文章基于财务柔性视角,研究了货币政策调控对房地产企业“银根”的影响,并解释了我国货币政策不断出台和房价不断上涨并存的现象。研究发现,货币政策能够有效影响房地产企业的融资行为,但对财务柔性不同的房地产企业来说,货币政策的调控效果存在显著差异,财务柔性水平较高的房地产企业在面对货币政策冲击时具有较强的适应性。文章研究表明,货币政策能够在一定程度上影响房地产企业“银根”,但财务柔性因素可能使调控效果大打折扣。
From a perspective of financial flexibility, this paper studies the effect of monetary policy regulation on the monetary situation of real es- tate enterprises and provides an explanation o{ the phenomenon that the con- tinuous introduction of monetary policy and the constant increase in housing prices coexist in China. It shows that monetary policy can effectively affect the financing behavior of real estate enterprises, but as for real estate enter- prises with different financial flexibility, the regulation effects of monetary policy vary widely, namely real estate enterprises with higher financial flexi- bility are adaptable when confronting monetary policy shocks. This paper in- dicates that although monetary policy can affect the monetary situation of re- al estate enterprises to a certain extent, the regulation effect greatly weakens owing to financial flexibility.