什么有效且对谁有效？美国各地学校资本投资的有效性与效率
What Works and for Whom? Effectiveness and Efficiency of School Capital Investments Across the U.S.
Quarterly Journal of Economics · 2025 · [{"name": "Barbara Biasi", "affiliation": ["Yale University"]}, {"name": "Julien Lafortune", "affiliation": ["Public Policy Institute of California"]}, {"name": "David Schönholzer", "affiliation": ["University of California, Santa Cruz"]}]
中文摘要
摘要 本文识别哪些学校设施投资有助于学生，以及哪些投资受到房主重视。利用涵盖美国29个州的学区债券、考试成绩和房价的新数据，并采用基于选举结果接近（势均力敌）且交错时机的研究设计，我们发现，学校资本支出的增加显著提高了考试成绩，且平均而言具有效率。然而，其效应因项目类型和学区特征的不同而存在很大差异。对必要基础设施（如暖通空调系统或污染物清除）的投资使学生表现获得明显改善，而体育设施支出则没有可测量的学业收益。社会经济地位不利的学区从资本投资中获得的收益不成比例地更大，即使在控制项目类型之后依然如此，但这些学区通常对此类项目投资不足。
Abstract
ABSTRACT This article identifies which investments in school facilities help students and which are valued by homeowners. Using novel data on school district bonds, test scores, and house prices across 29 U.S. states and a research design based on narrowly decided elections with staggered timing, we find that increased capital spending in schools significantly improves test scores and is efficient on average. However, the effects vary widely depending on the type of project and the characteristics of the school district. Investments in essential infrastructure, such as HVAC systems or pollutant removal, yield notable improvements in student performance, while expenditures on athletic facilities show no measurable academic benefit. Socioeconomically disadvantaged districts gain disproportionately from capital investments, even after accounting for project type, yet these districts typically underinvest in such projects.
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