A Study Based On Market Reaction Of Application Effect Of XBRL-based Financial Report Disclosure Of Listed Company

Since the 21th century, with constant development of the trend of network information technology, the degree of social information becomes higher, and using information efficently becomes the core competitiveness of an enterprise. But, it is not easy to find financial information quickly what enterprises need, and to use them effectively in the informational environment. Under this background, XBRL(Extensible Business Reporting Language) has been created, it lead a revolution of the way of accounting information disclosure, and make up the limitation of traditional way of accounting information disclosure. XBRL has got the attention of the national accounting profession after its appearance with its incomparable advantages and rapid development. China has launched the XBRL projects in 2006,and has required that all of listed company have to apply XBRL financial report to disclosure information in 2009.After 10 years of unremitting efforts and exploration,XBRL of China has got many achievements in theory and practice aspects. However,high-speed development also bring a series of problems. To solve these problems ,this paper have researched the application effect that listed companies apply XBRL financial report to disclosure informaton in the view of market reaction, and hope to master the current environment of XBRL application of China, and offer suggestions for better application of XBRL of China.This paper adopt event study method to research the application effect that listed companies apply XBRL financial report to disclosure informaton. The event is that all of listed company have to apply XBRL financial report to disclosure information in 2009.The event date is the day when listed company diclosure their financial report. Event window period and Event estimate period have also determinded. Based on them, this paper have put forward 3 hypotheses, and used SPSS to do the descriptive statistics analysis and the average comparative analysis,then after these analysis, the research conclusion of this paper have obtained. The research conclusion is that the stock market will release reaction in the disclosure of financial information of listed company, stock trading volume will increase, and it is a more violent reaction that listed company apply XBRL to disclosure information,and stock trading volume also will increase obviously, and market reaction lag will have apparently weakened. This paper hope to use these conclusions to prove the applyment of XBRL of listed company is valuable, and promote XBRL in China.