关键词: 地方政府债券, 发行额度, 优化配置

Abstract: Although the mode about issues and repayments by itself of local government bonds can effectively solve the problem about the non-conformance of the issue subject and the debt service subject, yet the high level government still faces great information asymmetry and moral hazard in the allocation of bond resources. Because China nation state carries on the quota management to debt balance of the local government, the provincial government is faced with the problem of how to allocate the new municipal government bonds under constraint conditions of ∑x_ti ≤ A₁.The ultimate goal is to minimize the probability of government debt default and maximize its benefits. In light of the Structure Model and the Contract Theory,the allocation decision model of local government bond issuance is constructed from the perspective of the high-ranking local government. A prerequisite is set as one of the constraint conditions on the minimum default risk or the maximum benefit of the government bond issuance, and approaches are stuied to be revealled to the realization of another goal. However, this depends on a reasonable determination of the weight of the two objectives. These two targets are used to give the corresponding weights by the weight coefficient transformation method. The multiple targets about the minimum default risk and the maximum benefit of the government bond issuance are synthesized into a single global target, and then an optimal solution set is sought by target optimization. Under the framework of the reasonable matching of income and risk, by using the genetic algorithm, into the bond configuration optimization scheme between the provincial government and municipal government based on the weighted dual objective. The results show that multi-objective optimization can realize the Pareto improvement of government bond resource allocation on the basis of the minimum default risk and the maximum benefit of the government bond issuance. A provincial government with 15 municipal cities included is taken as an example. The provincial government will distribute bond issuance amount based on the size of the assets of the municipal governments. This will be of great benefit to the study of debt risk dominances and the rational allocation of government bonds. Accordingly, it is conducive to the scientific management of China's increasingly serious debt risk of local governments.

Key words: local government bonds, issue amount, optimal allocation