The Influence Of Government Supporting Policies And Government Auditing On The Innovation Of State-owned Listed Enterprises

Government audit is an important supervision mechanism for the economic activities of state-owned enterprises.Audit institutions verify and evaluate the financial revenue and expenditure of state-owned enterprises at regular intervals,and then bring external governance pressure to enterprises by exposing and punishing the economic irregularities of enterprises.Under the background of the implementation of innovation strategy,enterprises play a leading role in innovation.The existing defects of law systems and the loss of benefits brought by positive externalities of innovation result in the lack of innovation power.In order to make up for the above problems and stimulate the innovation power of enterprises,the government has issued a series of supporting policies.However,the implementation of macro policies cannot only promote the innovation power of enterprises,but also increase the external supervision pressure of enterprises.Under the background of full coverage of audit,enterprises cannot enjoy the preferential policies without the independent supervision of government audit.The vigorous development of policy tracking audit,economic responsibility audit and other special audits inevitably increases the supervision of audit institutions on state-owned enterprises.Therefore,how will enterprises balance the external power and pressure brought by macro incentive policies? At this time,can government audit exert governance effect on enterprise innovation activities?Based on the analysis of the literature on enterprise innovation,government supporting policies and government audit,this paper constructs a model of innovation system covering government,audit institutions and enterprises.It mainly studies:(1)the development status and characteristics of enterprise innovation in China;(2)the impact of government supporting policies on enterprise innovation;(3)the direct governance of government audit on enterprise innovation;(4)the moderating effect of audit on government supporting policies and enterprise innovation.At the same time,this paper uses the method of combination of theory and practice,selects the stateowned A-share listed companies from 2008 to 2018 as the research sample,and tests the theoretical model.The results show that:(1)Chinese enterprises has achieved remarkable results in innovation,but the relative competitiveness is still insufficient.(2)In general,government supporting policies can significantly affect enterprise innovation.Among them,the positive effect of indirect policies represented by tax policies are better than that of direct policies represented by government subsidy policies.(3)Government audit can effectively curb the "pseudo innovation" of enterprises and form a direct governance effect on the innovation achievements of enterprises.(4)Government audit has a moderating effect on government supporting policies and enterprise innovation by ensuring policy implementation and supervising economic responsibility.The main contribution of this paper is to introduce the theory of enterprise management into the research field of government audit.Taking enterprises as the research object,this paper analyzes the governance effect of government audit deeply,and constructs the theoretical models of government,audit institutions and enterprises to provide theoretical support for optimizing the innovation incentive system of enterprises.On the basis of the research findings,this paper also give some practical advices to promote enterprise innovation.