中國上市公司人力資源市場信息披露【外文翻譯】

1、<p><b>　　外文翻譯</b></p><p><b>　　原文</b></p><p>　　The market reaction on the human resources information disclosure in Chinese listed companies</p><p>　　Mat

2、erial Source: May 2010, Vo1.6, No.5(Serial No.60), Journal of Modern Accounting and Auditing, ISSN 1548—6583, USA</p><p>　　Author:Zhou Xian hua, Han Wei, Wang Yu zhou</p><p>　　Introduction</p

3、><p>　　As a significant unpact on the development of enterprises factors of production,Human resources play an important role in the capital market.Stakeholders need to timely control its value in order to incr

4、ease the corporate competence.Relevant institutions on China’s investors analyzed the survey conducted of the listed companys,accounting information and the results showed that 90.00%of the institutional investors and 77

5、.27%of individuai investors need to make investment decisions based on the hu</p><p>　　On February 2006,China has promulgated a new Accounting Standards for Business Enterprise.It clearly regulates the scope

6、 of workers pay and content of the disclosure in the guidelines for the first time.On the bases of systemically regulate the establishment of the enterprises and their employees in the employment relationship between the

7、 payment.The promulgation of the new guidelines unified the workers pay disclosure principle:standardize the scope and content of the disclosure clearly.This is</p><p>　　However,the current human resources i

8、nformation on the disclosure limited only to the basic information ofcompany directors,senior management staff,the establishment of professional and monitor’s salary,these are far from enough.The qualities of the technol

9、ogist also play a decisive role for the company’s development.The overall structure of staf,performance assessment information and labor productivity also deeply afect the company’s development.This useful information di

10、sclosed in the current </p><p>　　Based on the above background,companies’management should clear the importance of human resources information,and find out some key indicators which have more impact on the m

11、arket.In accordance with these indicators,managements should exclude the obstacles of disclosure and make sure that the investors can get this information precisely and timely.Therefore they can not only improve the tran

12、sparency of the company to reduce the occurrence of asymmetric information,but also encourage the companie</p><p>　　Prior researches</p><p>　　In the importance of human resources information,Chi

13、nese scholars generally recognized human resources inform ation on the important role of the capital market,but only from the perspective of theoretical analysis.Through the empirical analysis of the survey,many scholars

14、 find out the conclusions that the information plays an important role ,and the conclusion drawn earlier than domestic scholars.</p><p>　　Some researches of voluntary disclosure of info rmation on human reso

15、urces are relatively early.In North America,human resources inform ation disclosure is voluntary in the company under the premise,therefore,a long time ago there are scholars of this information is disclosed for conducti

16、ng studies.The major difference between foreign and domestic research on the area is that foreign scholars pay more attention on empirical studies.</p><p>　　Wallman (1996) studies show that the general finan

17、cia1 statements are short of severa1 important measurement and disclosure of financia1information,including human resources information (Polinsky& Shavell, 2007). Petty & Guthrie (2000), Flamholtz,Mouritsen(1998)

18、& Johanson(1997)studies show that few companies use the model and make full use of the concept to measure human resources in the company’s annual report.Bukh’s(2003) studied the development of industry and the report

19、 of human resources in</p><p>　　In this area of research,scholars have different research directions.but it is worth noting that.the country’S less empirical research literature.W ith the use of new accounti

20、ng standards.statements of listed companies will gradually pay much attention on its human resources disclosure of information,but this information can not achieve m uch information for users.Therefore,in this area.there

21、 are still a lot of researches to do.</p><p>　　Research design and valuation model</p><p>　　Industry analysis</p><p>　　The importance of human resources information is various in di

22、fferent industries,because the content of knowledge in the industry is different.However,in the same industry,enterprises have similar type of their structural and similar level of knowledge,so most research of empirical

23、 human resources information is focus on the same industry(Gunnar,2004).These study focuses on the technology industry which full of acknowledge and do empirical analysis in this area.The characteristics of information&l

24、t;/p><p>　　Human resources info rmation industry has obvious common characteristics,such as the use of high-tech industries with higher levels of human resources,but the use of traditional manufacturing industr

