基于博弈的企业财务信息披露质量研究

Research on the Quality of the Disclosure of Enterprise's Financial Information based on Game

财务信息披露质量是资本市场能否正常运营的基础和前提,而财务造假却屡禁不止,给企业正常运营和投资者的投资决策带来严重影响,造成企业与投资者的利益损失。出现这种状况的根本原因在于博弈双方在信息的种类、数量、质量等方面存在严重的信息不对称,管理当局完全有财务造假的动机,通过歪曲财务信息,以期达到更高的期望效用。为此,加强财务信息披露质量监管、完善经理人市场和实现物流、资金流、信息流的"三流"合一成为企业提供客观、真实、对称的财务信息的手段和措施,目的在于通过实现信息对称来提升财务信息披露质量。

The quality of the disclosure of financial information has always been the basis and prerequisite for the normal operation of capital market.The behavior of financial fraud interferes with normal business operations and investment decisions of investors seriously,and result in the interests loss of businesses and investors.The reasons for such a result lie in the two parties＇ serious asymmetry of information in variety,quantity and quality.Under this situation when the information is asymmetric,the management has the motivation to make false finance to obtain the maximum level of effectiveness expected,by distorting the financial information.To this end,strengthening the supervision of the quality of the disclosure of financial information,improving the market of managers and achieving logistics,capital flow,information flow together are means that enterprise provides objective,real,symmetric financial information.The measures achieve information symmetry,and is an attempt to improve the quality of the disclosure of financial information.