中文摘要：

一级单一主体可持续性地方政府债务取决于预算收支缺口,以及债务平均成本和收益效应。在此基础上,采用反映发展规模和承载能力的地方综合收入份额进行初次分配,再采用债务综合风险系数进行修正,然后得到各二级单一主体可持续性地方政府债务。实证测度表明,我国地方政府债务总体上处于可持续,但存在区域分布上的结构差异,尤其是较为落后的西部地区表现出债务不可持续。解决这一问题的关键,就是要提升西部及相关地区的债务收益水平。

英文摘要：

The sustainability of local government debt at the single body level depends on the gap between budgetary revenues and expenditures, as well as the average cost of debt and the income effects. On this basis, this paper applies the local comprehensive income share which can reflect the scale of development and the beating capacity for the initial allocation, then it makes use of the debt comprehensive risk factors for the correction, finally, it obtains the sustainability of local government debt of each single subject at the second level. The empirical measurement shows that China＇ s local government debt is generally sustainable, but there are structural differences in the regional distribution, especially the more backward western regions would exhibit unsustainable debt. The key to solving this problem is to improve the debt income level of the West and the related areas.