Research On The Impact Of Economic Policy Uncertainty On Corporate Financialization

At present,China is in an important period of economic transformation and industrial upgrading.In order to guide the economic transformation and upgrading and promote the steady development of the economy,the government's intensity of economic intervention has gradually increased,leading to a significant increase in the uncertainty of economic policies.At the same time,with the continuous advancement of China's financial marketization reform and the rapid development of the financial market,more and more non-financial companies have begun to allocate financial assets in the financial market,which leads to the increasingly serious phenomenon of enterprise financialization.The existing research finds that the uncertainty of economic policy can have an important impact on the behavior of enterprises.Therefore,it is of great significance to study how the uncertainty of economic policy affects the financialization of enterprises and the relevant influencing mechanism,so as to supplement the relevant theories of the influence of the uncertainty of economic policy on enterprises and to formulate corresponding policies of the government to restrain the excessive financialization of enterprises.This paper studies the impact of economic policy uncertainty on the financialization of enterprises from three levels: impact mechanism,status analysis,and empirical testing.First,starting from the mechanism of the impact of economic policy uncertainty on corporate financialization,by studying and summarizing the existing economic policy uncertainty,corporate financialization,and related research on corporate financial investment under uncertain conditions,it is found that the main uncertainty of economic policy is Impact on corporate financialization through risk aversion mechanisms,preventive savings mechanisms,and investment conversion mechanisms.Then,it analyzes the uncertainty of China's economic policy and the status of corporate financialization.Finally,this paper makes an empirical analysis of the impact of China's economic policy uncertainty on enterprise financialization by using the Chinese economic policy uncertainty index and the data of the financialization of China's non-financial enterprises.Furthermore,according to the different characteristics of the enterprises,the sub-sample tests were performed on high-investment irreversible enterprises,low-investment irreversible enterprises,state-owned enterprises,private enterprises,large enterprises and small enterprises.Through theoretical analysis and empirical test,this paper finds that: In general,the uncertainty of China's economic policy mainly inhibits corporate financialization through the risk aversion mechanism.In addition,compared with high-investment irreversible enterprises,the uncertainty of economic policy has a greater inhibitory effect on the financialization of lowinvestment irreversible enterprises.Compared with private enterprises and small enterprises,the uncertainty of economic policy has a relatively greater restraint on the financialization of state-owned enterprises and large enterprises with less financing constraints.Combining the research conclusions,this paper proposes that the government should pay full attention to the impact of economic policy uncertainty on corporate behavior;maintain the stability and consistency of economic policies;reasonably guide enterprises to increase industrial investment and reduce corporate financialization and other policy measures.