XBRL格式财务报告对中国股市有效性的影响研究  

Research on the Impact of XBRL Financial Report on the Weak-form Efficiency of China's Stock Market

作　　者：郑济孝[1,2] 

机构地区：[1]太原学院,山西太原030032 [2]财政部财政科学研究所,北京100142

出　　处：《金融研究》2015年第12期194-206,共13页Journal of Financial Research

摘　　要：上交所和深交所于2009年初正式要求上市公司披露XBRL格式的财务报告。采用XBRL格式的财务报告可以降低金融消费者的信息处理成本,提高信息传递效率,使股价能够更充分地反映上市公司的经营信息,从而提高股票市场的有效性。本文利用上证综合指数、上证A股指数、上证B股指数、深证综合指数、深证成份指数、深证A股指数以及深证B股指数等7个指数的相关数据,实证检验上交所和深交所实施XBRL的效果。结果表明,无论以何种股票指数作为中国股票市场的代理指标,采用XBRL格式财务报告均可以降低其对随机游走的偏离程度,即提高股市的有效性。In early 2009, Shanghai Stock Exchange and Shenzhen Stock Exchange formally required quoted companies to disclose financial report based on XBRL. The Usage of XBRL financial report can reduce financial consumers＂ information processing costs, enhance the speed of information processing and thus improve the effi- ciency of stock market. This paper employs the Shanghai Composite Index, Shanghai A - share index, Shanghai B - share index, Shenzhen composite index, Shenzhen Component Index, Shenzhen A - share index and Shenz- hen B - share index to test the impact of the adoption of financial report based on XBRL on the weak - form effi- ciency of China＇ s stock market. No matter which index is used as a proxy for the stock market, the empirical result shows that the adoption of financial report based on XBRL can reduce the deviations from a random walk in stock index time series, thus enhance the efficiency of China＇ s stock market.

关 键 词：XBRL 财务报告 股市有效性 

分 类 号：F832.51[经济管理—金融学]