地方政府发行公债一直以来被大众所关注,然而2009年河北省政府债券在上交所上市交易,截至当日收盘,该债券全天没有成交。同期上市的内蒙古自治区政府债券和陕西省政府债券,也未能逃脱零成交的怪圈。一时之间,地方债面临着一级市场热情衰退、二级市场交易清淡的尴尬的境况。本文通过分析造成该现象的原因,来探讨地方政府公债债的改革与完善。 Local government bond issuance has been the public concern, however, in 2009 Hebei Province government bonds listed on the Shanghai Stock Exchange, as of the close of the day, the bond did not deal throughout the day. Over the same period listed in Inner Mongolia Autonomous Region government bonds and Shaanxi provincial government bonds, but also failed to escape the strange circle of zero turnover. For a time, the local debt faced a warm decline in the primary market, the secondary market transactions light embarrassing situation. This article analyzes the causes of this phenomenon to explore the reform and perfection of the bonds of local government.