政府审计对企业投资行为的影响——基于中央企业层面的经验证据  

The Influence of Government Audit on Enterprise Investment Behavior:Empirical Evidence Basedon the Central State-owned Enterprises

作　　者：毛聚 谢昊宇 毛新述[2] 高瑜彬 Mao Ju

机构地区：[1]中国人民大学商学院,100872 [2]北京工商大学商学院,100048

出　　处：《会计研究》2023年第1期164-178,共15页Accounting Research

基　　金：国家自然科学基金项目(72172009,72272009);北京市属高校高水平科研创新团队建设支持计划(BPHR20220105);北京工商大学国有资产管理协同创新中心开放课题基金资助课题(BTBUGZGL202003)的资助。

摘　　要：作为强有力的外部治理制度,政府审计在党和国家监督体系中发挥关键作用。本文利用审计署对中央企业实施财务收支审计这一研究场景,采用双重差分模型从中央企业层面直接检验了政府审计与企业投资行为的逻辑关系。研究表明:政府审计能有效降低中央企业投资水平、提高中央企业投资效率,与此同时,审计公告中揭示的投资违规程度越严重,政府审计的治理效应越强。异质性分析表明,政府审计的正面作用在盈余管理程度较严重、管理层在职消费水平较高、未建立规范董事会的企业中更为显著,说明政府审计有助于缓解第一类代理问题来实现其治理效应。进一步研究表明,第二次政府审计有助于强化第一次政府审计对企业投资行为的积极影响。研究结论为中央企业财务收支审计提供直接经验证据的同时,对进一步深化国有企业审计以及提升国有企业核心竞争力具有重要意义。As a powerful external governance system,govermment audit plays a key role in the supervision system of the party and the state.Using the study settings based on government audit reports issued by the National Audit Office of China,we use the difference-in-difference strategy to directly examine the relationship between government audit and enterprise investment based on the central state-owned enterprises(CSOEs).Government auditing can effectively reduce the investment level of CSOEs and improve the investment efficiency of CSOEs.At the same time,the more serious the investment violations disclosed in the audit announcement,the stronger the governance effect of government audit.Heterogeneity analysis shows that the positive role of government audit is more significant in enterprises with serious earnings management,high managerial perk and no standardized board of directors,indicating that government audit helps to alleviate the first-type agency problem to achieve its governance effect.Further research shows that the second government audit helps to strengthen the positive impact of the first government audit on enterprise investment behavior.While providing direct empirical support for government auditreports issued by the National Audit Officeit is ofgreat significanceforfurtherdeepening the auditof SOEs and enhancing theircorecompetitiveness.

关 键 词：政府审计 企业投资 中央企业 投资效率 

分 类 号：F275[经济管理—企业管理] F276.1[经济管理—国民经济] F239.4