25、ies is lower,so we select an industry for Empirical Analysis,the analysis results are more representative and have higher accuracy.</p><p>　　In this paper,the author selected a sample of industries for the S

26、hanghai Stock Exchange and Shenzhen Stock Exchange listed companies of the information technology industry,including computer-related equipment manufacturing industry,the communications and related equipment m anufacturi

27、ng industry,the communications industry,comm unication services,computer services,radio and television equipment manufacturing industry,and other computer application services.</p><p>　　Price to book ratio(P

28、/B):Enterprise market value divided by shareholder’s equity after deducting dividend Special Unit fo r the net.M arket value refers to the end of the year on the company’s shares multiplied by the number of the outstandi

29、ng ordinary Unit(LU,2002).The formula is as follows:</p><p>　　P/B=NO *SP/VOS (1)</p><p>　　Where,NO means number of outstanding.SP stands for the share price and VOS equals t

30、o the book value of ordinary shares.</p><p>　　The value of the intangible assets in the company usually is measured by price difference between market value and the book value.Big companies and small compani

31、es’assets differences can be significant when using this method of calculation.Therefore,in order to reduce the impact of the size in company,the author used the Price to book ratio(P/B)as the measure to calculate the co

32、mpanies’true value.When the market price is higher than book price(P/B>1)it shows that the company has off-the-book int</p><p>　　The main purpose of this study is to test the value of variables which have

33、 a significant impact in the financial statements and annual reports of any enterprise.After reference to the relevant literature,this study selects the sample of companies which disclose the indicators consistently.<

34、/p><p>　　In this study,the author selected 10 human resources indicators,namely the average age of employee,professional ratio,average pay of employee,and ratio of salary costs,average profit margin ratio,avera

35、ge assets,average managem ent fee,disclosure of talent development program information,pay policy disclosure and disclosure of executives’shareholdings.</p><p>　　The average age of employee is a factor which

36、 has impact with P/B.The value of human resources can study from the experience and ability of the staff,expertise,efi ciency and the level of potential capacity.Staff experience and learning ability can be seen from the

37、 average age.If the employee age and the value of enterprises have positive correlation,represent that the staf experience,expertise and the capacity have potential influence to the value of enterprises.If the average ag

38、e of employees </p><p>　　Professional ratio equals to the proportion of professionals.Prior research showed that professional knowledge and professional competence can be seen from the professional ratio.If

39、the professional ratio and market value of enterprises have a positive correlation,it represent that the professional knowledge and analytical skills may create a high value in the enterprise.</p><p>　　Avera

40、ge pay of employee suggested that there is a human capital value driver—staf salary(HAO,2003).Employees are important intangible assets in company,the company would encourage the employees to create more value through va

41、rious incentives,average annual salary of corporate employees is a direct return form s to the employees.W hen companies provide a higher salary to their employees,the company indicated that they pay much aUention on the

42、ir stafs,and also showed that companies are more solid </p><p>　　Ratio of salary costs reflects the increase of salary concom itant with the addition of net operating income.Researches showed that the eficie

43、ncy of the staf can be seen from the ratio of salary costs.The staf ratios of salary costs If the rate of salary costs showed a significant negative correlation with P/B,it shows that the industry has a higher labor cost

44、s,but fails to enhance the value of enterprises;if the two variables have a positive correlation,and has had a notable impact,companies ma</p><p>　　Average profit margin ratio Labor margin is another importa

45、nt indicator to measure the efi ciency of staf in company.Average profit margins ratios measure the results of their labor,that is,to create value for the company.This indicator reflects the eficiency of the staif,and al

46、so reflected whether the incentive system which is given by company is reasonable.If the employee’s average profit margins and showed a significantly positive correlation with the P/B,it means that the company have a goo

47、d</p><p>　　Average assets measures the fixed assets owned by each staf,if it shows a positive correlation with the P/B,it impact that the business value will increase by increase the fixed assets.An increase

48、 in fixed assets would increase the work efi ciency,and accelerate the accumulation of corporate value.If the two factors are negatively correlated,show that the increase of fixed assets may reduce the value of enterpris

