鼓勵名校辦分校是近年來各地推動義務教育均衡發展的重要政策舉措。本文采用2017年南京市8個市轄區1849個小區數據,基于空間斷點設計對位于學區分界兩側的住房價格進行匹配差分估計。結果顯示,小學名校及分校的學區房溢價分別為19.7%和3.6%。溢價可分解為升學效應和聲望效應兩部分:對于名校,家長更看重學校的辦學聲望;對于名校辦的分校,家長更看重學校的升學率表現。兩種效應具有一定的替代性,當升讀初中名校的比例達到一定水平時,家長就不再在意這個學校是否為某個名校的分校。伴隨分校數量增多,名校及分校學區房溢價均呈先增后減的"倒U型"變化。當分校與其所屬名校升學率差距較大時,開設更多分校不僅起不到壓制名校學區房溢價的作用,還會產生"眾星捧月"的效果,推動名校學區房溢價繼續升高。從估計結果看,名校辦分校政策未能起到教育均衡化作用,未來政策的重心不在于單純擴大名校分校覆蓋率,而在于切實減少校際間辦學質量差距。

Elite primary and secondary schools running affiliated schools is usually encouraged and increasingly becoming an important instrument to pursuit equity of compulsory education in China.Based on the data of 1,849 residential districts in eight municipal districts of Nanjing in 2017,this study estimates the housing prices on both sides of the school district boundary by matched first-differenced estimation based on the spatial discontinuity design.The results show that the premium of being eligible to enroll in a municipallevel key primary school is 19.7% and 3.6%,respectively.The premium is divided into two parts:the enrollment effect and the prestige effect.Parents pay more attention to the prestige of elite schools and the academic performance of their affiliated schools.There is a substitution relationship between these two effects.When the enrollment rate reaches a certain level,parents would no longer care about the school’s prestige.The increase in the number of affiliated schools leads the change of premium of school district housing appears to be a U-shape.When there is a big gap between the enrollment rate of an affiliated school and its home school,running affiliated schools will not suppress the premium of elite school districts,but boost it.Empirical results suggest that such education policy reform cannot result in an actual education equity.The focus of future policy should effectively reduce the quality gap between elite schools and their affiliated ones rather than simply expand the coverage of elite schools.