Research On The Influence Of Government Audit Intervenion On State-Owend Corporate Leverage Manipulation Behavior

"Guard against defusing financial risk" is one of the three major battles in our country,and it is an important task for our economic development in recent years.But high leverage problem often tends to induce systemic financial risk.Corporate high leverage has become a major hidden danger in our country’s economic development,so deleveraging is always an important part of our country’s supply-side structural reform.The 14 th Five-Year Plan and the 2035 Vision Target outline state that the macro leverage ratio should remain stable while falling.Deleveraging remains a long-term task in the future.Soes generally have a higher leverage ratio than non-soes,so deleveraging focuses on reducing soes’ leverage ratio.In reality,the opportunistic behavior of enterprise leverage manipulation is a common economic phenomenon,and the false deleveraging is used to cover up the real level of assets and liabilities,which will distort the goal of deleveraging policy and lead to the failure of deleveraging policy.In this context,it is of great practical significance to study the governance mechanism of leverage manipulation,reduce the false deleveraging behavior of enterprises,and ensure the implementation of deleveraging policies.This paper proposes the following considerations: As an important part of the national governance system,can government audit effectively play the governance role in corporate leverage manipulation and ensure the implementation of deleveraging policies? Based on previous literature studies,this paper lays a theoretical foundation for the discussion of the influence of government audit on the leverage manipulation behavior of state-owned enterprises through the function theory of government audit,the apparent theory of assets and liabilities,the theory of accounting fraud and the theory of national governance.This paper uses the sample data of state-owned listed enterprises from 2008 to 2021,adopts XLT-LEVM model to measure the degree of enterprise leverage manipulation,and tests the influence of government audit intervention on enterprise leverage manipulation behavior.Secondly,this paper conducts a subdivision study on the levers commonly used by enterprises,and discusses the difference of influence of government audit on different levers.This paper divides the degree of deleveraging pressure on enterprises,reveals the effect of government audit on highly leveraged enterprises,and then further discusses the influence of government audit intervention intensity,audit tracking rectification "look back" mechanism and regional audit supervision environment on the effect of government audit.Finally,from the perspective of debt default risk,this paper further discusses the economic consequences of government audit on corporate leverage manipulation.The conclusions of this paper are as follows:(1)The involvement of government audit effectively gives play to the functions of supervision,immunity and governance through asset liability profit and loss audit,management economic responsibility audit and responsibility audit for the implementation of major national policies,and restricts the leverage manipulation of enterprises.It reflects that government audit has played the effect of external supervision and governance and is to ensure the implementation of our policies.It is an important force to promote Chinese modernization.(2)The intervention of government audit can effectively restrain the manipulation degree of enterprises’ "real debts",but has no obvious governance effect on the more hidden "off-balance sheet liabilities";(3)In the state-owned enterprises with high deleveraging pressure,government audit has a more significant inhibition effect on leverage manipulation,that is,government audit has a more prominent effect on the governance of highly leveraged enterprises;The stronger the intervention of government audit,the more obvious this effect,and when the government audit tracking rectification "look back",more helpful to strengthen the effect of government audit intervention;At the same time,when there is a local audit office,the government audit has a more obvious inhibitory effect on leverage manipulation.(4)The test of economic consequences found that government audit inhibited the leverage manipulation behavior of state-owned enterprises and thus played a role in reducing financial risks,reducing debt defaults,protecting the interests of investors,stabilizing the financial market,and helping to prevent and resolve financial risks.