国有企业党组织“把方向”能有效抑制财务舞弊吗?——基于“讨论前置”机制的准自然实验

Can the Party Committee of State-owned Enterprises“Set the Direction”Effectively Inhibit Financial Fraud?A Quasi-natural Experiment Based on the“Upfront Discussion”Mechanism

国有企业党建是"十四五"时期国有企业公司治理改革的重要突破口。以A股上市公司为研究对象,运用准自然实验的方法,采取双重差分模型研究了"讨论前置"的党组织参与公司治理机制对财务舞弊的作用机理。研究发现,党组织以"组织嵌入"方式参与公司治理后,"讨论前置"决策机制从决策原则与决策程序上完善了国有企业公司治理机制,对国有企业财务舞弊行为发挥了良好的抑制作用,体现了党组织发挥"把方向,管大局,保落实"的重要作用。进一步研究发现,"双向进入"的组织形式有助于党组织与董事会、管理层达成共识,增强了"讨论前置"决策后续的执行效率,并且董事持股比例较高与设有审计委员会的国有企业对"讨论前置"机制起到了关键协同治理的作用,对财务舞弊行为的抑制作用更加显著。

Party building in state-owned enterprises is an important breakthrough in the corporate governance reform of state-owned enterprises during the 14th Five Year Plan period.Taking A-share listed companies as the research object,using the method of quasi-natural experiment and adopting the difference-in-differences model,this paper studies the influence of "upfront discussion"corporate governance mechanism of Party organization on financial fraud.It is found that after the Party organization participates in corporate governance in the way of“organization embedding”,the“upfront discussion”decision-making mechanism improves the corporate governance of state-owned enterprises from the decision-making principles and procedures,plays a good inhibitory role on the financial fraud of state-owned enterprises,and reflects the important role of the party organization in“taking the direction,managing the overall situation and ensuring implementation”.Further research shows that the organizational form of“two-way entry,,helps the party organization reach a consensus with the board of directors and management,enhancing the subsequent implementation efficiency of the“upfront discussion”decision-making,and the high shareholding proportion of directors and state-owned enterprises with audit committees play a key role in collaborative governance of the“upfront discussion mechanism,which has a more significant inhibitory effect on financial fraud.