关键词: 政策不确定性, 企业金融化, 实体经营投资

Abstract: In recent years, Chinas economic development has gradually shown a trend of “financialization” At the micro level, the choice of Chinese enterprises on financial investment or entity business investment has received extensive attention Based on the quarterly data of non-financial enterprises in A-share market from the first quarter of 2007 to the third quarter of 2018, theoretical analysis and empirical research on the relationship among policy uncertainty, financialization of enterprises and entity business investment are made The results show that the increase in policy uncertainty will restrain financialization of enterprises For enterprises, the degree of financialization is negatively correlated with the investment in entity business With the rising degree of financialization, the investment in entity business will be reduced The inverse effect is even more significant when the level of policy uncertainty is high The conclusion is helpful to guide enterprises to balance the asset allocation between financial investment and investment in entity business And it is also conducive to the governments formulation of economic policies in the financialized environment

Key words: policy uncertainty, financialization of enterprises, investment in entity business