From evolutionary game theory, the strategies selected by listed companies were studied.  The stability of the evolutionary game equilibrium was evaluated according to the different values of parameters. Why the listed companies follow or violate the regulations was analyzed. How listed companies and supervisory administrations decide their respective strategies were explained by evolutionary game theory. The stability of the evolutionary game equilibrium was then elaborated in accordance with the different values of parameters of the supervising and supervised sides. On the basis of this elaboration, how listed companies and the supervisory administrations opt for their tactics is suggested. Some suggestions of how to prevent the listed companies from violation the regularalities are given.