Research On The Influencing Mechanisms Of State Audit On The Overseas Investment Behavior Of Central Enterprises From The Perspective Of Investment Inertia Based On The Case Of China Sinochem Group's Overseas Investment

As the pillar of our state-owned economy,the quality of overseas investment of central enterprises is directly related to the development and progress of our economy.However,in the past decade,the performance of overseas investment by central enterprises has been unsatisfactory.The main reasons are the imperfect decision-making and management system,insufficient investigation and demonstration,and inadequate risk response measures.In fact,there is investment inertia in enterprises' outward investment,which can guide enterprises' investment behavior and run through the decision-making of outward investment.Each enterprise's outward investment behavior will be guided by the investment inertia formed by the accumulation of past investment experience,which makes the follow-up investment behavior show obvious path dependence.As a mandatory means of external supervision for central enterprises,state audit should and can play an effective role in risk control of overseas investment of central enterprises.Therefore,through the study of three typical cases of Sinochem Group's overseas investment,this paper takes investment inertia as the breakthrough point,and explores the mechanism through which the intervention of state audit can interfere with the decision-making of central enterprises'Toreign investment,break the former inertia of central enterprises' foreign investment,and influence the behavior of central enterprises'overseas investment,so as to reduce the risk of central enterprises' overseas investment and enhance the performance of central enterprises'overseas investment.This study will not only help shareholders,managers,investors and other stakeholders to better understand the impact of national audit on the overseas investment of central enterprises,but also help to remind the regulatory authorities to fully understand the importance of national audit in the management of central overseas investment,strengthen its audit efforts,expand its audit scope,improve its information transparency,and establish more.Complete audit supervision system.This paper chooses the perspective of investment inertia,combines Sinochem Group's overseas investment cases,and combs the three influence mechanisms of state audit on the overseas investment behavior of state-owned enterprises.In the first chapter,the concept is defined.In the second chapter,the theoretical framework of this study is constructed on the basis of the relevant research results and theoretical analysis of the existing literature.Through theoretical analysis,it is proposed that the involvement of state auditing in the overseas investment of central enterprises can change the investment inertia of central enterprises in different directions by exerting the functions of evaluation,control and early warning,thus affecting the overseas investment behavior of central enterprises and reducing the risk of overseas investment.Chapters 3 to 5 demonstrate the impact of state audit on the overseas investment behavior of state-owned enterprises.Chapter 3 is the statistics and description of the audit results and the rectification of the overseas investment of the central enterprises by the Audit Office.According to the audit bulletins issued by the official website of the Audit Office in 2010-2018,the number,industry distribution,content and amount of the problems and the rectification of the central enterprises with overseas investment problems are sorted out,and the shadow of the state audit on the overseas investment behavior of the central enterprises is analyzed from the overall level.Ring.Chapter IV and Chapter V,combined with Sinochem Group's overseas investment cases,concretely demonstrate the impact mechanism of state audit on the overseas investment behavior of central enterprises from the micro level.Taking the two audits before and after Sinochem Group as the time boundary,this paper divides the process of Sinochem Group's overseas investment into three stages:before the first intervention of national auditing,before the second intervention of national auditing and after the second intervention of national auditing.It summarizes the investment inertia modes of each stage and the characteristics of overseas investment behavior guided by different inertia modes,and selects typical investment cases in each stage.Through research and analysis,this paper puts forward three kinds of influence mechanism of state audit on overseas investment behavior of central enterprises in three different stages.Finally,this paper draws the conclusion that the state audit can affect the overseas investment behavior of the central enterprises through three influence paths:ex-post evaluation,in-process control and pre-warning,and the influence paths and effects of the different times of the state audit on the overseas investment at different stages are different,so the state audit supervision system needs to be improved.According to the research conclusion,this paper puts forward suggestions for the two main bodies of the state audit department and the central enterprise.As far as the national audit department is concerned,it is necessary to strengthen the coverage and intensity of audit,consolidate the evaluation and control function of national audit,strengthen the early warning function,and pay attention to coordination with other supervision departments.For the central enterprises,we should strengthen the role of internal audit,establish a more perfect decision-making and management system for overseas investment,and improve the risk prevention and response system.