Abstract: The accounting information disclosure quality was explored from the perspective of internal control and external supervision. An external， static game model between the securities regulatory authorities and the management of listed companies was constructed， and then an internal， dynamic game model between the management of listed companies and accounting staffs as well as audit committees was established. Based on the solutions of equilibrium， the accounting information disclosure and the game participants strategies were studied. It was suggested that the cost of securities regulatory authorities should be lowered， the compensation and accountability for duty dereliction of securities regulatory authorities should be increased; the penalties for illegal information disclosure of listed companies should be reinforced， the quality of internal control and the internal accounting control function of accounting staffs should be improved， and the independence， professionalism and internal management control of audit committees should be perfected.

Key words: internal control, external supervision, accounting information disclosure quality, game theory