从行为金融角度解析地方政府债券遇冷原因及对策

The reasons of depression in local treasury bonds will be explained and analysed from the pointview of behavioral finance and solutions will be found

为了克服美国次贷危机引起的金融海啸，在四万亿刺激经济计划出台后，中央政府进一步放开了地方政府债券的发行。但与各界乐观估计相反，地方政府债券在二级市场的交易并不理想。本文从行为金融角度对此进行解释，并提出解决之道。

To overcome the finicial tsunami caused by american mortgage crisis, center government furtherly lifts control over the issues of debts in local govemmant after 4000 billion stimulus-plan coming into force.However, to the contrary of optimistic estimation in every socialcircles, the debts of local govemmant are not ideal in secondary market transations. Thereafter, the paper attempts to provide solutions and explainations from behavioral fianace.