| In the "budget law" of the people’s Republic of China, of which there are 2 8 clearly stipulates:"the local government budgets at all levels of quantity is, the r ealization principle of compilingbalance of payments deficits, and shall not be liste d. Except otherwise prescribed in laws or the State Council, the local governmen t may not issue local government bonds." Audit Office of the people’s Republic o f China in 2010,2011 and 2013 are the audit of local government debt. The 2013 a udit report points out, the local government debt problems of high debt ratio,capital use efficiency is low, the lack of solvency etc.. Part of the local government debt repayment pressure big, big problem existing debt risk.In this paper, financing to local government debt and the debt problem as the research object,the use of economics, management theory, using literature metrolo gical method, spatial econometrics method, comparative analysis of the domestic and foreign research theme, on local government debt document co citation situation, th rough the normative research analysisof local government debt financing behavio r, financing mode the existing problems andreason; through the empirical research, a nalyzes the economic effect of local government debt financing; through the mode and experience of relevant local government debtsupervision combing both at home and abroad, and summarizes these practical experience,the overall thinking and sug gestions for debt management problems in the future of our local government, and gives some specific select the path and regulate local government debtmanagement in china.The main conclusions of this paper are:This paper takes the Chinese local government debt financing as the research object, the main conclusions are:1, the local government debt financing development stage, behavior, local gover nment debteconomic effect and the existing problems are analyzed in detail. Accord ing to theconstruction of local government fiscal, credit and open market sources o f funds to local government debt financing is divided into four stages, followed b y finance, credit based and open market and fiscal dominance again to mixed owners hip stage. The current situation oflocal government debt for local high government debt, debt pressure, and leads to the largerland finance. In order to quantitatively acc ount of the role of local government debt in local economic development, this cha pter examines the economic effects of the local governmentdebt to the public infra structure investment, using time series data were carried out analysis of decouplin g, the national provincial deficits and fiscal revenue of public investment in econom ic growth correlation analysis and specific to the relationship between the governme nt of Shaanxi province debt and economic development analysis. By analysis, the lo cal government debt financing has a significant impact on the local economic deve lopment, the economic development has played a positive role in promoting. In rec ent years, in the promotion of economic development power, the local government to raise funds contributed by a debt. At the same time, we analyzed the existing pro blems of local government debt financing. A larger amount of local government de bt, local government debt growth lack of rational andreasonable speed, fast growt h, resulting in the lack of solvency, solvency pressure, does not rule out the possibi lity of large-scale emergence of debt default. Two is in the construction of local pu blic infrastructure, the local government is in the dominant position, can not play th e role of social capital. The three is the local government debt financing source c hannel is relatively simple, the lack of risk diversification mechanism, easy to caus e the unitary systemof systemic risk. Through the empirical test on the sustainabili ty of the Chinese local government debt, local government debt Chinese found existi ng model is not sustainable.2, in an empirical test of actual measurement, this paper used the "decoupling" s ustainabilityindex to examine the fiscal opportunism and budget deficits. According to the Tapiodecoupling indicators for construction of local government fiscal defic it with local economic growth decoupling elasticity index and the division of decou pling state. The study found that:look from the angle of time evolution, in the ins pection time series in most provinces in China,the indicators are declining trend, the indicator values are in a right and left, the average is 0.96. The test of time. The conclusion is the local government debt with GDP has a negativegrowth trend to cha nge connection decoupling from the expansion, this is the local government in the s ystem of tax distribution system in the economic sense, the debt of local governme nt debt and investment led growth effectively alleviate the fiscal deficit. Look from t he angle of space evolution, our country east, and West three big area of decouplin gindicators present began to increase then decrease trend, specific for the eastern re gion in central area of east<midlle< western region, rising and falling rate consisten t. The practical significance is the economic developed area of the levels of debt, d ebt underdeveloped area pressure.But with the development of central and west reg ions, the relationship between national debtdeficit and economic development present s growth connection.Through the analysis of the relationship between the local government publi c investment in physical capital and the local government’s economic development, t he empirical results is the local government investment in public capital has a posi tive role in promoting the local economic development, the two have a significant p ositive correlation between. It is found in the analysis, the current investment