| In the previous years,economic policies have fluctuated frequently and the trend of financialization of real enterprises has become increasingly prominent.The impact of economic policy uncertainty on enterprise financialization has become the focus of academic attention.The thesis develops an econometric regression model using the enterprises of A-share listed companies in China’s Shanghai and Shenzhen stock exchanges for the period of 2010-2021 as the research sample,analyzing the impact of economic policy uncertainty on enterprise financialization by controlling for individuals and industries.And quantile regressions are used to examine the differences in the effects of economic policy uncertainty on enterprise financialization at different quantile conditional distributions.By quantifying the relative magnitudes of the "precautionary saving" and "profit chasing" motivations through a mediation test of enterprise liquidity demand and the growth rate of investment return,the thesis provides a rational explanation for the impact of economic policy uncertainty on enterprise financialization from the perspective of financialization motivation.Further,propensity score matching method,Heckman two-stage method,instrument variables estimation and SYS-GMM inspection are used to deal with possible endogeneity,and the robustness tests include substitution of explanatory variables,substitution of explanatory variables and change of study duration.Regarding the mechanism of the impact of economic policy uncertainty on enterprise financialization,the thesis examines the mediation effect of executive overconfidence and firm risk-taking.Besides,the moderation effect of financing constraints and executive financial experience are examined,the heterogeneity in financial asset categories,marketization degree and economic policy categories is also discussed.The findings show that enterprise financialization is significantly positively impacted by economic policy uncertainty,and this relationship held after a number of endogenous treatments and robustness tests.From the low to the high quantile,the impact of economic policy uncertainty on enterprise financialization gradually strengthens as the degree of financialization increases.This promotion effect is more significant in short-term trading financial assets and in regions with a high degree of marketization.Different economic policy uncertainties all have a positive impact on enterprise financialization,but fiscal and monetary policy uncertainty has a more pronounced role than trade and foreign exchange policy uncertainty.Economic policy uncertainty significantly promotes enterprise financialization by enhancing the"precautionary saving" motivation and significantly inhibits enterprise financialization by alleviating the "profit chasing" motivation,and the "precautionary saving" motivation has a greater impact.Regarding the mechanism of the impact of economic policy uncertainty on enterprise financialization,the "precautionary saving"motivation leads to economic policy uncertainty that promotes enterprise financialization by discouraging executive overconfidence and exacerbates the trend of enterprise financialization by weakening enterprise risk-taking.Both financing constraints and executive financial experience positively adjust the relationship.At last,policy solutions are suggested in light of the aforementioned findings to lessen the negative effects of economic policy uncertainty and to help businesses deploy financial assets sensibly. |
