经济政策不确定性对企业金融化的影响

Influence of economic policy uncertainty on corporate financialization

针对经济政策不确定性对企业金融化影响的问题,采用实证研究的方法,以2011—2021年中国A股上市公司为研究对象,从数字金融、融资约束视角分析经济政策不确定性对企业金融化的影响。研究表明:经济政策不确定性与企业金融化显著正相关;数字金融在经济政策不确定性与企业金融化之间发挥负向调节作用;融资约束在经济政策不确定性与企业金融化之间发挥正向调节作用。研究结论为减少经济政策不确定性对企业的影响,防止企业过度虚拟化提供参考。

Regarding the impact of economic policy uncertainty on corporate financialization,an empirical research method is adopted,Chinese A-share listed companies from 2011 to 2021 are taken as research object,and the impact of economic policy uncertainty on corporate financialization is analyzed from the perspectives of digital finance and financing constraints.Research shows that economic policy uncertainty is significantly positively correlated with corporate financialization.Digital finance plays a negative regulatory role between economic policy uncertainty and corporate financialization.Financing constraints play a positive regulatory role between economic policy uncertainty and corporate financialization.The research conclusion provides reference for reducing the impact of economic policy uncertainty on enterprises and preventing excessive virtualization of enterprises.