政府审计的外部治理效应:基于股价崩盘风险的研究

发布时间：2018-04-04 12:35

本文选题：政府审计　切入点：治理效应　出处：《财经研究》2017年04期

【摘要】：作为一项强有力的政府监管措施,政府审计的作用及有效性是一个重要的研究话题。文章利用2009-2015年审计署实施的中央企业审计事件,从公司股价崩盘风险角度,采用双重差分模型研究了政府审计的外部治理效应。研究发现,在政府审计实施后,被审计公司的股价崩盘风险显著下降。在一系列稳健性检验之后,上述结果依然存在。进一步研究表明,政府审计通过促使被审计公司及时披露负面信息,缓解了公司股价崩盘风险;此外,政府审计越频繁,其缓解股价崩盘风险的作用越强,而且政府审计还存在溢出效应,未被审计中央企业在审计事件发生后的股价崩盘风险也出现下降。文章对于评估和完善中国政府监管具有重要的理论与实践意义。
[Abstract]:As a powerful government supervision measure, the function and effectiveness of government audit is an important research topic.In this paper, the external governance effect of government audit is studied by using the double difference model from the perspective of the risk of stock price collapse, using the central enterprise audit event implemented by the Audit Office from 2009 to 2015.The study found that the risk of a share-price collapse in audited companies declined significantly after government audits were carried out.After a series of robustness tests, the above results still exist.Further studies have shown that government audits mitigate the risk of stock price crashes by prompting audited companies to disclose negative information in a timely manner; in addition, the more frequent government audits are, the more effective they are in mitigating the risk of stock price crashes.Moreover, there are spillover effects in government audit, and the risk of stock price collapse of unaudited central enterprises also decreases after the audit.This article has important theoretical and practical significance for evaluating and perfecting Chinese government supervision.
【作者单位】：复旦大学管理学院;
【基金】：国家自然科学基金项目(71372119,71072003)
【分类号】：F239.44;F832.51

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