摘要
国有企业财务收支审计和国有企业领导人员经济责任审计是政府审计参与国有企业治理的重要途径。政府审计通过发挥信息治理、市场治理和权力治理作用促进国有企业价值提升,参与国有企业治理。文章基于现有审计制度,以2009-2016年央企直接或间接控股的A股上市公司为研究样本,使用PSM-DID方法,探讨政府审计与企业价值的关系。研究发现:政府审计能够提升企业价值,发挥央企治理效应,且与财务收支审计相比,财务收支审计与经济责任审计协同审计,更有助于提升企业价值。进一步研究发现:财务收支审计更多发挥信息治理和市场治理作用,在投资不足时能够提升企业价值;经济责任审计更多发挥权力治理作用,在过度投资时能够提升企业价值。研究对于进一步完善国有企业审计监督机制,发挥政府审计的央企治理效应具有理论和现实意义。
The financial revenue and expenditure audit of state-owned enterprises and the economic responsibility audit of the state-owned enterprises’leaders are effective ways for government audit to participate in the state-owned enterprises gover. nance. Government audit plays an important role in information governance,market governance and power governance to promote the value of state-owned enterprises and participate in the state-owned enterprises governance. Based on the existing audit system,this paper uses the A-share listed companies from 2009-2016,directly or indirectly controlled by the central SOEs, and uses the PSM-DID method to explore the relationship between government audit and corporate value. Through the research,it is found that the government audit can enhance the value of central SOEs,and play the governance effect on central SOEs. Compared with the financial revenue and expenditure audit,the synergistic audit with the financial revenue and expenditure audit,and the economic responsibility audit are greater to promoting the corporate value. Further study found that:financial revenue and expenditure audit can play the role of information governance and market governance,to enhance corporate value when investments are insufficient;economic responsibility audit can play the role of power governance to enhance corporate value when overinvesting. The research has theoretical and practical significance for further improving the audit supervision mechanism of state-owned enterprises and playing the government audit’s corporate governance effect on the central SOEs.
作者
马东山
韩亮亮
张胜强
MA Dong-shan;HAN Liang-liang;ZHANG Sheng-qiang(School of Business,Liaoning University,Shenyang 110136,China;Sun Wah International Business School,Liaoning University,Shenyang 110136,China)
出处
《华东经济管理》
CSSCI
北大核心
2019年第9期61-70,共10页
East China Economic Management
基金
国家社会科学基金一般项目“东北老工业基地国有企业混合所有制改革中的公司治理问题研究”（15BGL077）
辽宁省教育厅科学研究项目“元治理视域下政府审计在辽宁省地方债务治理中的功能定位与实现途径研究”（WQN201601）
辽宁大学青年科研基金项目“政府审计央企治理效应研究：基于PSM-DID方法的研究”（LDQN2018001）
关键词
政府审计
企业价值
治理效应
government audit
corporate value
governance effect
