The report of the Twentieth National Congress of the Communist Party of China proposes the development and expansion of rural collective economy.Rural debt has become a heavy burden on the operation of rural collective economy,affecting the functioning of rural collec-tive economy.Starting from the budget constraint equation of rural collective economy,this paper first constructs a dynamic theoretical analysis model to get the influence mechanism of rural debt on the vulnerability of rural collective economy,and then uses the field research data of 623 villa-ges in 10 provinces in 2021 to carry out empirical tests.It is found that village debt has a signifi-cant positive effect on the vulnerability of rural collective economy,and increases the vulnerability of rural collective economy mainly by squeezing the expenditures of village-run enterprises and public utilities as well as expanding other expenditures within the village.It is further found that the negative impact of village debt on rural collective economic vulnerability is more pronounced for villages in the northern region with lower physical capital and population size.
万方数据