Research on the Impact of Trade Policy Uncertainty on Corporate Financialization
With the intensifying impact of trade protectionism,the Chinese economy is facing unprecedented severe challenges,and the phenomenon of real economy enterprises shifting towards virtual economy activities is increasingly prominent.Based on panel data from A-share listed manufacturing companies in the Shanghai and Shenzhen stock exchanges from 2011 to 2022,this paper empirically examines the impact of trade policy uncertainty on the tendency of corporate financialization and its underlying mechanisms.The research findings show that with the rise of trade policy uncertainty,the tendency towards corporate financialization becomes more apparent;trade policy uncertainty mainly affects corporate financialization through strengthening the mechanisms of"investment substitution"and"reservoir".Further analysis shows that compared to state-owned enterprises,non-state-owned enterprises exhibit a more significant inclination towards financialization when trade policy uncertainty rises.This study not only enriches the research on the causes of corporate financialization from the perspective of trade policy uncertainty but also provides insights and guidance on how to strategically adjust corporate behavior in the current environment.
trade policy uncertaintyfinancializationenterprise investment and financing
NETL
NSTL
万方数据