49、es;the company has idle assets and failed to increase staf productivity.</p><p>　　Average management fee reflect the management fees which are spent on each employee.If it shows a positive correlation with P

50、/B,respect that the value of company will increase by increasing each employee’s management fees. Therefore,the author supposes that the average management fee will affect the corporate value.</p><p>　　The d

51、isclosure of talent development program information will show the importance of hum an resources in company.</p><p>　　If the enterprise has a good talent development plan,they will initiative to public this

52、information,because the investors would be more familiar with the technical talent enterprises.and know the future development of enterprise capabilities wel1 Therefore,the corresponding value of enterp rises will be inc

53、reased.</p><p>　　In a public annual report of listed company,some companies devoted to disclose the management staf and pay policy(Gunnar,2003).Companies pay policy reflects the perfection of the internal or

54、ganizations status.If companies have good pay policies,the company’s internal control mechanism is relatively mature,and organization and management capacity are also good.Similarly,when companies have a good rem unerati

55、on policy,they will disclose the detail of information initiatively in order to attract mo</p><p>　　Disclosure of executives’shareholdings shows the intension of a company in management.At present the capita

56、l market listed companies want to improve the managem ent of the business organization system and intensify the m anagement of enthusiasm,so the executives have realized holding shares.There are two reasons why the annua

57、l report didn’t disclose the executives’shareholding policy,one is the company didn’t have this policy yet;Another is the company unwilling to disclosure .Theoretically,the </p><p>　　Empirical research and m

58、odel design</p><p>　　This study will use the listed company’s annual report and financial statements to do the empirical research,the selected areas are inform ation technology industries.130 listed companie

59、s in 2006 have been selected as the sample,and the author released the companies which are not disclosed well,the samples were chosen on 76.</p><p>　　In this study,the author analyzed the selected variables

60、and find out the relationship with P/B.</p><p>　　The general valuation modal is the following:</p><p>　　Y=α0 +α1 X1+ α2X2+ α3X3+…+ αnXn+ε(2)</p><p>　　W here.Y is p/b;is the human re

61、sources variables and an error term .</p><p>　　Conclusion</p><p>　　The results show that the average age of employees,professional proportion,the average assesses andexecutives shareholdings hav

62、e no significant impact on P/B.The industry statistics revealed no significant impact between average age and P/B because each group of age has its own advantages.</p><p>　　This advantage makes information u

63、sers can not use the same criteria to evaluate the factors on the business value of responses.Theoretically,professional proportion has a positive correlation with the company’s P/B,but the statistics show that if is not

64、 significant indicators in this area.The reasons may be that the author selected the variable in a large confine and the author can’t define it clearly.The average assess also didn’t have a significant impact because the

65、 sample area is technology</p><p>　　Other indicators variables:The staf salaries costs,average profit margins rate,the average m anagement fees,personnel development plan and the disclosure of remuneration p

66、olicy have significant impact with P/B,this result match with our hypothesis.Average profit margin ratio showed a positive correlation between with P/B.Enterprises have good incentive systems for stafl~the staffs can max

67、imize their ability for the company to create the greatest value.The average management fees showed a signifi</p><p>　　The average staf salary indicators in the analysis associated with a number of indicator

68、s significantly.In order to reduce the impact from Co linearity,the author removed this variable.In theory,employees are important intangible assets in company,the company would encourage the employees to create more val

69、ue through various incentives,and this factor is one of the most important factors.W hen companies provide a higher salary to their employees,the company indicated that they pay much attention</p><p><b&g

70、t;　　譯文</b></p><p>　　中國上市公司人力資源市場信息披露</p><p>　　資料來源:現(xiàn)代會計和審計[J]．[美]．2010(5)，6卷，第5期，ISSN 1548—6583</p><p>　　作者：周先華，韓偉，王宇洲</p><p><b>　　摘要</b></p>&

