2023 Fiscal Year Final Research Report
The Contribution of Public Sector Financial Information to Municipal Bond Markets: An Analysis of the Spread over Government Bonds
| Project/Area Number |
21K13412
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| Research Category |
Grant-in-Aid for Early-Career Scientists
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| Allocation Type | Multi-year Fund |
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| Review Section |
Basic Section 07100:Accounting-related
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| Research Institution | Seinan Gakuin University |
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Principal Investigator |
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| Project Period (FY) |
2021-04-01 – 2024-03-31
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| Keywords | 地方公会計 / 地方債 / 機械学習 / 債券分析 |
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| Outline of Final Research Achievements |
This study examines the Japanese municipal bond market and how its interest rates are or are not affected by public accounting information.
Although municipal bonds in Japan are non-government-guaranteed, local governments are not subject to the Bankruptcy Law and therefore do not go bankrupt. Under these circumstances, there is no agreement on whether municipal bond interest rates depend on accounting information. Some previous studies have found that municipal bonds are virtually the same risk as government bonds.
This study found that public accounting information disclosed by local governments has a significant relationship with municipal bond interest rates. This result indicates a great potential for future accounting research in the municipal bond market in Japan.
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| Free Research Field |
公会計，債券分析
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| Academic Significance and Societal Importance of the Research Achievements |
地方政府に破産法が適用されない国（非破綻法制国）である日本において，地方債の金利と公会計情報との間に有意な関連性が確認された事実は，会計学的に重要である。世界の主要国は，米国を除いて大半が非破綻法制国である。もし日本で当該関連性が存在するのであれば，他の非破綻法制国においても存在する可能性があり，これらの知見は国際的な展開可能性を有する。さらに，公会計情報により金利が左右されうるという情報は，自治体や投資家等の実務家にも有用である。
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