Government Accounting Transparency, Economic Accountability Audit And Government Investment Efficiency

Government investment is the main driving force for economic development and the most basic social investment.But the low efficiency of government investment has plagued government managers for a long time.As a basic source of funds for public goods and services,local government investment plays an important role in economic development and social harmony.Therefore,the importance of researching in local government investment is self-evident.According to the principal-agent theory,there is a special agency relationship between the government and the public.Due to the information asymmetry between the principal and the agent,it will create agency problems.The specific performance of government investment is overinvestment or underinvestment which can cause a low efficiency.Therefore,it is an effective way to increase the efficiency of government investment by making government information public and improving the transparency of government accounting.In recent years,China has accelerated the pace of improving government accounting transparency and made effective progress in accounting information disclosure.However,it remains to be verified that the increase in transparency of government accounting can lead to changes in government investment efficiency or not.In addition,the economic responsibility audit can effectively restrict the behavior of government officials and improve the efficiency of government investment.Will economic responsibility audit affect the relationship between government accounting transparency and government investment efficiency? The above two issues are the content of this article.Based on principal-agent theory,information asymmetry theory and signal transmission theory,this paper analyzes the logical relationship between government accounting transparency,economic responsibility audit,and government investment efficiency.It uses 31 provincial governments as its research objects,the date of 2012-2015 as its sample,and SPSS as its tool of empirical test.The results show that there is a significant positive correlation between government accounting transparency and government investment efficiency,and economic responsibility audit has a positive regulatory effect on this relationship.The economic responsibility audit is further divided into audit execution and audit punishment.According to the empirical tests,it is found that audit punishment has a greater effect than audit execution.Based on the above analysis,this paper puts forward the following suggestions to improve the efficiency of government investment:(1)Accelerating the disclosure of government information and improving the transparency of government accounting;(2)Improving the audit and supervision mechanism of government investment;(3)Improving the decision-making mechanism of government investment.