XBRL对盈余公告后股价漂移的影响:基于股权结构的视角

The Impact of XBRL Adoption on Post-Earnings Announcement Drift: Based on the Perspective of Ownership Structure

本文以XBRL在我国的实施情况为背景,探讨了XBRL对盈余公告后股价漂移的影响以及股权结构对该影响所起的调节作用,包括股权集中度的差异、国有企业和非国有企业的差异、国家参股企业和纯民营企业的差异。结果表明XBRL强制实施以后,我国资本市场盈余公告后的股价漂移程度显著下降,而且存在国有股份的企业对XBRL的实施更为敏感,在控制了影响股价漂移的市场和会计因素后结论依旧稳健。研究说明了政府干预对我国资本市场的正向调节作用,该结论对于XBRL的实施及推广具有积极作用。

According to the implementation of XBRL in China, this paper tests the impact of the mandatory adoption of XBRL on post-earnings announcement drift(PEAD) and how ownership structure affects the impact. The results show that PEAD declines significantly in the Post_XBRL period. Furthermore, we find SOEs are more sensitive to the adoption of XBRL. Our results keep robust when we replicate our analysis with control variables, alternative proxies and reselected sample. The conclusion is that the government intervention has the positive adjustment to capital market in China which supports the adoption and promotion of XBRL.