71、lt;p>　　作為一個重大的影響放在了企業(yè)發(fā)展的生產(chǎn)要素，人力資源發(fā)揮更加重要的作用市場。利益相關(guān)者需要及時資本控制它的價值從而提高企業(yè)權(quán)限。有關(guān)機(jī)構(gòu)在中國投資者的角度分析了上市公司的調(diào)查，會計信息系統(tǒng)設(shè)置和結(jié)果表明，機(jī)構(gòu)投資者和77.27%到90.00%的個人投資者需要做出投資決策的基礎(chǔ)上，人力資源信息(2001)。企業(yè)利益相關(guān)者，人力資源的需求信息重要信息，但最近它尚未形成一個有約束力的制度化的公司信息披露陳述。</p&

72、gt;<p>　　在2006年2月，中國頒布了新的會計準(zhǔn)則，固定的業(yè)務(wù)范圍清楚地調(diào)節(jié)移工付和內(nèi)容的信息披露方面的指導(dǎo)方針的基礎(chǔ)上，在系統(tǒng)規(guī)范的確立企業(yè)及其員工勞動關(guān)系的新指導(dǎo)方針支付。這頒布統(tǒng)一的移工付披露原則：規(guī)范的范圍和內(nèi)容披露清楚。這是一個非常重要的一步變換的人力資源信息披露模式(2001)。</p><p>　　然而，當(dāng)前人力資源信息的披露限于基本信息的公司董事、高級管理人員，建立專業(yè)和監(jiān)控

73、的薪水，這絕非真是品質(zhì)的技術(shù)人員也起到了決定性的作用，為公司的發(fā)展職員的總體構(gòu)架、績效考核信息和勞動生產(chǎn)率也深深影響公司的發(fā)展有用的信息披露在當(dāng)前是非強(qiáng)制性；公司可以選擇的信息披露義務(wù)根據(jù)自己的情況，因此，在2001的年度報告上市公司，這種缺乏可比性的信息往往難以滿足要求的用戶的信息。</p><p>　　基于上述背景，公司應(yīng)該清楚管理人力資源信息的重要性，并找出一些關(guān)鍵指標(biāo)有更多的影響，根據(jù)這些指標(biāo)的市場管理應(yīng)

74、該排除障礙的信息披露要求并確保投資者可以得到這個信息精確、及時。因此他們不僅可以提高透明度的企業(yè)減少信息不對稱的發(fā)生，但同時也鼓勵自愿披露信息的公司的人力資源和改善公司的形象和它的市場中重要的位置。</p><p><b>　　現(xiàn)有的研究工作</b></p><p>　　在人力資源信息的重要性，中國學(xué)者公認(rèn)的人力資源信息的重要作用，但只是從資本市場理論的角度進(jìn)行的實(shí)證

75、分析變換分層的調(diào)查發(fā)現(xiàn)，很多學(xué)者的結(jié)論和得出的結(jié)論早于國內(nèi)學(xué)者。</p><p>　　一些研究定額自愿性信息披露的信息對人力資源相對早，在北美、人力資源信息披露是自愿在公司的前提之下，因此，很久以前有學(xué)者的信息被披露進(jìn)行概述國外和國內(nèi)的主要區(qū)別是，研究該地區(qū)的外國學(xué)者的實(shí)證研究的重視。</p><p>　　渥爾曼(1996)的研究表明，一般金融報表所缺少的是幾個重要的計量和披露的信息，包括

76、人力資源金融信息。薩維爾?波林斯基（2007年）。佩蒂?加(2000)，弗拉姆豪茨(1999)，和約翰遜(1997)的研究表明，一些公司使用模型，充分利用現(xiàn)有的概念來衡量人力資源在該公司的年度報告。研究工業(yè)的發(fā)展和人力資源信息的報告結(jié)果顯示，決定人力資源信息的標(biāo)準(zhǔn)化的信息披露，以滿足投資者的需求。也進(jìn)行了有益的探索和發(fā)現(xiàn)，其中27個指標(biāo)的需求信息進(jìn)行投資，人力資源信息扮演著一個重要的角色。</p><p>　　在

