地方政府债券自发自还试点改革是中国地方政府债务发展的历史性转折,这对于构建现代财政体制,推进我国财政体制现代化建设具有重要意义。本文认为,地方自发自还政府债券,不仅在实现代际公平、缓解地方财政压力、完善财政分权体制、强化财政约束等方面彰显了财政效率特征,而且其内在机制又形成了财政体制现代化建设的重要推力。但是,鉴于该类债券存在潜在的扩张性风险以及我国现有地方政府债券管理框架仍存在诸多问题,仍需要进一步构建与完善地方政府自发自还债券管理框架,予以防范风险,有效地推进我国现代财政体制改革。 The pilot reform of spontaneous self-reliance of local government bonds is a historic turning point in the development of local government debt in China. This is of great significance for building a modern financial system and promoting the modernization of China’s financial system. This paper argues that since local government bonds originated from government, not only shows the characteristics of fiscal efficiency in implementing intergenerational equity, alleviating the pressure of local finance, perfecting the system of fiscal decentralization, and strengthening financial constraints, but also forms the internal structure of the financial system modernization Important thrust. However, given the potential expansionary risk of such bonds and the existing management framework of local government bonds in our country, many problems still exist. Therefore, we still need to further construct and improve the management framework of local government self-payment bonds so as to guard against risks and effectively promote our country’s modern Financial system reform.