A Study On The Influence Of Economic Policy Uncertainty And Corporate Financialization On Corporate Industrial Investment

In recent years,China’s industrial investment rate has shown a continuous downward trend,while the level of financialization of Chinese enterprises has continued to rise,and the economy has shown a trend of "departing from the real to the virtual".To improve the industrial investment situation of non-financial enterprises,the state has introduced a series of easing policies and stimulus measures,but they have not significantly improved the industrial investment willingness of enterprises.The frequent introduction of various economic policies has increased the fluctuation of the macroeconomic environment,making it difficult for enterprises to form effective policy expectations,which in turn affects the business decision-making behavior of enterprises.Therefore,based on the perspective of economic policy uncertainty,this paper discusses the impact of economic policy uncertainty and corporate financialization on corporate industrial investment from the current trend of the real economy "departing from the real to the virtual".This paper establishes a linear regression model to focus on the industrial investment behavior of Chinese A-share listed companies from 2007 to 2020,discusses the impact of economic policy uncertainty on corporate industrial investment and its transmission mechanism,and discusses the impact of corporate financialization on corporate financialization from a micro perspective.The impact of industrial investment further discusses the impact of corporate financialization on industrial investment when the uncertainty of economic policy rises and conducts the adjustment role of monetary policy factors and the analysis of corporate heterogeneity at the micro level,and finally draws a stable in conclusion.The research results show that:(1)The rise of economic policy uncertainty inhibits the level of industrial investment of enterprises,and the transmission of economic policy uncertainty to the enterprise level through real options and financial friction channels inhibits the industrial investment of enterprises.(2)Corporate financialization reduces the level of industrial investment of enterprises,and the smaller the interest rate difference between fixed assets and financial assets,the stronger the negative effect of corporate financialization on industrial investment.(3)Corporate financialization has slowed down the negative impact of rising economic policy uncertainty on corporate industrial investment,that is,under economic policy uncertainty,corporate financialization is more motivated by a "reservoir" to provide enterprises with financial support will promote the industrial investment of enterprises.(4)Under the loose monetary policy environment,the negative effect of corporate financialization on industrial investment is strengthened.Under the loose monetary policy environment,the arbitrage motive of enterprises is enlarged,which has a greater negative impact on industrial investment.(5)The industrial investment decisions of enterprises are also affected by their own development characteristics.Compared with non-state-owned enterprises,when the level of financialization of state-owned enterprises increases,the negative effect on industrial investment is stronger.This paper puts forward corresponding suggestions:starting from the macroeconomic environment and micro investment decision-making,to promote the sustainable development of the real economy.On the one hand,we should attach importance to the stability of the policy environment,take a long-term perspective and think carefully,promote the high-quality development of the capital market,improve the financing system of the financial market,and let finance return to the essence of serving the development of the real economy.On the other hand,enterprises should optimize their investment decisions,and continuously improve their value creation and investment efficiency through independent innovation,industrial upgrading,and optimization of product structure according to their own development characteristics and mastery of resources,and constantly improve their own adaptability to respond to fluctuations.the external economic policy environment.