国家审计改革与地方国有企业长期贷款使用效率——来自省以下审计机关人财物管理改革的证据

National Audit Reform and the Utilization Efficiency of Long-term Loans in Local State-owned Enterprises:Evidence from the Human,Financial and Material Management Reform of Audit Institutions below the Provincial Level

提升金融资源使用效率助力我国经济高质量发展是新发展理念下深化金融改革的应有之义。本文基于省以下审计机关人财物管理改革试点背景,以2010—2021年省以下地方国有上市公司为研究样本,考察国家审计改革对地方国有企业长期贷款使用效率的影响。研究发现,国家审计改革显著提升了地方国有企业长期贷款的使用效率,其影响机制主要为规范政府干预和降低企业代理成本。进一步研究发现,干部人事、机构编制、经费资产管理的审计改革力度越大,对地方国有企业长期贷款使用效率的提升效果越好。对处于低银行竞争度地区和低竞争度行业的地方国有企业,以及机构投资者持股比例低和内部控制质量低的地方国有企业而言,国家审计改革提升其长期贷款使用效率的效应更为明显。本文研究结论为释放和提升国家审计监督效能、优化金融资源配置效率、推动经济高质量发展提供了重要启示。

Improving the efficiency of financial resource utilization to support high-quality economic development in China is a necessary step in deepening financial reform under the new development concept.Based on the background of the human,financial and material management reform of audit institutions below the provincial level,this paper takes local state-owned listed companies below the provincial level as the research sample from 2010 to 2021,and examines the impact of national audit reform on the utilization efficiency of long-term loans in local state-owned enterprises.This paper finds that the national audit reform can improve the utilization efficiency of long-term loans in local state-owned enterprises,and its influence mechanism mainly involves regulating government intervention and reducing enterprise agency costs.Further research finds that the stronger the audit reform measures in cadre personnel,organizational structure,and fund asset management,the better the effect on improving the utilization efficiency of long-term loans in local state-owned enterprises.it enhances the utilization efficiency of long-term loans in local state-owned enterprises.For local state-owned enterprises located in areas with lower bank competition and industries with lower competition,as well as those with lower institutional investor shareholding and lower internal control quality,the effect of national audit reform on improving their long-term loans utilization efficiency is more significant.The research conclusion provides important insights for releasing and enhancing the efficiency of national audit supervision,optimizing the efficiency of financial resource allocation,and promoting high-quality economic development.