Primary Education Federation And Housing Premiums Of Elite School District

Since the strict implementation of the policy of compulsory education in close proximity to schools,school-choice families have acquired the right to enroll in quality education-quality schools by purchasing homes.The scarcity of quality education resources has highlighted the problem of premium prices for school district houses,in response to which the central and local governments have actively expanded the supply of quality education with a view to promoting educational parity and the healthy development of the real estate market.Among them,the equalization of basic education can expand the coverage of quality education in a short period of time through branch schools run by famous schools,trusteeship of famous schools,and title of famous schools,etc.Will such policies reduce the premium of school district houses? To this end,based on the basic education grouping reform implemented in Hefei city,this paper explores the premium effect of school district housing and the impact of basic education grouping on school district housing premium using hedonic model,boundary fixed effects and multi-period did model.In this paper,we estimate the impact of basic education grouping on the premium of school district houses based on the premium of school district houses with high quality education resources by using the "quasi-natural experiment" method with the tracking data of Hefei city from 2016 to 2020 as the sample.The sample of quality school district housing is designed by using the "different rights for rent and sale" system with the main elementary school with branch campuses as the quality elementary school,and a boundary discontinuity test is conducted to demonstrate the spatial discontinuity of school district housing prices;the boundary fixed effects are applied to estimate the premium of quality school district housing based on the hedonic model;meanwhile,the establishment of the basic education group is considered as a quasi-natural experiment.At the same time,the establishment of a basic education group is considered as a quasi-natural experiment,and the effect of the establishment of a basic education group on the premium of high-quality school district housing is estimated using a multi-period did method.Finally,paired-difference regressions and parallel trend hypothesis tests are conducted to demonstrate the robustness of the results.Further analysis explores the impact of new branch schools and school districts on premium prices of high-quality school district housing after the establishment of basic education groups,and heterogeneity is analyzed from two perspectives: corporate structure and spatial structure.It is found that:(1)the premiums of school district houses of high-quality elementary school in Hefei at 300-meter boundary distance are about 9.44%-9.58%,and the selling price of school district houses of high-quality elementary school is 1,322 to 1,341 yuan per square meter higher at a mean value of 14,000 yuan,for example;the premiums of high-quality school district houses in Hefei at 500-meter boundary distance are 10.84%-11.24%,which are higher than those in the same situation in The premiums for school district houses in Beijing are higher than those in the same situation.(2)The establishment of a basic education group will significantly promote the premium of school district houses in high quality elementary school,the premium effect is about 7.45%,and after controlling the school district boundary,the premium effect is also 5.99%-6.06%.(3)Further analysis found that after the establishment of education groups,the establishment of additional education group branches and school districts will also raise the premium of school district housing for high-quality elementary schools,with a premium effect of about 7.59%,and the premium effect after controlling the school district boundary is 5.91%-6.79%.The heterogeneity analysis found that: under different corporate structures,both single-incorporation and multi-incorporation combined education groups will increase the premium of school district housing for the main school,but the premium effect brought by multi-incorporation combined education groups is greater;under different spatial structures,the closer the main school and branch schools are,the lower the spatial cost of their educational resources,and the more beneficial to the balance of educational resources,the further the distance between the main school and branch schools is,the higher the spatial rationing of the required high-quality educational resources The farther the distance between the headquarters and the branch schools,the higher the cost of space allocation for quality education resources,and the more abundant and sufficient teachers and teaching management experience provided by the headquarters school,which will further enhance the premium price of the headquarters school.Overall,the expansion of quality education supply through basic education conglomerates may not promote balanced education development,but may further capture quality education resources by the high-income class.