An Research Of The Econocmic-Developed Village-Level Debt From The Perspective Of Principle-Agent Theory

During the economic-transformation period in China,Village-level debt is the special product of rural economic and social development, its liabilities surface wide, complex causes, negative influence is bigger, the current rural work is also a difficult problem in problem which needs to be settled. In the undeveloped areas, due to the village collective economic strength is weak, the allocation of resources scarcity, in the superior government transfer payment does not reach the designated position, in the face of maintaining the normal operation and rural village organization construction and development in the capital demand, debt become the village-level organization make up for the shortage of funds necessary way. At present, our country village-level debt scale remain the tendency of expansion, specific distribution point of view, the east village debt scale than the central west, economic developed areas is commonly higher than liabilities scale economy less developed areas. Therefore, the paper puts forward the question, Based on the above mentioned some problems to explore solutions, to today’s village-level debt have more deep understanding and the understanding of the new, the village-level debt management and resolve, maintain stable rural takes important theory meaning and realistic meaning.In order to solve the above problem, this paper first introduces the perspective of principal-agent, by constructing "township government-village-level organization","village organization, villager" two principal-agent chain, we research organizations in as a double agent of decision-making behavior. Incentive constraint is behaved for superior government index evaluation and cadres rewards and punishments, etc. Series of target responsibility system management. So from the village-level organizations to leverage the decision, there is active and passive intend to, namely debt debt decision have initiative and passive, character, passive liabilities is often in the participation constraint which is dominated by formed, initiative debt is in the participation constraint utility satisfy the premise, village-level organization for the pursuit of agent personal utility maximization, the pursuit of incentive effect and formation of debt decision. Based on the theory above, this article selects the high degree of economic development of changshu YuShanZhen then30administrative villages as sample village, the village of sample in the2002-2010debt scale, debt structure changes trend, it is concluded that at present sample village, accounting for the proportion of main four use debt respectively, and the establishment of enterprise debt, park construction, key project liabilities and the establishment of public debt, and subject to the table of "other liabilities", the outstanding amount accounted for92.18%of the total debt, from the perspective of the trend and the establishment of enterprise debt every year the proportion of showed a rising trend, the park construction, key project liabilities and the establishment of public debt in the proportion of slow drop, other liabilities is basic remain unchanged.By constructing a panel data model, carries on the different USES of liabilities for those involved in the superior focus on the assessment of the influence of the village economic benefit project empirical analysis, it is concluded that involves run enterprises, the construction of key projects of debt increases can stimulate the growth of the corresponding economic indicators, and "other liabilities" is screwed the village collective economic benefit and villagers’interests. It concludes that in the sample of the village debt scale and debt structure change in debt decision nature tend to active liabilities, as a result, although achieved the expected utility and improve the economic benefits of village-level organizations, but involving "hidden action" is pocketed the principal part of interests. The reason of this phenomenon, according to the empirical results and field survey interpretation for debt constraint weakening, assessment goal-driven and supervision strength partial soft. And on this basis, this paper put forward the corresponding policy Suggestions, hoping to economic developed areas of the village-level debt research and management work provides a new Angle of view and thinking.