Study On Debt Audit Evaluation Of Government Investment Public Projects

By the end of2008, in response to the U.S. subprime mortgage crisis on China's impact, and keep the economic development, our government introduced a total size of about4trillion yuan investment plan, of which the central government would contribute1.18trillion yuan, local government and enterprises would contribute the remaining2.82trillion yuan. With the increase of investment projects, increasing capital demand, when financial capital shortage, debt has become an important capital source of local government.2011June27, the National Audit Office issued the35th audit results, by the end of2010, the local government debt balance is1.07billion yuan. However, in the recent10years, Chinese provinces overall deficit running, and the fiscal gap in GDP is generally a rising trend, the government debt paying is difficult.The government investment projects'debt, is partly borrowed in the name of government, and partly through the financing platform companies. If the project operation efficiency is not good or even fail, the government will likely debt for the bill, which would easily course the government's financial crisis. To maintain financial stability, lower debt risk, the government should not only strictly for examination and approval of the construction of the debt investment project, also should be careful to make the project decision-making debt, control behavior debt, regulating the debt procedure, regulation of the debt repayment problems later, in order to ensure that the government debt investment project profitability and leverage the decision-making more scientific.Firstly, this paper expounds the background, significance and research methods of this resaerch, and defines the relevant concepts; analyze the domestic and international research literature and related laws and regulations; discusses the related theory, including the public economic responsibility theory, the government public project investment financing channels and the audit function of evaluation.Secondly, through the analysis on the current situation of both government investment public projects'debt and debt audit evaluation, found that at present our government's huge debt due mainly to public project investment. However, the existing government debt is still stay in auditing research baseline survey phase, with no debt audit evaluation of government investment public projectsThirdly, based on the analysis above, this paper takes the debt government invested in public project as the main clue, based on the time debt funds into the project, devides the debt audit evaluation of government investment public projects into three stages, a project decision-making, respectively from the use of debt and repayment of debt capital. Then through the study on debt audit evaluation of Shanghai World EXPO, proves the evaluation scientific and reasonable.Lastly, according to the problems found in this study, in order to strengthen the role debt audit evaluation played in the government investment public projects, puts forward four suggestions, such as setting up government investment public project debt special regulators, improving debt information disclosure system, making audit regulations and associating debt audit evaluation result with leading cadres'economic responsibility. Finally, summarizes innovation and limitations of the paper.