学区房的溢价究竟有多大：利用“租买不同权”和配对回归的实证估计  

The Capitalization of School Quality in Home Value:A Matching Regression Approach with Housing Price-Rent Comparison

作　　者：胡婉旸 郑思齐[1] 王锐[2] 

机构地区：[1]清华大学建设管理系房地产研究所 [2]加州大学洛杉矶分校Luskin公共事务学院

出　　处：《经济学（季刊）》2014年第2期1195-1214,共20页China Economic Quarterly

基　　金：国家自然科学基金(70973065、71273154、7132230);教育部新世纪人才支持计划(NCET-12-0313);清华大学自主科研计划的资助

摘　　要：中国城市居民只有在学区中买房(而非租房)才能享有学区内小学的入学权。本文借助"租买不同权"的入学制度,以及学区房与相邻非学区房的配对回归,更好地处理特征价格模型中的遗漏变量,精确测度优质教育资源的隐含价格。结果表明,2011年北京重点小学学区房的溢价约为8.1%。将基础教育资源与住房租买形式挂钩的制度安排,是中国城市居民过度偏好住房自有的重要原因之一,会扭曲居民住房选择和资源配置,造成优势区位房价过高。Chinese cities only children of property owners rather than renters are entitled to enroll in local public school when both live in a school＇s attendance zone. Taking advantage of this ＂renter discrimination policy＂ and using a matching regression strategy, we mitigate the bias caused by unobservable neighborhood traits and estimate the implicit price of school quality in Beijing＇s housing market. We find evidence that a within-zone housing unit is sold 8.1% more than if it were outside the attendance zone of a Key Primary School. Such renter discrimination policy leads to the over-high home ownership, distorts tenure choice and resource allocation.

关 键 词：学区房 租买不同权 配对回归 

分 类 号：F293.3[经济管理—国民经济]