Study On Distortion Of The Accounting Information Disclosure Of Securities Market

Securities market is called "omen for whether" of a country's economy. It plays such an important role that its running smoothly and healthy development ensure the stability and fast development of national economy. Securities market is also full of information. Its running efficiently is based on more reliable information disclosure. Information disclosure in accounting is the main content of that in securities market. The listed company's information disclosure has a great effect on the decision-making of investors.Our country's securities market is still at its early stage. Many problems appear with its development. One of the most serious problems is the distortion of the accounting information disclosure, which discourages investor, lessens resource allocation efficiency or even worse, and disturbs the development of our securities market. It is very important theoretically and realistically to analyze the reason and search for the countermeasure for this.the basic content of information disclosure in securities market is studied firstly. We define what are the accounting information and its disclosure, elaborate the relation between the effective market theory and accounting information disclosure. After learning its history and present condition, we define the coerce information disclosure and put forward the quality standard of accounting information disclosure.After that, we present a definition of distortion of accounting information disclosure in securities market, exhibit its behavior forms and analyze its negative influence.The main parts of this thesis are as follows. We find the primary reasons for distortion of information disclosure through game theory analysis of every player, suggest that accounting information disclosure in securities market is the result from the conflict of each player for themselves. They all start from their individual rationality tosearch for the maximization of personal profit. The real destination is not sure be the group rationality, i.e. that securities market realize the efficient allocation of resources. On the contrary, it often cause the irrationality of group for such reasons as imperfection in law, accountant's non-qualification, the lack of independence of accountant firms, inefficient supervision reasonableness, i.e.Sever distortion of accounting information disclosure damage the investor's profit. These discourages them and cause the existence condition of no Pareto dominance.Some countermeasure is proposed. We suggest that we must change some part in the game which can embody personal rationality but do harm to the group rationality to realize Nash equilibrium. We can also change the result through changing the game rule. We can do that as follows: to strengthen the ability to rational anticipation by raising the investor's quality, to establish a good mechanism for supervision and restriction through perfecting company's administration structure, to improve the audition through strengthening the independence of accounting firms and so on.In the end, the aim of administrating the problem, game equilibrium, and its concrete contents are presented.This thesis mainly studies the literature. And we use game theory, our primary tool for analyzing, to investigate this topic more systematically and intensively. We also put forward some personal opinions, for example, what is the exact definition of distortion of information disclosure in securities market, the reasons for change game results, and thus the distortion of accounting information disclosure are mainly the low quality of investor, irrationality anticipation and so on. We also propose such countermeasures as supervising the supervisor, constructing a perfect accounting rules, regulate the game rules to information disclosure.