中文摘要：

2009年以来,我国地方债经历了“财政部代发”“自发代还”与“自发自还”几个阶段。但从2014年“自发自还”的发行结果来看,地方债的发行利率与国债利率高度趋同,甚至出现倒挂,说明发行制度存在缺陷。研究表明我国较为深层次的制度缺陷,导致地方债市场化改革的困境,在“自发自还”模式下有了更加突出的表现,但不能因此否定“自发自还”制度的进步性。目前的困境主要包括：财政独立性的缺乏,融资冲动的难以遏制,信息披露的不完善以及金融机构的利益输送。真正实现地方债发行制度的市场化,还需经过较为艰难的体制改革。

英文摘要：

Since 2009, China＇s local government bonds have successively experienced stages of ＂issued by Ministry of Finance＂, ＂self-issued and repaid by Ministry of Finance＂ and ＂self-issued and self-repaid＂. However, from the issue results situation of the ＂self-issued and self-repaid＂ stage of 2014, there is a high convergence between the issuing rates of local treasury bonds and government bonds. The rates are sometimes even upside-down, which may indicate the defects of the issuing system. Researches show that our country＇s relatively deep institutional defects lead to the plight of local government debt market reform, and there is the more prominent performance under the mode of ＂self-issued and self-repaid＂, but we can not deny the system progression of ＂self-issued and self-repaid＂. The current predicament mainly includes the lack of financial independence, financing difficult to curb impulse, imperfect information disclosure and the interests of financial institutions. Real realization of local bond issuance system marketization also needs more difficult system reform.