Study On The Risk Of Local Government Debt From The Perspective Of Land Finance

After the implementation of the tax distribution reform in 1994,local governments fell into a dilemma due to the mismatch between their fiscal and administrative powers.Land finance,with land transfer and land mortgage financing as the core,became an important source of local fiscal revenue.On the one hand,local governments use land as collateral to carry out financing and borrowing activities;on the other hand,land transfer revenue is also an important source for local governments to repay debts.In this situation,land finance is closely linked with local government debt,which not only leads to the unreasonable allocation of resources,but also leads to difficulties in the transformation of industrial structure and becomes the risk point of local government debt outbreak.The work report of the central government in 2019 clearly points out that we need to "effectively defuse corporate debt risks and prevent and defuse local government debt risks".In this context,the study of local government debt risk from the perspective of land finance has important theoretical and practical significance.This paper supported by risk management theory,institutional change theory,using the literature research and case analysis,the research object as the local government debt risk,mainly from the perspective of land finance both behind the risk transmission mechanism,by studying the development of local government debt,the types of risk,risk factors,put forward to prevent an effective measure to resolve the debt risk of local government in our country.The main research contents of this paper include: firstly,the background and significance of the research are discussed in general,and the research results of local government debt at home and abroad are summarized.The second is to study the development of local government debt in China,and summarize the scale risk,structural risk,management risk and economic and environmental risk of local government debt in China.Third,it studies the mutual transmission mechanism and internal enhancement effect of land finance and local government debt,and analyzes the impact of changes in land supply,transfer income and other factors on debt risk.The fourth part takes Z city S district as a case to analyze the risk types,risk threats and countermeasures of local government debts.Fifth,put forward to dissolve the local government debt countermeasures and Suggestions.It includes four aspects: from guiding the reform of land system,to strengthening the management ability of local governments,to improving the debt paying ability of local governments,and to broadening the financing undertakings of local governments.