1. Effect index of input stage
The effectiveness index should reflect the target that local government debt needs to achieve, which is determined in the input stage of performance evaluation system. The performance objectives of local government debt are mainly manifested as target effect, economic effect, social effect and environmental effect. The target effect is relatively easy to evaluate. Other things being equal, the debt performance target has been set, and the clearer it is, the more it can guide the subsequent operation of debt funds, and the debt performance level is relatively high. Economic, social and environmental effects are more difficult to measure. The economic effect mainly selects two indicators: local per capita debt and debt growth rate, which are related to regional economic development and people's quality of life. The social effect is mainly considered from the fiscal deficit and overdue debts, because the financial resources and solvency of local governments greatly affect the sustainable development of the region. Environmental effect is usually a comprehensive reflection of economic development and social progress, and its related indicators are no longer listed directly.
2. Economic indicators in the target stage
Economic indicators reflect the static structure economy of local government debt and the direction economy of dynamic flow of debt funds. The structural economy is measured by the debt ratio with negative repayment responsibility and the total debt ratio, in which the debt ratio with negative repayment responsibility refers to the ratio of the debt balance with the government's comprehensive financial resources, which is positively related to the debt performance level. Other things being equal, the higher its value, the greater its debt transparency and the higher its debt performance level. The total debt ratio refers to the ratio of the debt balance at the end of the year to the comprehensive financial resources of the government in that year, which is negatively related to the debt performance level. Other things being equal, the higher the value, the greater the future debt repayment pressure and the lower the debt performance level. Directional economic indicators are reflected by specific indicators such as the ratio of debt to infrastructure construction, the ratio of debt to ecological environment protection, and the ratio of debt to people's livelihood construction. They are all positively related to debt performance, but the degree of correlation is different.
3. Efficiency index of treatment stage
Efficiency indicators are the allocation efficiency, management efficiency and use efficiency of debt funds. Among them, the efficiency of local government debt allocation can be reflected by specific indicators such as the ratio of debt funds in place and the proportion of special funds, both of which are positively related to debt performance; The efficiency of local government debt management can be reflected by specific indicators such as the perfection of debt management system, the supervision of debt fund operation, the perfection of debt information disclosure system and the incidence of debt disputes. The first three indicators are positively related to debt performance, and the incidence of debt disputes is negatively related to debt performance. The efficiency of local government debt use can be reflected by specific indicators such as the completion or settlement ratio of debt investment projects and the investment rate of debt projects. This paper uses the delivery rate of fixed assets investment (excluding farmers) to reflect the completion or settlement ratio of debt investment projects, both of which are positively related to debt performance.
4. Fairness index in the output stage
Equity index reflects the external effect of local government debt expenditure, which is mainly reflected in two aspects: economic equity and social equity. The economic fairness of local government debt can be reflected by specific indicators such as the ratio of local GDP change rate to debt change rate and the ratio of fixed investment local project change rate to debt change rate, both of which are positively related to debt performance; The social equity of local government debt can be reflected by specific indicators such as the change of unemployment rate and the change rate of CPI index, in which the change of unemployment rate is positively related to debt performance, and the change rate of CPI index is negatively related to debt performance.