Abstract: Farmers’ loan satisfaction is very important to increase farmers’ income and develop rural economy. Based on the field survey data of 520 sample farmers in Gaoping city of Shanxi province, this study empirically analyzed the influencing factors of whether the farmers borrow and the scale of borrowing. According to the different borrowing channels, farmers’ loan was divided into formal borrowing and private borrowing, and the sub-sample regression was conducted. The results showed that, the risk preference had a significant positive impact on whether the farmers borrowed, the age and the cultivated land area had a significant negative impact on whether the farmers borrowed; the age and the education level had a significant negative impact on the scale of farmers’ borrowing, the awareness on the borrowing policies and the total household income had a significant positive impact on the scale of farmers’ borrowing. From the perspective of different channels, different variables had different effects on whether farmers borrow and the scale of borrowing.

Key words: formal borrowing, private borrowing, borrowing channels, borrowing scale, influencing factors