The Research Of Fiscal Risk Caused By The Government Guarantee In The Financial Field

Although our country is an economic transition country, the debt ratio and deficit ratio publicized by the government are both under the guard line. This is in contravention of the high deficit rule in other transition countries. The main reason is that our country has a lot of implicit liabilities which will made huge fiscal risk that are not shown in dominance guide line. And the main factor that forms these implicit liabilities is that there is a lot of government guarantee phenomenon in our country. This paper has mainly studied the government guarantee phenomenon in financial field, because in this field the government guarantee phenomenon is the most serious. Furthermore, in order to find the effective way to reduce the government guarantee phenomenon and play down the fiscal risk, this paper have studied the deep-seated reason which cause the government guarantee phenomenon and the risk how to come into being and transfer.This paper totally has five parts:The first part is the summarization of the government guarantee and fiscal risk. This part has introduced the meaning and mechanism of government guarantee. And the paper pointed out that the government guarantee works the contingent liabilities according to Hana Polackova's fiscal risk matrix. Compared to the ordinary liabilities, the characters of the contingent liabilities are uncertainty, time efficiency and imperfect control, and these characters sum up to the character of risky. One side, if the contingent liabilities made by the government guarantee transfer into real liabilities, it will work fiscal risk. On the other hand, the government guarantee will work moral risk, and the moral risk will aggravate the fiscal risk.The second part has mainly talked about the government guarantee in the state-owned enterprises that are the headwaters of government guarantee in financial field. Because of their character of state-owned and the key station in national economy, the state-owned enterprises are the main action field and the headwaters of government guarantee. This paper has studied the government guarantee causation in state-owned enterprises through research for their account to the band and debt.The third part is about the government guarantee phenomenon in the financial field in China. The paper has made the definition of the government guarantee phenomenon in the financial field. It includes the government's guarantee in the central bank, state-owned commercial banks, policy-related banks and other financial institutions. Therefore, the paper has discussed the government guarantee in these fields in different points of view.The forth part mainly discussed the mechanism of how fiscal risk made by the government guarantee come into being and how the risk transfer in the institutions. The reason why the government guarantee will form fiscal risk is that the property rights of state-owned enterprises and state-owned banks are unitary. And this character blur the benefit bourn between the principal parts, and then makes much low efficiency phenomenon. This property rights unitary character will also weaken the supervision and inter-control mechanism, and will form complicated consign-surrogate connection. And the excessive-lay consign-surrogate connection will solicit excessive-lay moral risk. Furthermore, because of the financial restraint in China, much badness capital accumulated and form fiscal risk. Therefore, the government guarantee in the financial field in our country have form a risk transform road which came from state-owned enterprises, passed by state-owned financial institute and get into public finance.And the last part has put forward the steps to lighten the fiscal risk made by the government guarantee in the financial field. These steps mainly include step on the juice of the market recombine of state-owned property rights, opening the financial market, advanced the innovation of budget system of government, enhancing the transparency of public finance, definitude the function of government, perfecting the rule of government guarantee, found the debt risk early warning and monitoring system.