A Study On The Influencing Factors Of Accounting Information Risk Of Listed Companies

Accounting information is a direct reflection of the financial situation and operating results of enterprises,which is an important basis for investors to make value judgments and investment decisions.The authenticity and reliability of accounting information of listed companies are the basic requirements to ensure the interests of investors and the effective operation of capital market.However,the phenomenon of accounting information illegal disclosure,profit manipulation and financial fraud of listed companies in our country has occurred frequently,which leads to the problem of accounting information risk becoming more and more prominent,and has aroused the great concern of many scholars and policy makers.With the rapid development of the virtual economy,there are a lot of financial instruments in the capital market.The demand for financial information for investors with more valuable relevance and predictability is becoming stronger and the financial information obtained in the fair value measurement mode is more satisfying for investors and capital markets.However,the reliability of fair value measurement has been controversial,opponents believe that fair value measurement bring greater accounting information risk to investors.The emergence of the fair value hierarchy theory opens the window for observing the reliability of fair value and provides the reliability information of fair value directly.With the promotion of fair value measurement model,it is very important to clarify the influencing factors of accounting information risk,especially the impact of fair value hierarchy measurement on accounting information risk.At present,the academic research on this aspect is relatively fragmented and does not form a systematic research framework.Based on the analysis of the financial characteristics,the corporate governance mechanism and the external governance mechanism,using the Chinese A-share listed companies from 2010 to 2014,this paper examines the effect of various factors on the accounting information risk.On the basis of the above study,using the listed companies of Chinese A-share financial industry from 2010 to 2014,this paper draws on the Equity Betas model of Riedl and Serafeim and examines the difference in the impact of different levels of fair value assets and liabilities on accounting information risk in the fair value measurement model.The empirical results show that:(1)higher operating cash flow,larger firm size,ownership structure of state-owned enterprises,motivating executives with equity,higher marketization process,lower government intervention,more robust legal system will effectively reduce accounting Information risk;However,higher growth opportunities,higher financial leverage,CEO duality,higher-frequency board meetings,and higher equity concentration will lead to increased corporate accounting information risk.(2)Different levels of fair value assets will bring the accounting information risk to investors,and with the increase of the level,the uncertainty of the accounting information is enhanced and the accounting information risk is increased step by step;The first and second level fair value liabilities will also bring the accounting information risk to the investors,but does not reach a conclusion that the accounting information risk of the third level of fair value liabilities is significantly higher than the first and second levels.