百年大计，教育为本。教育是一个国家培养人才，增强民族创造力的重要途径。虽然我们国家在不断加大公共教育投入力度，努力促进教育向普适化、公平化的方向发展；但在人口基数庞大的中国，人们对优质教育的渴求依然难以满足，进而催生了民办教育行业的发展。进入21世纪以来，随着经济条件的不断改善，越来越多的家长将大量的家庭支出投入到孩子教育方面，“教育内卷”使得教育辅导机构迅速发展，由此带来的教育机构过度资本化和监管不当等问题频发，教育的盈利属性超过了其原本的公益属性。

在这样的背景下，2021年7月，国务院印发了《关于进一步减轻义务教育阶段学生作业负担和校外培训负担的意见》（后文简称“双减”政策）来规范教育行业的发展。那么政策究竟给K12教育行业上市公司造成的影响有多大？政策影响是暂时的还是长久的？对于不同类型上市公司的影响力度又是否存在差异？这是本文想要研究的主要问题。

为了探究“双减”政策对教育行业资本市场的影响，本文选取了在国内A股、港股以及美股上市的K12教育行业上市公司作为研究样本，运用事件研究法分析了这些公司在政策前后股票市场的波动情况。实证结果表明，短期内，“双减”政策的颁布导致企业股票收益率产生负向波动；但是从中长期来看，政策对企业股票收益的提高具有显著的促进作用。研究同时发现，我国股票市场的特殊结构使得国内股票市场受到政策冲击后的震荡幅度远小于国外市场。

由于股票收益率的波动更多地反映了资本市场的变动情况，本文利用双重差分模型，以非K12教育行业上市公司为对照组，进一步分析了“双减”政策对K12教育行业上市公司财务绩效和企业价值的影响。结果显示，政策对K12教育行业上市公司的财务绩效及企业价值均产生显著的负向影响，且对企业价值的影响程度要高于财务绩效。此外，通过异质性分析发现，政策对于在美股上市以及规模较大的企业产生的影响更深，推测这可能与K12业务在公司主营业务中的占比不同以及不同规模的企业所受媒体关注度不同导致的。

此外，本文通过对“双减”政策前后中小学学生学科类辅导情况进行问卷调查发现，近一半的家长在政策实施后并没有改变让自己的孩子参加学科类辅导的想法，只是在培训方式的选择上被迫发生了改变。

Education is the fundamental and important issue for every nation. It cultivates talent and fosters national creativity. To promote education equality and universality, the Chinses government persists in investing in the public education. However, due to the large population, the demand for quality education remains difficult to meet, leading to the thriving private education industry. As economies have developed recently, more parents have increasingly invested in education to make their children overachievers, resulting in the rapid development of private education institutions. Some problems have appeared, including over-capitalization and insufficient vigilance for private education institutions. Education has shifted its focus towards profit rather than its original intent of serving the public welfare.

To address these issues, the State Council issued the “Opinions on Further Reducing the Burden of Homework and Off-campus Training for Students in the Compulsory Education Stage” (referred to as "Double Reduction") in July 2021. Major private education enterprises have shifted their focus towards providing quality education. The impact of the policy on K12 listed companies, the impact duration whether temporary or long-term, and the variability across different types of enterprises, remain unknown.

To explore the impact of the Double Reduction on the education capital market, we selected K12 listed companies in the domestic A-shares, Hong Kong stocks and the US stocks as research subjects. The event study method was employed to analyze the stock market fluctuations of these companies after the policy implementation. The results showed that the short-term impact of Double Reduction had a negative effect on corporate stock returns. However, from the medium and long-term perspective, it significantly promoted stock returns. In addition, we found that the domestic stock market was far less impacted by policies than foreign markets, due to the special structure of Chinses stock market.

To understand the impact of "Double Reduction" on the financial performance and enterprise value of listed K12 listed companies, we used the Difference-in-Difference model and took the non-K12 education companies as the control group. The findings showed that the Double Reduction had a significant negative impact  on the financial performance and enterprise value of the K12 listed companies, with a much stronger impact on enterprise value. In addition, heterogeneity analysis revealed that the policy had a deeper impact on the companies listed on the US stock market and those with large scale. This discrepancy may be attributed to the differences in the proportion of K12 business in their main operations and variations in media attention received among companies of different scales.

A questionnaire survey was conducted to assess the tutoring situation of primary and secondary school students following the Double Reduction implementation. The findings revealed that nearly half of the parents did not give up on enrolling their children in subject tutoring after the policy implementation. However, they have to change their selection of training methods.