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中文摘要：
根据现代公司金融理论，在经济转型的制度背景下，以我国房地产行业上市公司为样本，研究现金流波动对投资行为的影响，分别讨论不同产权性质及规模的房地产公司的投资行为差异与动因。实证结果表明，第一，投资关于现金流波动是敏感的，当投资机会与现金流波动共同作用时尤为显著，其中不仅有信息不对称现象还有严重的代理问题；第二，国有企业存在较严重的“预算软约束问题”；第三，大公司投资对现金流波动更敏感。
英文摘要：
According to the basic principles of the modern company finance, this paper studies the influence of cash flow volatility on the companies＇ investment, based on the China real estate listed firms in the recent years. We analyze the investment and the inner mechanism, which are grouped under the size and dual property structure of companies. The results show that （1） as investment is sensitive to cash flow volatility, not only information asymmetry but also principalagency problem occurs when the interaction between the investment opportunity and cash flow volatility is significant; （2） there is a serious soft budget constraint in companies state-owned; （3） the investment is more sensitive to cash flow volatility in large companies than small ones.
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