Empirical Study On The Quality Of Accounting Information Based On The XBRL General Classification Criteria

Extensible Business Reporting Language XBRL(Extensible Business Reporting Language)was proposed by Charles Hoffman in 1998 for the first time to the American Institute of Certified Public Accountants(AICPA).According to the definition of XBRL international organization,XBRL is a new language that will be able to make financial and business data electronically.XBRL has significant advantages in the financial data display,analysis and delivery,etc,and it is one of the main ways of future financial reporting information disclosure.China’s Ministry of Finance in September 2010 issued <General Classification Criteria of Accounting Stand for Business Enterprises >.In addition,about 547 Chinese A-shares of listing Corporation were ordered to implement this “XBRL General Classification Criteria” since 2011.XBRL’s most important advantage is that it can improve the quality of accounting information,and the “General Classification Criteria” is a major leap in the application of XBRL.Therefore,it is necessary to research whether financial reporting based on universal classification standards can improve the quality of financial information or not by using empirical methods,so as to promote the development of XBRL in our country.First of all,combining the theory of XBRL Financial Reporting with accounting information quality characteristics theoretically analyzed that XBRL Financial Reporting based on universal classification standards can improve the accounting information,such as Relevance,Reliability,Comparability,Intelligibility,Substance over form,etc..Secondly,Using the method of empirical research studied the effect of the implementation of XBRL general classification standard on the quality of accounting information in Enterprises.This study used Earnings Response Coefficient to characterize the quality of accounting information,and used the method of special event study to measure the contribution of the cumulative abnormal returns before and after the 2010-2014 annual report disclosure date based on the implementation of XBRL General Classification Criteria in SSE(Shanghai Stock Exchange)and SZSE(Shenzhen Stock Exchange).The five years of CAR descriptive statistical analysis and paired T test results show that the implementation of the XBRL general classification standard made the CAR in the event of the day before and after calculated by manufacturing listing Corporation changed.Regression analysis mainly use the implementation of XBRL general classification standard as a dummy variable.The model considers the impact that the company financial risk,corporate growth and earnings continued and other factors have on the quality of accounting information.In 2010 for the first time the implementation of XBRL general criteria for the classification of XBRL on CAR regression shows that P values are ignificant at the 5% level.In 2013,when manufacturing listed company implemented the XBRL general classification criteria of XBRL for the forth year.The regression shows that P values are ignificant at the 5% level,and regression analysis results pass the test of significance.In 2011,2012 and 2014 the XBRL which has implemented the general classification criteria,and its return to the car of the P values are not significantly different at the 5% level.The regression coefficient of the XBRL,such as earnings response coefficient and the fitting degree are small.Although the quality of accounting information has been improved by the implementation of XBRL universal classification standards,but the significant degree needs to be strengthened.In conclusion,this study confirmed that the implementation of XBRL General Classification Criteria was effective in improving Accounting Information Quality.Finally,in the process of implementation of XBRL and universal classification standards for application,this paper proposed the application of XBRL should be combined with interior control of enterprise;We should strengthen the cooperation of the design and development of the XBRL platform between Shenzhen Stock Exchange and Shanghai Stock Exchange and unify XBRL platform technology and related applications;We should accelerate the development of supporting software XBRL and vigorously develop XBRL compound talents.