国家审计与内部控制对国企资产价值的作用研究——基于保值增值视角

Research on the Role of National Audit and Internal Control on the Value of State-owned Enterprise Assets:Based on the Perspective of the Value Preservation and Appreciation

选取2007—2017年上市中央企业集团作为研究对象,实证检验国家审计、内部控制对国有企业资产保值增值的影响作用以及两者之间的协同联动效应。研究结果表明,国家审计、内部控制可以督促国企资产实现保值增值,且两者在促进国企资产保值增值中存在替代效应。进一步研究发现,国家审计对国企资产保值增值的作用存在滞后效应和地区异质性。通过影响机制研究发现,替代效应中混杂着内部控制充当中介变量的中介效应,并且高质量的内部控制与国家审计对国企资产保值增值的替代关系不仅体现在国家审计的整体政策净效应上,还体现在国家审计的各个细分层面内容上。

The paper takes listed central enterprise groups from 2007 to 2017 as research subjects to empirically test the impact of national audit and internal control on the value preservation and appreciation of state-owned enterprises assets and the synergistic effect of national audit and internal control.The research shows that national audit and internal control conduce to promote the value preservation and appreciation of state-owned enterprises assets;national audit and internal control have a substitutive effect in promoting the value preservation and appreciation of state-owned enterprises assets.Further research finds that national audit has lag effect and regional heterogeneity on the value preservation and appreciation of state-owned enterprises assets.Through the influence mechanism research,we find that the substitution effect is mixed with the intermediary effect,and the substitution relationship between internal control and national audit is not only reflected in the overall policy net effect of national audit,but also reflected in each subdivision level of national audit.