For a long time，The formation of the debt of local government's debt is put on the framework of economics to think。Therefore，Local government debt research is often regarded as a pure technical process，Concentrated research direction is how to build a debt risk warning system，How to formulate scientific fiscal and monetary policy。Focus on local government debt issues from the perspective of economics，It is because local government debt is formed in the fiscal system，It is manifested as financial risks。Finance and finance is an important part of macroeconomics，So study from the perspective of economics to study local government debt issues to be logical。

In the face of the field of economics, studying local government debt problems，The field of public administration can not give up。Actually，Deep -seated answers to solve the debt bet365 Play online games of local government debt need to be found from the field of administration。Public administrative activities are performed around the distribution of financial resources。All political organizations and interest groups hope that the government will formulate a policy to maximize its own interests in the distribution of financial resources。But，The scarcity of fiscal resources makes the needs of most political organizations or interest groups cannot meet。Objective facts formed by local government debt，Explain that borrowing debts is the best choice of local governments。Based on the perspective of public administration, explain the choice of local governments from two perspectives: "why wish" and "why can"，It helps us to understand more comprehensive understanding of local government debt formation mechanisms。

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Local government officials from developed countries such as Britain and the United States are generated by campaign，Therefore，Local government officials choose the liability strategy to use the "myopia" of voters in the area，Maximize the current benefits of voters through liabilities。Due to the differences in my country's administrative system，Some people think，That is to maximize the welfare of the residents in the area，Therefore, local government officials borrow debts just "up" and are responsible for，instead of "down" responsibility。This is actually a misunderstanding of the agency relationship of the current "people -central -local" triple entrusted agency relationship。

In my country's administrative system，"Central -Local" commissioned agency relationship makes local government officials around local GDP、fiscal income、China Merchants Protection, etc. launched the "Political Championship"。In this context，Local government officials will choose to increase investment scale for their own interests，Large borrowing debts。This can be understood as the "upward" responsibility of local government officials。But，It is difficult to explain here why local government officials do not choose to send or levy various taxes and fees to break through the budget，Should I choose to borrow debts? Actually，Most local government officials in China adopted these methods in the 1990s，leading to various stalls、Random charging phenomenon occurred。

So，We also need to introduce the three triple entrusted agency relationships of the current "people -central -local -local" in my country to understand local government officials "why" liabilities。Entrusted by the people，and entrust the economic development and social management functions to Bet365 lotto review the place。This is the current triple commission relationship of my country's administrative system。Although this administrative system is very different from the progressive agency relationship between the "people -local -central" "people -local -central" in the Western countries，But the design of the following two mechanisms effectively reduces the agency cost of local governments: First, the central government passes through vertical management institutions、The inspection team and other forms are directly embedded in local affairs; the second is the central government through the Internet、Public opinion feedback from people and other people to supervise local affairs。Between "improving the current benefits of the people in the jurisdiction" and "prohibiting the fees of the people in the area under the jurisdiction"，Local governments must not only be "up" responsible，At the same time, it must be responsible for "down"，So local governments in our country will eventually borrow debts as the best choice。

　　Local governments "why can" debt bonds

It is not enough to understand the local government's "why"，You also need to understand that the local government "why can" borrow debts。For this，Some scholars think，The reason for the formation of local debt is that my country is an economic transformation country，The market economy system is still incomplete。Very true，The imperfect market economy system is one of the main reasons for the formation bet365 Play online games of local government debt in my country，But will not be the root cause。Otherwise，We cannot understand some local debt phenomena of some developed western countries。For example，The German local government loan through the newly established independent budget public institution，Danish local government will school、Fixed assets Bet365 lotto review such as government office buildings and other fixed assets as the target of after -sales leases for financing。These market economy systems are very sound western developed countries，The debt of its local government is very similar to the formation of the hidden debt of the current local government in my country。

So，The reality of the transformation of the market economy is not enough to explain the question of "why can" debt bonds in my country。Germany with the above、Denmark and other administrative systems are similar，China is also a country with a single system of administrative system。Different natural firewalls between local debt and central debt of the federal national national debt，The central government of a single state bears the liability for unlimited connection and bringing the local government debt risk。It is the fundamental difference of this administrative system，"The final repayment person" that caused the central government to become local government debt。can be considered，The characteristics of the administrative system of a single state are the fundamental reason for the local government of my country's local governments。

Actually，Since the reform and opening up，my country's market economy system has been greatly improved，The power boundary of the local government is constantly clear，But local government debt has always appeared in different forms。Similar to the current local government debt and the financing platform company, it is similar to，The 1980s and 1990s，my country's local government debt is tightly bound with state -owned enterprises。Under the dry system of the fiscal package at that time，Local governments perform housing through state -owned enterprises、Employment、Medical、Education and pension many social functions。To maintain the operation of state Bet365 app download -owned enterprises，Local governments not only provide subsidies to it regularly，And to coordinate the loan of financial institutions。At this stage，The reason why financial institutions are willing to loan，Flows is the local government credit behind these state -owned enterprises，And know that "the last repayment person" is the central government。

　Countermeasures under the perspective of administrative science

Understand the mechanism of the formation bet365 Play online games of local government debt formation in the perspective of administrative science，It helps us to notice more general reasons，This is conducive to the strategy of responding to the response to the effective governance of the effective bet365 live casino games Governance of Local Government debt。

A perfect incentive mechanism for "why wish"。To make full use of the "central -local" commissioned agency relationship，Local government officials closely carried out the active initiative of the "Political Championship" around the superior assessment indicators，Appropriate adjustment of the indicator assessment system。From the perspective of management，Single assessment indicators are convenient for superior assessment，It is convenient for lower -level operations，It can effectively reduce the management cost of superiors。But，Single assessment index system in turn will increase the agency cost of the lower level，It is manifested as a subordinate to sacrifice other indicators to achieve the performance of single assessment indicators。For example，Sacrifice the local environment to achieve the assessment of GDP growth in order to achieve the assessment of GDP growth、Finance, etc.。For this，Evaluation of local governments，We must continue under the premise of a single indicator，Enrich other auxiliary indicators such as local government debt scale，bet365 live casino games Form a comprehensive indicator assessment system。In specific practice，The central government can take through vertical management agencies、Special inspection and other forms directly embedded in local debt governance affairs，You can also use the Internet public opinion、Information feedback from expert consultation to supervise local government debt。

A perfect constraint mechanism for the question of "why can"。To make full use of the superiority of a single system of administrative system，Strengthen the administrative constraints of various stakeholders related to local debt。Although under a single system of administrative system，The local government becomes easy to borrow because the central government as a "last repayment"，But the absolute authority of the central government can conduct a strong deterrent of the "illegal debt" of various interest -related bodies through efficient administrative orders。On the one hand，Prevent fiscal risks from the fiscal risks through strong deterrence。The central government can pass efficient administrative orders、Strict accountability mechanisms to restrain local government officials' debt -lifting behavior。The current main task is to expire hidden debt，So that local government officials did not "change" the operation space of borrowing debts。On the other hand，Prevent financial risk and fiscalization through strong deterrence。Under a single administrative system，Fundamentally eliminating the fantasy of "there is a central financial pocket after local governments have debt risks"，To realize the pre -supervision of the local government debt loan business of financial institutions。Through dual -tubes，Building the road of effective governance bet365 Play online games of local government debt。

　　(This article is the Study of the State Social Science Fund Project "Research on the Effective Governance of Local Government Debt" (18bzz081) phased achievement)

(Author: Decision Consultation Center of the Party School of the Jiangxi Provincial Party Committee of the Communist Party of China、School of Management of Xiamen University)