Research On The Impact Mechanism Of Village-Level Debt On The Vulnerability Of Collective Economy

The development and expansion of rural collective economy is an important form for the CPC to lead the masses to common prosperity and an important embodiment of the realization of socialist public ownership economy in rural areas.The report of the 20 th National Congress of the Communist Party of China clearly stated that the basic management system in rural areas should be consolidated and improved,and a new type of rural collective economy should be developed.At present,the problem of village-level debt has become an important factor restricting the development of rural collective economy.In order to explore the impact of village-level debt on the development of the collective economy and the internal impact mechanism,this paper starts from the budget constraint equation of the collective economy,first,the paper constructs a dynamic theoretical analysis model to get the channel of the impact of village-level debt on the collective economic vulnerability,and then uses the field survey data of 623 villages in 10 provinces in 2022 to test empirically.The results show that:(1)the village-level debt has a significant positive impact on the collective economic vulnerability,in which the village-level debt increased by 1%,the collective economic vulnerability score will increase by 3.07%;(2)the village-level debt increases the collective economic vulnerability mainly by squeezing the expenditure of village-run enterprises,squeezing the expenditure of public utilities and expanding other expenditures in the village;(3)the negative impact of village-level debt on the collective economic vulnerability is more obvious for the villages with lower physical capital and population size in the north.Based on the above conclusions,the following policy recommendations are made:First,we should make clear the harm of village-level debt to the development of collective economy,and attach great importance to the solution of village-level debt.For example,we should formulate an operational debt management method to prevent the risk of debt spillover;determine the responsibility and scope of the village-level debt,establish an accountability mechanism;and improve the management system of“Village debts and town management”.Second,we must strengthen the collective economy operating basis,internal basis and budget basis,blocking the spread of the village-level debt path.For example,while encouraging the construction of village-run enterprises and public utilities,we should adhere to the principle of keeping expenditure within limits in line with local conditions,improve the budget base of the village collective.Third,different villages should adapt to local conditions,according to their own endowment advantages to form their own development advantages.For the small and capital accumulation villages in the north,we should always be alert to the debt problem in the process of development.We should combine the long with the short,the far with the near,and promote development step by step For larger and capital accumulation villages in the south,special attention should be paid to the maturity match of the village collective income structure and debt structure when appropriate debt instruments are used to promote economic development,we will improve the debt structure and effectively reduce the vulnerability of the collective economy.