A Study On The Influence Of Officials' Characteristics And Government Competition On The Local Government Debt

The local government debt has been the focus of government attention and governance for many years.Moderate borrowing has its rationality and can provide a source of funding for urban development and public goods.However,excessive debt will have a negative impact on the economy.When it is difficult to pay,it can lead to default and lead to a crisis.In order to control the scale of debt and restrain the excessive expansion of local debt,it is very important to clarify the influencing factors of debt expansion.In this paper,the personal characteristics of provincial officials are used to represent the characteristic variables of officials,and the government tax competition is used to represent the competition of local governments.From the two aspects of the characteristics of officials and the competition of local governments,this paper analyzes its influence on the amount of local bonds.And then we extend the benchmark model,it discusses the mutual adjustment and interaction effect of official characteristics and government competition on local debt.Through the test and analysis of the panel data of 30 provinces from 2007 to 2016,the results show that when the provincial officials are too young or older in age characteristics,they will make the new amount of local bonds relatively low,and the debt reaches the maximum when officials are in their moderate ages.The longer the officials serve,the stronger the willingness to borrow.In the current term of office of our country,the new debt is increasing with the length of service of provincial officials.In the background of the central and enterprise work of provincial officials,the influence direction of the governor and the secretary of the provincial party committee is different.The governors who have the working background of the central government will curb the increase of local debt,while the provincial party secretary with enterprise background will promote debt growth.The horizontal tax competition between local governments will promote the expansion of local debt.At the same time,the influence of local government tax competition and the age of provincial officials will promote each other,and the term of office of provincial officials will be restrained by each other.On the basis of the above research results,it is suggested that provincial officials should give full consideration to the age level and combine the old and the new.Then appropriately shorten the term of office of officials,strengthen the exchange of officials in different places,and reduce their retention.Increase theproportion of governors with central experience background and reduce the proportion of people with enterprise background among provincial party secretaries.In order to control the increase of debt,the official assessment system should be properly reformed.The local tax revenue should be standardized and the limit of tax competition among governments should be controlled at the same time.