经济政策不确定性对企业资产配置结构的影响——基于企业生命周期视角的再检验  

The Impact of Economic Policy Uncertainty on the Asset Allocation Structure of Firms:A Retest Based on a Firm Life-Cycle Perspective

作　　者：刘兴华[1] 洪攀 LIU Xing-hua;HONG Pan(School of Finance,Jiangxi University of Finance and Economics,Nanchang 330013)

机构地区：[1]江西财经大学金融学院,南昌330013

出　　处：《软科学》2025年第1期123-129,共7页Soft Science

基　　金：江西省社会科学“十四五”(2023年)基金重点项目(23YJ01);江西省研究生创新项目(YC2022-B142)。

摘　　要：基于2008—2021年A股上市非金融企业样本,实证研究经济政策不确定性对企业资产配置结构的影响,结果发现:经济政策不确定性显著改变了企业资产配置结构,突出体现为促进企业将更多资金投向金融资产而挤出固定资产投资。进一步基于生命周期视角进行研究,结果发现:经济政策的不确定性对成熟期阶段企业“脱实向虚”影响最为显著;衰退经济周期对企业“脱实向虚”起推波助澜作用,而繁荣经济周期的影响则相反。基于内在动机视角进行检验后发现:在经济政策不确定性影响下,企业在不同生命周期中是出于“风险规避”动机下保持资金流动性的“无奈之举”而被动选择“脱实向虚”,而非企业“有意为之”和“逐利动机”的影响。Based on the sample of A-share listed non-financial enterprises from 2008 to 2021,the empirical test found that economic policy uncertainty significantly changed the asset allocation structure,which was highlighted by promoting enterprises to invest more funds in financial assets and crowding out fixed asset investment.Further research based on the perspective of the life cycle finds that economic policy uncertainty has the most significant impact on the transition from real to virtual in the mature stage.The economic cycle of recession promotes the enterprise"out of real to virtual",while the economic cycle of prosperity is the opposite.Based on the intrinsic motivation perspective,it is found that under the influence of economic policy uncertainty in different life cycle stages,enterprises passively choose to"move from real to virtual"out of"risk avoidance"motivation to maintain liquidity,which excludes the influence of"intentional"and"profit-seeking".

关 键 词：经济政策不确定性 生命周期 资产配置结构 风险规避 逐利动机 

分 类 号：F832.51[经济管理—金融学] F120F275