press ure may exist, but in the long run, the accumulated effect of public physical capita 1 will promote economic development, but the effect of currentefficiency is low, at present there is no "high investment" problem, but there is a capital "lowefficiency ". The suggestion is to scientific policy finance government to further improve and a ttention.According to the fiscal multiplier multiplier model derived by checking the loca 1 governmentdebt, debt and economic development in Shaanxi Province, the study f ound that:during the sample period, per capita local government debt (GD) for eac h increase of 1%, the GDP of Shaanxi province (GDP) can be increased by 0.68 %, a significant correlation between the two.3, this paper assumes that government is a complex man, from the ideas, cone epts andanalyzing research results with the encouragement theory perspective in or ganizational behavior, construction of local government debt financing needs-behav ior model to analysis of local government debt financing behavior. The study foun d that government debt financing,but also to meet the needs of government organiz ation itself, the local government’s survival needs, relationship between need and gr owth need local government debt financing behaviorimportant motivation. The centr al government need to guide these motives, to regulate the local government fiscal a ctivities through the financial system and supervision system, in order to effectivel y curb the excessive local government debt financing behavior.4, this paper uses game theory, analyzes the motivation of local government d ebt financingbehavior. On the one hand, analysis of the local government and centr al governmentinvestment in infrastructure less intrinsic motivation. The relationship between the other handuse game theory to analyze the local government, financial institutions and regulators, thegame analysis of local governments and financial inst itutions as a common benefit, thefinancial supervision institutions as game of the oth er party. The study found that: if the local government financial institutions in the region under the jurisdiction of the choice of cooperation strategy, regulatory depart ments choose to support; on the other hand,regulatory departments and to selected 1 ocal government support, is under the jurisdiction ofthe region’s financial institution s only choose to cooperate, only in this way, the two sides to obtain the maximu m benefit, reach equilibrium. Or regulators began with a selected to suppress, then th e local government under the jurisdiction of the region’s financial institutionswill c hoose non cooperation strategy, and vice versa. The final analysis that, only whenr egulators chose to support the strategy, financial institutions to choose cooperation strategyis the best choice for this game.5, analysis of the evolution of China’s local government debts in regulatory po licy and problems. Local government debt regulatory divided into stages, including s tage division and regulators to the regulation system of the stage division two, card ing the historical evolution ofthe regulatory policy. We believe that China on local government supervision exists subject not clear problem, analysis of the relationshi p between the regulatory body. The regulatory process of Chinese local governmen t debt in the presence of diversification, the subject of local government debt risk is bigger, the regulatory need problem in system and imperfect laws and regulatory pr actices etc.. But we think the past state of local government debtfinancing supervisio n is valuable.6, given the way of the total local government debt management in the next st ep, and has formulated the implementation steps and concrete scheme. The general idea:governance according to law to resolve the debt problem; stock of debt, debt li abilities control increment;straighten out the way and liabilities flow; clear debt man agement main body, the implementation of debt undertakes the main body responsi bility. General advice:a clear local government debt management subject; reasonabl y determine the boundary control of local government debt; clear the Chinese local government debt source, mode and channel; make clear the local government debt repayment methods and sources; make clear the local government debt failure respon sibility mechanism.Specific ideas:on the subject of supervision, in the long run, suggested that th e centralgovernment clearly a subject departments of local government debt manage ment, fromexperience, preferably by the policy mechanism as the main body of man agement. Secondly,can also be served by the national development and Reform Co mmission or the financial sector, but also established a new Department managemen t. The Department is responsible for local government debt management, debt statist ics, early warning, accountability. At the same time, according to the actual situatio n of the local government financial strength offormulation of the policy differences between the actual situation, promote the orderly development of the local govern ment debt. Specialized management agencies to understandthe field of financing, to understand the local government financial revenue and expenditure situation, can m ake the horizontal and vertical contrast, develop practical policy, at the same time, t he control of local government debt in the promotion of economic development. O n thepath of development:the design of the total control of the PPP cooperation s pecializedagency debt ceiling model and innovative financing mode. With regard to t he specificsupervision index and model, design two aspects of safety and efficiency i ndicators of 8specific indicators, weight is given with respect to the quantitative m anagement.
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