Property Rights Analysis Of State-owned Companies' Accounting Information Distortion

True accounting information contributes to raising the disposition efficiency of capital, assets and other resources, contributes to guaranteeing the effectual operation of the capital market and lowering transaction costs of contracts, contributes to forming the settlement mechanism afterwards on the contracts. However, the accounting information of the listed company is so being distorted that it has becoming a hard nut to crack for Chinese Stock-market, which has greatly bruised the confidence of the large investors, impaired the stock market's resources allocation function.Based on environmental changes and influences by property rights economies, the property-rights accounting school which specialize in studying the relationships between accounting and property rights have developed since later stage of 1990s.They have gained many fruits. As far as the much influential accounting information distortion of listed company is concerned, there are still relatively few studies. This paper which regards property right theories as guidelines, on the basis of the deep analysis to the property relations changes of listed company in transition period of our country, has analyzed emphatically how the not-clear property rights of the listed company, the split of the stock rights, the imperfection of protection systems of property rights, and the administrative-type corporate governance mechanism have caused to the accounting information distortion .In the end, some measures are proposed for the distorted accounting information from the property right theories stance.