影響財務彈性最重要的因素。

In this study, we investigate whether and how corporate governance could affect financial flexibility. Further we add two dominant elements, growth opportunity and life cycle, in the study to discuss the relation between corporate governance and financial flexibility. From the empirical results, we find that G-index and E-index have significantly positive affect leverage ratios, but negative with cash holdings. In this study, we find that firms with strong corporate governance have relatively higher financial flexibility, and firms maintain low leverage ratios and/or high cash holdings to achieve financial flexibility. Then, we reveal that growth opportunity and life cycle do not affect the relation between corporate governance and financial flexibility, but they have their own influence with financial flexibility. Firms with greater growth opportunities might preserve more debt capacity ex ante, when they facing the investment opportunities they could use the debt capacity they preserve to invest the projects. Firms in different stages have different financial flexibility needs, so life cycles also affect firms’ financial flexibility. From the empirical results, we conclude that the level of corporate governance is the major reason that could affect financial flexibility.

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