国家审计与国有企业实体业务经营绩效——基于经营活动净现金流视角  

Public Sector Audits and Operational Performance of State-owned Enterprises--From the perspective of operational net cash flow

作　　者：蒋佳宁 王昆仑 徐晓东[1] Jiang Jianing;Wang Kunlun;Xu Xiaodong

机构地区：[1]上海交通大学安泰经济与管理学院,200030

出　　处：《审计研究》2025年第2期15-28,共14页Auditing Research

基　　金：国家自然科学基金面上项目(项目批准号:72372103)的资助。

摘　　要：在我国经济由高速增长向高质量发展转型的背景下,防范实体经济过度金融化、推动非金融国有企业聚焦主业成为当前亟待解决的重要议题。本文以2008-2020年非金融类国有上市公司为研究样本,运用交错双重差分法,探究了国家审计对国有企业实体业务经营绩效作用机制。研究发现,国家审计与被审计企业的每股经营活动净现金流显著呈正相关;同时与投资活动和筹资活动现金流对总现金流的占比呈显著负相关,且与研发投入和创新专利在未来数年内的增长呈显著正相关。机制分析表明,国家审计主要通过推动企业降低金融资产配置、提升商业信用水平以及改善企业营运效率等,进而促进经营活动净现金流增长。在市场竞争程度较低、外部监督较强、内部控制水平较高的情境下,这一作用效应更显著。本文丰富了国家审计经济后果的相关文献,为进一步深化国有企业监督,推动实体经济高质量发展提供了证据。Against the backdrop of China's transition from high-speed growth to high-quality development,curbing the over-financialization of the real economy and guiding non-financial A-share SOEs to focus on their core businesses have become pressing issues. Using data on non-financial SOEs between 2008 and 2020, this study employs a staggered difference-in-differences approach to investigate the relationship between public sector auditing and SOEs' real operating performance, as well as the underlying mechanisms. The results show that public sector auditing is positively associated with net operating cash flow per share, while significantly reducing the proportion of total cash flow contributed by investment and financing activities. In addition, public sector auditing is positively correlated with increased R&D expenditures and patent applications in subsequent years. Mechanism analyses reveal that public sector auditing promotes net operating cash flow growth primarily by mitigating excessive financialization, enhancing commercial credit, and improving operational efficiency. The governance effects of public sector auditing are more pronounced under conditions of lower market competition,stronger external supervision, or higher levels of internal control. This study not only enriches the literature on the economic consequences of national auditing, but also provides important empirical evidence and policy insights for curbing the over-financialization of SOEs and promoting high-quality development of the real economy.

关 键 词：国家审计 企业金融化 实体经济 国有企业 

分 类 号：F239[经济管理—会计学]