The Impact Of The Policy Of "Synchronous Enrollment Of Public And Private Schools,and Private Lottery" On The Housing Price Of School Districts

Since the 18th National Congress of the Communist Party of China,the Central Committee of the Communist Party of China has always placed education in a strategic position of giving priority to development,so that every child has equal access to education.In the past,the development of private education was an important measure to alleviate the scarcity and uneven distribution of high-quality basic education resources.With the support of a series of national policies,private basic education has developed rapidly.In some areas,the development pattern of public and private education has shown that "the people are strong and the public are weak",and there have been private schools enrolling students in advance,"pinching the top" and other acts that seriously violate educational fairness,The Party Central Committee further clarified that private compulsory education schools and public schools enroll students synchronously and implement the policy of computer random enrollment,which is referred to as "synchronous enrollment of public and private schools,and private lottery".The promulgation of this policy has eliminated the possibility of relying on performance to enter private junior high schools.In order to improve the certainty of their children entering high-quality junior high schools,some families will choose high-quality public junior high schools,that is,to increase the demand for high-quality junior high school counterpart housing.This paper discusses whether the policy of "synchronous enrollment of public and private schools,and private lottery" aimed at promoting education equity has intensified the capitalization of high-quality education resources in the housing market under the current principle of"Nearby Enrollment",which can provide data support for the implementation effect of this policy and provide a basis for the impact of education on housing prices.It has certain practical significance.This paper selects Shanghai,a city with relatively developed private education,as the research object,uses the micro data of 116079 second-hand housing transaction records in its main urban area from September 2018 to September 2021,takes the junior high school echelon generally recognized by parents as the measurement of education quality,establishes a dual differential model,evaluates the impact of the policy of "synchronous enrollment of public and private schools,and private lottery" on school district housing prices,and carries out a series of robustness tests.On this basis,according to some special characteristics of the housing market and schools,the heterogeneity of education capitalization effect is evaluated from five aspects:the quality division of junior high schools,the school system,the way of junior high school entrance examination,the group of house buyers and the quality of primary schools;Finally,this paper also evaluates the impact of the policy on the housing rental market from the perspective of public schools and private schools.According to the results of empirical analysis,the main conclusions are as follows:1.The policy of "synchronous enrollment of public and private schools,and private lottery" has led to the rise of the price of second-hand housing in the school district housing market,which has increased by about 3.75%in the whole sample.It can be seen that the implementation of this policy has intensified the capitalization of public high-quality education resources in the housing market,and has passed a series of robustness tests.2.The capitalization effect produced by the policy of "synchronous enrollment of public and private schools,and private lottery" shows heterogeneity in many aspects.The higher the quality of the counterpart junior high school in the community,the greater the increase in house prices;After distinguishing the continuity of the school system,it is found that the high-quality public schools with stronger certainty have more room price growth in their counterparts;The method of registered residence counterpart enrollment,which has the opportunity of secondary choice,has a stronger policy effect than the counterpart enrollment;Different groups of buyers have different responses to the policy.The middle-income group with strong educational preference and certain right to choose is the most affected by the policy.The small-area housing under each total price segment is more affected by the policy than the large-area housing;Finally,taking into account the impact of the quality of primary schools in the community,it is found that the quality of primary schools in the price depression before the policy is poor,and the price of residential areas with better quality in junior high schools has increased the most.3.The policy of "synchronous enrollment of public and private schools,and private lottery" has little impact on the housing rental market.From the perspective of public schools,under the condition that the current rent and sale are not completely the same,the capitalization effect of the policy of "synchronous enrollment of public and private schools,and private lottery" has not been transferred to the rent,and even the rent has declined to a certain extent due to the weak educational content of the rented house;From the perspective of private schools,this policy is conducive to alleviating the phenomenon of high rent in residential areas near private schools.To sum up,the policy of"synchronous enrollment of public and private schools,and private lottery" has led to the rise of housing prices in high-quality school districts to a certain extent in the short term and intensified the capitalization of education.Although this policy is conducive to promoting the fairness of public and private education and curbing the "school selection fever" of private schools,it raises the housing prices of high-quality public junior high school counterparts under the principle of "Nearby Enrollment",raising the barriers for low-income people to receive high-quality education,which is contrary to education fairness.Therefore,the policy of "synchronous enrollment of public and private schools,and private lottery" needs to be implemented together with other educational equalization measures,such as increasing the supply of high-quality educational resources,the teacher rotation system,and Education Collectivization,so as to jointly promote educational fairness.