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.

中文翻译：

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政府补贴、经济政策不确定性和企业金融化

本文以 2012—2023 年的 A 股上市公司为研究对象，旨在分析政府补贴对企业金融化的影响以及经济政策不确定性的调节作用。实证结果表明，政府补贴显著抑制了企业金融化，而经济政策的不确定性放大了这种抑制效应。具体来说，当经济政策不确定性上升时，政府补贴对企业金融化的抑制作用会更加明显。此外，研究发现，融资约束在政府补贴抑制企业金融化的过程中起着部分中介作用。研究结果拓展了企业金融化领域的研究视角，为政府精准制定补贴政策、为企业合理调整经营策略以促进实体经济和金融协调发展提供了理论基础和实践指导。