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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。
As a powerful government regulatory measure, the role and effectiveness of government auditing is an important research topic. Based on the audits of central enterprises conducted by the Audit Commission from 2009 to 2015, this paper studies the external governance effect of government auditing by using the double difference model from the perspective of the crash of the stock price of the company. The study found that after the implementation of the government audit, the audited company’s stock price crash risk dropped significantly. After a series of robustness tests, the above results still exist. Further studies show that government audits can mitigate the risk of the stock price crash by prompting the audited company to timely disclose negative information. In addition, the more frequent the government audits, the stronger the role of the government in mitigating the risk of a stock price crash. The government audit also has the spillover effect and has not been overstated Auditing of central enterprises also showed a fall in the risk of a stock price crash after the audit. The article has important theoretical and practical significance for assessing and perfecting Chinese government regulation.