【摘要】 利用Baker et al.构建的中国经济政策不确定性指数和我国A股上市制造业企业数据实证检验发现，经济政策不确定性上升显著提高了企业金融资产配置水平，且外部需求下降与融资成本上升是经济政策不确定性导致企业增加金融资产配置的重要机制。进一步研究表明，在经济政策不确定性上升背景下，企业金融资产配置主要体现为预防性储蓄动机，而非投机逐利动机。从增强宏观经济政策稳定性与深化金融供给侧结构性改革两个方面对引导我国实体企业“脱虚入实”提出政策建议。更多还原

【Abstract】 From the perspective of the uncertainty of government macroeconomic policy, this paper discusses the problem of “from the real to the virtual” in China’s economic development.Using Baker et al. constructed China’s economic policy uncertainty index and the data of China’s A-share listed manufacturing enterprises, it is found that the increase of economic policy uncertainty significantly improves the level of enterprise financial asset allocation, and the decline of external demand and the rise of financing cost are the important mechanisms for enterprises to increase financial asset allocation caused by economic policy uncertainty.Further research shows that in the context of rising uncertainty of economic policies, corporate financial asset allocation is mainly embodied as a precautionary saving motive rather than a speculative profit motive. This paper puts forward policy suggestions from two aspects of strengthening macroeconomic policy stability and deepening financial supply-side structural reform to guide China’s real enterprises to“move from the virtual to the real”.更多还原