The primary goal of state-owned enterprise administration is to achieve the preservation and appreciation of state-owned assets value. Using the natural experimental opportunity provided by the Audit Office to audit the state-owned enterprises from 2010 to 2018 with the intention of promoting the preservation and appreciation of the assets of state-owned enterprises as the standard， this paper empirically examines the relationship between the various audit contents implemented by the state-owned audit institutions and the preservation and appreciation of state-owned assets value by using the difference in differences method and the qualitative comparative analysis method. The research finds that the annual auditing of business accounting， decision-making and management， development potential and integrity of the state-owned enterprises by state auditing organs can effectively promote the preservation and appreciation of state-owned assets， while the auditing effect of policy implementation and project investment is not obvious. There are two optimal combinations of state-owned enterprise audits to promote the preservation and appreciation of state-owned assets: Path 1 is mainly composed of accounting， decision-making and management， development potential and policy implementation， and does not include investment in engineering projects. Path 2 mainly consists of business accounting， decision-making and management， development potential， integrity and investment in engineering projects. The conclusions of the study have implications for the rational and efficient arrangement of the content combination of audit supervision of state-owned enterprises by state audit institutions， improving the efficiency of audit supervision of state-owned enterprises， and promoting the preservation and appreciation of state-owned assets.