目前我国地方政府投融资规模膨胀,管理混乱,其积极作用和消极作用正在发生逆转。鉴于投资项目的准公共性,地方投融资行为是准财政性行为。应对危机、刺激内需是地方投融资规模膨胀的直接原因或表面原因;发展阶段、财政体制、“无限责任”政府、干部考核体系、传统体制惯性等是根本原因。债务风险是地方投融资膨胀引致的主要财政风险种类,银行信贷风险向财政风险的转嫁是主要的风险链条。应当通过强化总量控制、实行分类管理、银行地位独立、增强地方财政出资能力等措施缓解地方投融资对财政风险的拖累。 At present, the scale of investment and financing by local governments in our country is swollen and the management is chaotic. The positive and negative effects are being reversed. Given the quasi-public investment projects, local investment and financing behavior is quasi-fiscal behavior. The response to the crisis and stimulating domestic demand are the direct causes or the superficial reasons for the expansion of local investment and financing scale. The development stage, the financial system, the government of unlimited liability, the examination system of cadres and the inertia of the traditional system are all the fundamental reasons. Debt risk is the type of major financial risk caused by the expansion of local investment and financing. The transfer of bank credit risk to fiscal risk is the main risk chain. Measures should be taken to mitigate the financial risk caused by local investment and financing through such measures as strengthening overall control, implementing categorized management, independence of banking status, and enhancing the ability of local governments to make capital contributions.