关键词: 经济政策不确定性, 企业金融化, 公司价值

Abstract: 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.

Key words: economic policy uncertainty, corporate financialization, corporate value