证券市场导报Issue(5)：16-24,38,10.
合规管理政策提高了国有资本配置效率吗?
摘要
Abstract
Compliance management is conducive to preventing compliance risks and ensuring the preservation and appreciation of state-owned capital.However,some argue that compliance constraints may increase the costs of market-oriented operations and reduce the investment efficiency of state-owned enterprises.This study utilizes the compliance management guidelines successively issued by central and local State-Owned Assets Supervision and Administration Commissions as a quasi-natural experiment and constructs a difference-in-differences(DID)model to empirically examine the impact of compliance management in state-owned enterprises(SOEs)on the efficiency of state-owned capital allocation.The findings reveal that following the implementation of compliance management policies,the investment efficiency of SOEs has significantly improved,as evidenced by a notable reduction in both over-investment and under-investment behaviors among SOEs.The mechanism analysis demonstrates that enhanced compliance management in SOEs effectively constrains two types of agency problems,improves the quality of internal controls,and enhances the scientific and effective nature of investment decision-making,thereby increasing the efficiency of state-owned capital allocation.This study provides important reference insights for further building and improving the compliance governance system of SOEs and achieving the sustainable development of SOEs.关键词
合规管理/中央企业/地方国有企业/投资效率/双重差分模型Key words
compliance management/central government-owned enterprise/local state-owned enterprise/investment efficiency/difference-in-differences model分类
管理科学引用本文复制引用
李青原,左梁..合规管理政策提高了国有资本配置效率吗?[J].证券市场导报,2025,(5):16-24,38,10.基金项目
国家自然科学基金重点项目"环境治理目标下的公司财务、会计和审计行为研究"(批准号:72332003) （批准号:72332003）