77、這一領(lǐng)域的研究，學(xué)者不同的研究方向。但值得注意的是這些實(shí)證研究國家的少的使用文獻(xiàn)。為上市公司的新會計標(biāo)準(zhǔn)。報告將逐漸重視其人力資源信息披露的信息，但是這些信息不一定能達(dá)到使用。因此在這個領(lǐng)域建立的研究也有很多要做的事情。</p><p><b>　　研究設(shè)計和評估模型</b></p><p><b>　　行業(yè)分析</b></p>&

78、lt;p>　　人力資源信息的重要性是在不同的行業(yè)，因?yàn)楦鞣N各樣的內(nèi)容是不同。然而知識在行業(yè)，在同行業(yè)中，企業(yè)得到相似類型的結(jié)構(gòu)性和類似的知識水平，所以大多數(shù)人力資源信息系統(tǒng)的實(shí)證研究主要集中在替補(bǔ)席上，同一行業(yè)(2004)。這些研究主要集中于信息技術(shù)行業(yè)充分的承認(rèn)和做實(shí)證分析信息技術(shù)產(chǎn)業(yè)領(lǐng)域的特點(diǎn)是不同的傳統(tǒng)產(chǎn)業(yè)，形成鮮明對比的是，除了有形資產(chǎn)，他們注意的發(fā)展、管理和練習(xí)。因此無形資產(chǎn)，傳統(tǒng)的金融會計報表，通常都不恰當(dāng)?shù)胤从吃谛畔?/p>

79、技術(shù)行業(yè)的真實(shí)價值，導(dǎo)致所提供的資料不足的現(xiàn)象。</p><p>　　人力資源信息模擬產(chǎn)業(yè)具有明顯的共性特征，如使用高新技術(shù)產(chǎn)業(yè)和高水平的人力資源，但是用傳統(tǒng)制造業(yè)的較低，所以我們選擇了一個產(chǎn)業(yè)實(shí)證分析，分析結(jié)果是比較有代表性的，并有較高的精度。</p><p>　　在本文中，筆者選定一個樣本的行業(yè)對上海證券交易所和深圳證券交易所上市公司信息技術(shù)工業(yè)，包括計算機(jī)相關(guān)設(shè)備制造業(yè)、通訊及相關(guān)設(shè)

80、備制造業(yè)行業(yè)、通訊行業(yè)，電腦服務(wù)、收音機(jī)和電視設(shè)備制造業(yè)，和其他電腦應(yīng)用服務(wù)。</p><p>　　無形資產(chǎn)的價值在公司通常是通過測量市場價值和價格差異的書值。大公司和小公司資產(chǎn)差異可顯著計算。因此當(dāng)使用這個方法，以減少的影響大小，作者用在公司的價格調(diào)整的書比(P / B)測度計算公司真實(shí)價值。當(dāng)市場報價高于書的價格(P / B > 1)它顯示該公司已帳外無形資產(chǎn)。當(dāng)市場報價低于書的價格(P / B <

81、;1)，結(jié)果顯示，該公司已不入賬這兩個價格債務(wù)。當(dāng)?shù)刃?，公司是具有相同的值在市場和書，它沒有任何帳外無形資產(chǎn)和負(fù)債。</p><p>　　P／B=NO *SP／VOS (1)</p><p>　　本研究主要目的是測試的價值有重大影響的變量在財務(wù)報表和年度報告的任何詳細(xì)參考相關(guān)文獻(xiàn)，本研究選取樣本公司的披露指標(biāo)具有一致性。</p>&l

82、t;p>　　在本研究中，作者選定了10個人力資源指標(biāo)，即員工的平均年齡比、平均工資、專業(yè)的員工的薪水比、成本、平均利潤率比、平均資產(chǎn)，一般管理費(fèi)用，披露耳鼻喉人才開發(fā)的程序信息披露和披露，支付政策股權(quán)高管。</p><p>　　員工的平均年齡是一個因素，它不僅影響，隨著P / b對人力資源價值可以從經(jīng)驗(yàn)和能力研究的人員，專業(yè)知識和水平的潛在能力。職員經(jīng)驗(yàn)和學(xué)習(xí)能力可以從平均年齡。如果該員工的年齡和企業(yè)價值的

