国家审计能够抑制地方国有企业过度金融化吗?—来自省以下审计机关人财物管理改革的准自然实验

Can National Audit Inhibit the Excessive Financialization of State-Owned Enterprises?A Quasi Natural Experiment of the Reforms on Personnel and Property Management of Below Provincial Audit Agencies

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摘要国有企业过度金融化是国家审计在抑制经济脱实向虚中需要关注的重要问题,而审计机关人财物管理改革可以保障审计机关依法独立行使审计监督权。本文在对地方国有企业过度金融化和未过度金融化进行甄别的基础上,使用双重差分模型实证检验了省以下审计机关人财物管理改革对地方国有企业过度金融化的影响。研究发现:省以下审计机关人财物管理改革可以有效抑制地方国有企业的过度金融化。进一步研究发现,减少政府干预是省以下审计机关人财物管理改革抑制地方国有企业过度金融化的重要机制;当外部金融生态环境较差、企业内部控制质量较好时,省以下审计机关人财物管理改革对过度金融化的抑制作用更显著。研究结论对于完善审计管理体制、促进地方国有企业健康发展具有重要意义。 The excessive financialization of local state-owned enterprises calls for reforms on national audit so as to inhibit the transition from real economy to virtual economy.The reforms on personnel and property management of below provincial audit agencies are expected to ensure that the auditing agencies will,in accordance with the law,independently exercise their audit supervision power.Based on the identification of local state-owned enterprises that have undergone excessive financialization or otherwise,the paper uses a difference-in-difference method to examine the effect of the reforms on personnel and property management of below provincial auditing agencies on the excessive financialization of local state-owned enterprises.We find that the reforms on personnel and property management of below provincial auditing agencies can effectively inhibit the excessive financialization of local state-owned enterprises.Further investigation shows that the reduction in government interventions is an important channel for the reforms on personnel and property management of below provincial audit agencies to effectively inhibit the excessive financialization of local state-owned enterprises.In addition,the inhibition effect becomes stronger when external financial environment of local state-owned enterprises is less pro-business or the quality of local enterprises’internal control is higher.Our results are useful for improving the audit management system and promoting the healthy development of local state-owned enterprises.

作者上官泽明李昕柔 Zeming Shangguan;Xinrou Li(Shanxi University of Finance and Economics,Taiyuan,Shanxi,China 030006)

机构地区山西财经大学

出处《当代会计评论》 2022年第2期119-136,共18页 Contemporary Accounting Review

基金国家自然科学基金青年项目“管理体制改革、信息技术进步与国家审计治理能力”(71902108) 中国博士后科学基金面上项目“国家审计与国有企业脱实向虚:影响、作用机制与经济后果”(2021M692239)的资助

关键词审计机关人财物管理改革政府干预地方国有企业过度金融化 reforms on personnel and property management of below provincial audit agencies government interventions local state-owned enterprises excessive financialization

分类号 F239.227 [经济管理—会计学] F276.1 [经济管理—企业管理]

作者简介通讯作者:上官泽明,副教授,E-mail:365088391@qq.com;李昕柔,硕士研究生,E-mail:724931730@qq.com。