Research On The Prevention And Control Of Implicit Debt Risk Of Local Government

In recent years,as local governments have launched large-scale infrastructure investment and construction,local governments have borrowed large amounts of debt for public welfare projects through investment and financing platform companies and other state-owned enterprises to meet the needs of investment and financing.The implicit debt of local governments is diverse,strong in concealment and large in scale,and has accumulated high risks.Preventing and dissolving the implicit debt risks of local governments is a major decision-making and deployment of the Party Central Committee and an important part of winning the "three major battles".It is of great significance for achieving high-quality economic development in Henan Province.On the basis of summarizing the research achievements of the government's implicit debt,this article combs the actual situation of Henan Province,combs and summarizes the manifestations of the implicit debt of the local government,summarizes the types of implicit debt and the main borrowers,and uses the funds and the source of debt service As the core of defining implicit debt,the "penetrating principle" is used to define the implicit debt of local governments,and the local government debt risk matrix is ? ? made.Using data analysis and investigation methods,around the three core elements of "borrowing,using and repaying" the implicit debt of local governments,it analyzes and explains the current status and existing problems of the implicit debt management of local governments.Through the scale of the interest-bearing debt of the local government financing platform in Henan Province and the audit situation of the financing platform of a certain city,it will provide an auxiliary explanation of the scale and risk of the implicit debt of the local government,and initially reveal the risks of the implicit debt.From the perspectives of government function positioning,intergovernmental fiscal relations,pressure of local officials' performance evaluation,and supervision of financial institutions,the tools of principal-agent theory and public choice theory are used to comprehensively analyze the reasons for the increase in implicit debt of local governments.On this basis,from the aspects of dissolving the implicit debt stock and curbing the increase of implicit debt,the countermeasures to prevent and control the implicit debt of localgovernments are proposed.