摘要：One of the important sources for investors to evaluate is the information provided in the financial statements disclosed by firms. Past researches consider that worse financial statement quality has higher information risks from the aspect of information risks but they ignore the investors’ degree of tolerance and aversion towards risks. Furthermore, the accounting signals hidden behind financial statements can be considered as important information for investors to evaluate the futurity of enterprises. Thus, it is our main research topic as how to apply accounting signals on investment risks. This study uses data of the U.S. during 1991-2008 to review the influence of accounting signals on investment risks. Result finds that in the investment management essentials in firm-wise, the accounting signals for capital expenditure ratio per person can lower the investment risks no matter in cost leadership firms or differentiation strategy firms. For the investment management essentials in industry-wise, we have the below findings: In cost leadership strategy samples, there is competitive convergence if enterprises over-pursue the fixed asset turnover ratio. In the samples that adopt differentiation strategy, increasing the ixed asset turnover ratio can enhance organization’s competitiveness and reduce investment risks. This is the first study that applies capability index of accrual quality (investors’ degree of tolerance and aversion towards risks) on researches of accounting signals and discovers that competitive convergence exists in organizations that adopt cost leadership strategy.
