经济政策不确定性与企业金融化——基于企业金融化动机的分析

Economic Policy Uncertainty and Enterprise Financialization——An Analysis Based on the Motivation of Enterprise Financialization

企业在面临经济政策不确定性时会如何配置金融资产?本文基于上市工业企业年度数据,研究发现:经济政策不确定性在总体上会促进企业金融化;区分金融资产类型后,发现企业会增加流动性金融资产,而减持逐利性金融资产;这表明在面临经济政策不确定时,企业金融化倾向更甚,但其动机主要表现为流动性寻求。进一步分析发现,经济政策不确定性对企业金融化的影响存在基于企业杠杆率、成长性、盈利能力,风险承担能力、规模的异质性特征;但这种特征仅显著存在于流动性金融资产配置上;这表明不同个体特征的企业在面临经济政策不确定性时的风险态度差异,体现在流动性寻求方面比在利润追逐上更明显。而外部融资约束的异质性影响均存在于不同类型的金融资产配置上。

How do enterprises allocate financial assets when facing economic policy uncertainty?Based on the annual data of listed industrial enterprises,the study finds that:economic policy uncertainty will improve the level of corporate financialization in general;after distinguishing the types of financial assets,it is found that the enterprise will increase the liquidity of financial assets and reduce the profit-seeking financial assets;this indicates that when faced with uncertain economic policies,enterprises tend to be more financialized,but their motivation is mainly to seek liquidity.Further analysis shows that the impact of economic policy un⁃certainty on corporate financialization is based on the heterogeneity of corporate leverage,growth,profitability,risk-taking ability and scale;however,this feature only exists significantly in the allocation of liquid assets;this indicates that enterprises with diffe⁃rent individual characteristics have different risk attitudes when facing the uncertainty of economic policies,which are more obvious in the search for liquidity than in the pursuit of profits.The heterogeneous effects of external financing constraints exist in different types of financial asset allocation.