Abstract: Local government financing platforms was the result of incomplete reform of our national tax system;its dual incomplete agentis the main reason for risk production and expansion.Dual incomplete agent of the central government,local government and investment and financing platform resulted in intrinsic motivation to debt expansion of local government investment and financing platform,thereby it covered the essence of debt risk expansion,and further increased the difficulty of risk control,especially in the case of economic stagnation and information asymmetry.So debt risk presented on the trend of extending;the best way to control the risk of local government investing and financing platform was to settle the dual incomplete agency problem from microcosmic and macro perspective to the central government,local government and investing and financing platform.

Key words: local government investing and financing platform, debt crisis, debt repayment