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題名 中國上市公司強制實施XBRL財務報導格式對於經營績效之影響 –中國國有企業觀點
The Mandatory Adoption of XBRL and The Firm Performance – Evidence from the State-owned Enterprises in China
作者 文經堯
貢獻者 諶家蘭
文經堯
關鍵詞 可延伸商業報導語言
中國國有企業
經營績效
財務報導
資訊揭露
資訊透明度
eXtensible Business Reporting Language (XBRL)
State-owned-enterprise (SOE)
Firm Performance
Financial Reporting
Information Disclosure, Information Transparency
日期 2011
上傳時間 3-Dec-2012 11:21:39 (UTC+8)
摘要 為改善資訊揭露環境，並增進上市公司的資訊透明度，上海證券交易所在2004年起對所有上市公司強制實施XBRL財務報導格式，本研究檢驗強制實施XBRL財務報導格式對於公司經營績效之影響，以上海證券交易所上市公司為研究對象，研究期間為2003年至2010年，並考慮中國國有企業的特色，將樣本公司分為國有企業與民營企業，分別檢視強制實施XBRL財務報導格式對其經營績效之影響。基於中國國有企業之組織特性，本研究假設僅有民營企業可獲益於強制實施XBRL財務報導格式，並因此提升經營績效。實證結果顯示，確實僅有民營企業獲得XBRL財務報導的效益，在強制實施XBRL財務報導格式後經營績效提升，但由於組織特性的關係，強制實施XBRL財務報導格式的預期效益並未顯現在國有企業，對中國國有企業來說，資訊透明度與外部監督的提升不足以解決其經營上之代理問題。
參考文獻 Adams, R., Almeida, H., and Ferreira, D. 2005. Powerful CEOs and their impact on corporate performance. Review of Financial Studies 18(4): 1403-1432.
Apostolou, A. K., and Nanopoulos, K. A. 2009. Interactive financial reporting using XBRL: An overview of the global markets and Europe. International Journal of Disclosure and Governance 6: 262-272.
Bacon, J. 1973. Corporate Directorship Practices: Membership and Committees of The Board. New York: The Conference Board.
Beaver, W. H. 1998. Financial Reporting: An Accounting Revolution. New Jersey: Prentice-Hall.
Bennedsen,M., Kongsted, H. C., and Nielsen, K. M. 2008. The causal effect of board size in the performance of small and medium-sized firms. Journal of Banking & Finance 32(6): 1098-1109.
Bergeron, B. 2003. Essentials of XBRL: Financial Reporting in the 21st Century. Hoboken: John Wiley & Sons, Inc.
Boritz, J. E., and No, W. G. 2008. The SEC`s XBRL Voluntary Filing Program on EDGAR: A case for quality assurance. Current Issues in Auditing 2 (2):A36-A50.
Botosan, C. A., and M. Plumlee. 2002. A Re-examination of Disclosure Level and the Expected Cost of Equity Capital. Journal of Accounting Research 40(March): 21-40.
Boyd, B. 1994. Board Control and CEO Compensation. Strategic Management Journal 15 (5):335-344.
Brickley, J.A., Lease, C. W., and Smith, Jr. 1988. Ownership structure and voting on antitakeover amendments. Journal of Financial Economics 20：267-291.
Chang,S., and Jarvenpaa,S. 2005. Pace of Information Systems Standards Development and Implementation: The Case of XBRL. Electronic Markets 15(4): 365-377.
Chen,G., Firth, M., and Xu, L. 2009. Does the type of ownership control matter? Evidence from China’s listed companies. Journal of Banking & Finance 33: 171–181.
Cheng, S., Evans, J. H., and Nagarajan, N. J. 2008. Board Size and Firm Performance: The Moderating Effects of the Market for Corporate Control. Review of Quantitative Finance and Accounting 31:121-145.
Chung, K. H., and Hoje, J. 1996. The impact of security analysts’ monitoring and marketing functions on the market value of firms. Journal of Financial and Quantitative Analysis 31(December): 493-512.
