The paper constructs credit default risk model for farmers with different income,and uses the model to analyze the default risk for farmers with different income. A deep analysis is conducted on the resource allocation fea-tures of financial institutions and types of financial exclusion suffered by these farmers. The result shows that among the farmers with high,middle and low income,the financial resources tend to flow to those with high income,who are least likely to encounter financial exclusion. The middle-income farmers use financial resources most efficiently,but they are most vulnerable to the exclusion of supply by rural financial institutions. The lower-income group has insuffi-cient demand for financial resources,the financial exclusion suffered are mostly caused by self-exclusion. Therefore, establishing a diversified structure suitable for financial needs of farmers with different income is a reasonable and effec-tive solution to raising efficiency of using rural financial resources and relieve rural financial exclusion.% 本文构建了不同收入层农户的借贷违约风险结构模型，并利用该模型深入分析了不同收入层农户的违约风险、对金融机构资源配置效率的影响和不同收入层农户所遭受的金融排斥类型。研究结果表明：在农户高、中、低三个收入层中，金融资源倾向于流入高收入层，高收入层最不容易受到金融排斥。中收入层金融资源的利用效率最高，却最容易受到农村金融机构的供给排斥。低收入层对金融资源的有效需求不足，受到的金融排斥更多地表现为自我排斥。因此建立一个多元化格局、适合不同收入层农户金融需求特点的农村金融体系是提高农村金融资源利用效率、缓解农村金融排斥的一个合理有效的途径。
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