Research On The Impact Of External Audit Coordination On Innovation Investment And Innovation Efficiency Of State-Owned Listed Companies

Innovation is very important for a country and a nation.It is not only the power source of national development,but also the soul of national revitalization;This is even more true for enterprises.In fact,the country has put forward relevant innovation policies as early as2013.In particular,as an important implementation tool of China’s economic policies and development strategies,state-owned enterprises play a regulatory role in the foundation of the market economy and an incentive role in the national economic development.Their innovation efficiency is even more related to the quality of China’s future economic growth and sustainable development.Therefore,it is particularly important to stimulate the innovation potential of state-owned enterprises and promote the innovation efficiency of state-owned enterprises.So,how can we enhance the innovation investment of state-owned enterprises and improve their innovation efficiency? Existing studies have shown that national audit significantly promotes the innovation of state-owned enterprises;Social audit also has a positive impact on the innovation of state-owned enterprises.In addition,other scholars have also discussed the theoretical research of collaborative governance between the two.Then,if the two can be coordinated,will they have a stronger impact on the innovation of state-owned enterprises?Based on this,from the perspective of external audit synergy,that is,national audit synergy and social audit,this thesis discusses the impact of external audit synergy on innovation investment and innovation efficiency of state-owned listed companies.First of all,on the basis of combing the relevant literature research at home and abroad,this paper expounds the relevant theoretical system using enterprise innovation theory,principal-agent theory,entrusted responsibility theory,immune system theory and audit coordination theory.Secondly,based on the analysis of the current innovation situation of state-owned enterprises,this paper further proposes the mechanism and research hypothesis of the impact of external audit coordination on innovation input and innovation efficiency of state-owned listed companies.Finally,using the panel data of Shanghai and Shenzhen Ashare state-owned listed companies from 2007 to 2017 as the research sample,the paper empirically tested the impact of external audit collaboration on innovation input and innovation efficiency of state-owned listed companies by using the double difference method.The results show that: external audit synergy significantly promotes innovation investment of state-owned listed companies;Moreover,government subsidies can play a positive role in regulating the innovation investment of state-owned listed companies and improve the promotion effect of external audit coordination.In addition,external audit coordination also helps to improve the innovation efficiency of state-owned listed companies;However,absorptive capacity plays a negative role in regulating the innovation efficiency of state-owned listed companies.Based on this,this paper puts forward relevant policy recommendations from the perspective of state-owned enterprises,the government and the audit unit,in order to effectively play the role of external audit coordination and supervision.In short,the possible innovation of this paper is that it enriches the research perspective of enterprise innovation in the existing literature,breaks through the limitation of the single perspective of national audit and social audit,and introduces the regulation effect research from the perspective of external audit coordination.This not only makes up for the lack of empirical research in the existing literature;At the same time,it also provides suggestions and Enlightenment for improving the external audit coordination supervision system and better promoting the upgrading path of innovation activities of state-owned enterprises.