Research On The Implementation Effect Of XBRL Information Disclosure From The Perspective Of Financing Constraints

It has been nearly ten years since the Shanghai Stock Exchange and the Shenzhen Stock Exchange have successively submitted the requirements for the simultaneous reporting of XBRL format financial reports to listed companies in China in 2009.However,the current academic research on the implementation of XBRL information disclosure is still in the exploratory stage.Most of the existing researches focus on the perspective of information content and capital cost.They are limited to the direct impact of the implementation of XBRL information disclosure by listed companies at the micro level and have not yet formed a comprehensive study on the implementation effect of XBRL information disclosure.In view of this,this paper chooses to examine the implementation effect of XBRL information disclosure in China from the perspective of macro financing constraints.Firstly,this paper defines the concept of "XBRL Information Disclosure".On the basis of summarizing the relevant research status and application status,it expounds the necessity of studying the implementation effect of XBRL in China from both theoretical and practical aspects.Then,based on the information disclosure theory and the financing priority theory,the research hypothesis of this paper is proposed.The data of 332 listed companies in Shenzhen City from 2007 to 2017 are selected as the research sample.Then use CashCash flow model(ACW model)to measure the key variable of "financing constraints" to verify the Cash-Cash flow sensitivity of listed companies in China.The existence of perception and the mitigation effect of XBRL information disclosure on financing constraints are discussed.Combined with signal transmission theory,the lag effect of this mitigation effect is analyzed.Finally,we use the entropy weight method to score the quality of information disclosure after the implementation of XBRL information disclosure,and test the impact of information disclosure quality on the degree of financing constraints.The research results show that the listed companies in Shenzhen market do have widespread financing constraints.The implementation of XBRL information disclosure has eased the financing constraints of enterprises,but this mitigation effect has obvious lag effect.Overall,in the fourth year of the implementation of the XBRL format financial report synchronization,XBRL information disclosure has the greatest effect on the mitigation of financing constraints.At the same time,the quality of information disclosure has a positive adjustment effect on easing the financing constraints of enterprises.These evidences reflect that the implementation of XBRL information disclosure has improved the information environment of listed companies to a certain extent,eased financing constraints,and affirmed the implementation effect of XBRL information disclosure at this stage.In order to further promote the application of XBRL information disclosure in China,we suggest that the regulatory authorities should speed up the expansion of the industry of classification standards;enterprises and accounting information users should take the initiative to learn XBRL-related knowledge and enhance their initiative in order to achieve maximum benefits.