Research On The Influence Of Government Audit Intervention On The Investment Efficiency Of State-owned Holding Listed Companies

The investment efficiency of state-owned enterprises is directly related to the improvement of the value of state-owned enterprises in China.The low investment efficiency is a major difficulty to be solved in deepening the reform of state-owned enterprises and maintaining and increasing the value of state-owned assets.When state-owned enterprises have sought to list and have been audited by certified public accountants,the reintervention of audit institutions has become a kind of "secondary audit".Under such circumstances,whether it is necessary for the government to invest a large number of valuable and limited audit resources in the all-round supervision of state-owned enterprises,that is to say,Whether government audit intervention can improve the investment efficiency of state-owned listed companies needs to be further studied.Based on the above background,this paper first combs the domestic and foreign literature,and expounds the related concepts and theoretical basis of government audit intervention and investment efficiency.Secondly,it expounds the connotation of government audit,and analyzes the influence path and concrete way of government audit intervention on the investment efficiency of state-owned listed companies.Finally,according to the audit announcement of central enterprises issued on the website of the Audit Commission from2014 to 2018,taking the listed companies controlled by central enterprises as the research sample,the influence of government audit intervention on the investment efficiency of state-owned listed companies is investigated by empirical method.Mainly around whether the government audit intervention can effectively improve its investment efficiency,government audit How intervention affects investment efficiency,and whether the relationship between government audit intervention and investment efficiency is affected by the adjustment of SASAC holding ratio.The conclusions of this paper are as follows: first,government audit intervention in state-owned holding listed companies can reduce inefficient investment,so as to improve the investment efficiency of state-owned holding listed companies;Second,government auditintervention can not only inhibit excessive investment,but also reduce the lack of investment;Third,the relationship between government audit intervention and investment efficiency of state-owned listed companies is affected by the proportion of SASAC holding.The larger the proportion of state-controlled companies,the stronger the force of government audit results on state-owned listed companies.At the same time,the conclusion puts forward some countermeasures and suggestions,in order to play a guiding role in the future trend of government audit and the practice of audit work,and to promote the country.Investment efficiency of enterprises,to help the reform of state-owned enterprises to provide reference.