摘要
Abstract
The paper analyzes the current status of local government debt from the perspective of the supply side. By combining with the effect of "tax reform" on local fiscal revenue, and the rigidity of fiscal expenditure, is the paper concludes that local fiscal deficit will inevitably expand in China. It is known that the debt financing is an important means for the local government to make up for the deficit. Taking Zhejiang Province for example, the pa-per uses the modified KMV model to calculate the local government debt scale moderately. The results show that if the government debt financing scale of Zhejiang Province is less than 172.11 billion CNY, namely the financing pro-portion of infrastructure construction funds is less than 30%, the local government debt default risk is close to zero.关键词
供给侧管理/地方政府债务/KMV模型/适度规模Key words
Supply Side Management/Local Government Debt/KMV Model/Moderate Scale分类
管理科学
