| Stock, market is called "Barometer" of one nation's economy. It relates to a wide investment community and numerous listed companies' benefits. Its well-balanced operation and healthy development are significant to the stabilization and celerity of national economy. As the open policy's application in the deal system, the accounting information disclosure senses importantly. By means of accounting information disclosure, the security market can be subjected to one kind of rational restriction and its validity can be enhanced. Seeing that we formally entered WTO on November 7, 2001, the world economic contest and cooperative pressure are confronted. How to improve the quality of accounting information and ensure the healthy development of our security market become the problems that are urgent to be resolved.This research finds that, from the economic point of view, the system of accounting information disclosure has solid economic foundation. It contributes to impulse stock market to operate well abiding by the value rule, decrease the market bubble, clear off the information asymmetry phenomenon and avoid agency problems, such as inverse choice and moral risk. Moreover, this article defines the false accounting information disclosure and points out that fabricating, omitting and false forecasting accounting information all belong to the false accounting information disclosure. This article attempts to introduce game theory and entrust-agency theory into the analysis structure on listed companies' false accounting information disclosure. It points out that listed companies' false accounting information disclosure is the equilibrium result of measuring relevant groups' interests and the final result of the null entrust-agency mechanism inside company. At last, aiming for the potential reason, it puts forward counter-measures and system arrangements from the aspects of information supervision and inside control.
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