摘要
政府财政绩效最优化是各国政府追求的目标。公共财政的传统理论强调通过制度和道德机制来约束政府的财政行为,以确保政府实现良好的财政绩效。“道德约束”的出发点是劝导或强烈建议政府遵守一些基本财政规范。严格实现政府年度财政收支平衡是最古老的准则。
通过道德和制度力量约束政府财政行为的认知,对现实中公共财政运行产生了广泛的影响,并为人们所普遍接受。正是主要基于“需要约束政府财政行为”这一理念,现代社会设立了各种各样的制度安排来约束政府的财政行为,避免财政绩效的恶化及其可能带来的严重后果。然而,制度约束和道德约束在许多情况下并不能有效发挥作用。经验事实表明,对政府财政绩效的制度约束是绝对必要的,但制度约束并不是灵丹妙药。制度与道德约束的不足与软弱清楚地表明,需要有一种强有力的附加机制来约束政府财政行为和宏观财政绩效。
本文论及对财政绩效的金融约束依赖于如下构想:金融市场能够对各种相关信息做出反应。本文认为这种构想不仅在理论是可信的,在实践中也存在大量证据。资本市场效率理论就是佐证这一构想的极富吸引力的理论。它所揭示的一个深刻道理是:无论是强式的、次强式的还是弱式效率的资本市场,都能吸纳相关信息并反映到资产价格中。资本市场效率理论可以扩展到公共财政领域,即资本市场不仅对来自企业的信息做出反应,同时也对与政府财政绩效相关的信息做出反应,证据表明,金融市场能够对财政信息做出反应这一事实不仅存在于实现生活中,而且可以从金融市场的易变性、金融开放和国家风险及主权评级的兴起等方面得到合理的解释。我国金融发展和金融开放也增强了对财政绩效信息的市场反应。
从理性预期理论和政府会计体系基础影响的角度,论证了财政绩效恶化的信息一旦“泄露”给资本市场,那么,资本市场将通过提高政府财政扩张的资金成本和政治成本,削弱财政扩张的有效性三个基本途径,来阻止进一步的财政扩张并起到改善财政绩效的作用,这种作用在开放性资本市场下比在封闭性金融市场下更为显著。
除了金融市场的开放性以外,确保金融市场对财政绩效施加有效约束的另一个前提条件是财政透明度。在缺乏必要的财政透明度的情况下,恶化财政绩效的机会主义行为(例如搞数字游戏)就会逃避金融市场的监督和惩罚,金融约束就会失效。正因为如此,国际社会在最近30多年来加快了推进财政透明度进程。上个世纪90年代以来,对一系列全球性金融危机及其惨痛后果进行的深刻反思,促使国际社会前所未有地关注政府的财政透明度问题。良好的政府治理对于促进宏观经济稳定和高质量增长至关紧要,而财政透明度是良好公共治理(good public governance)的关键。有关财政透明度的国际性规范对于各国虽然不具强制性,但中国显然无法(也没必要)游离于这一进程之外。随着时间的推移,提高财政透明度的压力在我国将会越来越大,需要从多方面采取行动以提高财政透明度,这将为借助开放性金融市场来约束政府财政行为和改善财政绩效创造一个基本的前提条件。
The optimum of Government Fiscal Performance is a objective of every government. The traditional theory emphasize constraints the government's fiscal behavior by institutional and moral mechanism. To ensure achieve well fiscal performance. The basis point of moral constraints is introduction or suggests the government abide some basis fiscal criterion. The government fiscal balance is the oldest guide line.
The cognition base on the moral and institutional to constrain the government's fiscal behavior produce a broad influence in the real public fiscal operation. It has been accepted by most people. Just about the point of view of the basis of constraint the government's fiscal behavior, the modern social have been established various institutional arrange to constraint the government's fiscal behavior and avoid the fiscal performance worsen and the subsequently severity result. However, in the most time, the constraint of moral and institutional can't efficiency exertion action. The experience fact indicated that the constraint on the government's fiscal performance is necessary but not absolutely. The insufficiency and weakness of moral and institutional clearly indicated that we need a stronger mechanism to constrain the government's fiscal behavior and macro-fiscal performance.
The dissertation describes the constraint of financial on fiscal performance due to the assuming that money market cans reaction the relation information. There are a number of evidence in practice thus this consider is authentic on theoretic. Capital market efficient theory proof this attractive theory. It discover the truth is whatever the market is stronger, semi-strong or weakness capital market, it can absorb the information and reflect to capital price. The efficient theory can be expanding to public fiscal field. The capital market not only can response the the information from enterprises but also can response the information from government fiscal performance. The evidence indicate that money market can react the fiscal information not only exist in the real world but also exist in theory. The logic explains can be draw that money market is changeability, the finance is opening and the country's risk is evaluated. The development and opening of Chinese finance increase the reaction of money market to fiscal performance information.
At the view of anticipate theory and government's accounting basal, once the information of government's fiscal performance worsen leak to money market, the capital market will increase the cost of capital and politics, weaken the three basic approach to prevent the further expand and improved fiscal performance. This action more notability in opened market than in closed market.
The fiscal transparency is the efficiencies constraint to the fiscal performance beside the open money market. The opportunism behaviors which escape supervise and punish by money market lead to worsen the fiscal performance when the necessary fiscal transparence absented. Because of this, the international communities expedite the course of fiscal transparency in the last 20 years. The self-questioning base on a series financial crisis and their painful outcome lead to the international social put attention to the fiscal transparency since 1990's. the fiscal transparency is the key of good public governance. The good public governance promote increasing and stability of the macroeconomic. Although the international criterions of fiscal transparency do not constrain the Chinese government but it is appearance that China can not dissociate from this course. The press of improve fiscal transparency will be increase with the process of temporal. It need improve the fiscal transparency on many aspects. This will create a basic premise condition to constrain the government's fiscal behavior and improve fiscal performance by opened money market.
引文
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