Abstract
Using microdata from the China Household Financial Survey Project (CHFS 2015), a negative binomial model is used to study the impact of social capital and financial literacy on the lending behavior of farmers with different incomes. The study found that the positive impact of social capital on the formal borrowing behavior of low- and middle-income farmers was significant, while the impact on informal borrowing behavior and both types of borrowing behavior of high-income farmers were not significant. Financial literacy has a significant positive effect on formal lending behavior only for high-income farmers. Financial literacy has a significant positive effect on formal lending behavior only for high-income farmers.