防范化解地方政府债务风险对于地方经济持续健康发展意义重大。文章选取我国2012年—2020年地方政府显性债务和隐性债务数据，理论分析并实证检验了财政分权、政府竞争对地方政府债务风险的空间关联效应。研究发现：地方政府债务风险在时间上存在明显的惯性效应，在空间上存在正向交互效应；财政分权与政府竞争推升了地方政府债务风险；本地与邻近地区间财政分权与政府竞争对地方政府债务风险存在正向空间互动效应。因此，今后应更加注意防范地方政府债务长期潜在风险，优化中央支付在地区间的分配制度，努力提升科技创新水平，与邻近地区建立竞争合作的良性关系。

Preventing and resolving the risk of local government debt is of great significance to the sustainable and healthy development of local economy. Using the data of local governments' explicit and implicit debt from 2012 to 2020, this paper theoretically analyzes and empirically tests the spatial correlation effect of fiscal decentralization and intergovernmental competition on local government debt risk. The study finds that local government debt risk has obvious inertia effect in time and positive interaction effect in space; fiscal decentralization and inter-governmental competition promote the risk of local government debt; there is a positive spatial interaction effect between local and neighboring fiscal decentralization and intergovernmental competition on local government debt risk. In this regard, attention should be paid to preventing the long-term potential risks of local government debt and optimizing the distribution system of central payment among regions; local governments should strive to improve the level of scientific and technological innovation and establish a healthy relationship of competition and cooperation between neighboring local governments.