XBRL财务报告实施效果研究——基于股价同步性的视角

Research on the Effect of XBRL Financial Report——Based on the Perspective of Stock Price Synchronicity

2009年上交所与深交所正式要求上市公司同步披露PDF和XBRL格式的财务报告,理论上讲XBRL财务报告的实施可以降低投资者的信息处理成本,提高信息效率,使股价能够更充分地反映公司特质信息,从而降低股价的同步性,提高证券市场的资源配置效率。本文利用2007-2012年A股上市公司数据对上交所和深交所实施XBRL的效果进行检验。实证结果表明,XBRL财务报告的实施能够有效降低股价波动的同步性;尽管两个交易所实施XBRL方式有所不同,在网页呈现质量和信息含量上各有所长,但在降低股价同步性的效果上不存在显著差异。

Shanghai Stock Exchange and Shenzhen Stock Exchange formally required listed companies disclose financial report based on PDF and XBRL in 2009at the same time. The implementation of XBRL financial report can reduce investors' information processing costs and improve the efficiency in theory. So share price can fully reflect company's idiosyncratic information,lower stock price synchronicity and improve the efficiency of market's allocation. The thesis makes a test of the effects of XBRL implemented by SSE and SZSE based on the data of A- share listed companies from 2007 to 2012. The result shows that the implementation of XBRL financial report can effectively reduce stock price synchronicity. Although the way of implementation is different in SSE and SZSE,there are not significant differences on the effect of reducing stock price synchronicity.