国家审计能降低国有企业可持续增长偏离度吗?

Can National Audit Reduce the Deviation of Sustainable Growth of SOEs?

基于审计署公布的137份中央企业财务收支等情况审计结果和A股上市公司数据,采用倾向得分匹配(PSM)方法和双重差分(DID)模型,实证检验了国家审计对国有企业可持续增长偏离度的影响。结果表明:(1)国家审计可以抑制国有企业可持续增长偏离度;(2)上述效应仅在偏离可持续增长的程度较大时存在;(3)上述效应在实际增长率正向偏离和负向偏离时均存在且在首次审计时更强;(4)上述效应的作用机制是缓解企业代理问题。研究结论证实了国家审计促进国有企业可持续增长的积极作用,为防范化解国有企业财务风险和优化国家审计的微观治理机制提供了参考。

Based on the 137 audit results of SOEs revealed by China National Audit Office and the data of A-share listed companies on the financial revenues and expenditures of state-owned enterprises,we apply the Propensity Score Method(PSM)and Difference-in-Difference(DID)research model to empirically test the impact of national audit on the deviation of sustainable growth of SOEs.The results show that:(1)national audit can restrain the deviation degree of sustainable growth of SOEs;(2)the above effects only exist when the degree of deviation from sustainable growth is large.(3)The above effects exist in both positive and negative deviations of real growth rate,and are stronger in the first audit.(4)The mechanism of the above effects is to alleviate the agency problem.The conclusion supports the positive role of national audit in promoting the sustainable growth of SOEs and provides reference for preventing and resolving the financial risks of SOEs and optimizing the micro-governance mechanism of national audit.