审计功能对隐性债务风险的非线性影响

The Nonlinear Influence of Audit Function on Implicit Debt Risk

基于中国2012—2021年省级面板数据,实证检验了审计功能对隐性债务风险的非线性影响,并在此基础上,进一步分析了金融发展在审计监督影响债务风险过程中的调节效应。研究得出的结论是:审计功能的发挥对隐性债务风险有先加剧后缓解的倒“U”型影响,当审计揭示功能和纠正功能分别超过0.73和0.57的阈值时,审计功能对债务风险的影响出现拐点效应;金融发展水平的提高使审计功能对隐性债务风险的抑制作用被削弱,而刺激作用被强化,导致倒“U”型曲线的拐点向右移动;由于东部地区金融发展水平高于中部地区,因此倒“U”型曲线对应的拐点值更大;由于西部地区审计功能发挥程度较低,因此并未发现对隐性债务风险的非线性影响。

Based on China s provincial panel data from 2012 to 2021,this paper empirically tests the nonlinear influence of audit function on implicit debt risk,and further analyzes the moderating effect of financial development in the process of audit supervision affecting debt risk.The conclusions are as follows:Audit function has an inverted“U”shaped influence on implicit debt risk.When audit revealing function and correcting function exceed the thresholds of 0.73 and 0.57 respectively,the impact of the audit function on the debt risk has an inflection point effect.The improvement of financial development level weakens the restraining effect of audit function on implicit debt risk,while the stimulating effect is strengthened,resulting in the inflection point of the inverted“U”shaped curve moving to the right.Because the financial development level in eastern region is higher than that of the central region,the inflection point value of the inverted“U”shaped curve is larger.However,due to the low degree of audit function in the western region,its nonlinear influence on implicit debt risk has not been found.