The Impact of Accrual Accounting Reform on Government Debt:A Study Based on International Data
Since the 1970s,the world has experienced four major waves of debt accumulation,with the most recent wave seeing the greatest increase in debt levels among emerging markets and developing economies.In recent years,the risk of government debt has become a focal point in the financial governance of countries worldwide,and a comprehensive account-ing of government debt is a basic prerequisite for risk prevention.The introduction of government accounting reforms based on the accrual accounting system is conducive to the comprehensive accounting and disclosure of government debt.This study selects several representative countries and employs a combination of time series analysis and panel fixed effects models to empirically examine the impact of government accounting reform on government debt.The findings indicate that the introduc-tion of the accrual accounting system in government accounting reform helps disclose the true level of government debt,but also leads to an increase in government sector leverage.Further research reveals that the impact of dual accrual accounting reform on government debt is more pronounced than under the single accrual accounting reform.The impact of government accounting reform on government debt differ in the short term and long term,with government sector leverage initially rising and then declining as the reform progresses.Overall,the accrual accounting system in government accounting reform helps to reveal the true scale of government debt,correctly assess the level of government debt,and prevent the risk of government debt.China's government accounting reform practice can draw lessons and references from these conclusions,but it is more necessary to formulate a gradual reform plan according to the actual situation to effectively exert the positive effects of ac-counting reform.
Government Accounting ReformAccrual AccountingGovernment DebtGovernment Leverage
万方数据
