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structural and similar level of knowledge, so most research of empirical 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 technology industry is different from traditional industries, contrast, in addition to tangible assets, they pay much attention on the development of
intangible assets, management and exercise. Therefore, traditional financial accounting statements are often not properly reflecting the information technology industry’s true value, and lead to the inadequate of information
provided by the phenomenon. Human resources information 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 industries is lower, so we select an industry for Empirical Analysis, the analysis results are more representative and have higher
accuracy. In this paper, the author selected a sample of industries for the Shanghai Stock Exchange and Shenzhen Stock
Exchange listed companies of the information technology industry, including computer-related equipment manufacturing industry, the communications and related equipment manufacturing industry, the communications
industry, communication services, computer services, radio and television equipment manufacturing industry, and other computer application services.
3.2 Hypothesis
Price to book ratio PB: Enterprise market value divided by shareholder’s equity after deducting dividend Special Unit for the net. Market value refers to the end of the year on the company’s shares multiplied by the
number of the outstanding ordinary Unit LU, 2002. The formula is as follows:
VOS SP
NO B
P =
1 Where, NO means number of outstanding. SP stands for the share price and VOS equals to the book value of
ordinary shares. 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 companies’ 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 PB as the measure to calculate the companies’ true value. When the market price is higher than book price PB1 it shows that the company has off-the-book intangible assets. If the market price is lower
than book price PB1, it shows that the company has off-the-books debt. If the two prices equivalent, the company is have the same value in the market and in book, and it does not have any off-the-books intangible
assets and liabilities. The main purpose of this study is to test the value of variables which have 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.
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, average assets,
average management fee, disclosure of talent development program information, pay policy disclosure and disclosure of executives’ shareholdings.
Hypothesis 1: AAE +- The average age of employee is a factor which has impact with PB. The value of human resources can study
from the experience and ability of the staff, expertise, efficiency and the level of potential capacity. Staff
The market reaction on the human resources information disclosure in Chinese listed companies
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experience and learning ability can be seen from the average age QIAN, 2002. If the employee age and the value of enterprises have positive correlation, represent that the staff experience, expertise and the capacity have
potential influence to the value of enterprises. If the average age of employees and the value of enterprises showed a significant negative correlation, it may represent that employees learning ability and creativity are more
potential. Hypothesis 2: PR +
