Study On The Outgoing Audit Of Leading Cadres’ Natural Resource Assets And Enterprise Investment Efficiency

The investment efficiency of enterprises determines the growth of enterprise value,and plays an important role in the high-quality development of national economy and the sustainable development of society.However,at present,most enterprises in China have the problem of low investment efficiency(including excessive investment and insufficient investment).Therefore,in the context of transformation economy,the importance of studying how to improve the investment efficiency of enterprises is self-evident.Resolution passed by the third plenary session of the 18 to leading cadres to carry out the natural resources assets outgoing audit,to protect the ecological environment and natural resources assets management,into the audit of leading cadres responsibility performance situation,local officials in order to maintain their reputation and ruling image,will strengthen the management of resources and environment within their respective jurisdictions.However,resource-based and polluting enterprises are the main body of resource consumption and environmental pollution.Local officials to manage the environment within their jurisdiction will inevitably affect their production activities,and will also affect the investment decisions of enterprise managers,and then affect the investment efficiency of enterprises.So,will the outgoing audit of leading cadres’ natural resource assets improve the efficiency of enterprise investment?Specifically,what is the difference between overinvestment and underinvestment?For studying the above problems,this paper selected 2012-2017 a-share listed companies,the sample period of the leading cadre natural resources assets departure audit enterprise as the experimental area,other areas of the enterprises as A control group,build multiple period double difference model for empirical test,and then further analysis of the enterprise equity heterogeneity,marketization degree,the media focus on the leading cadres of natural resources assets departure the influence of the audit system effect.The research results show that the outgoing audit of leading cadres’ natural resource assets will significantly improve the investment efficiency of enterprises,which will significantly inhibit the excessive investment behavior of enterprises,but the role in insufficient investment is not significant,and this result is still established after the robustness test.The results of heterogeneity analysis show that in non-state-owned enterprises and areas with high degree of marketization,the audit of leading cadres’ natural resource assets has a more obvious role in promoting the investment efficiency of enterprises.After distinguishing between excessive investment and insufficient investment,it is found that the outgoing audit of leading cadres’ natural resource assets has a more obvious negative impact on the excessive investment behavior of enterprises,while the effect on insufficient investment is not significant.In addition,further research shows that media attention will play a negative role in regulating the impact of the outgoing audit of leading cadres’ natural resource assets on the investment efficiency of enterprises,and this negative adjustment effect is more obvious in areas with high media attention.The possible research contributions and innovations of this paper include:expanding the research on the influencing factors of enterprise investment efficiency;enriching the research on the consequences of implementing the audit system of natural resource assets of leading cadres,and laying a foundation for further promoting the implementation of the audit system of natural resource assets of leading cadres.The conclusion of this paper is helpful to make suggestions for the improvement of investment efficiency of enterprises,and is also of great significance to improve the utilization rate of natural resource assets,reduce resource waste,protect the ecological environment,realize green and sustainable development,and realize the transformation from high-speed economic growth to high-quality development.