The article take the cost-benefit analysis to the issuing of local bonds including external factors,then advance the corresponding advices to exert the market efficiency and avoid the bligh of External factors.

• 但综观全局,要充分发挥地方债券市场效益,外部环境的制约因素还很多。 为此,笔者提出解决发行地方债券外部制约因素,需要从法律地位,规范事权,加强社会信用体系建设,转变政府职能和健全监控风险的机制来加以改善。