关键词: 内部控制,信息监管,会计稳健性,替代效应

Abstract: To substitute the external contractual regulation for the internal contractual governance as the internal-controlled government regulation will generate substitution effect for accounting conservatism and other external information regulation. The government regulation can effectively reduce the investors’ dependence on accounting conservatism, thus the accounting conservatism in government-regulated companies is significantly lower. The audit intervention can relieve agency conflicts and information demand conflicts, so the accounting conservatism in the government-regulated companies is significantly lowered. The state effect and regional effect also have substitution effect for accounting conservatism, but the internal-controlled government regulation will weaken the influence of these effects．

Key words: internal control; information regulation; accounting conservatism; substitution effect