If local government get involved in negotiation between banks, the function of decentralized finance to harden budget constraint will be weakened and the bank will incline to take excessive risk.

• 地方政府作为行为主体介入银行再融资的谈判,使分散信贷硬化预算约束的作用降低,银行的行为更加倾向于承担过度的风险;