Abstract: In recent years，local government debt has rapidly increased in response to economic downturns，while fiscal revenue growth has remained weak，causing debt risks in certain regions to become more pronounced and threatening highquality economic development According to statistical data，by the end of 2015，the national local government debt ratio was only 236%，with a comprehensive debt ratio of 892% By 2023，these figures had risen to 323% and 1219%，respectively The average annual growth of local government debt exceeded the growth of GDP during the same period by 24 times On the other hand，from 2016 to 2023，national tax cuts and fee reductions exceeded 14 trillion yuan，while the average annual growth rate of tax revenue during the same period was only 489% Therefore，it is critical to establish a longterm mechanism that stabilizes local fiscal revenue while controlling excessive debt accumulation，ultimately supporting debt risk mitigation alongside stable economic development 
This paper thus utilizes data from local government financing vehicles （LGFVs） spanning 2006 to 2021 and，through a quasinatural experiment involving the implementation of the Golden Tax Project III，to empirically examine the impact of tax administration on tax revenue and LGFV debt The study explores the important role tax administration plays in balancing debt and fiscal revenue The results indicate that the Golden Tax Project III increased tax revenue and curbed the excessive growth of LGFV debt through a taxdebt substitution effect Meanwhile，it further suppressed debt expansion by alleviating information asymmetry between banks and enterprises and improving the internal governance of nonplatform companies，thereby crowding out credit to financing platforms This paper also compares the roles of tax administration and tax rate adjustments in LGFV debt，revealing a possible asymmetric relationship between tax revenue and debt
Based on these findings，this paper proposes the following policy recommendations First，the next phase of fiscal and tax reforms should prioritize deepen tax administration improvements，with a focus on accelerating digital and intelligent upgrades to tax management This will help stabilize expectations，reduce risks，and support sustainable development Second，to effectively prevent and address local debt risks，efforts should be made to strengthen financial services for the real economy，correct structural imbalances in credit allocation within financial markets，and increase the share of direct financing for enterprises Finally，risk prevention and mitigation strategies should account for regional variations in institutional capacity and governance，with initiatives aimed at improving the local institutional environment and enhancing government governance

Key words: tax administration, tax revenue, LGFV debt, Golden Tax Project III

摘要： 本文利用2006—2021年地方融资平台数据，借助金税三期实施的准自然实验，实证分析税收征管对税收收入和地方融资平台债务的影响，探讨其在平衡债务和财政收入中的重要作用。研究发现，金税三期提高了税收收入，通过税债替代效应抑制了融资平台债务过快增长，同时通过缓解银企信息不对称和改善非平台企业内部治理，挤出融资平台信贷，进一步抑制债务扩张。本文还对比了税收征管和税率调整在融资平台债务中的作用，发现税债之间可能存在非对称关系。

关键词: 税收征管, 税收收入, 地方融资平台债务, 金税三期