An Economic Analysis On Accounting Information And The Governing Of Accounting Information

This thesis, taking the theories of public goods, property right, and stake holders as the rationale, has analyzed the causes of low quality of accounting information and insufficiency of supply and demand from the view of economics, and suggested that the governing of accounting information should begin with rationally boundary of accounting information property rights, meanwhile carried out institutional innovations with company governing of enterprises'stake holders.This thesis, firstly, analyzed that accounting information carried the characteristic of pre-public goods, would inevitably be supply and demand deficiency, judging by supply and demand theory, static game model and external economic. Secondly, it analyzed that property right of accounting information is not the relationship between enterprise stake holders and accounting information, but the benefit balance relationship among accounting information users, and due to the ambiguous property rights of investor, operator and other stake holders, it brings eternity of the accounting information inevitably。Again, it analyzed that enterprise should served for the benefit of not only the shareholders, but also all the stake holders. To some extent, enterprise stake holders are also the demanders of accounting information, and they would also show reverse choice and the moral hazard issues because of the asymmetric information between the demanders and controllers of accounting information which is resulted from the existence of public domain of enterprise contract. Thirdly, beginning with the history of accounting information governing, it analyzed that accounting information governing has been paying the priority to reinforcing supervise by government for the time being and dependence on path, and the self-adjustment effect of market does not bring into full play. Fourthly, it proposes that it is necessary to put institutional innovation into practice and self-adjustment ability of accounting information in the market, so as to reinforce accounting information governing. To sum up, This thesis put forward the tentative plan of accounting information governing from the perspective of economics, such steps, for one hand, should be taken as clarifying accounting information property right to cut down external diseconomy, to strengthen market mechanism, and to reduce transaction costs, meanwhile classifying accounting information as public goods, club goods or personal goods according to different types of accounting information, for the other hand, it emphasizes that asymmetry of accounting information should be reduced, and the controlling power should be given to the weak stake holders, and have suggested the governing pattern designed owing to stake holders.The innovations of this thesis are listed as follows: 1. Starting from the pre-public goods of accounting information, the analysis should include not only the deficiency of the accounting information but also the interest relationship of information users, and the negative external effects of accounting information. Finally the stake holders of accounting information should be put into the environment of enterprise and society, analyzing the Non-asymmetry of accounting information, which came to the conclusion that the institutional arrangement is the key of accounting information governing. 2. According to path dependence theory, the thesis suggests that it is necessary to put institutional innovation into practice and bring a regulating role of market into play so as to reinforcing accounting information governing. What is more, it is essential to depend on the standardizing law to give a guarantee to the institutional innovation. 3. It is pointed that the accounting information acted as pre-public goods in the capital market. In order to make the market work, accounting information could be divided into public goods, private goods and club goods by its service target. It is also tried to design the model of club goods of accounting information. 4. It is combined by the accounting information governing and enterprise governing, tried to put different types of stake holders into the governing environment of enterprise, and designed of the inner governing pattern of enterprise of the core stake holders.