中文摘要：

本文我国以房地产业2007-2011年财务数据为样本，考察了该行业为应对融资约束而运用营运资本来“平滑”固定投资的行为特征，并通过分解营运资本的构成检验了营运资本流动性结构的调整路径，即降低经营性营运资本（存货与商业信用）来补充流动性营运资本（现金）的结构调整方式，揭示了房地产企业对流动性风险的内生平滑机制，进而考察了货币政策影响流动性平滑的微观机理、数量特征及异质效应。

英文摘要：

Based on a sample containing financial information of the real estate industry of China in 2007-2011, this paper analyzes how the industry smoothes fixed investment using working capital in the face of financing constraint. By breaking down working capital into ORWC and LRWC, the analysis shows that the enterprises adjust the liquidity structure of working capital by lowing ORWC（inventory and trade credit）to replenish LRWC（cash）. This reveals the intrinsic smoothing mechanism of the real estate industry in addressing liquidity risks and the micro-mechanism, quantitative characteristics and heterogeneous impact of monetary policy on working capital management.