The possible effects on the future management of local Italian authorities following the use of financial derivative instruments

The appeal from municipalities, provinces and regions to financial derivative instruments is tied to the need of overcoming the situations in a state of urgency inherent in a balance. On average, one local Italian authority in twenty has decided to underwrite a derivative product, giving life to a number of contracts that had a value of over 35 billion euro with an average value of 6.5 million for each contract until 2007. The boom of swaps has, since 2000 on, experienced a peak period from 2003 to the end of 2005, in which the Euribor rate touched a very low level, maintained itself for long periods at around 2% and fallen in some cases even under this value. Many of the contracts completed before 2006, which link the debt of local authorities to variable rates, but also many of those completed from 2006 onwards that moved debt onto fixed rate, which are now a source of loss for the balance of local authorities that have underwritten them. In the 2002-2008 period, the number of the stipulation of contracts local authorities reported to the Ministry of Economy and Finance is about 900, corresponding to more or less 150 per year, which affected 18 regions, 44 provinces, 532 municipalities and 4 mountain commtmities, for a total of 594 authorities. Therefore, the local authorities have approached the derivative instruments in an often approximate way without a real awareness, both for the conditions that were being negotiated and the effects that they would have produced in perspective. The purpose of this work is to highlight the consequences of the use of derivative instruments on the future management of local authorities.

Sources of Income and Financial Autonomy of Local Self-government

An important feature of local self-government which differs from other public authorities should be the independence of its organs from the government system of administration. The empowerment of local communities, which takes place in all democratic states, has been achieved by giving the guarantee of autonomy to local self-government, including financial autonomy. These are fundamental assumptions of local self-government functioning. The subject of this paper is to present self-government, in the field of shaping the basic sources of public tasks. issues relating to the financial autonomy of loca of its financial supply in cash, enabling the performance

Financial Effectiveness and Areas of Improvement in Greek Municipalities

The aim of this research is to separate the entire sample of Municipalities in Greece into categories, based on the effectiveness of financial management and financial performance into effective and ineffective ones. In this study, it investigated the existence of differences between the characteristics of these two categories. The main objective is to investigate the influence of financial effectiveness regarding those areas falling under state jurisdiction with the greatest room for improvement. Specifically, in Municipalities with ineffective financial management, local employment was notably considered to be the area with the greatest margin for improvement. Additionally, 21% of mayors of Municipalities with effective fmancial management consider that the state area of responsibility with the greatest capacity for improvement is that of attracting private investment. Moreover, the influence of financial effectiveness regarding the areas of competence of Greek Municipalities with the greatest room for improvement has a similar pattern. According to responses from mayors in Municipalities with ineffective fmancial administration, the areas of competence with the greatest room for improvement are provision and maintenance of infrastructure （23% of responses） and attraction of private investment （19% of responses）. Accordingly, responses from mayors in Municipalities with the highest financial performance indicate that the areas of competence with the greatest room for improvement are provision and maintenance of infrastructure （21% of responses） and attraction of private investment （20% of responses）.

Separating Municipalities Regarding Their Financial Performance Evidence From Greece

Municipalities are autonomous economic and administrative entities, with common actions and responsibilities. Additionally, all Municipalities are quite different considering specific characteristics, such as geographic, demographic, and economic. The aim of this research is to separate the entire sample of Municipalities in Greece into categories, based on the effectiveness of financial management and financial performance into effective and ineffective ones. This investigation is substantial because it is very interesting in-depth observation of current situation of the financial management capabilities of Municipalities, and additionally because it is crucial to extract the differences in specific characteristics between economical efficient and inefficient Municipalities. For the separation of the sample into groups, cluster analysis was preferred. For this reason, three variables were used： the lending capacity of the municipality, flexibility in making non-investment costs, and flexibility in investment spending. These three variables were considered to be the key dimensions of effectiveness in financial management and therefore their use, representatively describes the effectiveness or not of Greek Municipalities. In this study, it investigated the existence of differences between the characteristics of these two categories. The features are ＂how Municipalities are working with specialist consultants＂ and ＂how Municipalities are using modem technologies＂. The main objective is to investigate the influence of these two characteristics in the efficiency of managing financial resources.

