摘要
信息处理成本可以影响公司层面信息传递.本文以上交所和深交所2009年起要求上市公司披露XBRL财务报告为准自然实验,研究信息处理成本降低与公司层面信息传递之间的关系.实证结果表明,公司采用XBRL财务报告后,股价中公司层面的特质信息增加;XBRL的实施对会计信息透明度较低的企业更好;与国有控股企业相比,非国有控股企业实施XBRL财务报告效果更显著.不同的公司层面信息的度量指标、不同的回归模型以及安慰剂检验都支持以上的结论.
The Shanghai Stock Exchange and the Shenzhen Stock Exchange have required all the listed companies to disclose the XBRL financial reports since 2009.Theoretically,the implementation of XBRL financial reports could reduce the cost of investor information processing,increase the information content in stock prices,and enable stock prices to better reflect firm-specific information.This paper focuses on the A-share listed companies in both exchanges and analyzes the impact of the adoption of XBRL financial reports on the cost of information processing,which in turn affects the idiosyncratic volatility of the stock price.The results show that the adoption of XBRL financial reports reduces the cost of acquiring and processing investor information,increases the idiosyncratic volatility,and then increases the firm-specific information in stock prices;companies with low accounting information transparency have a more significant effect of implementing XBRL financial reporting;compared with state-owned holding companies,non-state holding companies have a more significant effect of implementing XBRL financial reporting.All these findings are robust to the placebo test,alternative proxy,and alternative model.
作者
沈德华
杨健康
SHEN Dehua;YANG Jiankang(School of Finance,Nankai University,Tianjin 300350,China;College of Management and Economics,Tianjin University,Tianjin 300072,China)
出处
《计量经济学报》
CSCD
2023年第3期811-827,共17页
China Journal of Econometrics
基金
国家自然科学基金面上项目(72071141)。
关键词
XBRL
特质波动率
信息成本
公司层面信息
股价同步性
XBRL
idiosyncratic volatility
information cost
firm-specific information
stock price synchronicity