Pricing the value of the chance to gain admission to an elite senior high school in Beijing: The effect of the LDHSE policy on resale housing prices
Pricing the value of the chance to gain admission to an elite senior high school in Beijing: The effect of the LDHSE policy on resale housing prices
复制标题
北京精英高中录取机会的价值定价：LDHSE政策对转售住房价格的影响
DOI：
10.1016/j.cities.2021.103238
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发表时间：
2021-05-12
期刊：
影响因子：
6.7
通讯作者：
Yu, Huayi
中科院分区：
文献类型：
--
作者：
Han, Jun;Cui, Liyuan;Yu, Huayi
精英学校在全球范围内备受追捧。衡量精英学校对房价的影响不仅是研究人员的重要问题，也是所有居民的重要问题。2015年3月19日，北京市政府颁布了一项政策，称为高中入学考试锁定区域（迄今为止称为LDHSE）。这一政策阻止了北京最优秀的高中所在的西城、东城和海淀区的高中招收其他地区的学生。本研究探讨了LDHSE政策对房价的影响，并估计了中国北京精英高中入学机会的价值。使用差异（DID）+回归不连续设计（RD）方法，我们发现锁定区的房价总体上涨了5.4%。在缩窄带宽后，我们发现对于5 km、2 km、1 km内的带宽，ITC最优带宽2.687 km和CCT最优带宽1.680 km，分别增加约6.4%、3.4%、2.8%、3.5%和2.7%。此外，LDHSE增加了交易量，支持了该政策明确增加了高质量学校地区住房需求的论点。进入精英高中的机会价值估计约为118 - 137万CNY。这些结果反映了这样一个事实，即家庭不仅非常重视子女的教育，而且还选择付出高昂的代价为子女创造未来进入精英高中的机会。
Elite schools are highly sought after worldwide. Measuring the influence of elite schools on housing prices is an important issue not only to researchers but also to all residents. On March 19, 2015, the Beijing municipal government enacted a policy called locking districts for senior-high-school admission examination (hitherto referred to as LDHSE). This policy prevents senior high schools in the Xicheng, Dongcheng, and Haidian districts, where the most elite senior high schools in Beijing are located, from admitting students from other districts. This study explores the effect of the LDHSE policy on housing prices, and estimates the value of the chance to gain admission to an elite senior high school in Beijing, China. Using the difference-in-difference (DID) + regression discontinuity design (RD) methodology, we find an overall 5.4% rise in housing prices in locked districts. After narrowing the bandwidths, we find a rise of approximately 6.4%, 3.4%, 2.8%, 3.5%, and 2.7% for bandwidths within 5 km, 2 km, 1 km, ITC optimal bandwidth 2.687 km, and CCT optimal bandwidth 1.680 km, respectively. Furthermore, the LDHSE increases the transaction volume, supporting the argument that the policy definitively increases the demand for housing in districts with high-quality schools. The value of the chance to gain admission to an elite senior high school is estimated to be approximately 1.18-1.37 million CNY. These results reflect the fact that households not only attach great importance to children's education, but also choose to pay a hefty price to create future opportunities of access to elite high schools for their children.