Premium Effect Of School Quality On Housing Price

Under the policy of "Going-to-School-Nearby" and the reality of uneven distribution of high-quality educational resources,the allocation of educational resources is closely linked with family wealth through housing transactions,which leads to the serious problems of school choice and premium of school quality.In view of the problem of housing premium in China's school districts,many scholars at home and abroad have studied it.In research methods,the premium level of school education quality to real estate is usually regressed through the hedonic price model.However,due to a variety of factors affecting the housing price,it is difficult for the researcher to achieve complete control due to the data,so many studies may have the problem of estimation deviation caused by missing variables.In content,the vast majority of past research is limited to the analysis of China's high quality school education resources can be formed,and how high can form the real estate premium these "old problem",failed to fully combined with real education policy environment.Since 2014,central and provincial governments have implemented various balanced educational system reforms including collectivization of famous universities and scribing of multiple schools.Some of these reforms are the repair and improvement of the original system,some of which have broken the old school system,and the policies implemented in different regions are not the same.So,are these reforms effective policy measures to improve the present situation?Can reform inhibit the premium effect of public high quality schools?Based on the data of residential market data and primary grade information of 12 municipal districts in Beijing from 2013 to 2016,this paper adopts the "quasi-experimental" research design to conduct in-depth empirical research on the following issues:(1)Does quality education resource have spillover effect on housing price?If so,what is its level?(2)In recent years,has the policy of famous collectivization implemented by the government to promote the balanced allocation of high-quality educational resources can inhibit the premium of school districts?In this study,we use the real estate hedonic price model and primary grade as the key explanatory variables to perform robust least squares regression.The results show that,in the control of housing and residential features,neighborhood and location characteristics,the key primary school housing prices is 9%higher than that of ordinary primary school housing prices.When we further subdivided our key primary schools into district-level key primary schools and municipal key primary schools,It is concluded that the average housing price of the district level key primary school is 5.5%higher than that of the ordinary primary school,The premium level of the municipal key primary schools is 18.6%.Secondly,using the school district adjustment and multi-school zoning reform to construct the school district's transformation process variables,and to correct the estimation deviation with the propensity score and the double difference method,It is found that the change from ordinary school to district level key school has no significant impact on the housing price,but to the municipal key school will lead to an increase in the average price of 7.5%-10.5%.This indicates that the high quality education resource has a significant impact on the school district housing price,and the premium level is high.In the end,this paper finds that the collectivized school-running mode of the famous universities has expanded the coverage of education resources,and also has the effect of pushing up the housing prices covered by the collectivized schools.The estimation results of different matching strategies show that the collectivization of famous schools has resulted in a significant increase of 2.4%-4.3%in the covered areas.In addition,this paper also found that the number of private primary schools within ten thousand meters,the property costs and the surrounding living facilities have a significant positive impact on the average price of residential areas,The volume rate,average residential floor number,the average floor area,the distance from the city center,the nearest hospital distance,distance from the nearest subway station showed significant negative correlation with average residential areas,these results are basically consistent with previous studies.Based on the results of empirical analysis,some policy suggestions are proposed,including:(1)school district adjustment combined with multi-school scribing to improve the quality of education resource coverage;(2)Deepen the comprehensive reform of compulsory education to alleviate the negative effect of the school district housing heat;(3)Introducing private education competition mechanism to promote the healthy competition development of public and private primary schools;(4)Increase the supply of local public services to meet the diverse housing needs of residents.