Abstract
This paper aims to explore the impact of economic policy uncertainty on the degree of financialization of enterprises. Taking the A-share listed companies in Shenzhen and Shanghai from 2003 to 2022 as an example, the research shows that economic policy uncertainty has a promoting effect on the financialization trend of enterprises. Economic policy uncertainty significantly increases the proportion of financial asset investment of real enterprises, aggravates the financialization trend of enterprises, and produces the worry of industrial hollowing out. To restrain the process of enterprise "from real to virtual", this paper puts forward corresponding solutions from the level of state and enterprise.
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