面对地方政府日益庞大的赤字,一场关于是否需要发行地方债的争论早已在学术界展开。当前,争论许久的地方债开始进入试点发行阶段。吉林、广西、黑龙江等地已经开始试点发行。然而地方债的发行并不如预期的顺利,发行以来,不仅不受投资者青睐,并持续跌破发行价;此外,发行地方债也存在加重地方政府负债负担,减少私人投资不利于经济发展等问题。本文就对发债以来的这些问题进行剖析,并提出了相关对策建议。 In the face of the ever-growing deficit of local governments, a debate about the need to issue local government debts has already begun in academia. At present, the debts that have been debated for a long time have begun to enter the pilot phase. Jilin, Guangxi, Heilongjiang and other places have begun pilot release. However, the issuance of local bonds is not as smooth as expected. Since it was issued, it has not only been favored by investors but also continued to fall below the issue price. In addition, the issuance of local bonds also poses the problem of increasing the debt burden of local governments and reducing the private investment against economic development . This paper analyzes the problems since the issuance of bonds and puts forward some countermeasures and suggestions.