Reconsideration And Reconstruction Of Legally Supervising Mechanism For Disclosure Of Accounting Information In Our Country's Public Companies

The standardized stock market is not separated with standardized disclosure of accounting information. To establish a perfect disclosure system of accounting information becomes an important guarantee of the public, fair and just deal in stock market. The information disclosed system is regarded as the core of securities' supervision by the leading stock markets around the world, and the majority of the disclosed information by public companies is the accounting information, therefore the disclosure supervision of accounting information is the core of securities' supervision. From the "Enron" case in the United States which shocked the stock market throughout the world to the "Yinguangxia","Zhengbaiwen" cases and so on in China, each relates to false accounting information. Therefore, the disclosure supervision of accounting information of public companies arouses widespread concern in the society, and the call for further strengthened supervision is increasing.This thesis is divided into five parts besides the introduction. In the introductory part, the historical evolution of the information disclosure of companies, the goal and the significance of the research, and the present situation of research in home and abroad are briefly introduced.The elementary theory is expounded in the first part, including the commodity essence of accounting information, the speciality, the exterior effect, the public goods of accounting information merchandise, the supposition of effective market as well as the supervision of accounting information disclosure of public companies and so on.The second part analyzes the difficulties of the disclosure supervision of accounting information existing in our country at present , specifically including : the function is imperfect in the supervision system ; the subject lacks independence and its responsibility is unclear in terms of the supervision subject ; the supervision strength is weak, problems are found late , intermediary agencies like accountants' agency exist credibility crisis in terms of the supervision process.The third part explored the direct and the deep reasons that supervising does not work well. The direct causes include: the punishment is not stiff, deficiency exists in the process of the government's supervising on securities, the function of intermediary agencies dislocated, and the laws and regulations are not perfect. Deep reasons include cost-benefit serious imbalance and the unsound managing structure of companies.The forth part applies the theory into the cases,take"Yinguangxia" case as an example, analyze empirically the reasons that the supervision fails. To be specific, it analyzes the reasons that the disclosure supervision of accounting information in "Yinguangxia" case fails from cost-benefit, companies' managing structure, supervising process aspects.The fifth part proposed the tentative plan which restructures the disclosure supervision mechanism of accounting information in our country, including: establish the pre-monitoring mechanism which takes the financial abnormal fluctuations as the core of warning in advance; establish the monitoring mechanism in the process of supervision which takes the incomes such as salary, stock options and so on as the core of incentive; establish the responsibility mechanism which takes charging the legal responsibility of the higher leaders in public companies, intermediary agencies and government's supervising department as the core of investigation. Construct a multi-level, omni-directional,open and dynamic disclosure supervision system of accounting information in public companies in order to enhance the accounting information quality of public companies, realize the basic supervision goal that protects the investors' benefit, maintain fair in stock market, safeguard the stock market in our country to operate standardly and effectively, and promote our socialistic market economy to develop quickly, continuously and healthily.