中文摘要：

90年代住房商品化改革以来,我国房地产市场迅速发展.十二五规划明确提出要提高我国居民消费率.研究房地产市场的财富效应为我国房地产市场政策调控提供有效的参考,具有重要的现实意义.在对我国房地产财富效应传导机制进行研究的基础上,利用2003-2011年我国3个省市自治区的季度面板数据,采用非平稳面板计量方法对我国房地产市场财富效应进行了分析.研究结果表明：我国房地产财富效应存在明显的地区性差异.房地产市场调控政策应当实行有针对性的差异化调控.

英文摘要：

Since the reform of housing commercialization in the 1990 s,China＇s real estate market has been developing rapidly.The 12~（th） Five-Year Plan has clearly put forward to improve the rate of China＇s consumption.The research of the real estate market wealth effect provide effective reference to China＇s real estate market policy,which is of great significance.In this paper,based on quarterly panel data from the year 2003 to the year 2011,China＇s 30 provinces,municipalities and autonomous regions,we use non-stationary panel data to analyze China＇s real estate market wealth effect.The results show that there are significant regional differences in China＇s real estate market effect.We should apply targeted differentiated real estate market regulation policies to China＇s real estate market.