過去已有諸多研究證實位於明星國中學區之住宅相較於普通學區之住宅擁有較高的價格。然而，我國於103 年(2014 年)起實施十二年國教政策，其最大變革即是提供免試入學，則該政策是否會動搖明星國中之優勢，進而衝擊明星國中學區的房價應有探討之必要。本文取自實價登錄資料庫之資料，並以2012年8月至2016年底台北市明星學區及其周遭普通學區為地理範圍，建立特徵價格理論之傳統迴歸模型、空間迴歸模型與分量迴歸模型，探討以額滿學校與高升學率之不同定義下明星國中學區對房價之影響，再結合差異中之差異法，觀察十二年國教實施後是否會打破臺北市明星學區的溢價迷思。 根據實證結果顯示，額滿學校與高升學率學校將分別使學區住宅每坪價格上升1.9%-5.3%與5.3%-14.2%，顯示消費者對於高升學率學校有較高之偏好。然而，隨著住宅價格上升，明星學區的溢價卻隨之下降。而十二年國教實施後，僅對位於明星學區2 的住宅產生顯著負面影響，每坪價格下跌1.6%-2.4%；而對明星學區1 之住宅價格則未有顯著影響。本研究推測原因應為十二年國教對於高中職入學篩選標準之改變對高升學率學校有較大之影響，而額滿學校因多數為完全中學國中部，有特殊之直升管道，故受政策影響不大。此外，本研究也發現使用升學率高低作為明星學校之標準比是否為額滿學校更符合消費者之認知且與國外定義較相近。 / In the past, many studies have confirmed that the house in the popular school district has a higher price than the ordinary school district. However, since the implementation of the 12-Year Compulsory Education Policy in 2014, it provided the exam-free admission, and whether the policy will impact the housing prices of the popular schools districts should be discussed. In this paper, we use the full-school and the high enrolment rate school as the popular school, and analysis the popular school district of housing price by using hedonic price theory OLS, spatial and quantile regression as model, and selecting the sale price of real estate in Taipei city from August 2012 to December 2016 as sample. Besides, we also applied Difference-in-Differences method with spatial regression to analyze whether the 12-Year Compulsory Education Policy will reduce the Popular School premium of Taipei. According to the empirical results, housing price in the full-school district has 1.9%-5.3% premium per floor, and high enrolment rate school has 5.3% -14.2% premium per floor, showing that consumers prefer high enrolment rate school. However, with the rise in housing prices, the premium of the popular school district has fallen. In addition, after the implementation of the 12-Year Compulsory Education, only a significant negative impact on the housing price in the school district of high enrolment rate school, the price fell 1.6% -2.4% per floor; and the housing prices of full-school district were not significantly affected. We speculate that the reason should be 12-Year Compulsory Education of entrance examination of high school changes, resulting high enrolment rate schools have a greater impact. On the contrary, the majority of the full-school is affiliated junior high school, it has a special way to enter a higher school, so little impact on the policy.