财政透明度、数字化转型与地方政府专项债风险研究  

Fiscal Transparency,Digital Transformation and the Risk of Local Government Special Bonds

作　　者：郭玉梅[1] GUO Yu-mei(Nanchang Institute of Technology,Nanchang 330099,China)

机构地区：[1]南昌工程学院,江西南昌330029

出　　处：《江南大学学报（人文社会科学版）》2023年第5期40-50,共11页Journal of Jiangnan University：Humanities & Social Sciences Edition

基　　金：江西省高校人文社会科学重点研究基地项目“稳经济背景下地方政府专项债风险的监管政策研究”(JD22025)。

摘　　要：近年来地方政府专项债发行规模不断增大为政府带来了风险。文章基于2015-2019年我国31个省市作为研究对象,检验财政透明度与地方政府专项债风险的关系。研究发现:第一,财政透明度提高会降低资本错配的程度,进而降低地方政府专项债风险。在地方政府专项债信息披露监管要求进一步提高的背景下,与地方政府一般债券相比,财政透明度对专项债券风险的影响程度更显著。第二,地方政府数字化转型越好的省份调节作用越显著。与以往财政透明度对地方政府债务影响研究不同的是,文章专注地方政府专项债的研究,并且发现财政透明度的提高与地方政府专项债风险的路径。研究结果表明政府应完善地方政府专项债信息披露监管和项目资金绩效管理,提高财政透明度对降低资本错配程度的影响,强调数字化转型在政府信息披露中的运用。文章的研究发现为防范和降低地方政府专项债风险,进一步完善地方政府专项债信息披露监管制度提供经验证据。The increasing scale of local government special bond issuance In recent years has brought risks to the government.Based on the research samples of 31 provinces and cities from 2015 to 2019 in China,this paper examines the link between fiscal transparency and the risk of local government special bonds.The research finds that:(1)the improvement of fiscal transparency will reduce the degree of capital misallocation,thereby reducing the risk brought by local government special bonds.In the context of further regulatory requirements for information disclosure of local government special bond,compared with local government general bonds,fiscal transparency has a more significant impact on the risk of special bonds.(2)The better the digital transformation of local governments,the more significant the impact.Different from previous studies on the impact of fiscal transparency on local government debt,the full text focuses on the research of local government special debt,and finds that the improvement of fiscal transparency can reduce the risk of local government special debt.The research results show that the government should improve the supervision of local government special bond information disclosure and project fund performance management,improve the impact of fiscal transparency on reducing the degree of capital mismatch,and emphasize the application of digital transformation in government information disclosure.The findings of this paper provide empirical evidence for preventing and reducing the risk of local government special debts and further improving the supervision system of local government special debt information disclosure.

关 键 词：财政透明度 数字化转型 财政资金支出效率 专项债券风险 

分 类 号：F810.7[经济管理—财政学]