反腐败、注册会计师审计监督与非效率投资

Anti-corruption,CPA audit supervision and non-efficiency investment

以党的十八大为开端的反腐败为外生自然实验,使用A股上市公司2012—2016年数据为样本,从注册会计师审计监督角度,探讨反腐败力度对企业非效率投资的作用关系。结果表明:政府的反腐败力度对企业的非效率投资产生显著的负向作用,高质量的注册会计师审计监督能够增强负向作用效果,进一步抑制企业的非效率投资;进一步地,将非效率投资的值按正负分为过度投资组和投资不足组,发现反腐败对企业过度投资的负向作用更强,而高质量的注册会计师审计监督能增强反腐败对企业投资不足的抑制作用。上述结果表明,反腐败能够有效缓解企业的投资效率损失程度,注册会计师审计监督履行部分政府审计职能,配合反腐败发挥作用。

The anti-corruption initiated by the party’s 18th National Congress was an exogenous natural experiment.Using the data of A-share listed companies from 2012 to 2016,the impact of anti-corruption efforts on non-efficiency investment of enterprises was examined from the perspective of CPA audit supervision.The results showed that the government’s anti-corruption efforts have a significant negative effect on the inefficient investment of enterprises.High-quality auditing and supervision of certified public accountants can enhance the negative effects and further inhibit the inefficient investment of enterprises.Further,the investment values breakdown into over-investment and under-investment,and it is found that anti-corruption has a stronger negative effect on corporate over-investment,but CPA audit supervision has a stronger effect on anti-corruption and corporate underinvestment.The above results have shown that anti-corruption can alleviate the degree of investment efficiency loss of enterprises,and CPA audit supervision fulfills the role of some national auditing functions in cooperation with anti-corruption.