Multiple regression results Results

The market reaction on the human resources information disclosure in Chinese listed companies 44 executives’ shareholdings have no significant impact on PB. The industry statistics revealed no significant impact between average age and PB because each group of age has its own advantages. This advantage makes information users 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 PB, but the statistics show that if is not 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 sample area is technology industry and the intellectual capital plays an important role. So the impact of assess is relatively weakened. The prior articles suppose that executives’ shareholdings disclosure will enable the investors to understand the distribution of shares better, and reduce the degree of information asymmetry. However, our study results show that this information in the regression showed no obvious correlation with PB. There exist two situation of this failure: companies didn’t have his policy and they don’t want to disclose this information. This information uncertainty makes investors can’t make the right decisions. So the impact is not significant. Other indicators variables: The staff salaries costs, average profit margins rate, the average management fees, personnel development plan and the disclosure of remuneration policy have significant impact with PB, this result match with our hypothesis. Average profit margin ratio showed a positive correlation between with PB. Enterprises have good incentive systems for staff, the staffs can maximize their ability for the company to create the greatest value. The average management fees showed a significantly positive correlation with PB that the company’s corporate value can increase accompany with the raise of each staff management fees. The reason is that with the management staff cost increases, investors can see that companies attach importance to the staff and this factor may inspirit staff to create more value for the company. Other indicators show that some enterprises are willing to disclose human resources information in order to achieve the purpose of attracting investors and this conclusion matches the previous research. The average staff salary indicators in the analysis associated with a number of indicators 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 value through various incentives, and this factor is one of the most important factors. When companies provide a higher salary to their employees, the company indicated that they pay much attention on their staffs, and also showed that companies are more solid strength and performance better, the company’s market value has potential to get higher. Therefore, this indicator can be studied in the future in-depth research. References: Beyer, A.. 2008. Financial analysts’ forecast revisions and managers’ reporting behavior. Journal of Accounting and Economics,46, 334-348. in Chinese Cairney, T. D., Pantzalis, C.. 2002. An empirical examination of the determinants of industry-level earnings forecast disclosure frequency. American Business Review, 1, 123-132. Diamond, D. W. Verrecchia, R. E.. 2007. Disclosure, liquidity and the cost of capital. Journal of Finance, 46, 1325-1359. DONG, Z. Y.. Behavorial economics. Peking University Press, 234-255. in Chinese Frankel, R., McNichols, M. Wilson, G. P.. 1995. Discretionary disclosure and external financing. Accounting Review, 70, 135-150. GAO, Y. ZOU, L.. 2003. Benefits and strategies of voluntary disclosure in Listed companies. Guangxi Accounting, 12, 25-29. in Chinese GE, J. S. DU, X. Q.. 2001. Human resource accounting and human resources information disclosure color mode. Accounting Communications , 12, 570-582. in Chinese