本文整合CHFS2015、2017、2019年的调查数据，使用tobit模型估计了教育对家庭金融资产配置的影响。研究发现：首先，户主受教育水平对家庭股票资产占金融总资产比例和金融风险资产占金融总资产比例均具有显著的正向作用。基于义务教育法构造的工具变量回归结果表明上述结论是稳健的。其次，教育对家庭金融资产配置的影响具有异质性。当户主为非农户口时，教育对家庭金融资产配置具有显著影响；当户主为农业户口时，则不存在这种影响。此外，如果户主为男性，教育对家庭金融资产配置的影响是显著的；如果户主为女性，则不存在这种影响。

This paper combines CHFS data from 2015, 2017, and 2019 to estimate the impact of education on household financial asset allocation using the Tobit model. First of all, the educational level of the head of household has a positive effect on the ratio of household equity assets to total financial assets and financial risk assets to total financial assets. The results of tool variable regression based on compulsory education method show that the above conclusions are robust. Secondly, the impact of education on household financial asset allocation is heterogeneous. When the head of household is a non-farm account, education has a significant impact on the allocation of financial assets. This effect does not exist when the head of the household is an agricultural household. Moreover, if the head of the household is male, the impact of education on the distribution of financial assets in the household is significant; If the head of the household is a woman, there is no such effect.