Abstract：Based on newspaper text data from 2005 to 2021, this paper constructs a monthly index of credit policy uncertainty through text analysis, uses a panel fixed effects model to analyze the impact of credit policy uncertainty on corporate financialization, and conducts a series of heterogeneity analyses on the motivation of corporate financialization. The results show that:(1)The increase in credit policy uncertainty has a significant dampening effect on firms' financialization, but it does not mean the alleviation of the “de-realization” phenomenon, and the increase in credit policy uncertainty makes firms prefer “real investment substitution”. The rise in credit policy uncertainty will make firms prefer “real investment alternatives” to financial assets.(2)In terms of firm heterogeneity, the dampening effect of credit policy uncertainty on firms' financialization is particularly pronounced in regions with high financial development and in non-state owned enterprises.(3)In terms of corporate financialization motivation, firms with weaker financing constraints and better financial positions are more sensitive to changes in credit policy uncertainty, suggesting that profit-seeking is still the main motivation for financialization in China. The findings of this paper provide useful empirical references for alleviating the problem of excessive financialization of corporates and guiding finance to return to its origin of serving the real economy.

Keyword：Credit Policy Uncertainty; Corporate Financialization; Financing Constraints;