经济政策不确定性、相对业绩与企业金融化  

Economic Policy Uncertainty, Relative Performance and Corporate Financialization

作　　者：顾远 吴佳佳 GU Yuan;WU Jiajia(School of Business,AHUT,Ma’anshan 243002,Anhui,China)

机构地区：[1]安徽工业大学商学院,安徽马鞍山243002

出　　处：《安徽工业大学学报（社会科学版）》2023年第1期6-11,32,共7页Journal of Anhui University of Technology：Social Sciences

摘　　要：选取2008—2020年沪深A股上市公司的数据,考察经济政策波动对企业金融投资决策的影响,探究其中的影响机制,并分析公司相对业绩对经济政策不确定性与企业金融化的调节效应。研究发现,经济政策不确定性与企业金融化正相关,经营风险在其中起到了部分中介的传导作用,这一情况在公司相对业绩表现好的企业中更加明显。Data from A-share listed companies in Shanghai and Shenzhen from 2008 to 2020 are selected to examine the im-pact of economic policy fluctuations on firms’financial investment decisions,to explore the mechanisms of influence decisions,and to analyze the moderating effect of firms’relative performance on economic policy uncertainty and firms’financialization.It is found that economic policy uncertainty is positively related to corporate financialization,in which business risk plays a partially me-diating role in the transmission,which is more obvious in firms with good relative performance.

关 键 词：经济政策不确定性 企业金融化 公司相对业绩 

分 类 号：F120[经济管理—世界经济] F275F832.51