In recent years, local government debt has entered repayment peak. The Ministry of Finance issued new policy this year to relieve debt repayment pressure by replacing government bond with existing debt. There are reviews of three stages for the development of local government bond issue, including the phases in the beginning of new China establishment, spontaneous experiments and comprehensive implementation phase. Meanwhile , the analysis is about the basic information of local government debt issue under new policy, debt classification, and the current situation. Some features are believable that local governments debts have characters of great scale, long term, low interest rate and fast pace of issue at present. In consideration of facts, the majority of subscribers are banks, and transactions usually undertake within the interbank bond market. This paper discusses the influence that local government debt issue impacts on banks. It also studies several problems of local government debt , including its crowding-out effect, fiscal risk transferring to financial risk, replacement scale and details staying unclear, replacement ways and proportion needing adjustment, and lacking rating policy. At last, this paper suggests that pricing should be in marketing way, and information symmetry has to be realized. Meanwhile, enriched investors will be more helpful.%近年来，地方政府债进入偿债高峰期，为缓解偿债压力，财政部今年推出通过政府债券置换存量债务政策。文章从新中国成立之初、中央转贷、自发试点到全面铺开三个阶段回顾了我国地方政府债发行的历史沿革。从新政后地方政府债发行的基本情况和地方政府债务分类对地方政府债的现状进行了归纳，笔者认为目前地方政府债具有发行规模大、发行期限长、发行利率低和发行进度快等特点。结合地方政府债认购机构集中于银行、承接场所集中在银行间债券市场等情况，就地方政府债发行对银行的影响进行探讨。随后就地方政府债“挤出效应”、财政风险转嫁至金融风险、置换规模和细节不明确、置换方式比例有待调整和评级尚有缺失等问题进行研究。最后，从市场化定价、实现信息对称、丰富投资人等方面提出意见与建议。
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