关键词: 政府网络, 城投债, 策略互动, 局部加总效应, 局部平均效应

Abstract: Based on the data of municipal investment bonds at the prefecturelevel and geographical network data，this paper provides a new analysis perspective for the growth of municipal investment bonds by using the method of network game analysis The results show that the scale of municipal investment bonds is significantly affected by geographical network The network effect of municipal investment bonds is mainly local average effect The increase of the average value of municipal investment bonds in neighboring cities will drive the increase of local municipal investment bonds Meanwhile，within the same province，the municipal investment bonds have a complementary effect That is to say，the scale of local municipal investment bonds increases with the total amount of neighboring cities' bonds in the province Given local government behavior affected by the local average effect，in order to control the rapid growth of the local government debt，compared with the constraint of individual behavior of local government，the central government should implement group norm to improve the local government debt management The risk of rapid growth of overall debt can be reduced by avoiding competition among local governments

Key words: government network, urban investment bonds, strategic interaction, local-aggregate effect, localaverage effect