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理论上讲XBRL财务报告披露可以提升信息反馈价值,增强信息透明度,从而降低资本成本。深交所与上交所2009年开始强制要求各个上市公司在呈报PDF财务报告的同时呈报XBRL财务报告;财政部2010年颁布了中国企业会计准则通用分类标准,并从2010年开始在部分企业与会计师事务所实施。采用深交所A股上市公司2007年至2012年的数据对XBRL财务报告实施效果进行检验的结果却与理论预期相反,2009年同步披露后,企业股权资本成本上升,而且2010年后股权资本成本仍然进一步上升。这可能是因为目前中国存在多种分类标准、XBRL财务报告未经过审计、相关技术的不确定性,使得早期采用的交易成本和资本成本增加。
In theory, the disclosure of XBRL financial reports can enhance the value of information feedback, enhance the transparency of information and reduce the cost of capital. Since the beginning of 2009, the Shenzhen Stock Exchange and the Shanghai Stock Exchange have mandated that all listed companies submit XBRL financial reports simultaneously with the PDF financial reports. In 2010, the Ministry of Finance promulgated the general taxonomy of Chinese enterprises’ accounting standards and started to work in some enterprises and accounting firms Implementation. Using the data from 2007 to 2012 of A-share listed companies of Shenzhen Stock Exchange to test the implementation effect of XBRL financial report, contrary to the theoretical expectation, after the simultaneous disclosure in 2009, the cost of equity capital of enterprises increased and the cost of equity capital remained after 2010 Further rise. This may be because there are currently many taxonomies in China and the XBRL financial reports have not been audited. The uncertainty of the related technologies has led to an increase in transaction costs and capital costs adopted in the early stage.