地缘风险、经济政策不确定性与企业金融化

Geopolitical Risk,Economic Policy Uncertainty and Corporate Financialization

本文以2008年第一季度至2020年第三季度A股非金融类上市企业作为研究样本,实证考察了地缘风险和经济政策不确定性对企业金融化程度的影响。研究发现,(1)随着地缘风险和经济政策不确定性上升,企业金融化程度提高。且在地缘风险的调节下,经济政策不确定性对金融资产配置占比的促进作用进一步加强。(2)区分长短期金融资产后,地缘风险对金融资产配置占比的影响更偏向长期,且在非制造业、小规模、盈利状况较弱的企业样本中更为显著;而经济政策不确定性则在非制造业、小规模、盈利状况较强的企业样本中更为显著。(3)地缘风险通过加强企业面临的外部融资约束,进而导致企业金融化程度加剧。本文拓宽了外部环境不确定性对企业金融化的相关领域研究,对政府把握国内外不确定性事件冲击、治理微观企业金融化问题具有一定的参考价值。

This paper uses the China A share non-financial listed companies'quarterly data from the first quarter of 2008 to the third quarter of 2020 as the research sample to empirically study the impact of geopolitical risk and economic policy uncertainty on the corporate financialization.The results show that:(1)with the rise of geopolitical risk and economic policy uncertainty,the degree of corporate financialization will be higher.At the same time,under the adjustment of geopolitical risk,the role of economic policy uncertainty in promoting the proportion of financial asset allocation is further strengthened.(2)after dis-tinguishing the term structure of financial assets,the impact of geopolitical risk on financial asset allocation is more long-term,and it is more significant in the sample of non-manufacturing,small size and low profitability.While economic policy uncertainty is more significant in the sample of non-manufacturing,small size and high profitability.(3)geopolitical risk intensifies the degree of corporate financialization by strengthening their external financing constraints.This paper broadens the research on the impact of exter-nal environmental uncertainty on corporate financialization,and has some reference values for government to respond to the impact of uncertain events at home and abroad and deal with the problems of corporate financialization in China.