A Study on the Inhibitory Effect of Economic Responsibility Audit on Financial Assets Allocation of SOEs

CHENG Bo; CAI Yunfei; HU Chaohui

Volume 40 Issue 5

Sep. 2025

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CHENG Bo, CAI Yunfei, HU Chaohui. A Study on the Inhibitory Effect of Economic Responsibility Audit on Financial Assets Allocation of SOEs[J]. Journal of Guangdong University of Finance & Economics, 2025, 40(5): 65-77.

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CHENG Bo, CAI Yunfei, HU Chaohui. A Study on the Inhibitory Effect of Economic Responsibility Audit on Financial Assets Allocation of SOEs[J]. Journal of Guangdong University of Finance & Economics, 2025, 40(5): 65-77.

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A Study on the Inhibitory Effect of Economic Responsibility Audit on Financial Assets Allocation of SOEs

School of Accountancy, Nanjing Audit University, Nanjing 211815, China

Received Date: 2024-11-11
Available Online: 2025-10-25
Publish Date: 2025-09-28

Abstract

Abstract

As a crucial tool of national supervision and governance, whether economic responsibility audit can guide state-owned enterprises (SOEs) to "shift from the virtual to the real economy" is a significant issue widely concerned by both theoretical and practical circles. Utilizing the implementation of the New Regulations on Economic Responsibility Audit in 2019 as a quasi-natural experiment, this study empirically examines the impact of economic responsibility audit on the financial asset allocation of SOEs. The findings reveal that economic responsibility audit significantly reduces the level of financial asset allocation in SOEs, with the underlying mechanisms being the enhancement of internal control quality and the increase in investments in real capital. Further analysis indicates that this inhibitory effect is more pronounced in local SOEs, enterprises with high capital market attention, and those with a separation of the two positions (chairman and CEO). This research not only enriches and expands the literature on the factors influencing corporate financial asset allocation and the economic consequences of economic responsibility audits but also provides micro-level evidence for effectively guiding SOEs to "shift from the virtual to the real economy". Furthermore, it offers important implications for strengthening SOE governance and resolving as well as preventing financial risks.
- enterprises financial assets allocation,
- economic responsibility audit,
- internal control quality,
- entity capital investment

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References(41)

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