【作者】 黄璜；

【导师】 赵正堂；

【作者基本信息】 厦门大学 ， 金融专硕（专业学位）， 2020， 硕士

【副题名】基于政府审计角度

【摘要】 十九大报告指出中国经济由高速增长阶段转向高质量发展阶段,国有企业作为国民经济的支柱核心,处于转变发展方式、优化产业结构、转换增长动力的关键时期。为加快国有资本布局优化,推动国有经济实现健康稳定发展,国有企业股权投资规模逐年扩大,股权投资风险防范问题日益突出。本文首先对国有企业股权投资风险进行识别和定义,系统性风险主要研究金融市场风险、宏观经济风险和法律政策风险,非系统性风险主要研究投资决策风险、操作风险、委托代理风险和退出风险,针对性的对每一种风险从政府审计视角提出相应的审计思路,并对审计方法进行比较与选取,提出国企股权投资风险导向审计法更加符合当前国企股权投资风险管理的需求,更加贴近国家对国有资产安全性的要求。随后本文以B国有企业为实例,概述B国有企业股权投资情况、管理机制以及政府审计对B国有企业股权投资项目的审计监管情况,提出在新形势下政府审计对国有企业股权投资活动的审计监督力度不断加强、审计监管范围不断扩大、问责力度不断加大,对提高国企股权投资风险防范能力、完善国企股权投资风险管理机制起到了积极的推动作用。然后通过VaR历史模拟法测算B国有企业股权投资市场风险总值,实证研究管理团队、审计监督、已投项目、投后管理、退出回报和GDP等因素对风险总值的影响。发现对B国有企业股权投资风险最大的两个影响因素为管理团队的投资水平和政府审计监督的宽松程度,管理团队的优秀程度可显著降低B国有企业的投资风险,而政府审计监督越宽松会显著增加B国有企业的投资风险。最后,在实证分析结果的基础上,重点从政府审计监督角度提出国企股权投资风险防范建议。国有企业在未来发展中,除了提高自身管理团队的水平以外,最重要的就是严格接受政府的审计监督,积极配合政府审计机关的审计活动,提供真实、完整的检查材料,切实履行国企监事职能,加强政府审计与国企内部审计间的联动合作,并建立优秀的审计人才队伍,提升大数据的分析能力,充分防范股权投资风险。更多还原

【Abstract】 The report of the 19th National Congress pointed out that China’s economy has shifted from high-speed growth stage to high-quality development stage.State-owned enterprises,as the pillars of the national economy,are at the core of transforming development methods,optimizing industrial structure,and transforming growth momentum.In order to accelerate the promotion of state-owned capital and promote the development of the state-owned economy,the scale of equity investment of state-owned enterprises has beenexpanded year by year,and the issue of prevention of equity investment risks has become increasingly prominent.This paper firstly identifies and defines the risks of equity investment in state-owned enterprises.Financial market risks,macroeconomic risks,and legal policy risks are mainly studied from the systemic risks aspects.Investment decision-making risks,operational risks,principal-agent risks,and exit risks are mainly studied from the non-systemic risk’s aspects.The author proposed audit ideas corresponding to each risk from the perspective of government audit.By comparing and selecting audit methods,it is proposed that the state-owned enterprise equity investment risk-oriented audit method is more in line with the current state-owned enterprise equity investment risk management needs,and closer to the state’s requirements for the security of state-owned assets.Then this paper takes the state-owned enterprise B as an example to outline the state-owned enterprise B’s equity investment situation,management mechanism,and government audit on the audit supervision state-owned enterprise’s equity investment project.It is proposed that under the new situation,the government audit on the state-owned enterprise equity investment shall be continuously strengthened,the scope of audit supervision shall be continuously expanded,and the accountability shall be continuously increased.The government audit has played a positive role in improving the risk prevention capabilities of state-owned enterprise equity investment and improving the risk management mechanism of state-owned enterprise equity investment.Then,the VaR historical simulation method is used to calculate the total market risk value of equity investment in state-owned enterprises B.Empirical research is used to study the impact of factors such as management team,audit supervision,invested projects,post-investment management,ROI and GDP on total risks.It was found that the two factors influencing the risk of equity investment in state-owned enterprises B are the investment level of the management team and the rigor of government audit and supervision.An excellent management team can significantly reduce the investment risk of state-owned enterprises B,and strict government audit supervision will also significantly reduce the investment risk of state-owned enterprises B.Finally,on the basis of the empirical analysis results,this paper puts forward the suggestions on the prevention of equity investment risk of state-owned enterprises from the perspective of government audit and supervision.In the future development of state-owned enterprises,in addition to improving the level of their own management team,the most important thing is to strictly accept the government’s auditing supervision,cooperate with the auditing activities of government auditing agenciesactively,provide true and complete inspection materials,and perform the functions of state-owned enterprise supervisorseffectively.At the same time,state-owned enterprises should strengthen the linkage and cooperation between government audits and internal audits of state-owned enterprises,and establish an excellent team of audit talents to improve the analysis capabilities of big data and prevent equity investment risksfully.更多还原