In developed stock markets such as American market,the major usage of accounting information is pricing.But the primary function of accounting information is to do selection in the Chinese stock market by strict regulation.In this paper,we modeled the game between the Chinese Securities Regulation Commission(CSRC) and listed companies,where the CSRC chose candidates by ROE during SEO.We got the impossible theorem of selection according to accounting information of earnings: if(1) there was a cei...