[摘　要]　分析了房地产财富效应对其自身消费和投资的影响。房地产业统计数据的实证结果表明，房地产财富效应对其自身消费和投资都具有正的影响作用，并且对消费的作用大于对投资的影响作用。房价上涨助推了房地产消费，这说明我国房地产业的消费以投资消费为主，政府应从抑制投资消费需求和增加保障房供给两方面加强宏观调控。

[关键词]　房地产；财富效应；消费；投资；影响

Abstract: This paper analyzes the wealth effect of real estate on their own consumptions and investments. The empirical results of real estate statistics show that wealth effect has a positive impact on their own consumptions and investments, and the impact on consumption is more than on investment. The rising prices of real estate boost consumption. This shows that consumption in China real estate market is based on investment. Government should restrain consumers' investment demand and increase housing supply to strengthen macro-control.

Key words: real estate; wealth effect; consumption; investment; effect

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