经济政策不确定性、行业竞争与企业金融化

Economic Policy Uncertainty,Industry Competition and Corporate Financialization

基于行业竞争差异视角,考察经济政策不确定性对企业金融化的影响及行业竞争差异的调节效应。研究结果表明:经济政策不确定性对企业金融化具有抑制作用,且行业竞争程度越高,抑制作用越明显。商业信用政策、第二类代理成本在行业竞争程度抑制作用差异中具有中介效应。研究揭示了行业差异视角下经济政策不确定性影响企业金融化的传导路径和内在作用机理,有助于促进金融业与实体经济融合共生,实现企业脱虚向实、回归实业的基本目标。

From the perspective of industry competition difference,this paper studies the impact of economic policy uncertainty on corporate financialization and the moderating effect of industry competition difference.The results show that the economic policy uncertainty has a restraining effect on corporate financialization,and the higher the degree of industry competition,the more obvious the restraining effect.Commercial credit policy and the second type of agency cost have a mediating effect on the restraining effect differences of industry competition degree.It reveals the transmission path and internal mechanism of the influence of economic policy uncertainty on corporate financialization from the perspective of industry differences,which promotes the integration and coexistence of financial industry and real economy,and realizes the basic goal of enterprises transformation from virtual to real and return to industry.