基于融资约束理论的分析发现,房地产公司的现金持有与现金流量、货币供给正相关。因此,鉴于货币政策对中国房地产上市公司影响的复杂性,必须将其与其它调控措施更加紧密地协调以形成合力,才能对房地产市场实施有效管理。
Based on financial constraints theory, there is a positive correlation between the cash holdings of real estate company, cash flow and monetary supply. This viewpoint is supported by PVAR empirical research. For the complexity of monetary policy influence on real estate company, only when meshed with other regulatory measures, can monetary policy be effective to manage the real estate market.