国家审计与央企控股上市公司虚增收入

State Audit and Inflated Revenue of Listed Companies Holded by Central Enterprises

基于2010—2018年中央企业财务收支情况审计结果公告,探讨国家审计对中央企业控股上市公司虚增收入行为的影响。研究发现,国家审计能显著抑制中央企业控股上市公司的虚增收入行为,该效应在审计年度和公告年度均存在。通过PSM方法缓解内生性问题之后,上述效应依然存在。进一步研究发现,国家审计结果公告中披露的会计问题和经营管理问题越多,国家审计抑制中央企业控股上市公司虚增收入的效应越显著;而公告披露的其他问题不影响中央企业控股上市公司的虚增收入行为。

According to announcements of audit result of financial income and expenditure of central enterprises from 2010 to 2018,this paper examines the impact of state audit on inflated revenue of listed companies held by central enterprises.The empirical results show that state audit can significantly inhibit the inflated revenue of listed companies controlled by state-owned enterprises,This effect exists in both audit and announcement years.After alleviating endogenous problems by PSM,the above result still holds.Further research found that the more accounting problems and management problems disclosed in the announcement of state audit results,the more significant the effect of state audit on restraining inflated revenue of listed companies controlled by state-owned enterprises.However,other issues disclosed in the announcement do not affect the earnings manipulation of listed companies controlled by state-owned enterprises.