Financial Effectiveness of Greek Municipalities： An Empirical Investigation

Municipalities are autonomous economic and administrative entities, with common actions and responsibilities. Moreover, all Municipalities are quite different considering specific characteristics, such as geographic, demographic, and economic. The aim of this research is to separate the entire sample of Municipalities in Greece into categories, based on the effectiveness of financial management and financial performance into effective and ineffective ones. For the separation of the sample into groups, cluster analysis was preferred. For this reason, three variables were used： the lending capacity of the Municipality, flexibility in making non-investment costs, and flexibility in investment spending. These three variables were considered to be the key dimensions of effectiveness in financial management and therefore their use, representatively describes the effectiveness of Greek Municipalities. Thus, this paper presents the literature review of the financial effectiveness of Municipalities and the methodology of an empirical research through structured questionnaire that was sent to the entire population of Greek Municipalities, characterized in this way with considerable heterogeneity. In this way, it investigates the views of Mayors in the two categories of Municipalities （effective and non effective financial management and financial performance） as regards： （a） the biggest problems faced by the citizens in their Municipality, and （b） the biggest personnel problems faced by their Municipality. Concluding, the prioritization of both problems seems to be the same for both groups of Municipalities. The frequency of responses differs slightly and differences are not so large that financial performance can be considered to affect respondents＇ opinions.

Local Government Debt Management Solutions

Two rounds of leveraging-up have led to a high debt ratio in the Chinese economy, triggered liquidity mismatch and increased systemic financial risks. The key causes of local government liabilities are soft budget constraints and non-market-based factor allocation. Currently, the risks of local government liabilities are generally controllable. This paper concludes that the long-term solution to managing local government liabilities is to enhance budget constraint and institutional assurance and proposes countermeasures in the reform of urban construction investment and ftnancing mechanisms.

From Consolidation to Segment Reporting in Local Government： Accountability Needs, Accounting Standards, and the Effect on Decision-Makers

Consolidated Financial Statements （CFSs） in the public sector represent useful financial tools to improve transparency and accountability toward internal and external users. This aggregate view is only a part of the information needed in order to give politicians, managers, employees, financial institutions, rating agencies, and citizens a whole view of a local government＇s financial performance. It emerges the need to have segment information, covering specific policy areas for which it is appropriate to separately report financial and non-financial information. This paper, after having discussed the need for accountability and decision-making in a theoretical framework, gives account of a pilot project realized by the municipality of Reggio Emilia, which introduced CFSs and segment reporting. The empirical study is based on an action research as a methodological approach to solving practical problems. Finally, the paper also offers some practical suggestions to contribute to the applicability of the segment reporting in the public sector.

非对称信息视角下中国区域金融风险的影响机制

本文基于委托代理理论,构建非对称信息视角下中国区域金融风险影响机制的分析框架,并采用TVP-SV-VAR模型探究不同地区区域内金融风险影响机制的异质性。研究表明,非对称信息下金融系统委托代理行为致使商业银行存在信贷配给,资金倾斜助长了地方债扩张和房地产泡沫累积,一旦债务违约及泡沫破裂造成大量银行不良资产积聚,将引发区域金融风险。异质性研究发现,经济发达地区中房地产泡沫是区域金融风险形成的主导因素;经济次发达地区中地方政府过度举债是引致区域金融风险的主要冲击;而经济欠发达地区的区域金融风险是地方政府过度举债与房地产泡沫共同作用所致。国家金融监督管理总局应严控商业银行信贷资金流向,并对地方债扩张和房地产泡沫等区域金融风险影响因素实行“属性+对策”的差异化监管,构建风险治理的区域协作平台,提高区域金融风险的防范处置能力。

地方政府债务与企业投资“脱实向虚”

如何理解地方政府债务在国民经济发展中的影响作用是当前学术界与政府部门关注的焦点议题。本文采用2009—2018年中国上市公司数据,基于融资结构视角实证考察了地方政府债务对企业投资的影响效应和作用机制。研究发现:第一,地方政府债务扩张导致了非国有上市公司实体投资下降和金融投资上升,而对国有上市公司投资没有显著影响;第二,这一影响具有明显的地区、行业和企业个体异质性;第三,在地方政府债务攀升下非国有上市公司的融资结构变化,是导致企业投资“脱实向虚”的潜在影响机制;第四,从发展角度来看,金融投资收益率会随着地方政府债务增加而下降,因此长期持续增加金融投资不利于企业经营发展和国民经济运行,而政府债务资金投向基建民生领域能够缓解实体投资下滑。最后,根据研究结论,本文提出了具有针对性的政策建议。

