Under the background of industrialization，urbanization and marketization，more and more debt financing behaviors of local governments in China are taking place. Under the combined effect of the fiscalsystem，investment and financing system and administrative promotion assessment mechanism，local government debt increased rapidly. In particular，since the financial crisis of 2008，local governments have introduced a series of counter-cyclical policies in response to the downward pressure on the economy. Diversified investment and financing behaviors and various forms of debt borrowing have led to increasing risks of local government debt. In order to cope with the debt risks，the department adjusted the debt stock and the increment，including the establishment of the debt risk warning and disposal mechanism，but the effect was not very good. Therefore，this report will reflect on the phenomenon of management failure under the current institutionalism thinking，analyze it from the perspective of behaviorism and put forward some policy recommendations. It mainly includes shifting from compliance with the institution to adherence to the spirit of a contract，from single management to multiple governance，and from micro-prudential to macro-prudential management，to establish a complete debt accountability mechanism and to appropriately expand the issuance scale of the local bond market in some regions.