褚剑;方军雄

• 1:复旦大学 管理学院，上海 200433

摘要(Abstract)：

作为一项强有力的政府监管措施，政府审计的作用及有效性是一个重要的研究话题。文章利用2009-2015年审计署实施的中央企业审计事件，从公司股价崩盘风险角度，采用双重差分模型研究了政府审计的外部治理效应。研究发现，在政府审计实施后，被审计公司的股价崩盘风险显著下降。在一系列稳健性检验之后，上述结果依然存在。进一步研究表明，政府审计通过促使被审计公司及时披露负面信息，缓解了公司股价崩盘风险；此外，政府审计越频繁，其缓解股价崩盘风险的作用越强，而且政府审计还存在溢出效应，未被审计中央企业在审计事件发生后的股价崩盘风险也出现下降。文章对于评估和完善中国政府监管具有重要的理论与实践意义。

关键词(KeyWords)： 政府审计;治理效应;股价崩盘风险;溢出效应

Abstract:

Keywords:

基金项目(Foundation): 国家自然科学基金项目（71372119，71072003）

作者(Author): 褚剑;方军雄

Email:

DOI: 10.16538/j.cnki.jfe.2017.04.011

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