资本市场财务呈报管制:理论及其对中国实践的解释

考察中国证券市场的发展历程 ,会发现一个令人困惑的现象 ,一方面 ,中国证券市场的相关制度建设正不断完善;另一方面 ,一系列上市公司会计信息欺诈案件却频繁爆发。本文试图对此做出解释。为此 ,本文构建了一个理论分析框架 ,解释内生财务呈报管制的形成以及构建有效财务呈报管制的前提条件;在此框架内对中国上市公司财务呈报管制无效的根本原因进行深入考察 ,并提出了一些政策建议。

The Control of Financial Reporting of Capital Market:The Theory and the Interpretation of Its Practice in China

By examining the history of China's stock markets you will find a perplexing fact that,on the one hand,their related systems are being perfected and on the other,a series of fraudulent cases brought about by many listed companies in terms of accounting information have incessantly occurred for which this paper will try to account.To this end,we have in this article constructed a theoretical framework for analyses,explaining the formation of system controlling endogenous financial reports,and pointing out the prerequisites for effective control of financial reporting;and based on this framework,we have made a thorough exploration into the root of ineffectiveness of controlling China's listed companies'financial reports,and put forward some suggestions about related policies.