2008年金融危机爆发以来，我国经济发展面临空前的压力，为此地方政府开始成立融资平台筹集资金来进行基础设施建设，平台数量和城投债规模快速扩张，但盲目投资膨胀的同时却带来了巨大的地方政府债务风险。为了清理地方政府融资平台，我国于2014年颁布了新《预算法》，明确界定了地方政府债券的概念和范围，从此，地方政府债券在我国地方政府举债中占据着越来越重要的地位。在我国经济发展进入新常态的今天，地方政府债券已然是我国财政政策的重要工具，2021年，全国各地区总计发行地方政府债券超过7万亿元。去年中央经济会议也强调了地方政府债券对于拉动投资的重要作用，指出要用好地方政府债券这一强有利的工具，促进经济的持续平稳发展。

为此，地方政府债券作为一个规范地方政府举债的新兴工具，研究其对于区域经济增长的影响意义重大，为此本文从理论和实证两个角度，短期和长期两个层面研究地方政府债券对经济增长的影响。本文首先介绍了本文的研究思路、背景等内容；然后梳理了相关文献，对国内外关于地方政府债务和地方政府债券与区域经济增长的关系的相关文献进行了总结；接下来介绍了地方政府债券在我国的发展历程和种类，整理了我国近几年各省份地方政府债券的发行规模，并对其中的一般债券和专项债券规模进行了对比分析。接下来是理论模型分析部分，从短期影响和长期影响两个角度采用不同的理论分析地方政府债务与经济增长之间的关系；理论分析后是实证分析部分，选取全国 31 个省政府作为研究对象，收集2015-2020年这6年的地方政府专项债券，经济水平等数据进行短期和长期两部分实证分析；最后得出结论，并提出建议。

研究结论如下：无论是短期影响还是长期影响上，我国地方政府债券与经济增长存在显著的倒“U”型关系。当地方政府债券的发行规模在一定范围内时，其与区域经济水平呈现显著的正相关关系，即会促进经济增长；当地方政府债券的规模超过一定范围时，其与区域经济水平呈现负相关关系，即会抑制经济增长。

政策建议如下：地方政府要适度举债，提升效能，建立合理的债务预警机制，优化专项债券投向，着力投资于涉及国计民生的符合地区发展需要的领域；完善现有债券，并不断丰富债券的品种，全方位覆盖经济、政治、文化、社会、生态等各大领域；还要加强地方政府债券与区域经济增长协调发展，加强中央与省级间、省地区间及各城市之间、地级和县级等区域性金融机构间协调合作，实时考核和监测地方政府债券项目的实施和风险状况，规范地方政府债券的发展，进而促进区域经济协调发展。

Since the outbreak of the financial crisis in 2008, my country's economic development has faced unprecedented pressure. For this reason, local governments have set up financing platforms to raise funds for infrastructure construction. The number of platforms and the scale of urban investment bonds have expanded rapidly. huge local government debt risk. In order to clean up the local government financing platform, my country promulgated the new "Budget Law" in 2014, which clearly defined the concept and scope of local government bonds. Since then, local government bonds have occupied an increasingly important position in local government borrowing in my country. Today, when my country's economic development has entered a new normal, local government bonds have become an important tool for my country's fiscal policy. In 2021, a total of more than 7 trillion yuan of local government bonds will be issued in all regions of the country. Last year's Central Economic Conference also emphasized the important role of local government bonds in stimulating investment, and pointed out that local government bonds should be used as a powerful tool to promote sustainable and stable economic development.

Therefore, as an emerging tool to regulate local government borrowing, local government bonds are of great significance to study its impact on regional economic growth. For this reason, this paper studies the impact of local government bonds on the economy from both theoretical and empirical perspectives, both short-term and long-term. growth impact. This paper first introduces the research ideas and background of this paper; then sorts out the relevant literature, and summarizes the relevant literature on the relationship between local government debt and local government bonds and regional economic growth at home and abroad; and then introduces the types of local government bonds, the issuance scale of local government bonds in various provinces in my country in recent years is sorted out, and the scale of general bonds and special bonds is compared and analyzed. Next is the theoretical model analysis part, which uses different theories to analyze the relationship between local government debt and economic growth from the perspectives of short-term impact and long-term impact; after the theoretical analysis is the empirical analysis part, selecting 31 provincial governments across the country as research Subjects, collect data on local government special bonds and economic levels in the six years from 2015 to 2020 for short-term and long-term empirical analysis; finally draw research conclusions and put forward relevant policy suggestions.

The research conclusions are as follows: Whether it is short-term impact or long-term impact, there is a significant inverted "U"-shaped relationship between local government bonds and economic growth in my country. When the issuance scale of local government bonds is within a certain range, it has a significant positive correlation with the regional economic level, that is, it will promote economic growth; when the scale of local government bonds exceeds a certain range, it has a negative correlation with the regional economic level. relationship, which inhibits economic growth.

The policy recommendations are as follows: Local governments should borrow appropriately, improve efficiency, establish a sound debt early warning mechanism, optimize the investment direction of special bonds, and focus on investing in areas that meet the needs of regional development involving the national economy and people's livelihood; improve existing bonds, and continuously enrich the varieties of bonds, covering all major fields such as economy, politics, culture, society, ecology, etc. ; It is also necessary to strengthen the coordinated development of local government bonds and regional economic growth, strengthen coordination and cooperation between the central and provincial levels, between provinces and regions and between cities, and between regional financial institutions such as prefecture and county levels, and real-time assessment and monitoring of local governments. The implementation and risk status of bond projects, regulate the development of local government bonds, and then promote the coordinated development of the regional economy.