Monetary Policy, Financial Constraints and Investment Behavior——Empirical Evidence from Listed Real Estate Companies

Based on the empirical data of listed real estate companies during 2004~2014, measuring macro monetary policy has exerted influences on the micro investment of real estatecompanies. We analyze how monetary policy affects the investment of enterprises through financial constraints. Results show that when the policy is loose, the investments increase; the degree of policy effects varies from company to company and the bigger the restraints are to the company, the bigger influences it has on the investment. Monetary policy does have influences on the investment behavior of companies, but they are minimal.