本文通过构造边际消费倾向理论模型,发现股市收益波动是影响居民边际消费倾向的重要因子,而股市收益对居民边际消费倾向的影响带有不确定性;股市正财富效应的发挥与否的主要因素之一是经济风险大小;并依据模型分析了股市财富效应的非对称性特征。实证研究证实了模型的结论,且发现股市收益产生的影响随着时滞的增长将变得更加不确定。 This paper constructs the theoretical model of marginal propensity to consume and finds that the volatility of stock market returns is an important factor affecting the marginal propensity of residents to consume while the return of stock market has an indefinite influence on the propensity of marginal propensity to consume. One is the size of the economic risk; and according to the model, we analyze the asymmetric characteristics of the wealth effect in the stock market. Empirical studies confirm the conclusion of the model and find that the impact of stock market returns will become more uncertain as time lags grow.