Investigation of the Relationship between Uniform Public Financial Statements of Local Governments and Bond Markets

2021 Fiscal Year Final Research Report

• Project/Area Number: 19K23214
• Research Category: Grant-in-Aid for Research Activity Start-up
• Allocation Type: Multi-year Fund
• Review Section: 0107:Economics, business administration, and related fields
• Research Institution: Seinan Gakuin University
• Principal Investigator: Haraguchi Kentaro 西南学院大学, 商学部, 准教授 (40846523)
• Project Period (FY): 2019-08-30 – 2022-03-31
• Keywords: 地方公会計 / 統一的な基準 / 地方債 / 債券分析 / 信用リスク分析

Outline of Final Research Achievements

This research project empirically examines whether public accounting statements based on uniform standards disclosed by local governments in Japan have decision usefulness for the municipal bond market, using data such as municipal bond ratings and municipal bond interest rate information.The results of the study show that Japanese municipal bond interest rate information is significantly related to some of the information in public accounting financial statements based on uniform standards. This result suggests the need for further research on the relationship between public accounting and municipal debt, and provides an important clue for future research development.

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Free Research Field

地方公会計と債券分析

Academic Significance and Societal Importance of the Research Achievements

わが国の地方債市場は国際的にも巨大な規模を誇り，地方債は非政府保証債であるが，そのリスクは事実上国債と同等であるとする「暗黙の政府保証論」が存在する。しかし一方で，地方債の銘柄間には金利差が存在する。この金利がどのように定まるか，統一的な見解は得られていなかった。公会計情報が金利差に影響するとすれば，公会計情報がどのような意義を有するのかという観点と，地方債金利がどのようにして定まるのかという２つの学術的観点から重要である。