This paper mainly studies the impact of China's macroeconomic policies (monetary policy) on the efficiency of investment in real estate listed companies. Based on real estate listed companies as the research object, within the 2008-2009 years of time window, this paper examines the relationship between monetary policy and the excessive investment based on the Richardson (2006) model. The results show that China's state-owned holding listed companies generally have excessive investment behavior and invest too much greater degree than the private listed companies. And further, tight monetary policy and the investment efficiency of state-owned holding listed companies have significantly negative relationship. In the tight monetary policy period, state-owned holding listed companies still exists over investment behavior. This paper's policy implication is that deflating macroeconomic regulation should consider the differences of micro entity background, otherwise, the macroeconomic regulation' efficiency and effective should be discounted.
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