课外体育锻炼作为促进学生身心健康与全面发展的重要路径，是人力资本积累的关键因素， 是教育强国、健康中国建设的内在要求。利用中国教育追踪调查数据分析了课外体育锻炼对初中生学 业表现的影响及其作用渠道与异质性情况。研究显示：课外体育锻炼对初中生学业表现的影响呈现显 著的“倒 U型”关系，每日锻炼时长约1.06 h可达最佳促学作用，而超过2.12 h则转为抑制作用；初中生 课外体育锻炼可通过促进身体形象资本与身体健康资本的积累影响学业表现；课外体育锻炼对初中生 学业表现的影响存在性别、区域、城乡、公共教育资源投入的异质性，相较而言，对女性、东部地区、乡村、 公共教育资源投入较高学校的初中生影响更强。基于此，提出应保障“每天课外一小时”的落实、重视学 生身体资本的积累、优化学校体育资源的配置等建议。

Extracurricular physical exercise serves as a vital means of promoting students’ physical and mental health and allround development. It is a key factor in the accumulation of human capital and an intrinsic requirement for building a leading educational nation and a healthy China. Using data from the China Education Panel Survey（CEPS）， this study analyzed the impact of extracurricular physical exercise on the academic performance of junior high school students as well as its channels and the heterogeneity of the situation. The study found that the effect of extracurricular physical exercise on academic performance among junior high school students showed a significant“inverted U-shaped” relationship， with approximately 1.06 hours of daily exercise achieving the optimal pro-academic effect，while more than 2.12 hours turned out to be inhibitory， and that extracurricular physical exercise among junior high school students could boost the accumulation of bodily capital and health to improve academic performance； the effect of extracurricular physical exercise among junior high school students was heterogeneous in terms of gender， region， rural-urban divide， and the allocation of public education resources， In comparison， the effect of academic enhancement is stronger for female students，students in the eastern region，rural areas，and schools with more public education resources. Based on the above， we put forward policy recommendations to ensure the implementation of‘one hour of extracurricular activity per day’， promoting the development of students’ physical capital， and optimizing the allocation of school physical education resources.

G633.96； G806

国家社会科学基金重大项目（24&ZD207）