強制以XBRL申報財務報告能否降低資訊不對稱？

Abstract

本文探討強制以eXtensible Business Reporting Language(XBRL)格式申報財務報告是否降低資本市場資訊不對稱。實證結果顯示，強制以XBRL格式申報財報雖僅止於提昇資訊揭露品質，但仍有助於減少資訊不對稱現象。此外，本研究亦發現，XBRL格式申報財報可改善資本市場的資訊風險。然而，經以路徑分析及層級迴歸分析，資訊風險並非XBRL格式申報財報對資訊不對稱影響的中介變項。本文研究結果有助於主管機關推行公司申報制度時的參考。 關鍵詞：可延伸企業報導語言、資訊不對稱、財務報告申報

In this study, we investigate whether mandatory filing of eXtensible Business Reporting Language (XBRL) financial reports helps reduce information asymmetry. The empirical results indicate that mandatory reporting using the XBRL format can not only enhance the quality of information disclosure, but also mitigate information asymmetry. In addition, we find that using the XBRL filing format decreases information risk in the capital market. However, path analysis and hierarchical regression analysis show that information risk is not the mediator variable that drives the association between XBRL financial reporting and information asymmetry. Our empirical results bear important policy implications to the securities regulators in promoting the mandatory XBRL financial reporting.