Research On The Influence Of Enterprise Financialization On Enterprise Value Under The Background Of Uncertain Economic Policy

In recent years,China’s economy has been in a new normal trend,with overcapacity in the manufacturing industry and the continuous decline of profits in the real economy,and the real economy has encountered difficulties.However,with the rapid development of our country’s financial market,the profits of the investment in financial and real estate industries continue to increase,then most real enterprises also choose to deploy a large number of financial assets,which improves the level of corporate financialization.At the same time,in order to stabilize the economy,the government has implemented different economic policies,further enhancing the uncertainty of our country’s economic policies.Under the background of economic policy uncertainty,our country’s real economy is in a downturn,and the phenomenon of corporate financialization is becoming more and more serious.Therefore,it is of practical significance to study the impact of corporate financialization on corporate value under economic policy uncertainty.This paper firstly sorts out the previous domestic and foreign literatures on economic policy uncertainty,corporate financialization and corporate value,and finds that corporate financialization mainly produces corporate value through the surplus effect mechanism and the substitution effect mechanism,and the uncertainty of economic policy mainly affects the financialization of enterprises through risk aversion mechanism,liquidity management mechanism and profit-seeking mechanism,and then affects the value of enterprises.Then,this paper uses the China Economic Policy Uncertainty Index compiled by Huang Yun and Lu Shangqin from 2007 to 2020 and the data of China’s A-share listed non-financial enterprises to determine the current situation of our country’s economic policy uncertainty and the current state of corporate financialization of our country’s non-financial enterprises.Finally,this paper constructs a panel data regression econometric model for empirical research,studies the impact of corporate financialization on corporate value from the perspective of financial asset heterogeneity,and further analyzes the impact of corporate financialization on corporate value under the background of economic policy uncertainty.Through mechanism analysis,status quo analysis and empirical analysis,this paper finds that on the whole,corporate financialization has an inhibitory effect on corporate value.Based on the heterogeneity of financial assets,when companies are motivated by precautionary savings,companies allocate short-term financial assets,and short-term corporate financialization will promote corporate value;when motivated by market arbitrage,companies allocate long-term financial assets,and long-term corporate financialization has an inhibitory effect on the enterprise value,and the impact of the enterprise’s allocation of long-term financial assets on the enterprise value is significantly greater than that of the enterprise’s allocation of short-term financial assets on the enterprise value.Against the background of economic policy uncertainty,this paper finds that economic policy uncertainty will further aggravate the negative impact of corporate financialization on corporate value.In view of the above research conclusions,in order to guide financial institutions to better serve the real economy,this paper finally puts forward suggestions from the perspective of the government and enterprises.