利率市场化改革的信贷配置质量效应研究

不当行政干预造成区域壁垒,诱发寻租问题,是导致要素市场分割与资源错配的重要成因,信贷市场尤为如此。基于商业银行信贷行为选择视角,运用2003—2019年我国31个省份的面板数据,对地方政府干预情形下我国利率市场化改革的信贷配置质量效应加以研究。结果表明,在干预市场条件下,商业银行具有较强的信贷寻租动机,信贷投放更倾向于迎合地方政府需求而非商业化导向;利率市场化改革带来的市场约束收紧尽管可促使商业银行增强信贷投放的商业性,显著增强区域贷款增长对盈利能力的敏感性,但无法对其信贷寻租动机形成有效抑制,以致其对信贷配置的质量效应难以发挥。而良好的地方政府治理可有效提升利率市场化改革的信贷配置质量效应。研究结论有助于厘清高质量发展要求下深化利率市场化改革的关键点,也为新形势下破除地方行政壁垒、增强地方金融监管效能以助推全国统一大市场建设提供经验参考。

地方政府债务与实体经济风险:来自A股上市公司的经验证据

基于2010-2022年上市公司数据,探讨地方政府债务风险对实体经济财务风险的影响效应及作用机制。研究发现,地方政府债务风险上升引发区域内实体经济的财务风险上升。机制研究发现,地方政府债务风险主要通过恶化企业营商环境、增加企业融资困难程度加剧实体经济的财务风险。异质性分析表明,低市场化区域的企业、国企的财务风险受地方政府债务负面影响更为显著,其中,相比全口径债务而言,地方政府隐性债务对实体经济风险更具有放大效应。进一步研究表明,支出竞争加深了政府债务风险对实体经济的负面影响,而税收竞争缓解了政府债务风险向实体经济的外溢影响。研究结论为关联化解政府与实体经济风险、推动地方政府有序竞争和优化政企关系提供了参考。

基于LLM的金融市场波动率高频数据异常检测方法

金融市场高频数据包括时间序列数据和其他宏观经济指标,通常具有高维特征.其处理需要更复杂的算法,易产生较高的模型过拟合风险.基于此,提出基于局部线性映射(Local Linear Mapping,LLM)的金融市场波动率高频数据异常检测方法,对各个高频数据目标的日平均序列数据进行标准化处理,在数据筛选时,使用标准化处理设定相关阈值,将不同维度的数据转化为相同的尺度,并利用连通图算法,将具有边连接的金融市场波动率高频数据划分至一个群组内,计算待检测高频数据阈值,采用局部线性映射,完成金融市场波动率高频数据异常检测.实验结果表明:所提方法在TPR为0.98时,ROC曲线稳定运行,贡献因子为1.287,重构误差为1.6%,能够以最快速度使训练集异常检测的损失值达到稳定.

地方金融突发事件应急管理体制机制的整合再造

随着金融突发事件的潜伏性与危害性愈发加剧,区域金融稳定的重要性日益凸显。地方金融突发事件的单次危害相对较小,但是多频次高发事件的叠加效应极易引发区域性,甚至是系统性金融风险。因此,地方金融突发事件应急管理对于金融稳定的维护至关重要。当前金融突发事件应急管理体制机制存在诸多层面上的问题,这根源于体制上权责错位塑造的无限属地责任与有限监管权力之间的冲突,以及机制上地方政府因主动经济选择和被动能力锁定而产生的路径依赖。为整合再造地方金融突发事件应急管理体制机制,应当以应急管理与金融风险处置二分为总体框架,以地方金融突发事件的多源风险为目标定位,确定应急权力综合化的任务型模式选择。在金融突发事件应急管理体制机制的具体构造上,需要塑造与金融风险处置相协同的应急管理机制,并以属地管理原则为核心提供体制保障。

市场化改革能够优化地方财力结构吗?——基于矿业权改革的准自然实验

科学合理地获取资源性收益对优化地方财力结构、提升资源配置效率具有重要意义。本文结合我国自然资源要素市场化改革,以矿业权改革为准自然实验,基于2015—2021年282个地级市的面板数据,使用双重差分模型实证分析了市场化改革对地方财力结构的优化效应。研究发现:矿业权改革对矿业权出让收益占比具有显著的正向影响,即矿业权改革能够优化地方财力结构,经过DID估计有效性检验和一系列稳健性检验后,该影响依然存在。异质性分析结果表明,矿业权改革对地方财力结构的优化效应在低纵向财政失衡度、高财政压力、高城投债风险和土地财政不可持续性的地区更大。机制分析结果表明,矿业权改革通过增加矿业权交易面积、提高矿业权交易价款,进而优化了地方财力结构。本文为有序增加资源性收益、优化地方财力结构提供了决策依据。

深度融合信息技术的智能财务人才培养探索与实践——以桂林电子科技大学为例

“大智移云物区”的出现使财经工作数字化和智能化成为常见业态。一直秉承“会计+信息技术”理念的桂林电子科技大学会计学专业,依托学校电子信息学科优势,通过遵循OBE教育理念构建人才培养体系,打造多方协同培养平台,推进综合课程体系改革,采用大类招生、二次选拔、分段培养模式等措施,确保了会计人才培养的“四高”质量,凸显会计信息化人才培养特色优势,对类似专业具有借鉴价值。