83、有正相關(guān)，代表經(jīng)驗(yàn)、專業(yè)知識和能力的潛在影響的價值的平均年齡企業(yè)。當(dāng)員工和企業(yè)價值的表現(xiàn)出極顯著的負(fù)相關(guān)，那它就可以是員工的學(xué)習(xí)能力和創(chuàng)造性是更多的制片人看出。</p><p>　　專業(yè)的比例比等于專業(yè)人員。先前的研究表明，專業(yè)知識和專業(yè)能力可以從專業(yè)的專業(yè)比率。當(dāng)比和市場價值的企業(yè)有正相關(guān)，反映出來，專業(yè)的知識和分析技巧可以創(chuàng)造一種高價值的企業(yè)。</p><p>　　平均工資的員工建議有

84、一個人力資本價值薪水(2003)。雇員是重要的無形資產(chǎn)在企業(yè)，公司將鼓勵員工創(chuàng)造更多的價值，通過各種獎勵，公司員工平均年收入是直接申報表表格一名學(xué)生員工。公司可以提供較高的薪水給他們的員工，一些公司更雄厚的實(shí)力和性能，同時，公司的市場價值相對比較高。</p><p>　　工資成本的比率增加工資的反映了加入收入。研究表明，凈運(yùn)行效率的可以從損失。比率比工資率的工資成本如果工資的成本表現(xiàn)出極顯著的負(fù)相關(guān)性，而與P /

85、 B，這顯示了行業(yè)有著勞動力成本上升，但并沒有提高企業(yè)價值的；如果這兩個變量有正相關(guān)關(guān)系，并有了顯著的沖擊，企業(yè)可能提高的誘因來激勵員工它也將增加商業(yè)價值。</p><p>　　平均利潤率比勞動保證金是另一個重要的指標(biāo)來衡量的比率在公司。平均利潤率衡量的結(jié)果，他們的勞動，也就是說，要創(chuàng)造價值的公司。這效率的指標(biāo)反映了是否激勵制度是由公司給予合理。當(dāng)員工的平均利潤率有顯著的正相關(guān)關(guān)系，表明用P / B，這意味著該公

86、司有一個很好的激勵員工、可以最大限度地發(fā)揮各自的能力創(chuàng)造最大的價值。</p><p>　　平均資產(chǎn)措施所擁有的固定資產(chǎn)，如果它顯示出一種正面的相關(guān)性，而與P / B，它會沖擊將增加增加商業(yè)價值增加的固定資產(chǎn)。固定資產(chǎn)會增加其工作，并加速了積累的企業(yè)價值。當(dāng)兩種因素是顯著負(fù)相關(guān)，表明，增加固定資產(chǎn)可以減少企業(yè)價值的；公司擁有閑置資產(chǎn)和未能提高生產(chǎn)力。</p><p>　　平均管理費(fèi)用，反映了

87、管理費(fèi)用花在每個雇員。當(dāng)它顯示出一種正面的相關(guān)性，而與P / B、尊重，這將增加公司的價值，通過增加每個員工的管理費(fèi)用。因此，作者認(rèn)為，一般管理費(fèi)用將影響公司價值。</p><p>　　人才發(fā)展計劃的披露信息將顯示一個資源的重要性。如果企業(yè)具有良好的人才發(fā)展計劃，他們就會主動向公眾這一信息，因?yàn)橥顿Y者會更熟悉的技術(shù)人才企業(yè)。和知道未來企業(yè)的發(fā)展能力。因此，相應(yīng)的價值的上升將會有很大的提高。</p>

88、<p>　　在一個公共的年度報告中，對上市公司披露，一些公司致力于管理并支付政策。企業(yè)支付政策反映的完善公司內(nèi)部組織地位。當(dāng)有良好的支付政策，公司的內(nèi)部控制機(jī)制則相對比較成熟，組織和管理能力也是商品。同樣各公司有一個良好的快速政策，它們將會怎樣披露的細(xì)節(jié)信息主動為了吸引更多的人才加入公司的團(tuán)隊(duì)。</p><p>　　股權(quán)披露顯示高管的內(nèi)涵的一家公司在管理；目前資本市場上市公司要改善企業(yè)組織管理的系統(tǒng)花及

