本研究以中國大陸2001至2007年於上海證券交易所之上市企業共98家，包括於2003年率先參與XBRL申報計畫之企業共49家，以及其他未採用XBRL申報財報之49家企業作為對照組進行實證分析，以探討中國大陸率先以XBRL格式申報財務資訊的企業群組，相較於非以XBRL格式申報之企業群組，是否企業對於採用XBRL之決策中會受到自身公司治理因素構成與表現影響，使率先採用之企業與非率先採用企業之公司治理因素有顯著之差異，並進一步探究各公司治理構面與採用XBRL之關連性。本研究於整理相關文獻後，根據國內外文獻之公司治理因素之評等架構，並將公司治理因素之變數分為董監事組成、股權結構、管理型態、與大股東介入股市等四個構面。 本研究之實證結果顯示，董監事組成、股權結構、管理型態與大股東介入股市構面皆對公司治理有整體或部份顯著的影響。以個別因素觀之，則發現監事規模、最大股東持股比、次大股東持股比、董事長與總經理是否兼任與大股東股權質押比具有顯著相關，代表監事規模越高，最大股東及次大股東持股比例越低，董事長與總經理兼任情形較高，或者股權質押比越低時，會增加企業率先採用XBRL申報財務資訊之可能性。 / This paper examines whether early and filers of financial information in XBRL format demonstrate superior corporate governance relative to their non-adopting peers. The corporate governance was composed of the composition of director and supervisor, ownership structure, administration style and pledge. Data of 98 listing companies from Shanghai Stock Exchange in China and nine corporate factors are used in our logistic regression model. The empirical analysis implies that board member structure, ownership structure, administration style and pledge -related factors have significant association with the adoption of XBRL in China.

本研究以中國大陸2003年所推動之XBRL自願申報計畫為例，探討率先以XBRL格式申報財務資訊之企業，相較於未率先申報之企業，其經營績效之表現是否較佳？並進一步檢視企業率先申報XBRL之行為與各經營績效層面之關聯性。研究樣本為2000年至2009年於上海證券交易所上市之90家公司，分為兩個群組：一組為參與自願申報計畫之公司共45家，另一組為未參與申報計畫之對照組。在經營績效之衡量部分，本研究依據國內外之文獻探討，將經營績效區分為五個衡量層面：長期償債能力、流動性、獲利能力、經營效率與成長力，並分別以負債比率、流動比率、純益率、股東權益報酬率、總資產週轉率與營收成長率等財務比率做為各層面之衡量指標。 本研究之實證結果顯示，負債比率、流動比率、純益率、股東權益報酬率與總資產週轉率皆呈現顯著相關，證明率先以XBRL格式申報財務資訊之企業群組，在長期償債能力、流動性、獲利能力與經營效率方面之表現皆優於對照組。期望此研究結果能提供資本市場一有用訊息，做為投資人形成投資決策時之參考。 / In 2003, Shanghai Stock Exchange of China promoted a program encouraging companies to voluntarily file financial information using XBRL format. This paper examines whether these early and voluntary filers of financial information in XBRL format demonstrate superior operating performance relative to their non-adopting peers. Samples of this study include 90 listed companies of Shanghai Stock Exchange from 2000 to 2009. Half of them are voluntary filers and the others are the non-adopting peers. The measure of operating performance is divided into five levels: long-term solvency, liquidity, profitability, operating efficiency and growth capacity. Debt ratio, current ratio, net profit margin, return on equity, total assets turnover and sales growth rate are used as the indicators of these measurement levels, respectively. The empirical results of this study show that debt ratio, current ratio, net profit margin, return on equity and total assets turnover are significant, which mean that early and voluntary filers of financial information in XBRL format have superior performance in long-term solvency, liquidity, profitability and operating efficiency. These findings should provide a useful message to the capital market, as investors concern when forming investment decisions.