Page 73 - 《北京工商大学学报（社会科学版）》2020年第2期

北京工商大学学报(社会科学版)摇 摇 摇 摇 2020 年摇 第 2 期

[11] APOSTOLOU N G, GIROUX G A, WELKER R 与城投债扩张[J]. 经济科学,2019(5):5 - 17.
B. The information content of municipal spending rate data [19]王敏,方铸. 我国地方政府债券发行成本的影响
[J]. Journal of Accounting Research, 1985, 23(2):853 - 因素分析———基于 2015—2017 年 3194 只债券的实证证
858. 据[J]. 财政研究,2018(12):35 - 47.
[12]PLUMMER E, HUTCHISON P D, PATTON T K. [20]潘俊,王禹,景雪峰,等. 政府审计与地方政府债
GASB No. 34蒺s governmental financial reporting model: evi鄄 券发行定价[J]. 审计研究,2019(3):44 - 50.
dence on its information relevance[J]. Accounting Review, [21]INGRAM R W, DEJONG D V. The effect of regu鄄
2007, 82(1):205 - 240. lation on local government disclosure practices[J]. Journal of
[13] PRIDGEN A K, WILDER W M. Relevance of Accounting & Public Policy, 1987, 6(4):245 - 270.
GASB No. 34 to financial reporting by municipal governments [22]DWYER P D, WILSON E R. An empirical inves鄄
[J]. Accounting Horizons, 2013, 27(2):175 - 204. tigation of factors affecting the timeliness of reporting by mu鄄
[14]BABER W R, GORE A K, RICH K T. Account鄄 nicipalities[ J]. Journal of Accounting and Public Policy,
ing restatements, governance and municipal debt financing 1989, 8(1):29 - 55.
[J]. Journal of Accounting and Economics, 2013, 56(2 - [23]GORE A K. The effects of GAAP regulation and
3):212 - 227. bond market interaction on local government disclosure [J].
[15] CUNY C. When knowledge is power: evidence Journal of Accounting & Public Policy, 2004, 23(1):23 -52.
from the municipal bond market[ J]. Journal of Accounting [24] FAIRCHILD L M, KOCH T W. The impact of
and Economics, 2017, 65(1):109 - 128. state disclosure requirements on municipal yields [ J]. Na鄄
[16]王卓君,郭雪萌. 政府会计信息披露、官员晋升 tional Tax Journal, 1998, 51(4):733 - 753.
激励与地方政府选用 PPP 模式[J]. 当代财经,2018(10): [25] BABER W R, GORE A K. Consequences of
123 - 131. GAAP disclosure regulation: evidence from municipal debt is鄄
[17]周咏梅. 财政透明度、信用评级与地方政府债券 sues[J]. Accounting Review, 2008, 83(3):565 - 591.
融资成本[J]. 江西财经大学学报,2018(1):41 - 49. [26]聂常虹. 资产管理与预算管理相结合是深化我
[18]徐红,汪峰. 财政分权背景下的财政透明度建设 国财政体制改革的方向[J]. 宏观经济研究,2012(9):3 -10.

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

1 2 1
WANG Fang , SHEN Yanjie & GAO Nvjie
(1. School of Accounting/ Institute of Government Accounting, Zhongnan University of Economics and Law, Wuhan,
Hubei 430073, China;2. School of Accounting, Shanghai University of Finance and Economics, Shanghai 200433, China)

Abstract: Local government bonds in China has developed rapidly in recent years. Taking the credit rating report released
by China蒺s provincial鄄level governments when they issued bonds during the years from 2014 to 2017 as a sample, this paper ana鄄
lyzes the current situation and influencing factors for government accounting on China蒺s bond market. The research finds that the
government accounting information disclosure on China蒺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蒺s gov鄄
ernment bond market leads to the short supply of government accounting information disclosure, the imbalance of fiscal manage鄄
ment leads to various government accounting information disclosure indicators, the uneven fiscal strength of different local govern鄄
ments 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蒺s bond
market, government should promote the market鄄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 infor鄄
mation disclosure, and strengthen control of government accounting information disclosure to improve the quality of government
accounting information disclosure.
Key Words: government accounting; information disclosure; bond market; local government bonds; credit rating report

(本文责编摇 王沈南)

· 6 8 ·