Research On Corporate Governance Of Southeast Asian Corporations

"To prevent and defuse major risks" is one of the three major battles proposed by the 19 th CPC national congress.The accumulation of local government debt,especially the hidden debts of local governments will trigger fiscal risks,which in turn will cause financial risks.Local government implicit debt accounts for a relatively high proportion of local government debt in China,which is characterized by large scale,various types,opacity.At the same,it is difficult for the central government to control the debt that is very changeable and unstable.The debt will also probably induce financial risks and economic risk.Therefore,the active governance of local government implicit debt is imminent.First,this paper draw lessons from the domestic and foreign scholars on the research achievements of local government debt and the recessive debt and then based on two aspects of incentive theory and the theory of fiscal decentralization to illustrate what the local government debt,recessive debt and recessive debt risk is.Secondly,based on the current situation of hidden debt of Gansu local government,this paper has analized the reasons for the formation of hidden debt.According to the balance of local government revenue and expenditure,the scale of hidden debt of Gansu province in 2018 is estimated from the investment side of Gansu government,and the risk evaluation index is constructed to conduct a quantitative evaluation of the current risk level of Gansu government debt.Finally,according to the results of local government debt risk assessment in Gansu province,this paper putsforward relevant policy suggestions or measures to prevent and resolve the local government debt risk.The research conclusion of this paper has certain practical application value,which is helpful for the local government of Gansu province to reasonably control the scale of debt,avoid debt risk and provides some references for the subsequent government debt risk management of the relevant departments and the underdeveloped western regions.