强制性内部控制审计、企业创新与经济增长

Mandatory Internal Control Audits,Corporate Innovation and Economic Development

自萨班斯法案404条款颁布以来,有关强制性内部控制审计的研究多见于公司治理、审计费用领域,而较少涉及微观创新与宏观经济层面。为此,本文以2012年主板市场强制推行内部控制审计制度为准自然实验,采用双重差分法,检验强制性内部控制审计对企业创新与经济增长的影响。研究发现,强制性内部控制审计有助于企业创新,且这种效应主要集中在低融资约束和低信息不对称的企业。进一步,强制性内部控制审计对创新的提升效应能够传递到宏观经济层面,研究发现,强制性内部控制审计可以显著提高创新对经济增长的边际贡献,且这种效应主要存在于沿海地区以及政府科技支出较多的地区。研究结论表明,强制性内部控制审计不仅能够激励企业创新,还有助于服务"创新驱动增长"战略。

Since the implementation of Section 404 of the Sarbanes-Oxley Act,a growing literature links mandatory internal control audits to corporate governance and audit fees,and little is known about the roles on innovation and economy played by mandatory internal control audits.This paper takes the Chinese SOX Section 404 of 2012 as the exogenous shock,and examines the effects of mandatory internal control audits on corporate innovation and economic development.We find that mandatory internal control audits are more likely to motivate innovation,and firms with low financing constraints and information asymmetry can benefit from institutional reforms.We further show that mandatory internal control audits can significantly increase the marginal contribution of innovation to economic growth,and this effect is more significant in the coastal area and region where spending on technology by the government sector is much more.The conclusions suggest that mandatory internal control audits can not only stimulate firm innovation,but also helps to serve the"innovation-driven growth"strategy.