A Study On The Influence Of Education Level On The Satisfaction Of Formal Credit Demand Of Family Farmers

As an important part of the new agricultural management system,family farms have shown a strong development momentum in recent years.In order to ensure the long-term and stable operation of family farms and promote the development of agricultural modernization,it is inseparable from a large number of and continuous financial support.However,from the current development situation,family farms still face the problem of credit rationing in the process of applying for loans from financial institutions,and it is difficult to obtain sufficient funds to meet their production and operation needs.At the same time,the development of digital finance puts forward higher and higher requirements for the comprehensive quality of family farmers,who need to receive a higher level of education to improve their quality.Therefore,it is of great significance to study the impact of education level on the satisfaction of formal credit needs of family farmers.This paper takes the family farm in Shandong Province as the research object,and uses the method of combining theory and demonstration to study the impact of education level on the satisfaction of family farmers’ formal credit demand.Firstly,descriptive statistical analysis is made on the personal characteristics and credit demand of sample family farmers;Secondly,by summarizing the previous research results on the impact of education level on credit demand,this paper analyzes the mechanism of the impact of education level,and puts forward the research hypothesis;Then,probit model and ordered probit model are used to carry out the regression analysis of the formal credit demand and credit demand satisfaction of family farmers affected by the level of education,and the heterogeneity of the regression results is discussed based on the age of 45 years old of farmers;In addition,the intermediary effect test method is used to verify the intermediary effect of "financial knowledge level","social capital" and "Internet use" in the process of education level affecting family farmers’ formal credit demand and satisfaction of formal credit demand,and determine the action mechanism;Finally,the robustness test is carried out by eliminating special samples.The results show that:（1）family farms have increasingly strong demand for funds,but the fund gap of most family farms has not been fully solved.The low education level of farmers is the key factor restricting their access to sufficient formal credit funds;（2）When applying for formal credit funds,family farmers are faced with credit constraints,including demand constraints caused by their lack of comprehensive quality and poor operating conditions,and supply constraints caused by formal financial institutions considering profitability and security;（3）"Financial knowledge level" and "social capital" have intermediary effect in the process of education level positively promoting the satisfaction of formal credit demand of family farmers,while "Internet use" has no intermediary effect in this process.According to the conclusions,this paper provides the following reference suggestions for government departments:（1）increase investment in formal education and cultivate high-quality agricultural managers;（2）Strengthen support for farmers’ Continuing Education and alleviate demand-based credit constraints;（3）Promote the development of rural digital finance and improve the level of information service.