The Research On The Regulation Of Accounting Information Disclosure Of Listed Companies

The regulation of accounting information disclosure, including its legislation and execution, is the application of regulation theory in accounting field. With the development of China securities market, listed companies play a more and more important role in our country's economy. Appling the regulation to accounting information disclosure of listed companies can contribute the efficient allocation of social resources and promote market economy smoothly and orderly.Regulation originates from market failure, the necessity of regulation is decided by the following characteristics of accounting information, externality, effectiveness and natural monopolization. In the view of game theory, the regulation of accounting information disclosure is the outcome of government intervention when interest groups are unable to result in high efficiency when they are engaged in non-cooperative game. To protect investors' interests is the purpose of the regulation which is restricted by two factors: the limitations of financial accounting itself and the cost of regulation.Having been constructed for more than ten years, China securities market has developed quickly and the regulation of accounting information disclosure has been preliminarily established. However, securities market is still immature and the regulation of accounting information disclosure has many defects and problems not only in its legislation but also in its execution, which leads to its limited efficiency. Therefore, in order to protect investors' interests, the government should take measures as follows: first, innovation of the present model of regulation. New model of regulation should take governmental regulation as main part, and combine with social regulation. At the same time, a new regulation organ should be set up to manage China Securities Regulatory Commission, the Ministry of Finance and the Institute of Certified Public Accountants. Another, perfection of the system of accounting information disclosure, especially perfection of the civil liability, and reinforcement of the enforcement and punishment on the illegal disclosure to ensure the legal disclosure of listed companies; The third, perfection of the management of Accountancy Firms and Certified Public Accountants to ensure the objective and impartial audit report, thus helping investors to make decisions.