Abstract: Based on the analysis of the expected income discontinuity curves of corporations with game theory, which are commonly believed to be caused by the supervision policies, the deficiencies of the policies are pointed out. The policies are preferential ones, resulting in pooling equilibriumof the financial reports from the corporations, and further causing inefficiency of stock market. The ways to solve this problem are to relax and eventually call off the requirement of that the net asset yield is not less than 6% that is a criterion to decide if a corporation canget a rightofferingopportunity. As a temporarymeasure, the right offering of a corporationmay be decided accordingto its net assets yield aswell as some other financial indexes.