【摘要】 改善政企关系，优化营商环境，既关系市场主体预期，也关乎产业链供应链的安全与稳定。本文基于2015—2022年多套宏微观数据，从审计监督视角检验加快建设地方政府信用体系的有效路径。研究发现，审计监督能够有效提升地方政府信用，显著降低审计监督前有政府采购订单的民营企业应收账款。机制分析发现，审计部门加大对地方政府违规资金的查处力度，能够对地方政府信用体系建设产生积极影响。异质性分析结果表明，在期初社会信用环境较差、地区财政压力较大的地区，以及制造业企业和小规模企业中，审计监督的政府信用提升效果更为显著。进一步分析发现，地方政府信用改善显著提高了民营企业现金流水平、投资强度、劳动雇佣以及资产回报率。拓展分析结果表明，审计监督能够带动资金沿供应链条良性偿还，并进一步对供应链上游企业的经营行为产生正向溢出效应。本文为深化政府信用体系建设以及畅通供应链资金循环提供了经验证据与政策启示。更多还原

【Abstract】 Improving government-business relations and optimizing the business environment affect both market participants’ expectations and the security and stability of industrial and supply chains. Using multiple macrolevel and microlevel datasets from 2015 to 2022, this paper examines effective pathways to accelerate the construction of local government credit systems from the perspective of audit oversight. We find that audit oversight effectively enhances local government creditworthiness and reduces the accounts receivable of private firms that held government procurement orders. Mechanism analysis shows that when audit authorities intensify the investigation and sanctioning of local governments’ irregular funds, they positively influence the building of local government credit systems. Heterogeneity analysis indicates that the credit-enhancing effects of audit oversight are more pronounced in regions with poorer initial social credit environments and greater fiscal stress, as well as among manufacturing firms and small-scale enterprises. Further analysis reveals that improvements in local government credit significantly increase private firms’ cash flow levels, investment intensity, employment, and return on assets. Finally, we find that audit oversight facilitates healthy repayment of funds along the supply chain and generates positive spillover effects on the operational behavior of upstream firms. This paper provides empirical evidence and policy implications for deepening the construction of government credit systems and smoothing the circulation of funds along supply chains.更多还原