中文摘要：

地方政府债务膨胀是内因与外因相互交织并共同发挥作用的结果，而官员晋升锦标赛竞争机制使地方政府债务膨胀具有制度的内生性特征，主要体现在：一是官员晋升锦标赛与地方政府公司化；二是预算软约束与地方政府投资冲动；三是逆向预算软约束与土地财政金融化。地方政府债务膨胀一方面增加了地方政府对商业银行呆账、坏账的信用风险，影响到政府信用；另一方面，也可能会诱发潜在的金融风险和经济危机，影响到国民经济的健康运行。

英文摘要：

s： Local government debt expansion is the result of internal and external factors interweave together play a role, which is mainly reflected： First is the official promotion tournament and Local State Corporation; second is the soft budget constraint and local government investment impulse; third is the reverse soft budget constraint and land finance. Local government debt expansion will increase bad debts risk effect of government credit; on the other hand, may bring the potential economic crisis and financial risk, which will affect the healthy operation of the national economy.