国家审计功能、央企行为及其治理效果——基于审计结果公告的证据

Government Audit Function,Governance and Effect of Central Government-Owned Enterprises——Based on Audit Result Report

国家审计是组织机构有效履行公共受托经济责任的重要保障机制。本文依据2010—2018年的央企审计结果公告,对96家央企及其控股的332家上市公司进行分析。研究发现,国家审计通过审计结果公告披露被审央企的违规问题,并借助其传递信号,加大证券监管机构对央企控股上市公司违规行为的查处力度。实施国家审计后,央企控股上市公司行为更加规范,违规程度和频率显著下降。在审计后的三年中,审计在公司层面的治理效果逐年递减,而对高管的行为约束力则在第3年骤降。研究还发现,针对审计署发现的问题,被审计央企及其控股上市公司整改积极。二次审计作为强烈的监督和问责信号,央企行为治理效果更佳。但仍需提高监督频率和审计问责、整改落实的持续性,以便更好地发挥国家审计“经济体检”的功能和作用。

Government audit is an important guarantee mechanism for effective performance of public accountability by organizations.Based on the 2010-2018 audit results announcement involving central enterprises,this paper studies the violations of 96 central enterprises and 332 listed companies controlled.This paper empirically tests the governance effect of national audit on central enterprises and listed companies.During the current period of audit announcement,the securities regulatory agencies have significantly strengthened the investigation and punishment of violations of central enterprise listed companies,and effectively restrained the degree and frequency of violations.While the effect of national audit in governing the behavior of central enterprises decreased significantly in the third year.Further,as the second audit,can significantly improve the behavior governance effect of central enterprises.The implementation frequency and scope of national audit need improve,the punishment should increase,and continuous tracking and implementation of afterwards rectification problems for Economic Examination.