State-owned investment and financing enterprises not only exercise the function of investors on behalf of the government to ensure the basic direction and principles of major infrastructure construction related to the national economy and people's livelihood, but also participate in market-oriented operation as enterprises and become the platform for attracting investment and the initiator of project companies. Their existence has effectively promoted the rapid development of urban construction and public welfare social undertakings. However, at present, there are still some problems in state-owned investment and financing enterprises, such as low asset quality, weak profitability, imperfect debt repayment mechanism and weakened continuous investment and financing ability. In view of the problems existing in the operation of state-owned investment and financing enterprises, we conducted a pilot benefit audit on the investment and financing situation of a state-owned investment and financing enterprise, and made a preliminary exploration on the methods, key points and contents of the benefit audit, hoping that the results of the benefit audit can provide useful reference for the state-owned investment and financing enterprises to further expand their scale, enhance their connotation and enhance their competitiveness.
First, the connotation of the benefit audit of state-owned investment and financing enterprises
According to the General Notes on Quality Control of Performance Audit, Public Audit and Public Enterprise Audit issued by the International Audit Organization, performance audit (called benefit audit in China) refers to "the evaluation of the economy, efficiency and effectiveness of public sector management".
Economy refers to reducing the cost of purchasing or using resources as much as possible with due consideration of quality, that is, whether you can save money without affecting the quality of work. The economy of state-owned investment and financing enterprises is reflected in determining whether the investment project meets the requirements according to the preliminary design, bidding, contract and project control procedures, whether it is completed at the lowest cost within the specified time or within the approved fund range, and whether there is any loss or waste. The financing economy of state-owned investment and financing enterprises is reflected in the acceptability of additional financing conditions and whether to finance with a new financing structure and the lowest cost within the specified time.
Efficiency refers to the relationship between the goods, services or other achievements provided and the resources consumed, that is, how to obtain output with a certain amount of resource input, or how to minimize the required resources under a certain output. The investment efficiency of state-owned investment and financing enterprises is reflected in how to use the investment project after its completion and whether its operation, maintenance and management system is effective. The financing efficiency of state-owned investment and financing enterprises is as follows: according to the financing plan, contract and financing control procedures, whether the source of funds is reliable and legal, and whether the financing risk is reasonably predicted; Whether the financing repayment ability is sufficient.
Effectiveness refers to the relationship between the actual results and expected results of projects, plans or other activities, that is, to what extent the policy objectives, business objectives and other expected effects have been achieved. The effectiveness of state-owned investment and financing enterprises' investment is reflected in whether the investment projects achieve the expected goals, such as whether the local traffic tension has been alleviated, whether the local investment environment has been effectively improved, and whether it has promoted the local economic development. The financing effect of state-owned investment and financing enterprises is reflected in whether the annual financing plan issued by the government is completed, whether the funds are implemented item by item according to the total investment required by the project, and whether the funds are fully in place.
Two, the focus and content of the benefit audit of investment and financing enterprises
Because at this stage, the national audit has not realized the audit of all public departments and units, nor has it realized the opinions on the accounting statements of the audited units. At the same time, there are still a lot of violations of laws and regulations in China's economic activities, the authenticity of accounting data can not be guaranteed, and the basic reliability of benefit audit evaluation is not enough. In addition, the level of government management needs to be improved, and the performance-related responsibility mechanism of government departments has not yet been established. Therefore, at this stage, the benefit audit should be based on authenticity, focusing on investigating and reflecting the serious losses and waste caused by decision-making mistakes and poor management; We should focus on the exposure problem instead of making a comprehensive benefit evaluation. "
(A) the focus of the benefit audit of state-owned investment and financing enterprises
The benefit audit of state-owned investment and financing enterprises should focus on whether the central task is completed, that is, whether the investment and financing platform for promoting the implementation of major infrastructure and social welfare undertakings is effectively constructed. Focus on whether its functional orientation is accurate, that is, whether it can effectively play the guiding role of government policies and the carrier role of market-oriented operation. Focus on whether its business philosophy is correct, that is, whether it effectively promotes the reform of state-owned assets management system and realizes social benefits.
