国家审计维护金融稳定的路径与机制研究

Path and Mechanism of National Audit in Maintaining Financial Stability

国家审计作为中国政治制度的重要组成部分,加上其自身所具备的宏观性和全局性,在防范金融风险、维护金融稳定方面发挥了重要作用。基于2009—2017年除西藏和港澳台地区外的中国30个省、市、自治区面板数据,实证检验国家审计对金融稳定的影响机制,研究表明,国家审计对象范围和"免疫功能"有助于维护金融稳定;通过替换变量、缩小样本时间年限等稳健性检验,结论依旧成立。进一步分析表明,2013年审计署点名审计的地区,国家审计对金融稳定的维护作用更强。路径分析发现,在财政透明度较高的地区,国家审计"免疫功能"的作用更强;在市场化程度较高的地区,国家审计对象范围和预防功能有助于维护金融稳定;在市场化程度较低的地区,国家审计揭示功能和抵御功能发挥的作用更显著。基于地区异质性和经济发展质量异质性发现,国家审计对象范围和"免疫功能"在中西部地区和经济发展质量较低的地区更加显著。

As an important component of the Chinese political system, national audit, along with its macro and global nature, plays a vital role in preventing financial risks and maintaining financial stability.In this study, we empirically test the impact of national audit on financial stability using panel data of 30 provinces(excluding Tibet) in China's Mainland from 2009 to 2017.The findings of this study demonstrate that the scope of national audit targets and the"immune function"of national audit helps maintain financial stability, a conclusion that remains valid after conducting robustness tests by replacing the variables and shortening the sample period.Further analysis illustrates that national audit has a stronger effect on maintaining financial stability in the regions listed by the National Audit Office for auditing in 2013.The path analysis reveals that the"immune function" of national audit has a stronger effect in regions with higher fiscal transparency.Moreover, the scope of national audit targets and the preventive function of national audit helps maintain financial stability in regions with a high degree of marketization while the disclosure and resistance functions of national audit have a more significant effect in regions with a low degree of marketization.Further, the findings based on regional heterogeneity and economic development quality heterogeneity show that the scope of national audit targets and the"immune function"of the national audit are more significant in central and western regions and regions with low quality of economic development.