National Audit Reform and the Utilization Efficiency of Long-term Loans in Local State-owned Enterprises:Evidence from the Human,Financial and Material Management Reform of Audit Institutions below the Provincial Level
Improving the efficiency of financial resource utilization to support high-quality economic development in China is a necessary step in deepening financial reform under the new development concept.Based on the background of the human,financial and material management reform of audit institutions below the provincial level,this paper takes local state-owned listed companies below the provincial level as the research sample from 2010 to 2021,and examines the impact of national audit reform on the utilization efficiency of long-term loans in local state-owned enterprises.This paper finds that the national audit reform can improve the utilization efficiency of long-term loans in local state-owned enterprises,and its influence mechanism mainly involves regulating government inter-vention and reducing enterprise agency costs.Further research finds that the stronger the audit re-form measures in cadre personnel,organizational structure,and fund asset management,the better the effect on improving the utilization efficiency of long-term loans in local state-owned enterprises.it enhances the utilization efficiency of long-term loans in local state-owned enterprises.For local state-owned enterprises located in areas with lower bank competition and industries with lower com-petition,as well as those with lower institutional investor shareholding and lower internal control quality,the effect of national audit reform on improving their long-term loans utilization efficiency is more significant.The research conclusion provides important insights for releasing and enhancing the efficiency of national audit supervision,optimizing the efficiency of financial resource allocation,and promoting high-quality economic development.
National Audit ReformHuman,Financial and Material Management ReformLocal State-owned EnterprisesLong-term LoansUtilization Efficiency of Funds
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