关键词: 股权分置改革, 治理环境, 信息风险, 可操纵信息风险

Abstract: Abstract: Using abnormal accruals volatility as a substitute variable for information risk, after considering the nature of controlling shareholders, the environment of governance and the implementation of new accounting standards as well as other factors, this paper finds the accounting information risk of companies that have completed share reforming decreases, but this effect exists only in the nonstate listed companies; the marginal effect of equity division reform risk in areas with a poor environment of governance is higher; but it is found that when the information risk is divided into natural and discretionary information risks the sharetrading reform has influence only on discretionary information risk, in other words, improving corporate governance structure can reduce the accounting information risk in time.

Key words: share reform, governance of environment, information risk, discretionary information risk