The relationship between the real estate market and the stock market has been closely observed by scholars

but whether the linkage effect between the two markets has an impact on the real economy remains to be examined. This paper extracts the dynamic conditional correlation coefficient of real estate market variables and stock market variables from DCC-MGARCH model to characterize the linkage effect between the two markets. It is found that the correlation between the real estate market and the stock market has obvious time-varying characteristics

especially after China's economy entered the new stage of "three-phase superposition" in 2014

it has changed from positive linkage to negative linkage. Furthermore

based on the monthly data set of China's macro-economy from 2000 to 2018

using the methods of ARDL model and impulse response analysis

this paper empirically investigates the impact of the linkage effect between the two markets on fixed asset investment

and explores the relationship between the virtual economy and the real economy from a new perspective. The conclusion is: the positive linkage between the real estate market and the stock market has a significant role in promoting the growth of fixed asset investment

while the growth of housing price and stock price inhibit the growth of fixed asset investment. Therefore

deepening the reform of the asset market system

considering the impact on the correlation between the real estate market and the stock market when carrying out policy regulation

and promoting the positive linkage between the two markets are conducive to the growth of fixed asset investment and long-term economic development.