行政审批改革跟踪审计对企业投资效率的影响

The Impact of the Follow-up Audit of the Administrative Approval Reform on Enterprise Investment Efficiency

国家审计需要在全面深化改革和转变政府职能过程中发挥作用,跟踪审计制度有助于实现这一目标。以2013—2018年中国A股上市公司为研究对象,分析行政审批改革跟踪审计的治理效果,实证结果表明,跟踪审计治理后地区的企业,其投资效率提高程度显著大于其他地区的企业。进一步研究表明,跟踪审计能够通过降低企业寻租成本和环境不确定性来缓解企业投资偏离问题;跟踪审计对企业投资效率的改善作用仅显著体现在非国有企业和位于法治环境更好地区的企业。研究结果对国家审计服务国家治理、促进地方经济发展具有一定的现实指导意义。

National auditing should play a role in the process of comprehensively deepening reforms and transforming government functions, and the follow-up audit system can help achieve this goal. Taking China’s A-share listed companies from 2013 to 2018 as the research object, this paper analyzes the governance effect of the follow-up audit of the administrative approval reform. The empirical results show that the improvement of investment efficiency of the enterprises in the areas after the follow-up audit governance is significantly greater than that of the enterprises in the non-problematic areas. Further research shows that follow-up auditing can alleviate the problem of inefficient investment by enterprises by reducing rent-seeking costs and environmental uncertainty, and that the effect of follow-up auditing on the improvement of corporate investment efficiency is only significantly reflected in non-state-owned enterprises and areas with a better legal environment. The research results have considerable practical guiding significance for the national audit to serve national governance and promote local economic development.