关键词: 经济政策不确定, 脱实向虚, 制造业

Abstract: With a low return rate of the investment in real economy, manufacturing enterprises are gradually deviating from the main business operation, which is manifested the obvious financialization. This paper analyzes the impact of economic policy uncertainty on the financialization of manufacturing enterprises based on the data of Chinese Ashare listed manufacturing companies from 2009 to 2019. This paper further identifies the mediating and moderating effects through empirical analysis from the theoretical perspectives of cash holding, real options and principalagent theory, and gets the following conclusions: (1) economic policy uncertainty increases the degree of financialization of manufacturing enterprises. (2) Financing constraints have a mediating effect on the relationship between economic policy uncertainty and the financialization of manufacturing enterprises. (3)Ownership concentration, customer concentration and bank supervision all weaken the positive impact of economic policy uncertainty on the financialization of manufacturing enterprises. After replacing the core variables and accounting for the effects of ownership and size heterogeneity, government subsidies, omitted variable bias and endogeneity, the conclusions are still robust. This paper also puts forward some targeted suggestions on the policy implementation,liquidity support, capital flow supervision.

Key words: economy policy uncertainty, trend of financialization, manufacturing industry