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

摘要： 当前，实体经济投资回报率低，制造业企业逐渐显现出“脱实向虚”的特征，主要表现为制造业企业金融化程度较为明显。本文使用2009—2019年中国A股制造业上市公司数据，研究了经济政策不确定性对制造业企业“脱实向虚”的影响。本文基于现金持有、实物期权和委托代理理论，进一步识别了两者关系的中介效应及调节效应，通过实证分析发现：（1）经济政策不确定性增加了制造业企业的“脱实向虚”程度；（2）融资约束对于经济政策不确定性和制造业企业“脱实向虚”之间的关系具有中介效应；（3）企业的股权集中度、客户集中度、银行监督程度均减弱了经济政策不确定性对制造业企业“脱实向虚”的正向影响。通过替换核心变量，本文在考虑所有制和规模异质性、政府补助的影响后，其主要结论仍然稳健。本文针对监管部门政策实施、流动性支持、资金流向监管等方面，提出了有针对性的建议。

关键词: 经济政策不确定, 脱实向虚, 制造业