Research On The Risk Control Of Local Government Debt In W County

In order to promote the economic development of the region,the local government is trapped in the mismatching of financial power and administrative power of the local finance,which leads to a large gap in local finance and a rapid growth of local government debt.The results of 2013 national government debt audit show that the debt of local governments responsible for repayment has increased rapidly.It is undeniable that most of the local government debt funds are used in the local major infrastructure construction and people's livelihood projects,which plays an extremely important role in the local economic and social development.It not only improves the allocation pattern of resources and funds in the regional economy,promotes the local economic development,speeds up the pace of urban,transportation and other infrastructure construction,but also improves people's livelihood It promotes social harmony and stability.However,we should also be aware that local government debt is very easy to form debt risk,causing financial and financial risks,which should be highly concerned and prevented.One of the three major battles raised in the report of the 19 th National Congress of the Communist Party of China is to prevent and control financial risks.In order to prevent and control local government debt,the central government has issued a series of laws and regulations,and the current debt scale and risk have been preliminarily controlled.However,in the county-level local government debt management work that the author participated in,the local government debt still has great debt risk.Based on the study of domestic and foreign literature,this paper,based on the theory of risk management,the theory of public accountability and the theory of principal-agent,uses the methods of literature research,case analysis,qualitative and quantitative analysis,and selects w County as an example to analyze the reasons for the formation of local government debt at county level,and based on a large number of basic data,deeply analyzes the scale of local debt And risks.The main contents and results are as follows:First of all,after studying the relevant literature and theory at home and abroad,the qualitative analysis summarizes that the reason of the formation of local government debt is influenced by the financial system and political system,and promoting the development of local economy is the catalyst of the formation of local government debt.Secondly,based on a large number of financial data of W County,this paper summarizes the current situation and risks of local government debt.Through the analysis of the scale,source and investment direction of local government debt in W County,this paper further analyzes the influence of urbanization,political and economic factors on local government debt.Based on the analysis of local debt scale,debt repayment data,debt management and other aspects,the paper concludes that there are four aspects of debt risk in W County: excessive debt scale,nonstandard debt management,imperfect debt control mechanism,and lack of audit supervision.Finally,in the risk of local government debt,we put forward three aspects of risk control countermeasures: pre engagement rules,in-process control and supervision,and post event management.The local government should not only manage and control the debt risk from the government level,but also control the risk of the local financing platform.