Cohen, E. E., Schiavina, T., and Servais, O. 2005. XBRL: The standardised business language for 21st century reporting and governance. International Journal of Disclosure and Governance, 2:368-394.
Cox, C. (2005). Address to the 12th XBRL International Conference. http://www.sec.gov/news/speech/spch110705cc.htm
Cui, L., and Jiang, F. 2012. State ownership effect on firms’ FDI ownership decisions under institutional pressure: A study of Chinese outward-investing firms. Journal of International Business Studies. Advance online publication. doi: 10.1057/jibs.2012.1.
Davis, C. 2010. China leads the XBRL revolution. Accountancy Futures 68-70.
Dayton, K. 1984. Corporate governance: The other side of the coin. Harvard Business Review 62(1): 34-37.
Dewan, S. and Ren, F. 2011. Information technology and firm boundaries: Impact on firm risk and return performance. Information Systems Research 22(2): 369-388.
Efendi, J., Park, J. D., and Subramaniam, C. 2010. Do XBRL Reports Have Incremental Information Content? – An Empirical Analysis. Working Paper, Available at SSRN: http://ssrn.com/abstract=1671723.
Elliot, R. K., and Jacobson, P. D.. 1994. Costs and benefits of business information disclosure. Accounting Horizon (December): 80-96.
Eng, L. L., and Mak, T. T. 2003. Corporate governance and voluntary disclosure. Journal of Accounting and Public Policy 22: 325-345.
Engel, E., Hayes, R. M., & Wang, X. 2003. CEO turnover and properties of accounting information. Journal of Accounting and Economics 36(1): 197-226.
Fama, E. F. 1980. Agency Problems and the Theory of the Firm. The Journal of Political Economy 88(2): 288-307.
Farewell, S. M. 2006. An Introduction to XBRL through the Use of Research and Technical Assignments. Journal of Information Systems 20(1): 161-185.
Gray, G. L., and Miller, D. W. 2009. XBRL: Solving real-world problems. International Journal of Disclosure and Governance 6: 207-223.
Healy, P. M., and Palepu, K.G. 2001. Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics 31(1-3): 405-440.
Hodge, F., Kennedy J., and Maines, L. 2004. Does search-facilitating technology improve the transparency of financial reporting?. The Accounting Review 79(3): 687-703.
Hoffman, C., and C. Strand. 2001. XBRL Essentials. New York, NY: AICPA.
Holthausen, R. W., & Larcker, D. F. 1996. The financial performance of reverse leveraged buyouts. Journal of Financial Economics 42(3): 293-332.
Hochberg, Y. V., & Lindsey, L. 2010. Incentives, targeting, and firm performance: An analysis of non-executive stock options. Review of Financial Studies 23(11): 4148-4186.
Jensen, M. C., and Meckling, W. H. 1976. Theory of the firm：Managerial behavior, agency cost and ownership structure. Journal of Financial Economics, 3(4): 305-360.
Jensen, M. C. 1993, The Modern Industrial Revolution, Exit and the Failure of Internal Control Systems. Journal of Finance 48(3):831-880.
Kaplan, S., and Minton, B., 1994. Appointments of outsiders to Japanese boards: Determinants and implications for managers. Journal of Financial Economics 36:225-257.
Kernan, K. 2008. XBRL around the world. Journal of Accountancy 206(4): 62-66.
Kang, J. K., and Shivdasani, A. 1995. Firm performance, corporate governance, and top executive turnover in Japan. Journal of Financial Economics 38(1): 29-58.
Kiel, G. C. and G. J. Nicholson. 2003. Board compositiona and corporate Performance: how the Australian experience informs contrasting theories of corporate governance. Corporate Governance 11:189-205.
Kirca, A. H., Hult, G. T. M., Roth, K., Cavusgil, S. T., Perry, M., Akdeniz, M. B., Deligonul, S., Mena, J. A., Pollitte, W. A., Hoppner, J. J., Miller, J. C., & White, R. C. 2011. Firm specific assets, multinationality, and financial performance: a meta-analytic review and theoretical integration. The Academy of Management Journal 54(1): 47-72.
