Based on the equilibrium of the Nash program,this paper builds a theoretical bargaining model between the new agricultural business entities (NABE) and the financial organization so as to explore the relationship among credit ability,risk income and optimal output of the NABE.An empirical stduy is conducted by using the survey data from 12 provinces in China via a Twotier Stochastic Frontier Model.The results show that:(1) Lack of credit ability is the dominant factor for the inefficiency of the NABE,resulting in an average net efficiency decline of 8.13%; (2)Both formal financial institutions and private lending have a significant impact on the operational efficiency of the NABE,and the impact of private lending is stronger; (3)The ability of the manager,profitability,and the compactness of organizing are positively correlated with the efficiency of the NABE.Finally,this paper proposes that various means should be used to reduce the financing constraints of the NABE,such as the financial system innovation,improving rules and regulations for private lending,improving the management ability of the person in charge,and strengthening the organizing of the NABE.