An Analysis On The Restrained Factors Of The Accounting Information Quality In China's Securities Market

Accounting information distortion is an important expression of the low quality of accounting information. The foreign research to this question mainly probes into the quality of accounting information while making economic policy by means of information economics theory. However, the domestic scholar mainly uses the traditional analysis means to study the accounting information distortion and how to administrate it. Seeing that the present stage China is situated in the transformation period of economic society. So, this article attempts to combine advanced analyses pattern of foreign scholar with Chinese special national conditions, and studies to improve the accounting information quality of listed companies. As an important form of disclosed accounting information, financial report is a kind of mechanism to make inside accounting information open to the outside. This is the low quality of accounting information that is not merely the internal question of the microeconomic principle part, but also close and relevant with the external running environment of enterprise.The article has three parts: the first part analyses the restrained factors of the accounting information quality in China's securities market, the second part makes a case study on accounting information quality problems in China' securities market, and the third part puts forward relevant strategic measures of accounting information quality problems. The following is the viewpoints of the article.The first part launches discussing four respects which are the public goods attributes and externality of accounting information, information asymmetry and the imperfectness of contracts, corporate governance, and the rent-seeking and collusion of the transformation period, analyzing the deep origin of low quality of accounting information in detail. According to the analysis, although restrained factors do not directly participate in the supply of accounting information, they induce accounting information entities' selfish behaviors in the supply and demand process of accounting information. At the same time, corporate governance defect and information asymmetry lead these behaviors to exist in securities market. Finally, the externality results in accounting information distortion. Therefore, the article makes the system analysis frame of accounting information quality take shape.The second part makes a case study on accounting information quality problems in China' securities market. The case study analyses externality of agent and principal behaviors, collusion, rent-seeking among local government, medium institution, and3listed companies, the influence of information asymmetry and corporate governance on accounting information market. According to the case study, externality, collusion, rent-seeking, information asymmetry, and corporate governance defect, which are decided by the present stage situated in the transformation period of economic society, play essential roles in the accounting information quality in China's securities market, and these roles can not be neglected in the analysis of accounting information quality.Based on the analysis of restrained factors, the third part puts forward relevant strategic measures which are the correct arrangement of residue claim and control, the improvement of corporate governance, and the game equilibrium of the accounting information regulation in securities market. In these strategic measures, the correct arrangement of residue claim and control can improve the encouragement and control mechanism of agent. Therefore, the correct arrangement can also moderate information asymmetry and the imperfectness of contract. Furthermore, the improvement of corporate governance can construct the internal-and-external oversight mechanism of accounting information. At last, the game equilibrium of the accounting information regulation can prevent collusion and rent-seeking behaviors among. The game analysis indicates that the collusion and rent-seeking behaviors among accounting information entit...