Abstract: Financial literacy has an important impact on asset allocation, but few studies have focused on the impact of financial literacy on entrepreneurial real estate allocation. According to the theory of entrepreneurship and credit constraints, there is significant difference in the tenure choice of household entrepreneurial real estate. Based on the 2015 Household Finance Survey (CHFS), this paper uses the Probit model to study the impact of financial knowledge on the rental and purchase options of business real estate. The research results show that financial literacy has significantly promoted households to rent entrepreneurial real estate to start business activities, especially for the group with houses, risk appetites and located in the central region. The mechanism test found that financial knowledge can influence rent-purchase decision of entrepreneurial real estate through three intermediary channels, namely family wealth, credit demand and formal credit availability. The intermediary role of family wealth holding is negative, but the intermediary role of credit demand and formal credit availability is positive. The above conclusions support the credit constraint theory that the improvement of financial knowledge will alleviate credit constraints, promote families' choice of renting entrepreneurial real estate, and it also has an important impact on the development of maker space and the improvement of family entrepreneurial vitality.

Key words: business real estate, tenure choice, financial literacy, household asset allocation, household credit