中文摘要：

本文从明瑟收入方程入手，在1987—2005年完整的教育发展的面板数据的基础上．利用分位数回归对我国三个地区的三个不同阶段的教育投资风险进行实证分析。结果表明：我国东部、西部、中部地区在不同分位点下的教育收益率各不相同，而且不同阶段的教育投资风险存在显著差异。东部、中部的教育投资风险呈上升趋势、西部的教育投资风险呈下降趋势。

英文摘要：

This paper starts with basic Mincer＇s wage equation, and then on the basis of complete panel data from 1987 to 2005 on the development of education conducts empirical research with quantile regression on the three regions of China＇s education investment risks at three stages. The results show that： Mincerian rate of returns to education in China~s eastern, western and central regions are not the same at different points, and mean while the investment risks in education have significant differences at different stages. The educational investment risks in eastern and central regions have an ascending tendency, while the investment risks in education of the western region tends to decrease.