摘要
市场约束是风险监控的必要而有效的补充。本文阐释充分有效的信息披露是地方政府债务风险市场约束机制的必要条件,而目前的信息披露还很不充分。然后用联立方程模型,构建了地方政府债务的流动性风险、信用风险与市场风险因素识别系统,运用三阶段最小二乘法(3 SLS)做系统估计,揭示出监测风险的财务因素,明晰投资者的财务信息需求。随后依据这些因素披露需要,对构建市场约束导向的地方政府债务风险财务会计体系与报告制度提出相关建议。
Market restraint is a necessary and effective supplement to risk monitoring.This paper explains that full and effective information disclosure is a necessary condition for the market restraint mechanism of local government debt risk,but the current information disclosure is still insufficient.Then,using the simultaneous equation model,the identification system of liquidity risk,credit risk and market risk factors of local government debt is constructed.The three-stage least squares method(3 SLS)is used to estimate the system,revealing the financial factors of monitoring risk,and clarifying the financial information needs of investors.Subsequently,according to the need of disclosure of these factors,this paper puts forward relevant suggestions on the construction of financial accounting system and reporting system of local government debt risk oriented by market constraints.
作者
李园
王周伟
Li Yuan;Wang Zhou Wei(School of Finance and Business,Shanghai Normal University,Shanghai,200234)
出处
《金融管理研究》
2020年第1期227-241,共15页
The Journal of Finance and Management Research
关键词
地方政府债务风险
市场约束
信息披露
联立方程模型
财务会计与报告体系
local government debt risk
market constraints
information disclosure
simultaneous equation model
financial accounting and reporting system
