Abstract: As an important part of the new agricultural management entities, establishing family farms is an effective way to realize the strategy of rural rejuvenation. Based on a survey data of family farms in Heilongjiang Province and applying the factor analysis method, this paper constructed an evaluation index system to evaluate the business risks of family farms in Heilongjiang Province and explored the influencing factors. Results show that the critical degree of family farm business risks is in the following order: market risk>natural risk>social risk>financing risk>policy risk>technical risk. Regression results also indicate that the land productivity factors, including the natural resource endowment of family farms and the scale of operation, have significant impacts on natural risks; the direct supporting factors of other business entities, including the farmland water conservancy infrastructure, the degree of industrialization organization and the external supervision mechanism, have significant effects on the social risks; and the decision-making ability of farmers, to a certain extent, has an impact on the technological risks. In conclusion, to promote the sound development of new agricultural management entities--family farms, this paper suggests to innovate the financial service model, to improve the social service system, to increase policy support, and to improve farmers’ operating standards.