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IMPACT OF ECONOMIC POLICY UNCERTAINTY ON FINANCIALIZATION OF ENTERPRISES
Zhou, Yuzhang
Zhou, Yuzhang
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Thesis/Dissertation
Date
2025-05
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Global Finance
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https://doi.org/10.34944/htmm-5r27
Abstract
Since 2008, the economic policy uncertainty in China has increased under the impact of the financial crisis, reaching new heights with the outbreak of the COVID-19 pandemic in 2020. Meanwhile，against the backdrop of gradual financial marketization reform and rapid financial market development, the growing enthusiasm of enterprises participating in financial markets has sparked academic and governmental concerns about China's economic "shift from real to virtual economy" and corporate financialization. Taking the elevated economic policy uncertainty induced by the 2008 financial crisis and the 2020 pandemic as research contexts, this dissertation systematically investigates the mechanisms and heterogeneous effects of economic policy uncertainty on enterprises financialization.
Existing research has identified that economic policy uncertainty affects corporate investment and innovation through risk circumvention mechanisms, precautionary savings mechanisms, and investment shift mechanisms. Building on these theoretical foundations, the dissertation explores the financialization patterns of Chinese A-share listed enterprises from 2008 to 2021 under economic policy uncertainty. The results reveal that rising economic policy uncertainty prompts enterprises to increase financial asset allocations, but such allocations are primarily driven by liquidity-seeking precautionary savings motives rather than profit-oriented investment substitution strategies. Further heterogeneity analysis categorizing enterprises by size, risk resilience, growth potential, capital intensity, profitability, leverage ratios, and financing constraints demonstrates significant differential responses to economic policy uncertainty across firm characteristics.
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