地方政府债务是困扰当前中央和地方财政的难题,不同层级地方政府债务状况是学界争论的焦点。结合最新的财政分权理论,构建地方政府债务模型,研究地方政府债务的运行机制及影响因子。对2011年发布的全国地方政府债务的截面数据展开实证分析,验证了假设判断:不同层级地方政府举债原因不同,省级政府是为了发展经济;县(市)级政府是应对巨大的财政收支赤字。在当前地方债务危机下,必须有针对性地进行财政体制改革,不同纵向的地方政府实施有差别的财政结构优化,有效降低地方债务,抑制财务盲目膨胀。 The debts of local governments are troubling the current central and local governments. The debts of local governments at different levels are the focus of academic debate. Combined with the latest theory of fiscal decentralization, we construct a local government debt model and study the operating mechanism and impact factors of local government debt. Empirical analysis of cross-sectional data of the national local government debt released in 2011 verifies the hypothesis judgment that the local governments at different levels have different reasons for borrowing, while the provincial governments aim at developing the economy. The county (city) level governments are responding to huge fiscal revenues and expenditures deficit. Under the current local debt crisis, the reform of the financial system must be targeted. Different vertical governments implement differentiated fiscal structural optimization, effectively reducing local debts and curbing financial blind expansion.