Under the soft computing method integration technology, this paper uses CRITIC-TOPSIS integration method and global super-efficiency DEA method to evaluate the risk and performance of local government implicit debt. Further, we use spatial panel simultaneous equation model and panel threshold effect model to test the interaction between implicit debt risk and performance. The result shows the implicit debt risk of each region shows an overall rising trend in the time dimension and a trend of “lower in the east and higher in the west” in the regional distribution; quite the contrary, the implicit debt performance of each region has been declining as time goes by, and shows an obvious regional distribution trend of “higher in the east and lower in the west”. Meanwhile, from the perspective of the interactive correlation between the risk and performance of implicit debt, there is a negative correlation between them. Moreover, this correlation also has a more significant spatial correlation characteristic. Finally, starting from the dual wheel drive of risk and performance, according to the types of interaction between implicit debt risk and performance in different regions, a package of differential combination policies such as debt stock risk prevention and resolution, debt performance dynamic optimization, cross regional debt risk and performance space linkage governance are adopted to propose targeted local government implicit debt linkage governance strategies.