我国当前的地方债制度是中央政府为解决地方政府的财政资金缺口而进行的一项制度创新。但在由中央代发而非地方政府自主发债的条件下,现行地方债制度在发行机制、约束机制等方面存在先天不足,并引致诸如地方政府债务主体不明晰、偿债责任不明确、债务规模盲目扩张等潜在财政风险。进一步完善地方债制度,应强化地方政府在债券发行中的主体地位,健全预算约束机制,引入偿债缓冲机制,提升地方政府债券的信用水平。 The current system of local government bonds in our country is a system innovation made by the central government to solve the shortfall of the local government’s financial funds. However, under the condition that the central government issued the debt instead of the local government, the current local debt system has inherent defects in the issuance mechanism and the restraint mechanism, which led to such problems as unclear local government debts, unclear responsibility of debt repayment, debt scale Blind expansion of other potential financial risks. To further improve the local debt system, we should strengthen the subjective position of local governments in bond issuance, improve the budget constraint mechanism, introduce the debt repayment buffer mechanism and enhance the credit level of local government bonds.