The Impact Of XBRL On Analysts Behavior

XBRLis a specialized computer language, which is used for financial report, disclosure and use.It can achieve high-speed financial data exchange.Recently, the emergence XBRL had a profound impact on the traditional financial reporting disclosures,improved the quality of accounting information, affected the behavior of analysts’ earnings forecast. Business analysts are the main users of financial information, through the study of the behavior analysts predict further exposing the influence XBRL on the capital market.This paper studies the behavior of analysts tracking the number of reported mainly from analysts tracking the number of analysts, the prediction error, four analysts predict divergence measure.The implementation of XBRL can show detailed XBRL increase in the effectiveness of the benefits of capital markets behavior analysts, while allowing investors to properly market analysts predict cognitive accuracy.This paper uses multivariate regression model, selecting 2004--2012 all listed companies in the sample.It studies the effects of the implementation of XBRL behavior analyst from four perspectives, including the number of analysts tracking,analysts tracking the number of reports, analysts forecast error, analysts predict divergence. The results show that after the disclosure of financial reports in XBRL format, analysts predict the number of analysts tracking reports indeed increased significantly, but the prediction error and predicted differences rise, not fall, indicating that a large number of new entrants and new forecast of analysts not only did not improve prediction quality, but confuse the investors’ attention. The understanding and use of XBRL financial reporting format for businesses and analysts need to be improved. Moreover, regression results show high quality of accounting information of listed companies in the form of mandatory disclosure of XBRL financial reports, the analysts tracking numbers and forecast have a significant increase in the number. But in the influence earnings forecast error and differences, the quality of accounting information regulation is not significant.Meanwhile, XBRL influence the behavior of analysts restricted to their own quality of accounting information.