Analysis On Limited Rationality Of Public Company Accounting Information Disclosure

Accounting information in the economic life of the world plays a pivotal role. With the development of securities markets, accounting information of listed companies is directly related to the interests of investors, and its measurement uncertainty and complexity of the operation are ever increasingly becoming investors'concern. To effectively supervise accounting information disclosure of listed companies, the Many laws and regulations have been introduced But the reality is that the continuing accounting scandals on the disclosure of accounting information of the public suffered a crisis of confidence.After a series of financial scandals, Domestic and international theorists and practitioners have all conducted research on the accounting information distortion and proposed their own solution, but almost all of these theories come from the accounting field and economics, few from the Law angle analysis. Therefore, it is meaningful from the perspective of accounting information law to conduct a comprehensive and systematic research. I think, building a sound, effective and reasonable legal regulation of accounting information disclosure system is a very important task.In developed countries, especially the United States, Britain, Japan and other countries, when stock market started, the listed company's accounting disclosure system also gradually improve and mature, their development experiences serve as good lesson for us.This paper thorough comparative study, combining theories and practices, analyze the current state of accounting information disclosure regulation in China in the conceptual framework of"limited rationality"and study how to apply this concept into practice. The paper is also drawn on the experiences of other countries and propose some means to further enhance the accounting information disclosure environment.Part I: Public Company Accounting information disclosure regulation and legal regulation based on theories of international comparison. Accounting information of listed companies has been defined and supervision of listed companies to disclose accounting information related theories are outlined. Accounting information and accounting information distortion. The first part of the concept of accounting information distortion gives a brief overview of the meaning of accounting information distortion and determine the criteria to make a clear legal definition. It also pointed out that the reasons leading to distortion of accounting information including technical factors and institutional reasons, and that the root cause of accounting information distortion and damage. Secondly, the distortion of accounting information is studied from perspective of economics and law.Detailed study in the international comparison of the United States, Britain, Japan and several other developed countries with respect to accounting information of listed companies.Part II: Details of "limited rationality" of the legal application. This section is full of theory, with a connecting role. feasibility of application of "limited rationality" come from the ontology, epistemology.Part III: Analyze our current accounting information disclosure regulation based on analysis above. The part attempts t construct the legal analysis from three major aspects. First, improving the anti-distortion of accounting information is a prerequisite and basis for the legal system and at the same time improving the "Securities Law", "Accounting Law" and "Audit Law", "Company Law" and the content of the various laws and regulations, and making concerted, as an organic whole, system. Second, minimize the negative impact of "limited rationality".Third, improving the legal relief system is important. Focus is to improve CPA system. we should clarify the legal responsibilities of ownership, strengthen civil liability legislation and increase the legal liability of accounting fraud.