本文利用2013-2014学年中国教育追踪调查数据,实证研究"择校"对学生主观幸福感的影响。结果发现:无论是否控制学生、父母、家庭特征变量和校级效应,"择校"对学生主观幸福感均呈显著负向影响。即使在使用倾向值得分匹配方法缓解可观测变量的自选择问题、使用干预效应模型缓解不可观测变量的自选择问题、使用工具变量Probit校正内生性偏误等情况下,这一结论仍稳健。分样本估计也发现,"以钱择校"、"以权择校"和"以房择校"学生感到幸福的概率基本上显著地低于"非择校生"。本文的实证结果对我国当前的"择校热"有一定的启示意义。We try to estimate the impact of school choice on subject well-being of student by using China Education Panel Survey（ CEPS） from 2013 to 2014 academic year. The paper finds that school choice has significantly negative impact on the student＇s subject well-being whether or not we control some relevant characteristic variables among children,parents,family and fixed effect in the school level. Such conclusion remains the same for various robustness tests,like using propensity score matching to overcome the self-selection of observable variable,using treatment effects model to overcome the self-selection of unobservable variable,using instrumental variable probit to correct endogenous bias. When it divides into several sub-samples included school choice by spending money,school choice by using privilege,school choice by using purchasing house,which has still significantly negative impact on the student＇s subject well-being basically. The result has certain enlightenment for us to further understand the hot topic about school choice in China nowadays.致谢：本文使用的数据来自中国人民大学中同调查与数据中心设计与实施的《中国教育追踪调查（CEPS）数据》项目,该调查的项目负责人是中国人民大学的王卫东博士,作者感谢上述机构及人员提供数据协助.感谢匿名审稿人提出的宝贵意见,当然文责自负
