Application Research Of XBRL:Disclosure Desire And Transaction Behavior

XBRL has been adopted by numerous countries,wields increasingly broad and deep influence in the field of accounting information system and financial reporting,it is also been paid great attention in accounting research.In China,the research in XBRL focuses on XBRL taxonomy,the main way is to compare the company’s information disclosure status and the XBRL taxonomy,to analyze the the similarities and differences,so as to evaluate the existing XBRL taxonomy.However,for any a systematic criteria similar to XBRL,comparing with the study of its own,the study of its consequences is even if not more important,at least equally important.But this kind of study is just lacking in China.As an advanced way of accounting information disclosure,XBRL may bring a great expansion of the content of accounting information disclosure,and much likely to lead to further economic consequences.Accordingly,we propose the following three research questions:1.What impact will the implementation of XBRL bring to accounting information disclosure?2.What impact will the implementation of XBRL bring to investors and analysts?3.How to promote the implementation of XBRL(if there is evidence that such information technologies can benefit the capital market)?We have reviewed the history of the development of XBRL,evaluated its current status.Then,we have sorted and classified the relevant papers;analyze the current situation of XBRL research.We analyze and summarize the technical characteristics of XBRL,discuss theorists and practitioners’ expectations of the XBRL,and conclude that in the introduction stage,XBRL has two effects on the environment of information disclosure:First,XBRL increase the comparability and understandability of financial report.Second,XBRL increase the cost of information disclosure.On this basis,we construct a decision model of information disclosure;discuss the effects of XBRL on the company’s decision in information disclosure.We draw the following conclusions:First,the increasement of comparability and understandability bringing by XBRL will promote voluntary disclosure;Second,the increasement of the cost of information disclosure bringing by XBRL will hinder voluntary disclosure.The Ministry of finance of the People’s Republic of China had published the China national generalized taxonomy and chosen some companies to build their financial report in accordance with this XBRL standard.Using this event as the research object,we make an empirical study in the effects of XBRL on the company’s decision in information disclosure.We detailly analyze the notes to the annual reports of 27 companies in six years(2007,2008,2009,2012,2013,2014),we make a comprehensive evaluation of the company’s voluntary disclosure level,based on the number of pages of the notes,the number of the first level items of the notes,the number of the second level items of the notes,the number of numeric information of the notes.The empirical results show that: the introduction of XBRL had enhanced the company’s voluntary disclosure level,the performance is significant growth in the number of pages of the notes,the number of the second level items of the notes,the number of numerical information points.XBRL not only affect the company’s information disclosure,but also affect the investors’ ability to acquire and integrate information,these two factors will have a certain impact on investor behavior.We collect the daily trading data of these 27 companies in six years,analyze the changes in total trading volume and large trading volume during the 5-day window around the annual report(2007,2008,2009,2012,2013,2014).The authors find that: after the implement of XBRL,the proportion of the professional investors’ trading volume in the total volume had significantly increased.This result can be explained as follows: professional investors may acquire more information through XBRL than small investors.This finding suggested that professional investors may get advantage through XBRL,this factor enlarges the information asymmetry of capital market.Further,this paper theoretically analyzes how XBRL could impact on the securities analyst earnings forecasts.With the data of the same companies as above,we try to validate these assumptions.The empirical results shows that the XBRL does improve the prediction accuracy,but merely in a small extent.Finally,combined with previous analysis and research,the authors propose several specific recommendations to promote and improve the development and application XBRL in China.The main conclusions of this paper:First,theoretically,XBRL doesn’t nessarily promote information disclosure.Second,the implement of the XBRL general classification standard of the Ministry of Finance of China had promoted the information disclosure.Third,in the implement of the XBRL general classification standard of the Ministry of Finance of China,there is evidence that professional investors increased their trading behavior during the 5-day window around the annual report,may be they had acquire more information through XBRL than small investors.Forth,XBRL has only very limited influence on securities analyst earnings forecast work.The main innovation of this dissertation:First,we introduce analytical research in XBRL study;we found a basic decision model of information disclosure based on "basic information elements" theory.This model unify the continuity and discreteness of information disclosure,can be used to explain and forecast disclosure behavior from both micro and macro aspects.It is an important supplement and improvement in existing theory of information disclosure.Second,we choose the implement of the taxonomy of the Ministry of finance of the People’s Republic of China as the research object.Most of this kind of researches are based on the taxonomies of the Shanghai Stock Exchange and Shenzhen Stock Exchange.Although the taxonomy of the Ministry of Finance has only been used in a small range,it is more authoritative,more advanced,and the inevitable choice for the development of XBRL in the future.Third,we analyze the large trading volume trends to study the different impact of XBRL on small investors and professional investors,which is an important complement to the methods of research in investor behavior.