经济政策不确定性、企业金融化与公司价值

Economic policy uncertainty,corporate financialization and corporate value

理论分析和经验证据表明经济政策不确定性会影响企业投融资决策等微观行为,进而影响公司价值。以2007~2019年我国上市公司数据为研究样本,借鉴Baker等构建的经济政策不确定性指数实证分析经济政策不确定性对企业金融化和公司价值的影响。研究发现:经济政策不确定性对企业金融化水平有着正面的影响。但经济政策不确定性下,企业金融化水平影响公司价值的提升。进一步研究发现,相对于民营企业,经济政策不确定性下的企业金融化损害国有企业的公司价值;相对于中央国企,经济政策不确定性下的企业金融化损害地方国企公司价值。进一步对企业规模异质性、受融资约束程度等的差异进行分析,在微观作用机制上,发现经济政策不确定性下的企业金融化一方面挤出企业投资,另一方面抑制企业创新水平的提高是影响公司价值提升的重要原因。

This article uses the data of my country's listed companies from 2007 to 2019 as a research sample,and draws on the economic policy uncertainty index constructed by Baker et al.to empirically analyze the impact of economic policy uncertainty on corporate financialization and corporate value.The study found that the uncertainty of economic policy has a positive impact on the level of corporate financialization.However,under the uncertainty of economic policy,the level of corporate financialization affects the enhancement of corporate value.Further research found that,compared with private enterprises,corporate financialization under economic policy uncertainty damages the corporate value of state-owned enterprises;compared with central state-owned enterprises,corporate financialization under economic policy uncertainty damages the value of local state-owned enterprises.We further distinguish the differences in enterprise scale heterogeneity and degree of financing constraints for analysis.In terms of the micro mechanism of action,we find that the financialization of enterprises under economic policy uncertainty squeezes out enterprise investment on the one hand,and inhibits the improvement of enterprise innovation level on the other hand,is an important reason that affects the increase of company value.