XBRL Accounting Information Disclosure

The rapid development of information technology and the growing internationalization of capital market put challenges to accounting information disclosure mode. Traditional accounting information disclosure mode needs change because it not only can not meet the time demand of stakeholders, but also can not meet the space demand of them. In exploring the transformation of the accounting information disclosure mode, XBRL is in the sight of academia and practice. The XBRL is found by registered accountant Charlie Hoffman in1998, and then the researches on XBRL emerge in endlessly. Academic and practical circles in China have started to pay attention to XBRL in the beginning and walked in the forefront of the XBRL theory research and practical application in world. Then, after more than ten years development, what is the status of XBRL application? How to build the basic research framework of XBRL accounting information disclosure? How to evaluate the XBRL taxonomy? How is the XBRL webpage disclosure quality? How is the XBRL accounting information content? Using the method of combining with standardized research and empirical research, the paper studies the above problems with financial information element theory, webpage quality evaluation theory and signaling theory.The paper mainly researches five questions.(1) The research of problem and cause analysis of XBRL practical application in China. The paper points out the problems and does cause analysis of XBRL practical application in China from the angle of regulators, companies and capital market. This part is the basic starting point of the follow-up study.(2) The research of theoretical framework of XBRL accounting information disclosure. According to the logical order of advance theory, middle theory and afterwards theory, the paper builds the theory frame of XBRL accounting information disclosure. Using the theory of financial information elements, the paper builds the theoretical basis of XBRL taxonomy and evaluation method. Using the theory of webpage quality evaluation, the paper builds the theoretical basis of XBRL accounting information webpage disclosure quality. Using the theory of signals, the paper builds the theoretical basis of the XBRL accounting information content. This part is the basis of empirical theory for the fifth, sixth and seventh chapter. (3) The empirical research of XBRL taxonomy evaluation. This part researches three questions including the differences between taxonomy of accounting notes in Shanghai stock exchange and related requirements of enterprises’ accounting standards, the differences between taxonomy of accounting notes in Shanghai stock exchange and enterprises’ accounting disclosure practice, and the influencing factors of the differences between taxonomy of accounting notes in Shanghai stock exchange and enterprises’ accounting disclosure practice.(4) The empirical research of webpage quality for XBRL accounting information disclosure. The paper evaluates the webpage quality of XBRL accounting information disclosure from two aspects including effectiveness of accounting information and website characteristics. Selecting XBRL network service platform as the breakthrough point, the paper does comparative analysis and empirical research among SEC, Shanghai stock exchange and Shenzhen stock exchange. According to the comparative analysis, the paper puts forward the method of improving the webpage quality for XBRL accounting information disclosure.(5) The empirical research of the content for XBRL accounting information. Using event study method, the paper researches empirically the market reaction of XBRL accounting information disclosure and its influence factors by selecting2245A-share listed companies as research samples in Shanghai stock exchange and Shenzhen stock exchange, and then puts forward relevant policy recommendations to perfect XBRL accounting information disclosure.The main research conclusions and policy suggestions are as follows.(1) The XBRL accounting information disclosure in China exists following problems. Firstly, the regulator lacks unified management to XBRL accounting information disclosure. Secondly, enterprises do a mere formality to XBRL accounting information disclosure. Thirdly, the capital market pays little attention to XBRL accounting information disclosure. The causes of the above problems lie in as follows. Firstly, the unified regulatory organization of XBRL has not been established. Secondly, enterprises have not realized the importance of XBRL. Thirdly, the quality of XBRL accounting information has not been tested by capital market. The existence of these problems requires more focus on XBRL accounting information disclosure for theoretical and practical circles to adapt to the development of XBRL(2) The theory framework of XBRL accounting information disclosure includes three parts in accordance with the advance-middle-afterwards logical order. These are XBRL taxonomy theory, the webpage quality theory of XBRL accounting information disclosure and the content theory of XBRL accounting information. Researches on XBRL accounting information disclosure can’t just focus on exploring some details lacking internal contact of the impact of information technology on accounting information disclosure, and should build a basic theoretical framework by taking XBRL accounting information disclosure as an organic whole.(3) The XBRL taxonomy of accounting notes established by Shanghai stock exchange have certain differences with enterprises’ accounting standards and disclosure practices. The enterprises’ size is the main factors of differences between XBRL taxonomy and enterprises’ disclosure practice. The XBRL taxonomy should be constantly improved and supplemented. In the process of doing XBRL taxonomy, industry experts, listed companies and regulators should be assembled. At the same time, equity structure, industry characteristics and company size should also be considered in the process of doing XBRL taxonomy.(4) In terms of the webpage disclosure quality of XBRL accounting information, SEC is first, Shenzhen stock exchange is second and Shanghai stock exchange is third. Time, comparability, understandability and publicity have important influence on XBRL webpage disclosure quality. In order to improve the quality of XBRL webpage disclosure, the effectiveness of accounting information and website characteristics should be improved.(5) From the point of all samples and Shenzhen stock exchange samples, the XBRL accounting information disclosure does not cause strong market reaction, but the content of XBRL accounting information has performed in listed companies in Shanghai stock exchange. Company size, ownership concentration and industry are important factors influencing the XBRL information content.The innovations of the paper are as follows. Firstly, the paper builds the theory framework of XBRL accounting information disclosure according to advance-middle-afterwards logical order, which includes the theory of XBRL taxonomy, the theory of XBRL accounting information webpage disclosure quality and the theory of XBRL accounting information content. Secondly, the paper does theoretical and empirical research on taxonomy of accounting information notes. It is a good supplement to previous researches. Thirdly, the paper evaluates the webpage disclosure quality of XBRL accounting information, and takes it into the research category of XBRL. It does a certain extend to previous researches. Fourthly, the paper researches the content of XBRL accounting information. On the basis of previous researches on accounting information content, the paper examines the capital market reaction of XBRL accounting information and researches its information content.