财政压力与地方政府策略性行为——基于非税收入竞争视角的考察

基于2011—2018年省级面板数据,采用空间杜宾模型(SDM)考察财政压力对地方政府间非税收入竞争策略性行为的影响。结果表明:财政压力的增加显著削弱了地方政府间非税收入竞争的程度;地方政府在应对财政压力时针对不同类别的非税收入采取了差异化的竞争策略;地方政府倾向于通过提高非税收入负担率以应对财政压力的策略性行为不仅扰乱了地区间公平有序的竞争,而且增加了居民与企业的经济负担。提升财政透明度有助于抑制这一现象。

地方金融监管权力法治化的反思与重塑

地方金融监管权力的法治化塑造,不仅旨在保证地方金融监管权力来源的法定,更关注法治对地方金融监管权力运行进行制约与监督的规范效用,而这需要借助职权法定、行政自制和理性制衡三者协同完成。为回应中央与地方金融监管权责失衡之实践异化,地方金融监管权力法治化的核心要义便是地方金融监管权责的对等化设计,具体是以职权与职责在量上的实质均衡为内核,来完成主体维度中央和地方关系的均衡处理与事项维度规则制定和监管执法的分项设计。当然,地方金融监管权力法治化的实践展开,应当借助地方金融监管权责事项的清单化管理展开,即分别按照“以权定责”和“以责定权”的逻辑来设置权力清单与责任清单各自不同的要素构成,并在“属地管理”观念的统一指引下完成“以块统条”和“以条带块”管理模式的差别化设计。

政府审计对系统性金融风险的影响研究

文章以2015-2020年中国30个省级面板数据为样本构建模型,研究政府审计对系统性金融风险的影响。研究发现:政府审计降低了系统性金融风险,其审计处理处罚功能和增收减支功能对系统性金融风险具有抑制作用;政府审计通过抑制地方政府债务风险对系统性金融风险产生显著影响;地方政府治理能力在政府审计影响系统性金融风险的过程中发挥了正向调节作用;地区法制水平越高,政府审计对系统性金融风险的抑制作用越强。

新时代科教融合对区域科技创新能力的影响机制

教育、科技、人才是互为联系、互为推动的整体,科教融合发展是建设教育强国、科技强国、人才强国的关键途径。新时代下的科教融合在目标上更加重视创新体系整体效能的提升,在结构上更加重视宏观、中观和微观的整体协同,在内容上更加强调以满足科技需要为目的的教育改革和创新范式变革。为了深入探讨科教融合对区域科技创新的影响,建立科教融合评价指标体系,运用耦合协调度模型测量2010—2019年中国31个省份科教融合发展的程度,在科教融合与区域科技创新能力之间构建两阶段最小二乘模型,并对内生性、异质性、稳健性进行检验。结果表明:(1)2010—2019年,中国31个省份整体的科教融合度的平均值从0.35提高到0.479,有一定提升但整体仍处于失调水平,且存在较大的区域差异;(2)科教融合对区域科技创新能力有显著的正向影响,引入“地方财政收入”这一工具变量,发现地方财政收入有效增强了科教融合度对区域科技创新能力提升的促进效应;(3)科教融合对区域科技创新能力影响的强弱有差异,在中国西部地区推进科教融合对提升该地区科技创新能力的作用最显著,说明西部地区的科技创新能力存在着很大的发展潜力。基于此,宏观层面既要加强区域内统筹资源调配,也要支持区域间的帮扶协作,促进教育、科技和人才一体化发展,以提升科技创新体系整体效能。

国有资本经营预算实施如何影响地方国企现金持有?

党的二十大报告提出“健全现代预算制度”,其中强化国有资本经营预算统筹是深入推进现代预算制度改革的重点任务。基于此,选取2004—2019年中国A股地方国企与民企数据,运用交错双重差分模型,考察国有资本经营预算对地方国企现金持有的影响及作用机制。研究发现,国有资本经营预算实施增加了地方国企的现金持有,其主要途径源于对过度投资和金融资产投资的抑制。异质性分析表明,上述效应显著存在于位于国有资本发展程度较高的省份和东中部地区、控制链距离较短、内部控制较弱的地方国企中。进一步研究发现,国有资本经营预算实施增加地方国企现金持有,能够增加企业创新投入,最终提升企业价值。因此,地方国企应把握国有资本经营预算实施的契机,提高公司治理能力,增加创新投入,实现企业价值提升。