货币需求的投机性动机还是预防性储蓄：来自房地产行业的证据

从公司货币需求的视角考察货币政策对房地产市场的影响，为货币政策的有效性提供了微观的研究视角。基于凯恩斯的流动性偏好理论和现金持有的权衡理论分析发现，公司的货币需求与货币供给的关系，随不同的动机而不同。实证的结果发现，房地产公司货币需求更多的体现了投机性动机。因此，针对货币政策对房地产公司影响的复杂性，必须与其它调控措施更加紧密的协调以形成合力，才能对房地产市场实施有效管理。

Speculative Motivation or Preventive Saving for Currency Demand: Evidence from Real Estate Industry

Inspecting the influence of currency policy on real estate from the perspective of currency demand of companies can provide micro research angle for the validity of currency policies. Through the analysis of fluidity preference theory and cash holding balance theory we find that the relationship of currency demand and currency supply for companies will vary with the different speculative motivations. The result of empirical study shows that： the currency demand for real estate companies reflects more speculative motivation. Therefore, in accordance with the influencing complicity of currency policies on real estate companies, there must form composition of forces through closer coordination with other adjusting measures that could implement effective management to real estate market.