【摘要】 地方政府的行为逻辑是地方债务治理中的重要因素。本文首次基于文本分析的视角，识别并量化了地方政府对于政府债务防风险与稳增长的“言”,并结合二者的相应数据反映出来的“行”,通过察“言”观“行”的对比印证，研究了地方政府的债务治理逻辑。研究结果显示：(1)整体而言，“防风险”始终是地方债务治理中的最重要议题。地方政府对于债务风险上升的反应往往以“言”——强调防范债务风险为主，从“行”来看，地方政府举债行为逻辑更侧重于“稳增长”。(2)分省市来看，省级政府兼顾防风险与稳增长，而市级政府则在“行”上侧重于稳增长。(3)分区域来看，东部地区防风险与稳增长基本保持平衡，中、西部地区在举债行为上倾向于稳增长，但对防范债务风险的关注相对较少。上述结论为理解地方政府的行为逻辑，以及加强完善地方债务治理以实现稳增长与防风险的长期平衡，提供了重要的启示。更多还原

【Abstract】 The logic of local government’s action is an important factor of local debt governance. Based on the perspective of text analysis, this article focuses on the core ideas and dual goals of preventing risks and stabilizing growth for the first time to study the logic of debt governance by observing “words” and “action”. The research results show that:(1) Generally speaking, local governments often respond to rising debt risks with emphasizing prevention of debt risks. From its action, the logic of local government borrowing behavior focuses more on stabilizing growth.(2) Provincial governments emphasize the balance of risk prevention and growth promotion, while municipal governments focus on the latter, especially on action.(3) Risk prevention and stable growth are basically balanced in the eastern region. Debt governance in the central and western regions has a tendency to stabilize growth, but less attention on preventing debt risk. The above conclusions provide important enlightenment for understanding action logic of local government, and improving governance of local debt to achieve longer-term balance between stable growth and risk prevention.更多还原