关键词: 融资方式, 地区差异, 地区特征, 城投债, PPP模式

Abstract: The use of financing methods by local governments is constrained by regional characteristicsThis paper brings the two major financing methods at the current stage，municipal investment bonds issued by LGFVs and PPP，into a unified visionStarting from regional characteristics including economic development，fiscal debt and market opening，this paper uses the provincial panel data from 2015 to 2020 to construct a financing method dependence index to reflect local government's use of financing methods，and explores the impact mechanism of regional characteristics on the differences in financing methodsThe study finds that the local government's financing method preferences are mapped to the regional differences in financing methods and the financing method preferences are affected by regional characteristics，and the regional characteristics that affect the two financing methods are different: the regional characteristics that significantly affect municipal investment bonds are closely related to fiscal debt status，and the regional characteristics that significantly affect the PPP are closely related to market openingUnder the influence of the heterogeneity of financial resources，the correlation between the two financing methods and regional characteristics is further refined，and the correlation between the dependence of financing methods and the characteristics of fiscal debt is weaker in the low financial resource groupAt the same time，the substitutability between municipal investment bonds and PPP may lead to the inability to reflect the advantages of the PPPThis paper provides an empirical basis for clarifying the reasons for the differences in financing methods，and can provide a reference for optimizing the financing structure of local governments

Key words: financing method, regional differences, regional characteristics, municipal investment bonds, PPP ,