Research On The Integrity Of Small And Medium Enterprise Board Listed Companies’ Information Disclosure Under XBRL Taxonomy In China

From the year of2004,The small and medium enterprise board was established inShenZhen stock exchange up to now, The number of the public company growing faster.However, Compared with the main board, The scale of the small and medium board listedcompany is smaller, and the operating risk is bigger, Also there is information asymmetrybetween managers and investors. Investors don’t get accurate information to make investmentdecisions. All of those reasons make investors for investment in small and medium boardmarket has certain concerns.To a certain extent, influence the development of small andmedium board market. Therefore, improve the integrity of the small and medium board listedcompanies’ information disclosure, make the investors get more and more detailedinformation is an important way to reduce investors concerns.This paper will consider XBRL taxonomy which has been used in the small and mediumenterprise board listed companies as a “tools” to research the integrity of the lists companiesinformation disclosure and a “ways” to improve the integrity of the listed companiesinformation disclosure. Firstly, we adopt normative research method to summarize thetheoretical basis of XBRL taxonomy and the contents of the small and medium board listedcompanies information disclosure, Laying a theoretical foundation for matching elementsbetween XBRL taxonomy and the small and medium enterprise board listed companies. Andthen by adopting comparative research and empirical research methods, through practicematching between the XBRL taxonomy and the sample companies information disclosure,finding out the differences between them, and doing a correlation analysis between thedifferences and information disclosure evaluation rank of the sample companies to researchthe XBRL taxonomy in the applicability of the small and medium enterprise board listedcompanies, as well as the needed improvements. Finally, To find out the significant factorswhich influence on the integrity of small and medium enterprise board listed companies,Wewill make the degree of incomplete of the small and medium enterprise board listed companies and the characteristics factors of listed companies practices multiple regressionanalysis. Finally,We found out：（1）The current XBRL taxonomy can meet the requirementsof the small and medium enterprise board market information disclosure basically, but thereis also some information elements definition is not completely, still need to improve.(2) Theintegrity of small and medium enterprise board listed companies’information disclosure isn’tvery good,and the proportion of the biggest shareholder’s stocks, the proportion ofindependent directors are the significant factors affect the integrity of the small and mediumenterprise listed companies.Based on analysis the results of the study, I suggest we can fromfive ways to improve the integrity of the small and medium enterprise board listed companyinformation disclosure. For examples, We need to improve the XBRL taxonomy elementsdefinition and the systems of information disclosure evaluation, perfect the corporategovernance structure, strengthen the independent directors influence in the board of directorsand the supervise to the small and medium enterprise board listed companies.