| Distorted accounting information of the listed company is the "Chronic illness " of the world. The phenomenon exists not only in China but also in U.S. The way and method which are used to make distorted accounting information are more and more complicated and hidden. Economic consequences become more and more abominable. Pre- prime minister Zhurongji had said that "trust is root; moral character is important; stick to principle; no distortion". In this circumstance, the key to solve this problem is to enforce supervision of the listed company. This thesis tries to do some research on 《Mid-Financial Report Standard》 from the effectiveness which has been carried out. It will do some favor to settle the question to the listed company.In this thesis, we do some research on effectiveness of accounting standard from two aspects. First, we do empirical analysis on economic consequence of accounting standard from economic consequence aspect. Through analysis, we find there are strong correlation between mid-financial report and year-financial report. Because of 《Mid-Financial Report Standard》 , the information of year-financial report has been decreased in some range. Second, we do some research on empirical research on value correlation of accounting information. 《Mid-Financial Report Standard》 can increase the content of accounting information notably. Among the financial indexes, it is evident of the correlation of EPS and CAR .There is no the phenomenon of post-earning announcement drift.We also elaborate the theory of the listed company supervision. This thesis analyzes the accounting standards which correlate to accounting supervision. Though studying the effectiveness of the listed company supervision, there are some suggestions: first, the theory of the accounting standard must be enforced; second, the accounting standard must be renewed continuously; third, formulation of the accounting standard must meet to the demand of management and society.
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