【摘要】 推动预算监督体系数字化转型、提高财政资金使用效率是促进国有企业投资效率提升和助力国有企业高质量发展的重要途径。文章基于2008—2023年我国A股国有上市公司数据,利用人大预算联网监督改革的准自然实验,采用多期双重差分模型,考察人大预算联网监督对国有企业投资效率的影响。研究发现,人大预算联网监督政策实施能显著提高国有企业投资效率,且该提升效应在非垄断性、风险偏好型、内部治理能力弱和投资过度的国有企业中更为突出。机制分析发现,人大预算联网监督通过强化企业治理能力和优化外部投资环境的方式提升国有企业投资效率。经济后果分析表明,人大预算联网监督有利于提高企业经营绩效、促进企业信息披露、增强企业可持续发展能力和加强劳动保护。文章既为人大预算监督数字化转型驱动国有企业高质量发展提供了微观证据,也为深化国有资本监管体系改革提供了政策参考。更多还原

【Abstract】 Strengthening the budget supervision functions of the National People’s Congress(NPC) is a crucial aspect of modernizing the national governance system and governance capacity. Against the backdrop of digital transformation, the NPC’s budget networking supervision system offers a feasible solution for enhancing the effectiveness of budget supervision. Currently, the effectiveness of the NPC’s supervision has garnered significant attention from the academic community both domestically and internationally, with relevant research exploring the economic effect of the budget networking supervision reform from dimensions such as fiscal expenditure efficiency and capital allocation efficiency. Will the NPC empower state-owned enterprises(SOEs) and enhance their investment efficiency through the budget network supervision system?Based on the data of China’s A-share state-owned listed companies from 2008 to 2023, this paper uses a quasi-natural experiment of the reform of the NPC’s budget networking supervision and employs a multi-period DID model to examine the impact of the NPC’s budget networking supervision on the investment efficiency of SOEs. The study finds that the NPC’s budget networking supervision significantly improves the investment efficiency of SOEs, and this positive effect is more pronounced in non-monopoly, risk-preferring, internally well-governed, and over-investing SOEs. Mechanism testing reveals that this effect is mainly achieved through strengthening corporate governance capabilities and optimizing the external investment environment.Economic consequence analysis indicates that the NPC’s budget networking supervision also contributes to improving corporate operational performance, promoting corporate information disclosure, enhancing corporate sustainable development capabilities, and strengthening labor protection.The marginal contributions of this paper are as follows: First, from the perspective of the NPC’s budget supervision, it expands the research on the microeconomic effect of the reform of budget networking supervision. Second, it reveals the mechanisms through which the NPC’s budget networking supervision affects the investment efficiency of SOEs. Third, it provides a theoretical foundation and empirical support for accelerating the institutional and mechanistic development of the NPC’s budget networking supervision system to optimize the investment efficiency of SOEs.更多还原