中文摘要：

兼具投资和消费双重属性的住房，其风险和收益之间是否遵从传统金融资产的“高风险高收益”关系？每个家庭消费住房居住服务时都面临了租金风险，而拥有住房所有权则可以对冲租金风险、套保未来的住房消费。“住房消费套保效应”会激励家庭的购房需求，进而缓解甚至逆转传统金融资产的“高风险高收益”关系。本文运用中国70个大中城市2006—2011年的数据对住房市场的风险-收益关系进行实证研究，发现我国住房市场存在显著的住房消费套保效应；住房消费套保效应强的市场上，该效应甚至逆转了传统的“高风险高收益”关系，预期收益与风险呈负相关关系；在上升市场和供给弹性小的市场上住房消费套保效应更为显著。本文的研究具有丰富的政策含义。

英文摘要：

What does the consumption attribute of housing affect traditional positive risk-return relationship？ Every household with housing consumption confronts with rent risk, and housing ownership can help household hedge the rent risk and provides a hedge against future housing consumption risk. The housing consumption hedge effect will simulate household＇ s demand for housing ownership, and may offset or even inverse the traditional positive risk-return relationship. 70 Chinese cities＇ data during the period from 2006 to 2011 are employed in our empirical study. Our findings are as follows ： housing consumption hedging effect exists in Chinese housing markets. With the housing markets in which the consumption hedge effect dominates the financial risk effect, the housing consumption hedge effect inverses the traditional positive risk -return relationship. The housing consumption hedging effect appears to be stronger in markets of short supply and small supply elasticity. Our study has rich policy implications.