Li, Y., Roge’, J. N., Rydl, L., and Crews, M. 2006. Information technology addresses transparency: The potential effects of XBRL on financial disclosure. Issues in Information Systems, 2: 241-245.
Lee, J. 2009. State owned enterprises in China: Reviewing the evidence. OECD Working Group on Privatisation and Corporate Governance of State Owned Assets, OECD.
Lensink, R., and van der Molen, R. 2010. Does group affiliation increase firm value for diversified groups: New evidence from Indian companies. Journal of Empirical Finance 17(3):332-344.
Leung, S., and Hu, F. 2011. Top management turnover, firm performance and government control: Evidence from China`s listed state-owned enterprises. The International Journal of Accounting, in press.
McDonald, M. L., Khanna, P., and Westphal, J. D. 2008. Getting them to think outside the circle: Corporate governance, CEOs` external advice networks, and firm performance. The Academy of Management Journal 51(3): 453-475.
Morck, R., A. Shleifer, and R. W. Vishny. 1988. Management ownership and market valuation: An empirical analysis. Journal of Financial Economics 20:293-315.
Myers, S. C., and N. S. Majluf. 1984. Corporate financing and investment decisions: When firms have information that investors do not have. Journal of Economics 13(2): 187-221.
Piotroski, J. D., Wong, T. J., and Zhang, T. 2010. Political Incentives to Suppress Negative Financial Information: Evidence from State-controlled Chinese Firms.
Weber, R. A. 2003. XML, XBRL, and the future of business and business reporting. http://web.bryant.edu/~xbrl/Monograph.htm
Peng, E. Y., Shon, J., and Tan, C. 2011. XBRL and Accruals: Empirical Evidence from China. Accounting Perspectives 10(2): 109-138.
Petersen, M. A. 2009. Estimating standard errors in finance panel data sets: Comparing approaches. Review of Financial Studies 22(1): 435-480.
Pound, J. 1988. Proxy contests and the efficiency of shareholder oversight. Journal of Financial Economics 20: 237-265.
Premuroso, R. F., and Bhattacharya, S. 2008. Do early and voluntary filers of financial information in XBRL format signal superior corporate governance and operating performance?. International Journal of Accounting Information Systems 9(1): 1-20.
Siegel, P. A., & Hambrick, D. C. 2005. Pay disparities within top management groups: Evidence of harmful effects on performance of high-technology firms. Organization Science 16(3): 259-274.
Tuggle,C. S., Sirmon, D. G., Reutzel, C. R., & Bierman, L. 2010. Commanding board of director attention: Investigating how organizational performance and CEO duality affect board members’ attention to monitoring. Strategic Management Journal 31(9): 946-968.
Wu, W., Wu, C., Zhou, C., and Wu, J. 2011. Political connections, tax benefits and firm performance: Evidence from China. Journal of Accounting and Public Policy, in press.
Zhang, L., and S. Ding. 2006. The effect of increased disclosure on cost of capital: Evidence from China. Review of Quantitative Finance and Accounting 27 (4): 383-401.
Zou, H., and Adams, M. B. 2008. Corporate ownership, equity risk and returns in the People’s Republic of China. Journal of International Business Studies 39: 1149-1168.
