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| Research on the Impact of Government Audit on the Allocation of State-Owned Enterprise Financial Assets |
| DOU Wei，ZHANG Shumin |
| Huazhong Agricultural University, Wuhan, China |
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Abstract In order to explore the impact mechanism and effect of government audit supervision on the financial asset allocation of state-owned enterprises, the implementation of the government audit is taken as a “natural” quasi-natural experimental window, and a multi-stage difference-in-differences model is constructed for the empirical test based on the sample of A-share non-financial central state-owned listed companies in Shanghai and Shenzhen from 2008 to 2018. This study shows that the implementation of government audit significantly inhibits the financialization of central state-owned enterprises, especially the allocation of hidden financial assets. Through further analysis of the audit announcement publicly issued by the National Audit Office, it is found that the stronger the professionalism and purpose of the government audit, the frequency of implementation and disclosure, and the response to rectification, the better the inhibitory effect of the government audit. At the same time, there is complementarity between CPA audit and government audit.
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Received: 25 June 2021
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