I中 文 摘 要 我国向来对地方政府举债行为进行十分严格的限制，地方政府不得随便发债。但是在现实情况中，许多地方政府仍然通过城投债和土地财政等方式举债进行工程项目建设。特别是在 2008 年的金融危机以后，我国政府为了刺激经济，实施积极财政政策，启动了“4 万亿”刺激计划，地方政府只能举债获取配套资金。适度的举债可以弥补财政赤字，建设便民工程项目，加快实现小康社会。但是，若地方政府债务运用不当，举债过度，便会增加债务危机风险。比如 2011年的欧洲债务危机，多国政府就是因为债务问题濒临破产。欧债危机也引发大量的骚乱与游行，降低了国民的生活质量。根据我国 2011 年审计报告，我国地方债务总额多达 107174.91 亿元1，已经成为我国目前主要的财政隐患，严重威胁着我国经济安全和社会稳定。债务危机一旦爆发，就会对社会主义现代化建设产生负面影响，也会让人民群众对我国地方政府的诚信力产生怀疑。 为了完成社会主义现代化建设任务，我们必须严格监督地方政府债务活动，量化地方政府债务。本文采用了规范分析的方法，从各个方面对我国地方政府债务的数据进行了分析，同时广泛阅读和收集了各种地方政府债务问题的研究成果。然后借鉴发达国家经验，结合我国国情提出了一些比较切合实际的方法。 通过对美国联邦政府债务的分析，我们看出：严格的硬预算约束、健全的市场机制对地方政府债务约束的作用最大；完善的破产机制减轻了地方财政对中央财政的隐性依赖，降低了债务的“道德风险”。日本严格的行政审批制度和多元化的资金来源渠道值得我们借鉴。 本文认为不健全的财政管理体制和预算的软约束是我国地方政府债务的主要问题。不完善的财政监管体制导致中央对地方的监控力度不足，地方举债自由度很大。而预算的软约束又进一步暴露监管漏洞，部分地方政府为了建设形象工程、提高地方 GDP 总量，纷纷利用各种借口举债。因此本文从我国财政体1数据来源：中华人民共和国审计署办公厅，审计结果公告，2011（35）. II制建设和财政监管方面提出了建议。在体制方面，中央与地方财权事权分配的不合理是地方债务问题的主因，因此要从各方面处理好中央与地方的关系。在监管方面，事前加强硬约束机制建设；事中进行严格的审批，加强社会的监督；事后进行债务的反馈与检查，建立地方政府的破产机制，减轻地方政府债务问题对国家经济影响。 关键字： 地方政府债务，地方政府债务硬约束，地方政府债务监管 IIIAbstract China has very strict regulations on local borrowing behavior.The local government shall not be casually issued debt issuance,.But in reality, many local governments are still in other ways such as the city voted bonds, obtained secret operations, land finance funds for building projects. Especially after the financial crisis in 2008, the Chinese government in order to promote economic used active fiscal policy ,which was the 4 trillion plan. Local government in debt .However, if the use of improper and excessive debt, it will give rise to the debt crisis. Such as the European debt crisis of 2011.A lot of chaos and processions happened in many governments in the dept crisis. China Audit Department Reports show that Chinese total local government debt has more than 10.717491 trillion yuan in 2011,which may causes big financial ricks that is a serious threat to our economic security and social stability. Whatever measures will not make up to the leak of life quality of the local residents once the crisis broke out. Therefore, in order to deal with the issue of Chinas local debt in a timely manner, we must strengthen the strict supervision of our local project construction. This paper uses a standardized method of analysis and research on a wide range of reading and collecting a variety of local government debt since ancient times. In many ways, it collects the full range of data on Chinas local governments. And then we deal with this problem based on the experience of other countries,and combined with Chinas national conditions . This paper will learn the experience through the analysis of the U.S. Federal .Reducing local government implicit dependence on the central government is the only way to reduce central governments paying. Strict administrative approval owned and diversified funding sources is which we can learn from Japan. Supervising the local government through strict examination and approval, strictly regulating the expenditures of local detail and quantifying the ease of management. IVWe found that the main problem is the financial management system and the soft budget constraints of local debt issues by analyzing the papers. Imperfect financial regulators led to a lack of monitoring in place.The local government loans for their own image projects.And the soft constraints of the budget have more effects on the regulatory loopholes. So ,building of Chinas financial system and financial regulation, opening up the source address legacy debt issues is suggested in this paper.At the institutional level, the allocation of the financial powers of property rights is unreasonable which is the main cause of the local debt problems.So the relationship between the local and central must be will functional.On the regulatory side, strengthen the construction of hard constraint mechanism in first ; strengthen strict examination and approval, as well as the supervision of social things in the second ; last not the least is the debt feedback with the inspection and supervision of the establishment of local government bankruptcy mechanism to mitigate the harm to the country. To resolve the remaining debt problem, the local government can open up the source, try to issue local bonds and regular the specification financing platform. Key Words: Local government dept ， Hard constraints of local government debt， Supervision of local government debt V目 录 第1章 绪论. 1 1.1 研究背景 . 1 1.2 研究意义 . 2 1.3 研究方法 . 2 1.4 文献综述 . 3 第2章