| Government comprehensive financial report is an important information support for local bond rating.The establishment of the accrual system of government comprehensive financial reporting system is a major reform task proposed at the Third Plenary Session of the 18th CPC Central Committee.Since the pilot issuance of local government bonds in 2009 to the official issuance of local government bonds according to law in 2015,the rating of local government bonds has been an important link in the issuance of local government bonds.However,the previous ratings were mainly based on the flow indicators provided by the final accounts of local governments,which could not reflect the government's assets and liabilities and credit status in a comprehensive and objective way.To this,this paper try to integrate the government financial report of the stock of financial index into the local debt rating system,in order to more fully reflect the local government's solvency and security issuance,improve the quality of China's local government bond rating,and further put forward the local government debt rating to the requirement of comprehensive financial report system perfect.The government comprehensive financial reporting system is an important part of the financial system.At the present stage,the public needs to know the relevant information provided by the government,so as to know the social responsibility that the government needs to undertake and the extent of its current undertaking.This has two connotations.First,as a society's policy makers,they require a scientific,transparent and comprehensive government financial reporting system to analyze and observe their own government's financial revenues and expenditures and to understand their own performance level of operation and management for self-evaluation.Second,with the implementation of the new Budget Law in 2015,local government bonds in China ushered in a boom.Local governments issued local government bonds within the quota set by the State Council in accordance with the law.Because the financial status and debt risk of each province have obvious regional differences,it is necessary to understand the real financial status of each province and its possible debt risk,in order to conduct a scientific rating of the bonds issued by the local government.The scientific rating of local government bonds is based on the establishment of the government's comprehensive financial report system.The credit rating of local government bonds is an important link to ensure the smooth issuance of government bonds and reduce the cost of issuance.Establishment of local government can be converted into cash balance sheets,reference stock of assets,liabilities,incomes,expenses and other related data,from the view of "flow+stock" more comprehensive,rich in local government debt rating index system,to improve the quality of local debt in China,promoting the development of local government bond market regulation has important theoretical and practical significance.This paper uses the combination of normative analysis and empirical analysis,combining qualitative analysis with quantitative analysis,literature review and the research method of combining theoretical analysis from the accrual basis of the comprehensive financial report preparation,improve the comprehensive system of financial reporting,and in the current local government debt based on the analysis and research of the rating system,In order to achieve the effect of promoting the sustainable,healthy and stable development of finance,we should construct the new local debt subject and debt item double-layer evaluation system.This paper is divided into seven chapters in the structure of writing.Chapter One:Introduction.This paper mainly introduces the background of the topic selection and research significance of this paper,summarizes and sorts out the relevant research results at home and abroad,explains the research ideas and constructs the analysis framework,points out the research methods adopted in this paper,and finally puts forward the possible innovation points and shortcomings of this paper.Chapter Two:Government Comprehensive Financial Report:Information Support of Local Debt Rating.Local government bonds are rated at two levels:subject rating and debt rating.This chapter starts with the accounting basis,basic elements and composition of the comprehensive financial report,and elaborates the theoretical basis of the preparation of the comprehensive financial report(national governance,fiduciary responsibility,accounting information system and new public management theory).This paper introduces the principles and requirements of local bond rating,including local government credit risk theory,local bond rating agencies and credit rating design,rating methods and rating models,etc.On this basis,based on the particularity of local government debt rating and government based on the analysis of financial reporting information,analyzes the comprehensive government financial reporting system and local debt,the correlation of comprehensive financial report pointed out that the government is an important basis for local debt,local government debt rating is the application of comprehensive government financial report results.Chapter Three:the reliance of local debt rating on the government's comprehensive financial report.This chapter first explains the international standards and regulations for the preparation of government financial reports,including GASB's financial statements and management exposition,IF AC's accounting standards system for the public sector,IMF's financial transparency and government accounting basis,and OECD's accrual basis and public fiduciary responsibility.On this basis,this paper compares and analyzes the dual government financial reporting mode of American state and local governments,the non-debt management philosophy of New Zealand local governments,and the "results and outputs" mode of Australian local governments' financial reporting,and draws enlightenment for our country from it.Finally,it further explains three requirements of local government rating on comprehensive financial report:local government issuing bonds requires double-level rating of subject and debt item,local government credit rating requires comprehensive financial report to provide stock data support,and financial report analysis is an important reference for the design of local debt rating index system.Chapter Four:Analysis of the lack of local debt rating function in China's current government comprehensive financial report.This chapter first introduces the development course of China's government comprehensive financial report system.Then comprehensive analysis of the current our country government assets that exist in the statistics and preparation of financial reports disclosed incomplete statistics,liabilities and confirmation is not comprehensive analysis