| China’s real estate market has experienced rapid development,and housing prices are high.Under the policy of "admission nearby",housing and primary education resources are deeply bound,and the scarcity of high-quality primary education resources further pushes up housing prices,leading to the capitalization effect of primary education resources and to increase the financial burden of buyers.Based on the phenomenon of “school district fever”,this paper conducts an empirical measurement of the housing premium effect in Shanghai’s school districts,and conducts a theoretical analysis on the influencing factors of housing prices.Provide empirical support for education balancing policies.Based on the Hedonic Price model,this paper measures the housing premium rate of public elementary schools,and empirically explores the premium effect of new elementary education resources on the housing of the new school district and the stabilization effect of the housing in the surrounding original school district.This article uses the second-hand housing transaction data in Shanghai from July 2016 to June 2020,and uses the Hedonic Price model to calculate the premium rate of the school district housing of the first and second echelons of Xuhui District,Jing’an District,Pudong New District,Baoshan District,Jiading District,and Songjiang District,and analyzes the premium effect of the newly built school on the newly added school district housing and the stabilizing effect on the price of the surrounding original school district housing.This paper draws on the boundary fixed effect method to collect sample information,and paired the school district room with the neighboring non-school district room one by one to form a "school district house-non-school district house" pairing group.The research shows that firstly,the first-tier and second-tier elementary schools in the study area have a significant premium effect on housing prices,and the premium rate of the first-tier school district is much higher than that of the second-tier school district;secondly,the new school also has a significant positive impact.The price of newly added school district housing,and the premium rate of the newly-built school under the group mode of running a school is higher than that of the non-group mode of running a school.In addition,this article finds that the new school will have a certain leveling effect on the housing price of the original school district,but the leveling effect is not significant.In the context of the capitalization of primary education resources,this paper empirically analyzes the premium rate of primary education resources in the six administrative districts of Shanghai and the effect of changes in primary education resources on housing prices.Put forward policy recommendations such as increasing the supply of high-quality primary education resources,focusing on the quality of teaching in newly-built schools,and exploring and practicing "multi-school division" and other admission policies. |
