中文摘要：

利用我国东中西部14个省、自治区、直辖市1998年至2007年城镇居民房产价格和城镇居民消费的面板数据，使用固定效应模型和随机效应模型检验了5个不同收入阶层在不同制度背景下的房产财富效应。结果显示：房价缓慢上涨，居民的财富效应较大；房价过快上涨，居民的财富效应较小。房价涨幅缓慢时，居民收入水平与财富效应负相关；房价涨幅剧烈时，财富效应大小与收入之间呈“U”型关系。根据房产财富效应的差异性，房地产调控政策应当有保有压、区别对待。

英文摘要：

The paper empirically examines the housing wealth effect of urban residents on different income level with panel annual data from 1998 to 2007 in China＇s 14 provinees based on fixed effect model and random effect model. The results show that when the housing price is in a slow growth trend, most residents have relatively high housing wealth effects and their housing wealth effects are negative with their ineome. However, when the housing priee is in a quick growth trend, most residents have relatively low housing wealth effect, and the relationship between housing wealth effect and income level is U type. Because of this baekground, the paper points out that the house property regulations should insist the principle of taking different approaches to different situations and encouraging the growth of some sectors while diseouraging the expansion of others.