强制内控审计能带来更高的投资效率吗？--基于A股主板国有上市公司经验数据的验证

摘要

与自愿内部控制审计不同，强制内部控制审计一方面剥夺了管理层选择是否进行审计的权利，对其形成了一种潜在约束；另一方面，通过发挥可信承诺效应降低了信息不对称水平。通过对强制内部控制审计政策实施前后A股国有主板上市公司的投资效率进行实证检验，发现强制内部控制审计能够有效提升国有企业的投资效率；但作为国有企业非效率投资行为的主要诱因，国有企业普遍存在的政府干预在一定程度上削弱了强制内部控制审计提升投资效率作用的发挥。%Unlike voluntary internal control auditing, mandatory internal control auditing will deprive the management option of whether implementing internal control auditing or not.Moreover, it is able to effectually reduce the level of in-formation asymmetry by playing a credible commitment effect.We empirically test the ex-ante and ex-post investment efficiency of mandatory internal control auditing, finding that mandatory internal control auditing can effectively improve the investment efficiency of SOE.While as one of the most important incentives of SOE inefficient investment, govern-ment intervention weakens the effect of mandatory internal control auditing.