中文摘要：

实证分析表明，我国居民住房资产的财富效应不强，但这种财富效应存在。居民人均拥有住房价值的稳定增长是住房资产发挥财富效应的基本条件。目前中国的人均住房资产价值上升缓慢，住房资产财富效应表现弱化。因此，要继续对住房价格的上涨进行抑制，加大对中低收入群体的住房保障支持力度，加强对经济适用房和廉租房建设的投入，使更多居民拥有属于自己的住房，防止美国“次贷”危机的负面后果在中国重演。

英文摘要：

The empirical analysis shows that the housing wealth effect exists weakly in China. The stable increase of individual housing value （IHA） is the basis of housing wealth effect. IHA includes housing price and quantity of housing ownership. Although the increase of housing price can add to the value of IHA, the most important is that we should make more and more people own their own house. Now the biggest problem is that the housing price increases over-rapidly, which leads to a reduction of consumption among houseless people or renters since they want to save more, and to a part deduction in the increase of the property owners＇ consumption. As a result IHA increases slowly, and the housing wealth effect is weak. In order to increase IHA and improve housing wealth effect, we should carry out constructive monetary policy, and prevent the sub prime mortgage loan crisis from reacting in China. Meanwhile, we should support the lower income people to hold house through fiscal policy, and enhance the investment in the houses which mainly satisfy the lower income people, and make more and more people hold housing asset.