公司财务特征与会计信息风险——来自中国上市公司的经验证据

Corporate Financial Characteristics and Accounting Information Risk——Evidence from Listed Companies in China

以中国证券市场2004-2006年期间的上市公司为样本,基于修正的DD模型,对会计信息风险进行了度量,考察了公司财务特征与会计信息风险之间的关系。研究发现,公司成长机会、财务杠杆和财务困境对会计信息风险有显著为正的影响,而资产有形性、公司规模和经营现金流对会计信息风险有显著为负的影响。

This paper,using the data of those listed firms during 2004 to 2006 in the Chinese securities market,and measuring accounting information risk by the modified DD Model,investigates the relationship between coporate financial characteristic and accounting information risk.The authors find that：（1） the grow opportunities,the leverage and the financial distress are significantly and positively related to the accounting information risk;（2） the tangible assets,the size of assets of companies and the operating cash flow are are significantly and negatively related to the accounting information risk.