技术进步、信息透明度与开放式基金的资金流量--基于中国开放式基金强制采用XBRL的证据

Technological Change,Information Transparency,and Mutual Fund Inflows after Financial Crisis:Evidence from the XBRL Mandatory Adoption at Mutual Fund Industry in China

从2010年开始,中国证监会强制要求所有基金公司采用XBRL在唯一指定的官方网站上披露年报等信息,同时提供在线XBRL阅读器以方便投资者查阅相关信息。基于此,本文考察了采用XBRL进行信息披露对开放式基金资金流量的影响,发现强制采用XBRL能够显著增加开放式基金的资金净流入。研究结果表明,通过采用XBRL这一新的披露方式,减少了投资者的信息搜索成本,缓解了投资者与基金经理之间的信息不对称,有助于改善资本市场的资源配置效率。

The China Securities Regulatory Commission has mandated the XBRL as the only financial reporting technology to file the daily reports, quarterly reports, annual reports and funds notices of mutual funds in 2010. This regulatory change provides us a natural experiment context to study the relation of mutual funds＇ pre - and post - adoption information transparency and mutual fund flows. Our findings show that the mandatory adoption of XBRL has increased the mutual fund inflows. This revolutionary approach to information disclosure greatly reduces the investors＇ information search costs and information asymmetry. It helps improve the efficiency of financial resource allocation.