作为我国重大民生工程，棚户区改造自实施以来就成为学界热议的话题。同时棚改货币化安置作为一种非常规货币政策，对其经济后果的研究却又尚少。本文以棚改货币化安置政策作为切入，选取2013-2020年我国48个地级市作为样本，手工搜集棚户区改造相关数据，构建连续型双重差分模型探究棚改货币化安置政策对不同线级城市房价、房地产行业投融资决策的影响，得出如下结论：棚改货币化安置政策刺激房价上涨；在短期内推动房地产企业扩大投资，但是对房地产企业资产负债率并无显著影响；在长期内显著提高房地产企业开发投资完成额和资产负债率。同时本文进一步进行异质性分析，发现棚改货币化安置政策对三四线城市特别是三四线非省会城市的影响更为深远。本文对于棚改货币化安置政策经济后果的研究具有重要启示，同时希望对宏观政策调控房地产市场方面给出一定建议参考。

As a major livelihood project in China, shantytown renovation has become a hot topic since its implementation. But as a monetary policy, there is still scarce research on the economic consequences of monetized resettlement of shantytown renovation. This paper takes the perspective of shantytown renovation monetized resettlement, selects 48 prefecture-level cities in China as samples from 2013 to 2020, manually collects data related to shantytown renovation, and constructs the continuous differences-in-differences(DID) method to explore the impact of monetized resettlement of shantytown renovation on commodity residential prices, real estate sector investment and debt levels in different tiers of cities. This paper draws the following conclusions: the policy of monetized resettlement of shantytown renovation significantly promotes the increase of commodity residential prices. In the short term, it pushes real estate enterprises to expand investment, but has no effect on their asset liability ratio. In the long run, the policy of the monetized resettlement of shantytown renovation significantly increases the amount of development investment and asset liability ratio of real estate enterprises. At the same time, this paper further conducts heterogeneity analysis and finds that the impact of the policy of the monetized resettlement of shantytown renovation is more far-reaching for the third and fourth tier cities, especially the third and fourth tier no-provincial capital cities. This paper is an important revelation for the study of the economic consequences of monetized resettlement of shantytown renovation, and hope to give some reference to the macro policy regulation of real estate market.