For the cooperative adaptive cruise control (CACC) vehicular platoon, apart from decentralized controllers, the dynamics of a platoon can be affected substantially by the information flow among connected and automated vehicles (CAVs). Existing research studies mainly focus on the stability analysis of platoons where CAVs only adopt the predecessor-following (PF) communication scheme; however, when CAVs “look” further ahead or behind than one vehicle, the stability of platoons might change. To this end, this study seeks to explore the stability and investigate the rear-end collision risk of CACC vehicular platoon under diverse information flow topologies. The research first comprehensively reviews typical information flow topologies for CAV platoons and platoon stability criteria for analyzing local and string stability of platoons. Moreover, the CACC longitudinal dynamic model is derived using the exact feedback linearization technique, which accommodates the inertial delay of powertrain dynamics. Accordingly, sufficient conditions of stability are mathematically derived to guarantee distributed frequency-domain-based control parameters. Simulation experiments are conducted to verify the correctness of derived sufficient stability conditions. The results show that platoons could better maintain stability with more vehicle information taken into consideration. However, when assessing the safety, it is found that the bidirectional type information flow topology would increase rear-end collision risk for CAV platoon. Further, the information flow topology of two-predecessor-leader following is the most recommended to enhance fully CAV platoon stability.