中文摘要：

本文主要从技术效率的角度分析欧债危机爆发的原因。本文首先回顾已有文献对于欧债危机的原因分析。然后测度了欧元区国家的技术效率，最后实证检验了技术效率对欧元区国家主权债务的影响。研究表明，欧元区国家技术效率差异明显，法国和德国等国家的技术效率相对较高，而爆发主权债务危机的希腊、意大利、葡萄牙以及西班牙的技术效率相对较低．位列欧元区国家最后几名：技术效率的下降会加重政府公共债务比重。首先，技术效率加剧了经济发展不平衡程度。其次，经济水平发展比较低的国家在货币一体化下倾向于发债或向其他国家政府或机构借款。最后．随着公共债务占GDP比重的不断攀升．最终引发主权债务危机。

英文摘要：

This paper mainly analyses the reason of the debt crisis in Europe from the perspective of technical efficiency. Starting by reviewing the existing literatures, the paper measures the technical efficiency of the euro-zone countries and tests the effect of technical efficiency on the sovereign debt with regression analysis. The study shows that： the technical efficiency is significantly different among the euro-zone countries, which is relatively high in France and Germany, and relatively low in Greece, Italy, Portugal and Spain. The decline in technical efficiency increases the proportion of public debt on GDP. Firstly, the technical efficiency exacerbates the imbalance of economic development. Secondly, in the monetary integration, the economies which have relatively low level of development tend to issue bonds or borrow capital from other governments or institutions. Then, the rising public debt may ultimately lead to a sovereign debt crisis.