政府审计、内部控制与国有企业债务风险

Government audit,internal control and debt risk of state-owned enterprises

近年来,债务风险已经成为我国经济发展中客观存在的事实。随着国有企业债务风险的凸显,如何有效防范国有企业债务风险成为重要研究方向之一。因此,本文利用我国沪深A股上市国有企业数据,检验政府审计对国有企业债务风险的影响,并进一步依据内部控制质量对样本进行分组检验。研究结果表明,政府审计作为国家治理机制的重要组成部分,能够显著降低国有企业的债务风险,并且在内部控制质量高的企业中,政府审计的抑制效果更显著。进一步研究发现,当股东持股比例高时,政府审计对于企业债务风险的抑制效果更为明显。本文验证了政府审计对于国有企业债务风险的治理效果,丰富了债务风险防控的内外部机制研究,为防范国有企业债务风险提供了经验证据。

In recent years,debt risk has become an objective fact in China's economic development.With the prominence of debt risk of state-owned enterprises,how to effectively prevent debt risk of state-owned enterprises has become one of the important research directions.Therefore,this paper uses the data of A-share listed state-owned enterprises in Shanghai and Shenzhen to test the impact of government audit on the debt risk of state-owned enterprises,and further tests the samples according to the quality of internal control.The results show that government audit,as an important part of national govermance mechanism,can significantly reduce the debt risk of state-owned enterprises,and the inhibitory effect of government audit is more significant in enterprises with high quality of internal control.Further research found that when the shareholding ratio of shareholders is high,the inhibitory effect of government audit on corporate debt risk is more obvious.This paper empinically tests the governance effect of government audit on the debt risk of state-owned enterprises,widens the research on the internal and external mechanism of debt risk prevention and control,and provides empirical evidence for preventing the debt risk of state-owned enterprises.