Characteristics of Rural Households' Livelihood Capital and Its Impact on Life Satisfaction: Evidence from a Nationwide Survey in 25 Counties of 13 Provinces, China

Based on a rural survey in 25 counties of 13 provinces in China, this paper establishes a measurement index system for livelihood capital and analyzes characteristics of rural households' livelihood capital. The ordinal multi-class logistic regression model is adopted to explore the impact of rural households' livelihood capital on life satisfaction. The following results are concluded. 1) Financial capital, human capital, social capital and physical capital are main components of rural households' livelihood capital in China. The proportion of natural capital is relatively low, but it still has an irreplaceable role in safeguarding. 2) Rural households' livelihood capital has a certain spatial heterogeneity. The financial, human, social and physical capital of rural households in the eastern region is higher than that in the central and western regions, while the natural capital of rural households in the western region is higher than that in the central and eastern regions. 3) The increase in various types of livelihood capital does not necessarily improve the rural households' life satisfaction. The increase in physical, financial or social capital is conducive to improving rural households' life satisfaction, while human capital may have a negative impact. 4) The degree or direction of the impact of livelihood capital on rural households' life satisfaction varies in different regions. The type of livelihood capital that affects rural households' life satisfaction should be analyzed according to local conditions, so as to effectively improve rural households' life satisfaction. © 2021 Peking University.