Abstract: Based on the 2010~2018 data of the China Family Panel Studies (CFPS), this paper uses the regression discontinuity method to empirically study the impact of rural targeted poverty alleviation policies (TPAP) on residents' subjective well-being. We also further analyze the influencing factors or spillover effects of TPAP on residents' subjective well-being. The research results demonstrate that the TPAP has a significant U-shaped effect on residents' subjective well-being. Moreover, the overall impact of this policy on residents' subjective well-being is positive. Although the targeted poverty alleviation policy is object-oriented at the poor, the "blood-forming" poverty alleviation has also generated significant positive spillovers to the non-poor under the effect of the market mechanism. For one thing, this method offsets the partial negative externalities of the "blood transfusion" poverty alleviation of transfer payments. For another, strengthens the positive effect of poverty alleviation policies on residents' subjective well-being has been enhanced, in which the specific anti-poverty policies between subjective well-being residents and showing a "U-type" relationship. Deeper analysis found that the TPAP also affected resident's subjective well-being by improving the residents' health status, medical expenditure, non-agricultural employment, education level and family level employment. It also improves residents' subjective well-being by increasing poor residents' confidence in the future feel. Finally, this study has enriched the quantitative evaluation results of the impact of TPAP on residents' welfare and provided empirical support for consolidating the effects of poverty alleviation and the coordinated development of rural revitalization.

Key words: targeted poverty alleviation, regression discontinuity approach, fixed effect model, subjective well-being