会计信息披露对于证券市场的正常运转及企业契约的顺利履行具有重要意义。然而,究竟是由公司基于自愿基础进行披露,还是予以强制要求披露却还无定论。本文应用博弈论的分析工具,说明在私人信息搜寻和企业自愿信息披露中都存在个人理性背离集体理性的“囚徒困境”,从而对会计信息披露的政府管制理性作出解释。 The disclosure of accounting information is of great significance to the normal operation of the securities market and the smooth implementation of the corporate contract. However, it remains to be determined whether the company should disclose the information on a voluntary basis or whether it should force the disclosure. This paper applies the analytical tools of game theory to show that there exists a “Prisoners Dilemma” in which personal rationality deviates from collective rationality in both private information search and voluntary disclosure of information, so as to explain the government regulation rationality of accounting information disclosure.