描述 碩士
國立政治大學
會計研究所
99353029
100
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0099353029
資料類型 thesis
dc.contributor.advisor 諶家蘭zh_TW
dc.contributor.author (Authors) 文經堯zh_TW
dc.creator (作者) 文經堯zh_TW
dc.date (日期) 2011en_US
dc.date.accessioned 3-Dec-2012 11:21:39 (UTC+8)-
dc.date.available 3-Dec-2012 11:21:39 (UTC+8)-
dc.date.issued (上傳時間) 3-Dec-2012 11:21:39 (UTC+8)-
dc.identifier (Other Identifiers) G0099353029en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/56301-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計研究所zh_TW
dc.description (描述) 99353029zh_TW
dc.description (描述) 100zh_TW
dc.description.abstract (摘要) 為改善資訊揭露環境，並增進上市公司的資訊透明度，上海證券交易所在2004年起對所有上市公司強制實施XBRL財務報導格式，本研究檢驗強制實施XBRL財務報導格式對於公司經營績效之影響，以上海證券交易所上市公司為研究對象，研究期間為2003年至2010年，並考慮中國國有企業的特色，將樣本公司分為國有企業與民營企業，分別檢視強制實施XBRL財務報導格式對其經營績效之影響。基於中國國有企業之組織特性，本研究假設僅有民營企業可獲益於強制實施XBRL財務報導格式，並因此提升經營績效。實證結果顯示，確實僅有民營企業獲得XBRL財務報導的效益，在強制實施XBRL財務報導格式後經營績效提升，但由於組織特性的關係，強制實施XBRL財務報導格式的預期效益並未顯現在國有企業，對中國國有企業來說，資訊透明度與外部監督的提升不足以解決其經營上之代理問題。zh_TW
dc.description.tableofcontents 第壹章 緒論 8
一、研究動機與目的 8
二、研究問題 10
三、研究流程 11
四、論文章節架構 13
第貳章 文獻探討 14
一、XBRL之沿革與技術 14
二、XBRL之應用與發展 18
三、XBRL與經營績效之關聯 27
四、中國企業環境 29
第參章 研究方法 31
一、假說發展 31
二、資料來源與樣本選取 34
三、實證模型與變數衡量 35
第肆章 實證結果與分析 42
一、樣本描述 42
二、基本敘述統計結果 43
三、Pearson相關係數分析 55
四、主要迴歸分析結果 57
五、穩固性測試 71
第伍章 結論與建議 75
一、研究結論 75
二、研究限制與研究建議 77
參考文獻 79		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0099353029en_US
dc.subject (關鍵詞) 可延伸商業報導語言zh_TW
dc.subject (關鍵詞) 中國國有企業zh_TW
dc.subject (關鍵詞) 經營績效zh_TW
dc.subject (關鍵詞) 財務報導zh_TW
dc.subject (關鍵詞) 資訊揭露zh_TW
dc.subject (關鍵詞) 資訊透明度zh_TW
dc.subject (關鍵詞) eXtensible Business Reporting Language (XBRL)en_US
dc.subject (關鍵詞) State-owned-enterprise (SOE)en_US
dc.subject (關鍵詞) Firm Performanceen_US
dc.subject (關鍵詞) Financial Reportingen_US
dc.subject (關鍵詞) Information Disclosure, Information Transparencyen_US
dc.title (題名) 中國上市公司強制實施XBRL財務報導格式對於經營績效之影響 –中國國有企業觀點zh_TW
dc.title (題名) The Mandatory Adoption of XBRL and The Firm Performance – Evidence from the State-owned Enterprises in Chinaen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) Adams, R., Almeida, H., and Ferreira, D. 2005. Powerful CEOs and their impact on corporate performance. Review of Financial Studies 18(4): 1403-1432.
Apostolou, A. K., and Nanopoulos, K. A. 2009. Interactive financial reporting using XBRL: An overview of the global markets and Europe. International Journal of Disclosure and Governance 6: 262-272.
Bacon, J. 1973. Corporate Directorship Practices: Membership and Committees of The Board. New York: The Conference Board.
Beaver, W. H. 1998. Financial Reporting: An Accounting Revolution. New Jersey: Prentice-Hall.
Bennedsen,M., Kongsted, H. C., and Nielsen, K. M. 2008. The causal effect of board size in the performance of small and medium-sized firms. Journal of Banking & Finance 32(6): 1098-1109.
Bergeron, B. 2003. Essentials of XBRL: Financial Reporting in the 21st Century. Hoboken: John Wiley & Sons, Inc.
Boritz, J. E., and No, W. G. 2008. The SEC`s XBRL Voluntary Filing Program on EDGAR: A case for quality assurance. Current Issues in Auditing 2 (2):A36-A50.
Botosan, C. A., and M. Plumlee. 2002. A Re-examination of Disclosure Level and the Expected Cost of Equity Capital. Journal of Accounting Research 40(March): 21-40.
Boyd, B. 1994. Board Control and CEO Compensation. Strategic Management Journal 15 (5):335-344.
