关键词: 经济政策不确定性,金融化投资,套利

Abstract: According to the economic policy uncertainty index constructed by Baker et al., this paper makes use of the quarterly data of A-share listed companies from 2002 to 2016 to study the impact of economic policy uncertainty on corporate financial investment. The findings show that economic policy uncertainty inhibits the corporate financial investments, and its transmission mechanism is that economic policy uncertainty compresses the market arbitrage space and transmits it to the investment links. Further study of the samples is carried out by dividing them according to the nature of enterprise property rights, level of regional marketization and policy support. The results show that for the enterprises with strong sensitivity to economic policies, the economic policy uncertainty has a more significant inhibiting effect on their financial investments.

Key words: economic policy uncertainty; financial investment; arbitrage