【论文信息】

Yao M（姚梅洁）, Chen W（陈伟）. Government subsidies, economic policy uncertainty and corporate financialization[J]. International Review of Financial Analysis, 104（2025）104350.（中科院SSCI二区Top期刊，ABS三星期刊）

https://doi.org/10.1016/j.irfa.2025.104350

【作者信息】

第一作者:姚梅洁，博士，研究方向为企业行为、制度环境和政商关系。

通讯作者:陈伟，博士，教授，研究方向为企业行为、企业管理和技术创新管理。

【论文摘要】

This study focuses on A-share listed companies from 2012 to 2023, aiming to analyze the impact of government subsidies on corporate financialization and the moderating role of economic policy uncertainty. The empirical results show that government subsidies significantly inhibit corporate financialization, while economic policy uncertainty amplifies this inhibitory effect. Specifically, when economic policy uncertainty rises, the inhibitory effect of government subsidies on corporate financialization becomes more pronounced. Additionally, the study finds that financing constraints play a partial mediating role in the process by which government subsidies inhibit corporate financialization. The findings of this research expand the research perspective in the field of corporate financialization, providing theoretical foundations and practical guidance for governments to precisely formulate subsidy policies and for enterprises to reasonably adjust their business strategies to promote the coordinated development of the real economy and finance.