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Increasing resource investment in basic education is a key measure for building a powerful education system and an important pathway toward educational modernization. Existing research has focused on the overall effects of school resources on students' academic achievement, but has not yet thoroughly examined the existence of net effects, nor their mechanisms and group heterogeneity. Using two waves of data from the China Education Panel Survey (CEPS), this study finds students in schools with higher per-student funding and better teacher quality tend to demonstrate stronger academic performance. Furthermore, anti-school culture mediates the relationship between school resource investment and academic achievement. School investment in funding and teaching staff significantly suppresses the formation of anti-school culture, which in turn enhances students' academic outcomes. Compared with students who have stronger cognitive and noncognitive foundations, the impact of school resource investment on academic achievement is greater for those with weaker cognitive and noncognitive abilities.