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乡村债务危机是困扰社会主义新农村建设进程的重大因素之一。它不仅是财政经济问题,更是政治问题和社会问题。乡村债务危机的实质是软预算约束下债务主体追逐净收益最大化,由于还债链条中断导致债权人利益受损并发其他不利于稳定与发展的问题。化解乡村债务危机的根本方略,是从明确乡村债务主体的产权入手,硬化预算约束,建立破产退出机制,通过发行专项公债提高基层在化债过程中的腾挪空间。
The debt crisis in rural areas is one of the major factors plaguing the process of building a new socialist countryside. It is not only a financial and economic issue, but also a political issue and a social issue. The essence of the rural debt crisis is that the main debtor pursues the maximization of net income under the soft budget constraint, and the interests of the creditors are impaired as a result of the interruption of the debt repayment complicated with other problems that are not conducive to stability and development. The basic strategy for resolving the rural debt crisis is to start with clarifying the property rights of the rural debt main body, hardening the budget constraint, setting up a mechanism of bankruptcy and withdrawal, and improving the grassroots level in the process of resolving the debt through the issuance of special public debt.