China's slowing economic growth and rapid urbanization have made local government debt financing a significant issue.This study uses a sample of China's provincial government data for the 2006–2012 period to ...China's slowing economic growth and rapid urbanization have made local government debt financing a significant issue.This study uses a sample of China's provincial government data for the 2006–2012 period to examine the effect of the disclosure of financial information by local governments on their debt financing costs.The results show that financial information disclosure is conducive to public supervision and enhances government credibility,leading to a decrease in the cost of debt financing.Furthermore,increased government economic intervention increases the strength of the association between financial information disclosure and the cost of debt financing.Increased government audit prevention function weakens the strength of the association between financial information disclosure and the cost of debt financing.展开更多
基金supported by the National Natural Science Foundation of China(Project Nos.71172064,71502033,71572071)National Statistics Research Plan Key Project(Project No.2014LZ58)+1 种基金Universities’ Philosophy and Social Science Research Project of Jiangsu Province General Project(Project No.2015SJB836)the Humanities and Social Sciences Research Youth Fund Project of Ministry of Education of China(Project No.15YJC630096)
文摘China's slowing economic growth and rapid urbanization have made local government debt financing a significant issue.This study uses a sample of China's provincial government data for the 2006–2012 period to examine the effect of the disclosure of financial information by local governments on their debt financing costs.The results show that financial information disclosure is conducive to public supervision and enhances government credibility,leading to a decrease in the cost of debt financing.Furthermore,increased government economic intervention increases the strength of the association between financial information disclosure and the cost of debt financing.Increased government audit prevention function weakens the strength of the association between financial information disclosure and the cost of debt financing.
