政府审计的外部治理效应:基于股价崩盘风险的研究

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.

The External Governance Effect of Government Auditing:Evidence from Firms' Stock Price Crash Risk

As a strong part of government monitoring measures, the role of government auditing and its effectiveness is an important research topic.This paper uses the difference-in-difference model to study the external governance effect of government auditing from a perspective of stock price crash risk based on the setting of audits of CSOEs by the National Audit Office of China (CNAO) from 2009 to 2015.It shows that after the implementation of government auditing, the CSOEs' stock price crash risk reduces significantly, and this finding is robust to a series of robustness tests.Further study indicates government auditing promotes CSOEs' more timely disclosure of bad news, thus reducing their stock price crash risk.In addition, more frequent government auditing leads to stronger role in the alleviation of stock price crash risk and there is the spillover effect of government auditing,namely stock price crash risk of CSOEs that are not audited also reduces after the occurrence of audit events.It is of great theoretical and practical significance to the evaluation and perfection of government monitoring in China.