基于陕西省Y村的调查，剖析了股份合作型新集体经济的生成逻辑、运行机制以及实践约束。研究表明：提高集体资产配置效率、增强村民与集体经济之间的利益联结机制、推动农村产业转型升级以及筑牢乡村治理根基是其基本生成逻辑；“股份合作公司+股份合作社+协会”的组织结构、“产权共享+相对静态”的股权管理模式、“联产+联股”的分配机制、“品牌化+创业、创客、创新三创联动”的产业动力机制、“自治、法治、德治三治合一”的乡村治理体系促进了其快速发展，但在实践中，股份合作型新集体经济发展仍可能存在组织结构不完善、激励监督机制不健全、集体经营风险增大以及产业融合程度低的约束。

Based on the survey of Village Y in Shaanxi Province, the generating logic, the operating mechanism and the practical constraints of stock-cooperative new collective economy have been analyzed. The research shows that improving efficiency of collective asset allocation, enhancing benefit linkage mechanism between villagers and collective economy, promoting transformation and upgrading of rural industries, and building the foundation of rural governance are the basic generating logic. The organization structure of “joint stock companies+stock cooperative+association”, stock equity management model of “property rights sharing+relatively static state”, distribution mechanism of “joint production+joint stockholding”, industry dynamic mechanism of “branding+entrepreneurship, maker, and innovation”, and rural governance system of “self-government, rule of law, rule of virtue” contributed to its rapid development. However, in practice, the development of stock-cooperative new collective economy may still be constrained by such problems as unfit organizational structure, imperfect incentive and supervision mechanism, increasing risk of collective management, and insufficient industry convergence.

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