国家审计信息化与国企债务违约风险——基于金审三期工程的准自然实验
National Audit Informatization and Debt Default Risk of State-owned Enterprises: A Quasi-natural Experiment Based on the Golden Audit Phase III Project
DOI: 10.16538/j.cnki.fem.20260508.201
[1]刘洋洋,王生年.国家审计信息化与国企债务违约风险——基于金审三期工程的准自然实验[J/OL].外国经济与管理,2026,48(08):59-76[2026-11-11].https://doi.org/10.16538/j.cnki.fem.20260508.201.
摘要
国有企业债务违约风险治理关乎国家经济安全与金融稳定,以金审三期工程为核心的国家审计信息化建设是风险治理与防范的重要举措。本文以金审三期工程实施为背景,选取2013—2024年A股国有上市公司为样本,采用双重差分模型实证检验了国家审计信息化建设对国有企业债务违约风险的影响。研究发现,国家审计信息化建设显著抑制了国有企业债务违约风险。机制检验表明,国家审计信息化建设通过提升信息质量、加强公司治理、促进监督协同来抑制国有企业债务违约风险。异质性检验发现,该影响在东部和中部地区、未进行产融结合以及大数据应用水平高的国企中更为显著。进一步检验发现,国家审计信息化建设在动态演进改革过程中富有成效,而金审三期较金审二期对国有企业债务违约风险的影响更强,同时,金审三期对地方国企产生了直接的风险抑制作用,对央企也产生了显著影响。经济后果检验表明,国家审计信息化建设对国有企业的风险治理作用具有显著的行业与地区溢出效应,国家审计信息化建设通过缓解违约风险显著提升了国有企业的发展质量。本文的研究对深化国家审计数字化发展战略、防范化解系统性金融风险具有现实意义。
Managing default risk in state-owned enterprises (SOEs) is critical to national economic security and financial stability. The advancement of national audit informatization, centered on the Golden Audit Phase III Project, constitutes a key measure for risk prevention. Against the backdrop of Phase III’s implementation, this paper selects A-share listed SOEs from 2013 to 2024 and employs a DID model to examine the impact of this initiative on SOEs’ debt default risk. The findings show that the initiative significantly mitigates debt default risk in SOEs. Mechanism testing indicates risk mitigation through improved information quality, strengthened corporate governance, and enhanced supervisory coordination. Heterogeneity analysis shows that this effect is more pronounced in eastern and central regions, among SOEs without industry-finance integration, and among those with higher big-data application. Further analysis reveals that the national audit informatization initiative has been effective throughout the process of dynamic reforms, with Phase III demonstrating a stronger impact on SOEs’ debt default risk than Phase II. Additionally, Phase III exerts the most direct risk-mitigating effect on local SOEs while also significantly affecting centrally administered SOEs. Economic consequence testing reveals significant industry and regional spillover effects of national audit informatization in SOE risk governance. By reducing debt default risk, the initiative significantly improves SOEs’ development quality. This paper offers practical implications for deepening the national audit digital development strategy and for preventing systemic financial risks.
关键词: 国家审计信息化,金审三期工程,国有企业,债务违约风险