| In recent years,with the slowly recovering situation of the the international economic,the return rate of real economy continues to decline,and the relative return rate of financial assets is constantly diverging.Many non-financial enterprises choose to put their capital into the financial field,and the degree of corporate financialization deepens yearly in the world.Although financial investment can bring considerable profits to enterprises in a short time,the excessive funds flowing into the financial industry crowd out the real economy,and financial risks continue to accumulate after being magnified by leverage.Policy makers hope to curb the trend of excessive financialization by policies.In fact,studies have shown that economic policy uncertainty can have an impact on corporate financialization.Therefore,it is of theoretical and practical significance to study the impact of economic policy uncertainty on corporate financialization and its mechanism.The existing research mainly uses the comprehensive index of Epu as a measurement index to discuss the economic consequences caused by the uncertainty of economic policy,and less attention to different types of policy uncertainty on the enterprise investment decision-making whether there is a difference in economic consequences,which has become the theme of this paper.In addition,this paper also makes a heterogeneous analysis of the impact of economic policy uncertainty on enterprise financialization under different conditions,the purpose of this study is to explore the different results of financial investment of firms with different characteristics under the influence of economic policy uncertainty.The empirical measurement index of economic policy uncertainty used in this paper is China’s economic policy uncertainty index compiled by Huang and Baker.This paper studies the economic policy uncertainty and enterprise financial investment,and describes the interaction mechanism of various factors according to the economic consequences of different types of economic policies,and finally draws a stable conclusion.The results show that:(1)Economic policy uncertainty has a positive effect on corporate financial investment behavior.(2)Different types of economic policy uncertainty have different effects on enterprise financial investment behavior.Fiscal policy uncertainty will stimulate enterprises to increase financial investment,while monetary policy uncertainty will inhibit enterprise financial investment,and the inhibitory effect of monetary policy uncertainty is greater than that promoting effect of financial policy.(3)The inhibitory effect of monetary policy uncertainty on enterprise financial investment behavior is regulated by credit constraints.The stronger financing constraints causes the greater inhibitory effect on enterprises.(4)The financial investment behavior of enterprises in different conditions is significantly different under the influence of economic policy uncertainty.Finally,combined with the empirical results,this paper puts forward some relevant suggestions,such as formulating economic policies carefully,improving the return on investment of the real economy,and dredging the policy transmission channels. |
