财务报告信息化处理对盈余质量的影响——基于XBRL报告实施的分析

Financial Reporting Standard and Earnings Quality:Analysis around XBRL Adoption

2009年上交所与深交所全面推行上市公司年报XBRL形式的披露,正式要求上市公司同步披露PDF和XBRL格式的财务报告。作为信息化处理的财务报告,XBRL的应用能够有效地降低信息处理成本、提高信息传递效率,可以帮助信息使用者更有效率地比较、分析和使用财务信息,从而对公司运营和财务报告起到监督作用。本文利用2007—2012年A股上市公司数据,检验XBRI.对企业盈余管理的抑制作用。实证结果表明,XBRL财务报告的实施作为已有监督机制的补充,能够有效地抑制应计盈余管理与真实盈余管理;而且,该抑制作用在低分析师跟踪与低机构持有的企业中更为明显。

Publicly traded firms on the Shanghai Stock Exchange and Shenzhen Stock Exchange are mandatorily required to disclose financial reports simultaneously in PDF and XBRL since 2009. XBRL reduces information acquisition costs and improves information processing efficiency. XBRL-formatted reports facilitate comparison, analysis and application of financial information for information users, and therefore increase their monitoring power on firm＇s operation and reporting. In this study, using listed firms in China from 2007 to 2012, we examine whether XBRL adoption by firms in China affects accrual-based and real earnings management activities. Our results indicate that XBRL works as an additional monitoring mechanism,leading to decreases in both accrual-based and real earnings management activities. Moreover,the effect is most prominent for firms with less existent monitoring from sophisticated information users, including firms with lower analyst following and lower institutional investor holding.