89、加強(qiáng)管理的積極性，那些公司高管們已經(jīng)意識到為兩個理由舉行的年度報告沒有披露公司高管們股權(quán)政策，一是公司還沒有這樣的政策；另一個是公司不愿意披露。理論上越多，公司提供了信息不對稱，這發(fā)生在市場。所以少披露政策有利于公司來增加他們的價值。</p><p>　　本研究將利用上市公司的年度報告和財務(wù)報表要做實(shí)證研究，在選擇的區(qū)域是信息技術(shù)行業(yè)。130家上市公司在2006年被選為樣本，作者發(fā)布了公司沒有透露好，樣本選擇在7

90、6歲。</p><p>　　在本研究中，作者分析了選變量之間的關(guān)系，找出了P / B。</p><p>　　模態(tài)的總體估值如下:</p><p>　　Y=α0 +α1 X1+ α2X2+ α3X3+…+ αnXn+ε (2)</p><p>　　Y是p / b；是人力資源的變量和一個錯誤的術(shù)語。</p><p>&

91、lt;b>　　結(jié)論</b></p><p>　　員工的平均年齡、職業(yè)的比例、平均評估無顯著影響股權(quán)P/B顯示沒有重大影響產(chǎn)業(yè)統(tǒng)計之間平均年齡和P/B，因?yàn)槊拷M的年齡都有它的長處。</p><p>　　這種優(yōu)勢使信息用戶不能用同樣的標(biāo)準(zhǔn)來評價因素對回應(yīng).理論上的商業(yè)價值，專業(yè)的比例已經(jīng)有正相關(guān)關(guān)系，與該公司的P/B，但統(tǒng)計數(shù)字表明，如果不是重要指標(biāo)，本文作者原因可能是在一個

92、大的變量選擇限制和作者不能給它下定義不僅平均評估也沒產(chǎn)生很大的影響，因?yàn)闃悠穮^(qū)是技術(shù)產(chǎn)業(yè)和知識資本存量的影響的一個重要任務(wù).所以前評估相對減少.這文章假設(shè)高管股權(quán)披露將使投資者了解的分布，并減少股票更好不對稱.然而程度的信息，我們的研究結(jié)果表明，該信息顯示并沒有明顯的相關(guān)性，而與回歸P/B.那里存在兩種情況的失敗:公司沒有他的政策，他們不想對這個信息.這披露信息不確定性使投資者不能做出正確的決策.影響不顯著。</p>&l

93、t;p>　　其他指標(biāo)變量:工資成本、平均利潤率率、平均管理費(fèi)用、人員發(fā)展規(guī)劃和披露的報酬政策有重要的影響，隨著P/B，這個結(jié)果符合我們的假設(shè).平均利潤呈正相關(guān)比率顯示與P/B.企業(yè)有良好的激勵機(jī)制為員工可以最大限度地發(fā)揮各自的能力，為公司創(chuàng)造最大的總評價值一般管理費(fèi)用顯示有顯著的正相關(guān)性，而與P/B公司企業(yè)價值可以增加伴隨著舉起來的.這原因是管理與管理工作的成本的增加，投資者可以看出，公司重視這個因素可以激勵和創(chuàng)造更多的價值為公司

94、.其他指標(biāo)表明，一些企業(yè)愿意披露人力資源信息以達(dá)到目的是為了吸引投資者和這個結(jié)論符合先前的研究。</p><p>　　平均工資指標(biāo)分析中有大量的相關(guān)指標(biāo)的影響，以減少對明顯在線性，作者從公司變量.在除去理論，員工是重要的無形資產(chǎn)在企業(yè)，公司將鼓勵員工創(chuàng)造更多的價值，通過各種獎勵，并且這個因素是其中一個最重要的因數(shù).公司可以提供較高的薪水給他們的員工，公司表示，他們在他們的關(guān)注，也顯示，一些公司更雄厚的實(shí)力和性能更