The reform of the shareholding system for collective assets (SSCA) has made clear the community members' rights to collective assets and their possessory rights, while changes in the residents' rights may alter their behaviors and community interests. In this study, the Difference-in-Differences estimation method is used to examine the impact of the SSCA reform on residents' participation in community governance. With residents' participation as the mediating factor, the mediating effect model is used to study the impact of the reform on community debts risk (CDR). When the household, community, and economic variables are controlled, the probability of residents in communities that have undergone reform being willing to participate in community governance is 5.6% higher than those in communities that have not. The results are significant at the 5% level. In terms of CDR, the SSCA reform has significantly reduced the debts–assets ratio by 7.9%. These findings have passed a series of robustness tests. This conclusion provides new ideas for promoting communities' democratic participation and debts risk management.

集体资产股份制（SSCA）的改革明确了社区成员的集体资产权利和拥有权，而居民权利的变化可能会改变其行为和社区利益。在这项研究中，差异差异估计方法用于检验SSCA改革对居民参与社区治理的影响。以居民参与为中介因素，利用中介效应模型研究了改革对社区债务风险的影响。如果控制住户，社区和经济变量，则接受改革的社区中的居民愿意参与社区治理的可能性比未接受改革的社区中的居民高5.6％。结果在5％的水平上很显着。在CDR方面，SSCA改革显着降低了债务/资产比率7.9％。这些发现已经通过了一系列的稳健性测试。该结论为促进社区的民主参与和债务风险管理提供了新思路。