Analysis Of Institution Environment Of False Information Disclosure By The Listed Companies

With the rapid development of security market, the accounting information is playing a more and more important role in the allocation of social resources. However, recently, esp. in the year 2001, a series of events concerning swindling investors depending on false information have been exposed in the security market, which seriously destroyed the employment of information in the allocation of social resources. And it also reflects that there are still many problems as to the disclosure of information by the listed companies. So this paper, depending on a thorough analysis of the institution environment of the false information disclosure, aims to expose the causes of false disclosed information from the viewpoint of such related theories as the information economics, the new institution economics. Based on this, this paper brings forth an assumption about the perfection of the institution environment of the false information disclosure . Firstly, the paper illustrates the relationship between disclosing and the theory of information asymmetry, the theory of property right, the theory of transaction cost, and defines some of the related conceptions, such as, the institution, institution environment, transaction cost. Secondly, the paper analyzes the problems in the disclosure of information generally, and points out that the most serious problem is to begin with the cost and profits according to the theory of information asymmetry and classical economics, based on false disclosing of information; to reveal the necessary causes of the such behaviors, thus draws the conclusion: the disclosing of false information is the inevitable result of asymmetric information; while the asymmetry between the cost and the profit is the source of false disclosing. Because the asymmetry of information is objective, which can not disappear foe ever, the cost and source principle must be followed, and the institution environment must be depended on to restrain the related subjects behaviors to relieve the asymmetry of information and reduce false disclosing of information. The current imperfect restraint to the institution environment of false disclosing of information has caused the prevalence of it. The innermost cause is the juridical person controlling system of the listedcompanies. While the most important and essential factor is the improper system of property right. At last, this paper, being aimed at the improper institution environment, and based on the changing of the system of property at the listed companies, in order to relieve the prevalence of disclosing false information essentially, puts forward the suggestion. The suggestion is to consummate a series of measures including the constructions of the juridical person controlling system, improve of the construction of the system of taking charge, strengthen the construction of sincerity, and to form soft institution environment having the ideology of sincerity.