Abstract: Data from A-share listed companies in Shanghai and Shenzhen from 2008 to 2020 are selected to examine the impact of economic policy fluctuations on firms’ financial investment decisions, to explore the mechanisms of influence decisions, and to analyze the moderating effect of firms’ relative performance on economic policy uncertainty and firms’ financialization. It is found that economic policy uncertainty is positively related to corporate financialization, in which business risk plays a partially mediating role in the transmission, which is more obvious in firms with good relative performance.