(two) the audit content of the benefits of state-owned investment and financing enterprises
The benefit audit of state-owned investment and financing enterprises should aim at "understanding the present situation, standardizing operation and preventing risks", take benefit audit as the leading factor and take project audit as the basis. The key content of the audit is to "find out the family background, analyze the reasons for the loss and make suggestions".
1. Main contents of project financing benefit audit
The benefit audit of project financing should pay attention to the investigation and analysis of the total amount of financing: focus on whether the project is fully financed according to the total amount of investment required. Pay attention to the investigation and analysis of financing channels: first, review the reliability of capital sources, such as written agreements between capital supply and demand units; The second is the guarantee of financing quantity, such as whether to implement the supply quantity of funds item by item according to the total investment required by the project; Third, the legitimacy of funding channels; The fourth is the acceptability of additional financing conditions. Pay attention to the investigation and analysis of financing methods, that is, joint venture, BOT, etc. Pay attention to the investigation and analysis of financing scheme: first, whether the financing structure is reasonable; Second, whether the financing cost is the lowest; Third, whether the financing risk is predictable; The fourth is the ability of financing repayment.
2. The main contents of the project investment benefit audit.
According to the life cycle of public investment projects, the benefit audit of public investment projects should be divided into three stages: the audit and evaluation of project construction preparation stage, the audit and evaluation of project construction process and implementation results, and the audit and evaluation of project operation effect.
3. Case analysis and research
(1) Combine the guarantee audit of financing quantity, the acceptability audit of financing additional conditions with the economy of investment.
[Case] A construction project officially started on August 29th, 2003, and was completed in June 5438+ 10. In April, 2004, the project was opened to social capital, and market-oriented financing was adopted, introducing social capital of 594 million yuan.
[Audit Analysis] ① Combining the guarantee of financing quantity with the economy of investment, the audit analysis found that the capital of the project was invested in June 2004 and was not paid off until the end of 2004. At the end of 2003, the bank loan was 790.7424 million yuan, and at the end of 2004, the bank loan was 2164.5404 million yuan. During the project construction period, opening to social capital and transferring the rights and interests with the original equity will not only make the government resources unable to be reflected in the project transfer income, but also make the capital contribution unable to be put into use at the initial stage of the project, and the enterprise still needs to borrow money from the bank, which will lead to the enterprise paying more interest and directly increasing the project construction cost. ② Based on the acceptability of additional financing conditions and investment economy, the audit analysis shows that in June 2005, all shareholders withdrew 49 million yuan in proportion to their capital contribution, and in June 2006, all shareholders withdrew 32 million yuan in proportion to their capital contribution. If this fund is used to repay the loan, the interest of this project will be less than 3,369,600 yuan after two years.
[Audit suggestion] ① Establish an effective feedback mechanism to audit the market-oriented operation mode of the project: whether to transfer equity joint venture or strive for sole proprietorship by the Ministry, province and city; Whether to transfer the equity during the construction of the bridge or to transfer it after evaluating the appreciation. Through the analysis of feedback information, it provides reference for the construction and operation of other projects. (2) Take the sustainable development of the enterprise and the high-quality operation and maintenance of the project as the enterprise goal, and establish accounting policies consistent with this goal, so as to prevent shareholders from paying dividends in case of losses and benefiting from them.
(2) Combine the legality audit of financing channels, the effectiveness audit of financing methods and the efficiency audit of investment.
[Case] In 2005, a subsidiary of the group adopted a joint venture and introduced 4.9 million yuan from a private enterprise. In the month when the joint venture company was established, it paid 2 million yuan to the affiliated enterprise of the private enterprise on the grounds of purchasing goods. Three months later, private enterprises borrowed 3 million yuan.
