摘要
政府引导基金是优化资本市场资源配置、培育耐心资本的重要工具。本文基于2017—2022年沪深A股上市公司数据,实证检验了政府引导基金对企业审计需求和审计质量的影响。研究发现,政府引导基金的参与显著提升了被投企业的审计质量,其机制在于驱动企业产生高质量审计需求,表现为更倾向于聘请高质量会计师事务所并支付更高的审计费用,从而降低财务重述概率。进一步分析显示,该机制的形成主要源于绩效评估的退出约束、吸引社会资本需求与强化内部监督三个方面。此外,当政府引导基金具有本地投资、国家级投资或产业投资属性时,其对审计质量的提升效果更为显著。本文从政府引导基金视角丰富了审计质量影响因素的研究,为相关政策优化提供了经验证据。
Government-guided funds(GGF)represent a critical policy instrument for optimizing capital allocation in capital markets and fostering patient capital.Using data on A-share firms listed in Shanghai and Shenzhen stock exchanges from 2017 to 2022,this paper provides empirical evidence on the impact of government-guided funds on firms'audit demand and audit quality.We find that firms invested by government-guided funds exhibit significantly higher audit quality,as evidenced by a lower likelihood of financial restatements.Mechanism analyses suggest that this effect operates through an enhanced demand for high-quality audits,i.e.the participation of government-guided funds increases the likelihood that firms engage higher-quality audit firms and incur higher audit fees,thereby improving audit outcomes.Further evidence indicates that this mechanism is primarily driven by exit constraints embedded in performance evaluation,the need to attract external(non-governmental)capital,and strengthened internal monitoring.The positive effect on audit quality is more pronounced when governmentguided funds engage in local investments,operate at the national level,or focus on industrial investments.This study extends the literature on the determinants of audit quality by introducing government-guided funds as an important institutional investor and provides empirical evidence relevant to the design and evaluation of government-guided fund policies.
作者
余应敏
贾雨嫣
江慧
Yu Yingmin;Jia Yuyan;Jiang Hui
出处
《审计研究》
北大核心
2026年第1期76-89,共14页
Auditing Research
基金
国家自然科学基金面上项目(项目批准号:72472168)
中央财经大学科研创新团队支持计划资助。
关键词
政府引导基金
高质量审计需求
审计质量
government-guided funds(GGF)
demand for high-quality auditing
audit quality
