在金融改革的背景下，金融资产公允价值信息的不确定性（信息风险）已经成为一个有待研究的新问题。公允价值的信息风险有价格波动和计量误差两个来源，是金融风险的“传导器”和危机“加速器”，亟待重视和加强监管。本项目将基于2009年国际财务报告准则第7号修订的披露要求，对活跃市场下的公允价值信息风险及决策有用性展开研究。主要研究内容有：资产负债表的公允价值信息与利润表的各项收益波动存在什么关系，能否预测收益波动；当信息风险增加时，公允价值与股票价格的关系如何变化，能否预测股票价格；公允价值的信息风险与Beta系数有何联系，能否预测股票的系统性风险；低质量的信息环境是否导致更大的公允价值估计误差和更低的公允价值决策有用性。本项目的研究能够深化公允价值会计、资产定价和金融监管方面的文献，有助于解释现行准则的政策后果与企业行为，可帮助投资者对股票价格与风险有更好估计，并可为监管当局提供决策参考。

With the reform of the financial markets, the role of fair value accounting information as a messenger has been further strengthened. However, due to the data limitations, the current research on the information risks of financial assets at fair value accounting is still in normative analysis, little empirical research. The project will research the information risk of financial assets fair value and the decision usefulness with the risk of fair value, based on the new disclosed requirements under the "International Financial Reporting Standards Amendment No.7" in 2009. The main contents are: the relation between of the income statement and the balance sheet based on the fair value information; the variation in the stock pricing of different levels of financial assets fair value; whether greater information risk in financial assets fair values leads to higher equity Beta; whether ex ante lower-quality information environments exhibit larger differences across the fair value level 1, 2, and 3 designations. The research results of the project can deepen the literature of fair value accounting and financial regulation, help researchers to explain the corporate behavior and the consequences of the CAS, help investors to estimate the value and the risk, and provide a reference to strengthen supervision of financial risk.