Brickley, J.A., Lease, C. W., and Smith, Jr. 1988. Ownership structure and voting on antitakeover amendments. Journal of Financial Economics 20：267-291.
Chang,S., and Jarvenpaa,S. 2005. Pace of Information Systems Standards Development and Implementation: The Case of XBRL. Electronic Markets 15(4): 365-377.
Chen,G., Firth, M., and Xu, L. 2009. Does the type of ownership control matter? Evidence from China’s listed companies. Journal of Banking & Finance 33: 171–181.
Cheng, S., Evans, J. H., and Nagarajan, N. J. 2008. Board Size and Firm Performance: The Moderating Effects of the Market for Corporate Control. Review of Quantitative Finance and Accounting 31:121-145.
Chung, K. H., and Hoje, J. 1996. The impact of security analysts’ monitoring and marketing functions on the market value of firms. Journal of Financial and Quantitative Analysis 31(December): 493-512.
Cohen, E. E., Schiavina, T., and Servais, O. 2005. XBRL: The standardised business language for 21st century reporting and governance. International Journal of Disclosure and Governance, 2:368-394.
Cox, C. (2005). Address to the 12th XBRL International Conference. http://www.sec.gov/news/speech/spch110705cc.htm
Cui, L., and Jiang, F. 2012. State ownership effect on firms’ FDI ownership decisions under institutional pressure: A study of Chinese outward-investing firms. Journal of International Business Studies. Advance online publication. doi: 10.1057/jibs.2012.1.
Davis, C. 2010. China leads the XBRL revolution. Accountancy Futures 68-70.
Dayton, K. 1984. Corporate governance: The other side of the coin. Harvard Business Review 62(1): 34-37.
Dewan, S. and Ren, F. 2011. Information technology and firm boundaries: Impact on firm risk and return performance. Information Systems Research 22(2): 369-388.
Efendi, J., Park, J. D., and Subramaniam, C. 2010. Do XBRL Reports Have Incremental Information Content? – An Empirical Analysis. Working Paper, Available at SSRN: http://ssrn.com/abstract=1671723.
Elliot, R. K., and Jacobson, P. D.. 1994. Costs and benefits of business information disclosure. Accounting Horizon (December): 80-96.
Eng, L. L., and Mak, T. T. 2003. Corporate governance and voluntary disclosure. Journal of Accounting and Public Policy 22: 325-345.
Engel, E., Hayes, R. M., & Wang, X. 2003. CEO turnover and properties of accounting information. Journal of Accounting and Economics 36(1): 197-226.
Fama, E. F. 1980. Agency Problems and the Theory of the Firm. The Journal of Political Economy 88(2): 288-307.
Farewell, S. M. 2006. An Introduction to XBRL through the Use of Research and Technical Assignments. Journal of Information Systems 20(1): 161-185.
Gray, G. L., and Miller, D. W. 2009. XBRL: Solving real-world problems. International Journal of Disclosure and Governance 6: 207-223.
Healy, P. M., and Palepu, K.G. 2001. Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics 31(1-3): 405-440.
Hodge, F., Kennedy J., and Maines, L. 2004. Does search-facilitating technology improve the transparency of financial reporting?. The Accounting Review 79(3): 687-703.
Hoffman, C., and C. Strand. 2001. XBRL Essentials. New York, NY: AICPA.
Holthausen, R. W., & Larcker, D. F. 1996. The financial performance of reverse leveraged buyouts. Journal of Financial Economics 42(3): 293-332.
Hochberg, Y. V., & Lindsey, L. 2010. Incentives, targeting, and firm performance: An analysis of non-executive stock options. Review of Financial Studies 23(11): 4148-4186.
Jensen, M. C., and Meckling, W. H. 1976. Theory of the firm：Managerial behavior, agency cost and ownership structure. Journal of Financial Economics, 3(4): 305-360.
Jensen, M. C. 1993, The Modern Industrial Revolution, Exit and the Failure of Internal Control Systems. Journal of Finance 48(3):831-880.
Kaplan, S., and Minton, B., 1994. Appointments of outsiders to Japanese boards: Determinants and implications for managers. Journal of Financial Economics 36:225-257.
