The reform of audit institutions helps to promote the centralization and unification of national audit and further enhance the supervision ability of local state-owned enterprises.Based on the natural experimental scenario generated by the pilot reform in 2015,taking local state-owned listed companies as samples, this paper uses the double difference method to investigate the impact of centralized management of national audit on enterprise investment efficiency.The results show that the pilot reform has a promoting effect on the investment efficiency of local state-owned enterprises;in the samples with high audit attention and weak external supervision pressure,the promotion effect of centralized management of national audit is more significant.The results of channel test show that national audit has a micro governance mechanism to consolidate the quality of internal control and information disclosure.