Economic Policy Uncertainty and Corporate Financialization

Abstract

The article selects listed companies in the non-financial and non real estate industries of China's A-share market from 2010 to 2020 as research samples to empirically examine the relationship between economic policy uncertainty faced by individual enterprises and their financialization. Research has found that economic policy uncertainty significantly suppresses the level of corporate financialization, and the level of corporate social responsibility plays a negative moderating effect in this process; The results of heterogeneity analysis show that the inhibitory effect of economic policy uncertainty on the level of corporate financialization is more pronounced in the central region and state-owned enterprises. The research conclusion of this article provides reference value for the government to prevent excessive financialization of the real economy.