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从2010年开始,中国证监会强制要求所有的基金公司摈弃PDF作为信息披露的格式,而统一采用XBRL作为唯一的披露语言。这种信息披露方式的技术进步对开放式基金经理人的风险承担究竟有何影响?基于此,本文采用中国开放式基金的数据,考察XBRL的强制采用对基金经理人风险承担的影响。研究结果表明:采用XBRL之后,在以规避失业风险为主导的熊市中,与绩效排名靠前的基金经理人相比,排名靠后的基金经理人更倾向于规避风险;反之,在以薪酬激励为主导的牛市中,与绩效排名靠前的基金经理人相比,排名靠后的基金经理人更倾向于追求风险。本研究结论得到的启示是,信息披露的技术进步有助于提升市场的资源配置效率。
Since 2010, CSRC has mandated that all fund companies should abandon PDFs as a form of information disclosure and adopt XBRL as the sole disclosure language. Based on this, this paper uses the data of China’s open-end funds to examine the impact of the mandatory adoption of XBRL on the risk-taking of fund managers. The research results show that after adopting XBRL, in the bear market dominated by avoiding the unemployment risk, the rank-behind fund managers are more inclined to hedge their risk than the top-performing fund managers. On the contrary, As the leading bull market, the fund managers ranked lower than the top performing fund managers tend to pursue the risk. The enlightenment obtained from the conclusion of this research is that the technological progress of information disclosure helps to improve the resource allocation efficiency in the market.