| Since 2015,local government special bonds have become a major source of funding for local infrastructure construction.With a total of RMB 4,922.9 billion issued in 2021,local government special bonds have become the third largest bond species after government bonds and policy financial bonds.Good information disclosure of special bonds can provide a data basis for the whole life cycle management,performance management and digital management and research of local government special bonds,and can also help the market-oriented reform and risk resolution of special bonds.The number of special bonds issued in recent years has increased dramatically,but the quality of information disclosure has not improved,and the needs of information users have not been met.Therefore,it is necessary to construct an index system for evaluating the quality of information disclosure of local government special bonds in order to objectively evaluate the quality of information disclosure of local government special bonds.Based on the foundation of previous research and the requirements of the laws and regulations on special bonds,this paper,from the perspective of information users,constructs an evaluation index system for the quality of information disclosure of local government special bonds around four dimensions of completeness,timeliness,convenience and truthfulness and accuracy of information disclosure of special bonds,applies the hierarchical analysis method to determine the weights,and finally constructs an evaluation model for the quality of information disclosure of local government special bonds,and on this basis,evaluates the quality of information disclosure of special bonds of City A from 2019 to 2021.The study found that the quality of information disclosure of special bonds in City A has gradually improved and the overall quality is good,but there are still problems such as the information disclosure of special bonds is too fragmented and the search cost is high;the timeliness of information disclosure needs to be improved;the quality of information disclosure during the duration is poor,and the disclosure of asset formation,capital use and project construction is not perfect.The Ministry of Finance should further improve the relevant rules on information disclosure,expand the scope of information disclosure templates for special bonds,and accelerate the construction of an evaluation system for information disclosure and the corresponding supervision system.The Ministry of Finance should further improve the relevant rules on information disclosure,expand the scope of the information disclosure template,and expedite the establishment of an evaluation system and corresponding supervision system for information disclosure.This study constructs an index system for evaluating the quality of information disclosure of local government special bonds,and evaluates the quality of information disclosure of special bonds in City A.It also enriches and improves the quality of information disclosure of local special bonds in China,and at the same time has certain reference value for evaluating the quality of information disclosure of special bonds of local governments in other regions,and can also provide some help for the penetrating supervision of special bonds. |
