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.

基于13省25县抽样调查数据, 建立生计资本的测量指标体系, 分析农户生计资本的特征, 并采用有序多分类Logistic回归模型, 探究农户生计资本对生活满意度的影响。结果表明: 1) 金融、人力、社会和物质资本是当前我国农户生计资本的主要组成部分, 自然资本较低, 但依然具有不可替代的保障作用; 2) 农户生计资本具有一定的空间异质性, 东部地区农户的金融、人力、社会和物质资本高于中部和西部地区, 而西部地区农户的自然资本高于中部和东部地区; 3) 农户各类生计资本的增加不一定都会提高农户生活满意度, 物质、金融或社会资本的增加有利于提高农户生活满意度, 而人力资本对农户生活满意度具有负向影响的可能性; 4) 不同地区, 各类生计资本对农户生活满意度的影响程度或影响方向各不相同, 应因地制宜地分析影响农户生活满意度的生计资本类型, 从而有效地提高农户生活满意度。