The Research Of Accounting Disclosure Regulation From The Property Rights' Viewpoint

Joint-stock companies based on large-scale financing are always the backbones of productivity promoting on the development of modern economy, while the listed companies are outstanding among them. But with the rise of open financing in the stock market, how to control the behavior of listed companies effectively and promote the collocation efficiency of the resource are the focus of company governance research. On the developed stock markets, external company governance is of importance. Its characteristic is to require the open and transparence of accounting information. And these companies can be well evaluated. Accounting information, as a kind of resource that can be used to approach the optimization of market transaction efficiency and degrade the market risks, is very scarce. From property rights' viewpoint, there exists the requirement of defining the property rights of accounting information to internalize the externality of accounting information and to avoid the "market failure" as long as information resource scarcity. Because of the enormous costs to define the property rights of accounting information, several institutions have been developed to decrease the costs of defining. Accounting disclosure regulation is one of these institutions. This article is a normative research to describe how to define and protect property rights of accounting information. First the article demonstrate that the occurrence of accounting disclosure regulation derives from the requirement of defining and protecting property rights, but regulation is only one way to cater to this requirement. Second we demonstrate that accounting disclosure regulation as a kind of regulation structure, which efficiency evaluation is mainly from "ex post" judgment. So how to well function and how to cooperate with other institutions of market is the benchmark of whether or not accounting disclosure regulation function well. At last this article demonstrate the objection of accounting disclosure regulation in our country from property rights' view and show some suggestion. The creativity of this article has two aspects: One is re-expatiating the occurrence and operation of accounting disclosure regulation from property rights' view. It shows accounting disclosure regulation derived from the expectation of savings of transaction costs that occurred in the property rights' defining by public accountants. The other is introducing the "reputation" mechanism into the efficiency evaluation of accounting disclosure regulation. And through this kind of regulatory competition, the market indirectly demonstrates the efficiency of regulation.