| The modern commercial society has formed the special accounting environment in the information age,which makes a new challenge and impact on the traditional financial report,with the high-speed development of information and computer technology,as well as the concept of big data,computer plus,cloud computing putted forward..At the same time,the development of information technology makes it possible to solve the problem.eXtensible Business Reporting Language(eXtensible Business Reporting Language,hereinafter referred to as the XBRL)is a computer Language which using XML technology,which applied in the financial field produced XBRL financial report.At present,the XBRL financial report has already begun to put into use worldwide.Our country began to study in 2002 for the first time.And the Shanghai stock exchange and Shenzhen stock exchange launched XBRL financial report disclosure platform in 2009,which requires that all listed companies should disclose XBRL financial report and PDF format financial report at the same time.XBRL financial report has proved good application effect in other countries,which can enter information quickly and accurately,and can provide dynamic analysis and realize sharing.XBRL financial report can make up for the shortage of the traditional financial report,and play the advantages of XBRL financial report.But what about the application effect of XBRL financial report in China’s capital market?This article combs the related literature at home and abroad research on XBRL in order to find the breakthrough of research on application effect.Then analyze the present situation of the XBRL application both at home and abroad,and define the word effect,application effect and the stock price information content.Then it put forwards three hypothesis using the cognitive theory,information asymmetry theory,efficient market theory,decision-making theory as theoretical support.Finally we choose the annual report of China’s A shares listed companies besides the financial sector in 2002-2015 as the sample,and make the stock price information content as a measure of the application effect of XBRL.The article examined the effect of differences between Shanghai stock exchange and Shenzhen stock exchange as well as the differences between state-owned enterprises and non-state-owned enterprises at the same time.Empirical study results show that the application of XBRL financial reports,effectively in our company.The Shanghai stock exchange and Shenzhen stock exchange both improve the information content of stock price with no significant differences although the way of XBRL financial report disclosure are different.The state-owned holding companies have more significant effect than non-state-owned holding companies on improving the information content of stock price.Based on the results of the study and the application situation,this article finally put forward some policy recommendations for further XBRL application in our country. |
