Abstract
Urbanization and aging populations are threatening the sustainability of rural development around the world. Improving the happiness of rural residents is closely related not only to rural development but also to the harmony and stability of a country. Sustainable development has become an important strategy for China's rural areas. Although withdrawal from rural homesteads is an important issue in rural land policy, few researchers have examined the determinants of the subjective well-being of farmers following withdrawal. The current paper investigated 315 rural residents under three models of the "withdrawal from homestead" policy in Jinjiang City, Fujian Province, China. The application of the orderly probit model revealed how satisfaction with economic, social, environment, cultural, and policy factors impacted their subjective well-being. The pooled results showed that satisfaction with cultural and policy factors had no significant impact; however, the other aspects significantly promoted their subjective well-being. The empirical model with interaction terms indicated the significant positive impact of economic, environmental, and social factors on subjective well-being under the index replacement model, while only environment and social factors exerted a significant positive impact under the asset replacement and monetary compensation models. Corresponding policy implications are discussed.