本文基于前景理论构建了一个股票市场和房地产市场财富效应的模型,通过2001-2014年的季度数据的实证研究,表明收入和房地产存在显著为正的财富效应,而股票资产的财富效应则不显著;收入的财富效应大于房地产财富效应,消费的收入弹性大于另外两种财富的弹性;房地产减值时的财富效应大于其他情况下的财富效应。本文验证了在前景理论框架下,居民资产的财富效应并非固定不变。 Based on the theory of foreground, this paper constructs a model of wealth effect in the stock market and real estate market. Empirical research on quarterly data from 2001 to 2014 shows that there is a significant positive wealth effect on income and real estate, while the wealth effect of stock assets is not significant ; The wealth effect of income is greater than that of real estate, the income elasticity of consumption is greater than that of the other two kinds of wealth; the wealth effect when the real estate is impaired is greater than the wealth effect under other circumstances. This paper verifies that under the framework of the outlook theory, the wealth effect of residential assets is not static.