摘要
本文从城投债的视角来研究地方政府的债务融资行为,通过对2005-2013年的省级面板数据进行实证分析来探析推动我国城投债规模持续扩张的制度性因素。研究发现,在控制了固定资产投资、财政转移支付等潜在影响因素后,财政分权程度与晋升激励强度对我国各省区的城投债规模均存在显著正向影响。在不同模型设定下,估计结果依然稳健。最后,在该研究结论的基础上本文提出了深化财政分权改革、改革官员考核与晋升制度、完善政府财务报告体系及债务信息披露等政策建议。
With the purpose of studying local governments' debt financing activities,the paper investigates the institutional factors that drive the issuance of urban construction investment bonds. Using the provincial panel data from 2005 to 2013,the paper discovers that after controlling for other potential factors affecting the amount of bonds issued,the scale of financial decentralization and the extent of promotion incentive both have significantly positive influence on the issuance of urban construction investment bonds. The empirical results are robust and consistent under different model specifications. According to the research findings,the paper also offers some useful political recommendations.
出处
《会计研究》
CSSCI
北大核心
2015年第1期61-67,97,共7页
Accounting Research
基金
国家自然科学基金项目"国家治理情境下政府综合财务报告体系构建"(71473211)
财政部"会计名家培养工程"资助项目"建立与公共财政相适应
与国际公共会计趋同的我国政府会计与财务报告体系研究"的阶段性研究成果