and evaluation of such problems as weak,finally,pointed out that since the government financial report system development lags behind,resulting in local government debt rating using the problem of insufficient,including local government debt with debt rating is given priority to,The subject rating is weak,the index system of local bond rating is not perfect,there is a lack of financial reporting indicators,the results of local bond rating are not objective,and the pricing mechanism is distorted.Chapter Five:Empirical analysis of double rating of local government bonds.This paper starts with the logic relation of the double rating of local government bonds and first calculates the main credit of local government.By measuring the comprehensive financial index of local governments,this paper ranked the bond issuing strength of local governments of provinces and cities in China,divided the credit rating of local government bonds on this basis,and analyzed the relationship between the credit rating of government bonds and the pricing of local government bonds.Taking Guangdong Province as a sample,this paper uses the modified KMV model to calculate the safe issuance scale of local government bonds in Guangdong Province based on the consideration of realizable assets.Then it explores the rating method of local government project income special debt.Based our country project yield bonds issuance requirements(project earnings and financing since the balance),use cost benefit analysis,actual measurement of the project of Shenzhen metro line no.14 cost,efficiency and net cash flows,and from two aspects of financial analysis and economic cost-benefit analysis,evaluation of the project's feasibility and the ability to resist risks,Thus,it provides technical support and important basis for the rating of the special bond of the project income.Finally,the empirical analysis of this chapter.Chapter Six:the construction and improvement of government comprehensive financial report system adapted to local debt rating.First of all,it is necessary to perfect the accounting basis of government comprehensive financial report,introduce accrual basis into the accounting of debt items,and make clear the key points of accounting of local government main body credit rating.Secondly,improve the disclosure mechanism of local government assets,liabilities and other relevant information.Third,scientifically define the assets and liabilities in the government's comprehensive financial report.We will improve the disclosure and statistics of government assets,the statistics and recognition of government liabilities,and the analysis,evaluation and rating application of comprehensive financial reports.Fourthly,the realizable balance sheet of local governments should be prepared,and the financial balance sheet with the reality of debt repayment should be extracted based on the existing balance sheet.Fifth,we will establish a debt rating system under the framework of the principal rating of local government bonds.The principal rating will drive the debt rating,forming a two-tier rating pattern with the coordinated development of the two,and strengthening the principal credit rating based on the comprehensive financial report.Improve the general subject rating index system and consolidate the rating index system of characteristic debt;Optimizing the dynamic adjustment mechanism of local government credit rating by using scoring method.Chapter Seven:Legal Guarantee and Related System Construction.First,we will improve the legal and regulatory system related to ratings.Second,we will deepen reform of the government accounting system.Promote the implementation of basic accounting standards,specific accounting standards and related operating guidelines;Third,we will establish an audit mechanism for comprehensive government financial reports and rating reports.Auditing comprehensive government financial reports and rating reports;Fourth,we will strengthen the construction of rating agencies and third-party intermediaries.It includes perfecting the institutional arrangement of local bond rating,strengthening the information disclosure of rating agencies,strengthening the construction of rating technical system and rating database,training a professional team of local bond rating and strengthening the self-disciplined management of accounting firms and law firms.Possible innovations of this paper include four aspects:(1)This paper proposes to establish a two-level rating system based on subject rating and supported by debt rating.Strengthen the main credit rating of local governments based on the government's comprehensive financial report,and use the main credit rating to drive the debt rating,so as to promote the coordinated development of the two,and then form a local debt credit rating system in line with the international standards.(2)To provide an important basis for the credit rating of local government bonds by designing and measuring the comprehensive financial index of local government.Local governments' comprehensive financial index is an important indicator reflecting their financial strength,which objectively reflects the solvency of local governments.Since China's official rating in 2015,the credit rating of local government bonds has all been"AAA",which does not reflect the differences among regions.In order to make this study more in line with the reality,this paper calculates the local government's comprehensive financial index,ranks the bond issuing capacity of local governments and classifies the credit rating of local government bonds based on this,so as to provide an important basis for the market-based pricing of local government bonds.(3)The index of "realizable assets" is introduced to make the measurement of safe bond issuance by local governments and the determination of subject credit rating more objective and reliable.In this paper,the modified KMV model is used to calculate the warning line of the safe issuance scale of local government bonds in the selected sample provinces based on the consideration of the government's realizable assets,so as to provide reference for the decision-making of local government bonds issuance in the sample provinces.(4)Explore the rating method of local government project income special debt.Based on the issuance requirements of project revenue bonds(self-balancing between project revenue and financing),this paper takes the balance scheme of rail transit project revenue bonds as the rating basis,and uses the cost-benefit analysis method to actually calculate the cost,benefit and net cash flow of Shenzhen rail transit line 14 project.The feasibility and anti-risk ability of the project are evaluated from two aspects of financial analysis and economic cost-benefit analysis,so as to provide technical support and reference samples for the rating of the special bond of local government project income. |
PDF Full Text Request