学区房溢价的影响因素:教育质量的视角  

The Determinants of School District Housing Price Premiums from the Perspective of School Quality

作　　者：张勋[1] 寇晶涵 张欣[1] 吕光明[1] ZHANG Xun;KOU Jinghan;ZHANG Xin;LV Guangming(School of Statistics,Beijing Normal University;Department of Economics,Fordham University)

机构地区：[1]北京师范大学统计学院,北京100875 [2]福特汉姆大学经济学系,美国纽约

出　　处：《金融研究》2021年第11期97-116,共20页Journal of Financial Research

基　　金：国家自然科学基金项目(项目批准号:71603026和71973014);北京大学-林肯研究院城市发展与土地政策研究中心2018—2019年度研究基金的资助。

摘　　要：优质教育资源可能形成于学校的教育质量,也可能来源于生源质量。房地产的市场化定价机制为探讨优质教育资源的背后形成机制提供了便利。本文利用北京市二手房成交数据,采用特征价格模型和边界固定效应法,估算了学区房溢价。在此基础上,利用学校层面的教育质量信息,探讨了教育质量对学区房溢价的解释力。实证结果表明,以学校物质资本和教师人力资本所表征的教育质量是学区房溢价,即优质教育资源的主要来源,解释了总体学区房溢价的64.71%,这种解释力在考虑了潜在的内生性问题后依旧稳健。进一步通过量化北京市的三个教育强区(西城区、东城区和海淀区)中教育质量的解释力,发现优质教育资源既可形成于优质生源集聚,也可形成于教育经费投入长期累积所带来的教育质量的提升。义务教育均衡化改革,推动优质公共投入的公平供给,是平抑高企的学区房价格的有效手段。Many studies confirm that high-quality educational resources have a capitalization effect that results in price premiums for housing in school districts.High-quality educational resources,as measured by physical capital investment in schools and human capital investment in teachers,may be determined by the quality of a district’s school education or the quality of its students(the peer effect).Few studies consider the mechanisms contributing to the formation of high-quality educational resources,especially the extent to which school quality determines the quality of educational resources.However,these mechanisms can be examined by using pricing information from the real estate market.Using records of second-hand housing transactions in Beijing and unique data regarding education quality at the school level,we are among the first to quantify the power of education quality in explaining school district housing premiums,and thus estimate the economic value of education quality.China’s unique institutional background makes it possible to quantify the effect of school quality on school district housing premiums.Unlike most European and American countries,where education funding comes from property taxes,China’s education investment depends mainly on general fiscal expenditures by local governments.Hence,in China,the causal influence of education quality on housing prices can be identified by relating school district housing price premiums to education quality data at the school level.This allows us to quantify the relationship between education quality and school district housing premiums and thus explore the mechanisms contributing to the formation of high-quality educational resources.We use the hedonic model with boundary fixed effects.Specifically,we identify the housing transaction records on both sides of each elite school’s attendance zone boundary to control for unobserved factors.We then use this information to calculate each school district’s housing price premium.We further match the school educat

关 键 词：教育质量 学区房溢价 边界固定效应 北京 

分 类 号：F299.23[经济管理—国民经济] G521[文化科学—教育学]