中文摘要：

基于CAPM模型不能检验出全国房地产价格对房地产股票收益的影响，使用分区域的房地产价格指数建立面板回归模型发现房地产价格是房地产股票的风险报酬因素，对房地产股票收益有正向影响。其中，业务范围集中在一线城市的房地产股票收益对房地产价格的敏感度高于二线城市。对零售行业股票建立面板数据回归模型得到类似结论，为我国资本市场具有实体经济的“睛雨表”作用提供了证据。

英文摘要：

In the frame of CAPM, no significant effect can be tested by using the average real estate index as a regression factor to real estate stock returns. However, results from panel data regression built on real estate price indices of different cities indicate a positive re- lation between real estate stock returns and price indices. The sensitivity between real estate returns and price variation differs from area to area. The tier-1 city focused companies are more sensitive to real estate price than the tier-2 city focused companies. Empirical test on retail industry shows coincident results, which provide firm evidence of capital market＇ s function as a barometer of industrial economy.