The Effect Of National Audit Function Upon The Operating Performance Of The Central SOE Listed Units

National audit is an immune system in national governance system, and it maintains the healthy operation of the social economy. Since the the establishment of the National Audit Office in 1980s, national audit has been one of the foundation of national governance, preventing, revealing and resisting the opportunistic behavior in the public domain, promoting the improvement of governance mechanism. For the central enterprises, the national audit is an external governance subject, interventing, influencing corporate governance of central enterprise. Since the establishment of the audit announcement system in 2003, the information of the audit process and resfults are becoming more clear. And the issues of central enterprises about finance, internal management, policy implementation and other aspects become open and transparent to the public. Along with the continuous development of social economy politics and culture environment, the contents of the accountability are also expanding. The function of national audit and its influence on the management of central enterprises has gradually become a hot spot of academic research.Compared with many western countries, our country’s administrative model of national audit has been questioned about its independence. But in the audit about central enterprises, this model has strong advantages. From the perspective of authority, the National Audit Office is a strong government agency, and audit central enterprisesis its statutory duties and powers. From the perspective of independence, the national audit is completely independent on the organization, operating mechanism and funding sources, without pressure about fees and renewal as accounting firms. From the perspective of resource and capacity, the national audit is more convenient to carry out the external investigation and extended audit, more easily to exclude resistance and obstacles in the audit process.Therefore, the national audit plays an important role in promoting the enterprise to improve the governance mechanism, management, and affect the operating performance.This paper is based on the theory of governance and accountability and the logical starting point is the development and evolution of the function of national audit. In the theoretical analysis part, this paper analyzes the process of the national audit function evolution and development, analyzes the current governance issues of the central enterprises, the position and function of national audit in the central enterprises management mechanism, and the way to exert the influence of the national audit on the management of the central enterprises.In the empirical research part, the paper analyzes the effect of audit intervention on profitability and operating efficiency, and find that the effect of audit has lagged:In the three lag-periods,there was significantly negative correlation between the audit intervention and total profit; the ROA and audit intervention had no significant correlation; in the first and second lag-period, total assets turnover rate and the audit intervention has no significant correlation, but in third and fourth lag-period, total assets turnover rate and audit intervention had significant positive correlation. the paper considers that the function of national audit is to be the critical, and the construction is not very obvious:The effect of audit intervention on the false profit is obvious. There is no obvious effect on enhancing the profitability.The lag-period of improving the operating efficiency is long. Finally,this paper put forward policy recommendations:solving the problem of the absenceofowner;optimizing the performance evaluation method, to further strengthen the performance audit, paying attention to the audit rectification work, integrating audit resources and information.