金融理论与教学2025，Vol.43Issue(3)：1-12,12.
经济政策不确定性对企业金融化的影响
The Impact of Economic Policy Uncertainty on Enterprise Financialization:Based on the Mediating Effect of Digital Transformation and the Threshold Effect of Green Technology Innovation
摘要
Abstract
The research discusses the influence of economic policy uncertainty(EPU)on enterprise financialization from the mediating effect of digital transformation and the threshold effect of green technology innovation,which offers new way of thinking for enterprises'shift from virtual economy to real economy,the integration of digital technology and the real economy as well as the green development.Based on the panel data of China's A-share listed companies during 2013-2022,this paper empirically analyzes the multidimensional effects of EPU on enterprise financialization by using fixed effect panel model.The research indicates that:(1)EPU has a significant inhibitory effect on enterprise financialization,and this conclusion passes the robustness test of changing explanatory variables,dynamic panel GMM estimation,and PSM-DID.(2)Heterogeneous effect suggests that the inhibitory effect is more significant in state-owned enterprises,enterprises in developed eastern regions,supported enterprises,and non-start-up enterprises.(3)The mediating effect indicates that an increase in EPU promotes the digital transformation of enterprises,thereby inhibiting enterprise financialization.(4)The threshold effect shows that before and after the threshold,the inhibitory effect of EPU on enterprise financialization strengthens with the increase in the level of enterprise green technology innovation.The research provides a reference for the government in choosing reasonable ways to implement policies,promoting the return of enterprises to the real economy,and achieving high-quality development.关键词
经济政策不确定性/企业金融化/数字化转型/绿色技术创新/PSM-DIDKey words
economic policy uncertainty/enterprise financialization/digital transformation/green technology innovation/PSM-DID分类
管理科学引用本文复制引用
徐云松,吴安琪..经济政策不确定性对企业金融化的影响[J].金融理论与教学,2025,43(3):1-12,12.基金项目
中央高校基本科研业务费专项资金资助项目"数字经济赋能新质生产力的多维机理与效应研究"(24QN40). （24QN40）
