Researh On The Impact Of Government Audit Result Announvement On The Investment Effciency Of Soes

Both the de-leverage requirement and the de-inventory requirement of state-owned enterprises show that the investment efficiency of some state-owned enterprises needs to be improved.Based on the policy background of deepening the reform of state-owned enterprises in China,this paper analyses the investment status of state-owned enterprises in China from 2010 to 2017,and finds that the return on investment of state-owned enterprises is unsatisfactory and its investment efficiency is worrying.Due to the particularity of state-owned enterprises' asset ownership and the uniqueness of government audit mission,which is regarded as the immune system of the healthy operation of our economy,the public has high expectations for the role of government audit in the protection of state assets.After the auditing of special funds and social donations for the prevention and treatment of SARS in 2003,the Audit Office issued the first audit announcement,which opened the era of "audit storm".Since 2006,the official website of the Audit Office has published to the public the results of its financial revenue and expenditure audit of state-owned enterprises,in which the investment status of state-owned enterprises is the key audit content.At present,with more and more public attention to the announcement of government audit results,both in quantity and content,it has been greatly improved.So,will the announcement of government audit results affect the investment efficiency of state-owned enterprises? Based on the statistical analysis of the content of the financial revenue and expenditure audit announcement of non-financial state-owned enterprises from 2010 to 2018,this paper studies the mechanism of the effect of the announcement of government audit results on the investment efficiency of state-owned enterprises,and takes the central listed companies listed for eight consecutive years from 2010 to 2017 as the research object.Based on Richardson model,this paper empirically analyses whether the announcement of government audit results can be directly or through the connection of the internal management level of state-owned enterprises,the impact on the level of government intervention,thereby affecting the investment efficiency of state-owned enterprises.The empirical results show that:(1)the announcement of government audit results has a direct effect on optimizing the investment efficiency of state-owned enterprises,which is more obvious when state-owned enterprises invest excessively.(2)When state-owned enterprises invest excessively,the announcement of government audit results can improve the investment efficiency of state-owned enterprises by influencing the internal management level of state-owned enterprises,but it will aggravate the underinvestment of state-owned enterprises.(3)The deterrence of the announcement of government audit results can also affect the intervention level of government departments in state-owned enterprises,thus affecting the investment efficiency of state-owned enterprises,but the effect is more significant only when the investment of state-owned enterprises is insufficient.Finally,according to the empirical results,in order to make the announcement of government audit results better serve the improvement of investment efficiency of state-owned enterprises,this paper puts forward relevant suggestions from three aspects: perfecting the announcement system of government audit results,strengthening the internal control management of state-owned enterprises on investment projects,and promoting the supervision and management level of government departments on State-owned Enterprises.The incremental contribution of this paper lies in exploring the path and mechanism of government audit results announcement in improving the investment efficiency of state-owned enterprises,enriching and expanding the existing research literature on government audit results announcement and investment efficiency of state-owned enterprises,which is of great practical significance for strengthening audit supervision,improving the reform of state-owned enterprises and improving investment efficiency.