The announcement of audit results of central government enterprises shows that there are great differences between national audit results and social audit results, and social audit often fails to find out the problems of the audited enterprises. The joint force of audit supervision is still insufficient at present. Based on this background,this paper takes listed central enterprises as samples, and studies the influence of national audit on audit firm turnover and the social audit quality after the turnover. The results show that:（1） After accepting the national audit, the probability of audit firm turnover increases, which is more obvious in companies with lower social audit costs in the early stage;（2） The social audit quality is improved after audit firm turnover for companues accepting the national audit;（3） National audit increases the probability of the upgrade or same-level turnover of audit firms, and the improvement of social audit quality is more obvious after the upgrade turnover of audit firms. This paper shows that the correction of social audit by national audit can be realized through the market mechanism of audit firm turnover. The key to strengthen the joint force of audit supervision is to exert synergy effect of national audit supervision and market mechanism.
The 19th National Congress of the Communist Party of China put forward the implementation of the rural revitalization strategy, and the effective establishment of rural collective economic organizations is one of the important ways to implement the strategy. Responsible and transparent financial governance is part of the rural revitalization strategy. Financial management and accounting work are important components in the development of rural collective economic organizations, but the current accounting system obviously lags behind the current trend of development and reform. This paper firstly reviews the changes of accounting system for rural collective economic organizations in China and analyzes the main problems of the current accounting system. In response to these problems, this paper summarizes the systems related to farmers’ cooperatives in other countries such as Japan and South Korea. Drawing on China’s enterprise and government accounting systems, this paper proposes suggestions for improving the accounting system of rural collective economic organizations. This paper contributes to the improvement of the accounting system of rural collective economic organizations under the background of rural revitalization strategy in China, which helps rural financial governance.
Natural resource assets audit of outgoing leading cadres is an ecological governance method with a unique personification imprint. In this paper, natural resource assets audit of outgoing leading cadres carried out from 2015 to 2017 is taken as an exogenous shock event. Combined with the environmental governance data of heavily polluting enterprises, the impact of natural resource assets audit on the environmental governance behavior of heavily polluting enterprises is examined from the perspective of management motivation by using the difference-in-difference model. The results show that natural resource assets audit of outgoing leading cadres has a positive environmental governance effect, which is specifically manifested in the increase of the companies total investment in environmental protection promoted by the natural resource assets audit, and this environmental governance effect is continuous. Further test finds that natural resource assets audit of outgoing leading cadres influences the choice of enterprise environmental governance behavior by influencing the management motivation. Under the influence of the audit pilot policy, enterprise assets on environmental protection investment have been promoted by management based on the long-term transformation motivation.The impact of natural resource assets audit on corporate environmental governance behavior is more pronounced in areas with high government intervention intensity and in companies with low internal control quality and high financing constraints. Additionally, the environmental governance behavior of both state-owned enterprises and non-state-owned enterprises has been significantly affected by the audit pilot policy, but the impact of the pilot policy on state-owned enterprises may be more sustainable.
Based on the commercial bank divisional system reform, the research hand-collects the bank loan information of listed companies from 2001 to 2018 and identifies the organizational levels of the lending banks’ branches through the financial license information issued by the China Banking Regulatory Commission. The results finds that the bank organization level has interest rate effect, mortgage effect and term effect on the loan contract behaviors. That is, after the commercial bank divisional system reform,the lower the organizational level of the lending banks, the higher the loan interest rates,the more likely to adopt mortgage loans, and the shorter the loan terms. Further, by investigating the information communication mechanism, ownership mechanism and digital financial environment mechanism, the research finds the significant differences among the above three effects in innovative enterprises, state-owned enterprises and enterprises in regions with digital financial development.
Green bond is an important tool for optimizing bank resource allocation and promoting green economic development. The paper takes the implementation of Guiding Opinions on Building a Green Financial System as a quasi-natural experiment,selects panel data from 180 banks in China from 2011 to 2020, and uses the difference-indifference model to empirically study the impact of green bonds on banking profitability.The results show that issuing green bonds can significantly improve banking profitability by reducing operating costs and diversifying operations, in which operating costs reduction is the main transmission mechanism, and the policy effect is obviously heterogeneous among different types of banks. It is recommended that commercial banks actively develop green bonds business, and the government should enhance policy support, formulate differentiated financial incentive policies and improve information disclosure mechanisms.
