政府审计与国企治理效率--基于央企控股上市公司的经验证据

Government Audit and State-owned Enterprises' Governance Efficiency——Evidence from listed companies controlled by central state-owned enterprises

本文基于政府审计结果公告,以2008—2012年央企控股上市公司为研究对象,以公司经营业绩为研究切入点,探讨了政府审计功能发挥对国有企业治理效率提升的影响。研究结果表明,政府审计功能发挥对央企控股上市公司经营业绩的提升有积极的促进作用,但这种作用具有一定的滞后性,集中表现在审计结果公告后的连续两个期间。同时发现,现阶段政府审计的这种作用在于较好地促进了中央企业经营业绩考核指标的完成,而未真正实现企业经营效率的优化。

Based on the auditing results announcements, we focus on operating performance to investigate the role of government audit in improving state-owned enterprises＇ （SOEs） governance efficiency, with the data of listed companies controlled by central state-owned enterprises from 2008 to 2012. The results suggest that government audit function plays an important role in improving corporates＇ operating performance. However, this effect is evident during the lagged periods, especially in the last two periods after the announcement of auditing results. We also find that government audit function is limited to help central state-owned enterprises to achieve the assessment indicators of operating performance, but not realize the optimization of business efficiency.