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。 On the one hand, the construction of relevant systems in China’s securities market is constantly improving; on the other hand, a series of frauds in accounting information of listed companies have been frequent. This article attempts to explain this. Therefore, this paper constructs a theoretical analysis framework to explain the formation of endogenous financial reporting control and the prerequisite for establishing effective financial reporting control. In this framework, the author investigates the root causes of the ineffective financial reporting of Chinese listed companies and puts forward Some policy recommendations.