Kernan, K. 2008. XBRL around the world. Journal of Accountancy 206(4): 62-66.
Kang, J. K., and Shivdasani, A. 1995. Firm performance, corporate governance, and top executive turnover in Japan. Journal of Financial Economics 38(1): 29-58.
Kiel, G. C. and G. J. Nicholson. 2003. Board compositiona and corporate Performance: how the Australian experience informs contrasting theories of corporate governance. Corporate Governance 11:189-205.
Kirca, A. H., Hult, G. T. M., Roth, K., Cavusgil, S. T., Perry, M., Akdeniz, M. B., Deligonul, S., Mena, J. A., Pollitte, W. A., Hoppner, J. J., Miller, J. C., & White, R. C. 2011. Firm specific assets, multinationality, and financial performance: a meta-analytic review and theoretical integration. The Academy of Management Journal 54(1): 47-72.
Li, Y., Roge’, J. N., Rydl, L., and Crews, M. 2006. Information technology addresses transparency: The potential effects of XBRL on financial disclosure. Issues in Information Systems, 2: 241-245.
Lee, J. 2009. State owned enterprises in China: Reviewing the evidence. OECD Working Group on Privatisation and Corporate Governance of State Owned Assets, OECD.
Lensink, R., and van der Molen, R. 2010. Does group affiliation increase firm value for diversified groups: New evidence from Indian companies. Journal of Empirical Finance 17(3):332-344.
Leung, S., and Hu, F. 2011. Top management turnover, firm performance and government control: Evidence from China`s listed state-owned enterprises. The International Journal of Accounting, in press.
McDonald, M. L., Khanna, P., and Westphal, J. D. 2008. Getting them to think outside the circle: Corporate governance, CEOs` external advice networks, and firm performance. The Academy of Management Journal 51(3): 453-475.
Morck, R., A. Shleifer, and R. W. Vishny. 1988. Management ownership and market valuation: An empirical analysis. Journal of Financial Economics 20:293-315.
Myers, S. C., and N. S. Majluf. 1984. Corporate financing and investment decisions: When firms have information that investors do not have. Journal of Economics 13(2): 187-221.
Piotroski, J. D., Wong, T. J., and Zhang, T. 2010. Political Incentives to Suppress Negative Financial Information: Evidence from State-controlled Chinese Firms.
Weber, R. A. 2003. XML, XBRL, and the future of business and business reporting. http://web.bryant.edu/~xbrl/Monograph.htm
Peng, E. Y., Shon, J., and Tan, C. 2011. XBRL and Accruals: Empirical Evidence from China. Accounting Perspectives 10(2): 109-138.
Petersen, M. A. 2009. Estimating standard errors in finance panel data sets: Comparing approaches. Review of Financial Studies 22(1): 435-480.
Pound, J. 1988. Proxy contests and the efficiency of shareholder oversight. Journal of Financial Economics 20: 237-265.
Premuroso, R. F., and Bhattacharya, S. 2008. Do early and voluntary filers of financial information in XBRL format signal superior corporate governance and operating performance?. International Journal of Accounting Information Systems 9(1): 1-20.
Siegel, P. A., & Hambrick, D. C. 2005. Pay disparities within top management groups: Evidence of harmful effects on performance of high-technology firms. Organization Science 16(3): 259-274.
Tuggle,C. S., Sirmon, D. G., Reutzel, C. R., & Bierman, L. 2010. Commanding board of director attention: Investigating how organizational performance and CEO duality affect board members’ attention to monitoring. Strategic Management Journal 31(9): 946-968.
Wu, W., Wu, C., Zhou, C., and Wu, J. 2011. Political connections, tax benefits and firm performance: Evidence from China. Journal of Accounting and Public Policy, in press.
Zhang, L., and S. Ding. 2006. The effect of increased disclosure on cost of capital: Evidence from China. Review of Quantitative Finance and Accounting 27 (4): 383-401.
Zou, H., and Adams, M. B. 2008. Corporate ownership, equity risk and returns in the People’s Republic of China. Journal of International Business Studies 39: 1149-1168.		zh_TW