我国债券市场政府会计信息披露研究——以省级政府信用评级报告为例

Research on Government Accounting Information Disclosure in China's Bond Market:Taking Provincial-level Government Reports on Credit Rating as an Example

中文关键词:  政府会计  信息披露  债券市场  地方政府债券  信用评级报告

英文关键词:government accounting  information disclosure  bond market  local government bonds  credit rating report

中文摘要:

      近年来,我国地方政府债券市场发展迅速。以2014—2017年省级政府发行债券时披露的信用评级报告为样本,分析了我国债券市场政府会计信息披露的现状及存在的问题。研究发现,我国债券市场政府会计信息披露在不同地区、不同层级、不同类型债券之间存在较大差异。进一步分析认为,政府债券市场化机制不健全导致政府会计信息披露的供给不足,财政管理失衡导致不同政府会计指标的披露水平参差不齐,财政实力不均导致不同地方政府选择性披露会计信息,披露管制缺位导致政府会计信息披露质量不高。因此,应当推动政府债券市场化改革,以激发市场主体对政府会计信息披露的需求；深化财政管理体制改革,以建立政府会计标准体系；制定政府会计信息披露指引,以规范地方政府会计信息披露行为；加强政府会计信息披露管制,以提高政府会计信息披露质量。

英文摘要:

      Local government bonds in China has developed rapidly in recent years. Taking the credit rating report released by China's provincial-level governments when they issued bonds during the years from 2014 to 2017 as a sample, this paper analyzes the current situation and influencing factors for government accounting on China's bond market. The research finds that the government accounting information disclosure on China's bond market has much difference in different regions, different levels of governments, and different types of bonds. Further analysis indicates that the unsound marketization mechanism of China's government bond market leads to the short supply of government accounting information disclosure, the imbalance of fiscal management leads to various government accounting information disclosure indicators, the uneven fiscal strength of different local governments leads to selective disclose of accounting information, and the absence of disclosure regulation leads to the low quality of government accounting information. Therefore, to improve the disclosure of government accounting information in China's bond market, government should promote the market-oriented reform of government bonds to stimulate market demand for government accounting information disclosure, deepen the reform of the financial management system to establish a government accounting standard system, formulate government accounting information disclosure guidelines to regulate local government accounting information disclosure, and strengthen control of government accounting information disclosure to improve the quality of government accounting information disclosure. 