The central bank implements a series of monetary policies to regulate the real estate industry. To explore how these monetary policies affect different geographical environment in the commercial credit financing,this study uses the regression method containing interactive items and analyzes the institutional environment on the influence of the commercial credit financing for real estate enterprises and finds the different role of monetary policy adjustments in various regions of the company's business credit financing amount. The study found the degree of government intervention,the level of financial development,legal soundness of interaction on the scale of corporate commercial credit financing;tightening in monetary policy,the amount of the high degree of market areas of commercial credit financing increases. The results enrich the interaction between monetary policy and corporate behavior.%为调控房地产市场，央行实行了一系列的货币政策。统一的货币政策在传导过程中受到区域制度环境的影响，对企业的商业信用融资产生区域差异。运用含有交互项的回归方法分析制度环境对房地产企业商业信用融资的影响以及货币政策调整对各地区企业商业信用融资的作用差异。研究发现政府干预程度、金融发展水平、法律健全程度三者相互作用影响企业商业信用融资的规模；在货币政策紧缩时，市场化程度高的地区商业信用融资的额度增加。分析结果丰富了货币政策与企业行为的互动关系。
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