State-level performance-based funding (PBF) policies are an increasingly common way to allocate funds to public colleges and universities. While a growing body of research has examined whether these policies are effective in improving student outcomes, little is known about how colleges respond to PBF policies. In this paper, we examine whether two-year and four-year colleges subject to PBF change their patterns and allocations of revenues, expenditures, and financial aid. We find limited evidence that colleges facing PBF receive different levels of revenue or reallocate some funds to different expenditure categories. Notably, colleges subject to PBF receive less Pell Grant revenue than colleges not subject to PBF, suggesting potential strategic behaviors targeting students from higher-income families.

中文翻译：

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基于绩效的资助会影响大学的财务重点吗？

州级基于绩效的资助（PBF）政策是向公立大学分配资金的一种越来越普遍的方法。尽管越来越多的研究调查了这些政策是否对改善学生成绩有效，但对于大学如何响应PBF政策知之甚少。在本文中，我们研究了受制于PBF的两年制和四年制大学是否会改变其收入，支出和经济援助的模式和分配。我们发现有限的证据表明，面对PBF的大学获得不同水平的收入或将一些资金重新分配给不同的支出类别。值得注意的是，参加PBF的大学比没有参加PBF的大学获得的佩尔助学金收入更少，这表明针对高收入家庭学生的潜在战略行为。