[Audit Analysis] ① Combining the legality of financing channels with the efficiency of investment, the audit analysis found that after the establishment of the joint venture company, not only the financing of its subsidiaries failed, but also the provisions of Article 36 of the Company Law were violated, resulting in difficulties in capital operation and business development of the joint venture company. (2) Combining the effectiveness audit of financing methods and the benefit of investment, the audit analysis found that after the establishment of the joint venture company, the original important business of the joint venture company was not carried out, but an agreement was signed with the subsidiary at the end of 2005 to grant some high-quality resources owned by the subsidiary to the joint venture company for operation. The joint venture company can't maintain its daily operation with the free resources given by its subsidiaries, which completely deviates from the beginning of the joint venture company, let alone become stronger and bigger and return on investment.
[Audit suggestion] ① This subsidiary has monopolistic high-quality resources, so it should make full use of the high-quality resources to make it profitable, form obvious input-output capacity and strong debt repayment mechanism, and break through the capital bottleneck. ② In the selection of long-term investment projects, we should pay attention to the development prospects of the projects, and in the selection of investors, we should base ourselves on investors with business and pay attention to investment benefits. Establish a scientific, standardized and effective internal control system and perfect supervision system, and strengthen the whole process control of foreign investment before, during and after the event.
(3) Combining the authenticity audit of financing repayment ability and the effectiveness audit of debt risk prevention with investment efficiency.
[Case] The audit found that a subsidiary invested 489.5 million yuan in three highways, all of which were bank loans. From 2003 to the end of 2006, the investment income was-43.3634 million yuan. Three highways adopt non-market highway management mode, and enterprises have no substantive right to operate, manage and dispose of highways.
[Audit Analysis] ① Combining the authenticity audit of financing repayment ability with the investment efficiency, the audit analysis found that the principal and interest ratios of two properties at the end of 2006 were 465,438+0.965,438+0% and 34.90% respectively, and the other property had no source of principal and interest. The debt service of the three highways depends entirely on the debt income, and the return of the toll balance is not enough to pay the interest, which essentially enters a vicious circle of "debt rolling". ② Combining the effectiveness audit of debt risk prevention and the efficiency of investment, the audit analysis found that the total external guarantee of subsidiaries at the end of 2006 was 2.653 billion yuan (of which1.31000 million yuan was a tripartite guarantee), which was 9 times of the company's net assets. The debt risk is high, and the re-lending space is narrow.
[Audit suggestion] ① The municipal government should further coordinate with the provincial government, incorporate YL highway into the new territories expressway reconstruction and expansion project as soon as possible, implement network toll collection, and raise the charging standards of RC and nm expressways, so that enterprises can get out of the business dilemma as soon as possible. (2) enterprises should pay attention to prevent debt risks, reduce the amount of external guarantees, and keep a safe proportion with net assets. (3) Enterprises should match the term structure of debt with the toll income, pay attention to determine the appropriate debt interest rate structure under the current situation that the deposit and loan interest rates in China have changed many times, and at the same time change the current single bank loan debt type and find new financing methods to reduce the debt cost.
(4) Combine the audit of project construction scale and management with the effectiveness of investment and financing.
[Case] In order to win national approval, a project was required to be completed within 100 days. The project involves many management departments, and the competent departments have different opinions on the requirements of supervision, office and other facilities. After the completion of the project, the operational capacity can not reach the level predicted in the project feasibility report.
[Audit Analysis] The hasty start of construction led to many projects failing to perform public bidding procedures and poor project quality; Multi-head management makes the project construction scale constantly change, some projects are temporarily increased, the calculation of engineering quantity is quite different, the contract management is not standardized, and the supplementary agreement lacks the construction contract and bill of quantities. After the completion of the project, the operational capacity is lower than 65,438+0% of the estimated level in the project feasibility report, and the actual rentable warehouse area is 48,400 square meters, accounting for 55.66% of the 86,950 square meters determined in the project feasibility report.
[Audit suggestion] ① Actively promote the implementation of the linkage scheme between the district and the port, strive for the early approval of the export tax rebate policy, minimize the impact of lagging policy support and the disconnection between the construction scale and operational requirements on the project benefits, improve efficiency and reduce operating costs; (2) Strengthen the integration and utilization of resources, fully tap the capitalization operation ability of the project, and make it a new growth point of the enterprise.
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