1、 外文翻译 原文 The market reaction on the human resources information disclosure in Chinese listed companies Material Source: May 2010, Vo1.6, No.5(Serial No.60), Journal of Modern Accounting and Auditing, ISSN 1548 6583, USA Author:Zhou Xian hua, Han Wei, Wang Yu zhou Introduction As a significant unpact
2、 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 increase the corporate competence.Relevant institutions on Chinas investors analyzed the survey conducted of the listed comp
3、anys,accounting information and the results showed that 90.00%of the institutional investors and 77.27%of individuai investors need to make investment decisions based on the human resources information .Enterprise stakeholders need human resource information important information,but recentlv it has
4、 not yet formed a binding institutionalized in the companys disclosure statements. On February 2006,China has promulgated a new Accounting Standards for Business Enterprise.It clearly regulates the scope of workers pay and content of the disclosure in the guidelines for the first time.On the bases o
5、f systemically regulate the establishment of the enterprises and their employees in the employment relationship between the payment.The promulgation of the new guidelines unified the workers pay disclosure principle:standardize the scope and content of the disclosure clearly.This is an important ste
6、p in the transform ation of the human resources information disclosure mode. However,the current human resources information on the disclosure limited only to the basic information ofcompany directors,senior management staff,the establishment of professional and monitors salary,these are far from en
7、ough.The qualities of the technologist also play a decisive role for the companys development.The overall structure of staf,performance assessment information and labor productivity also deeply afect the companys development.This useful information disclosed in the current is non-mandatory;Companies
8、 can choose the information disclose voluntary according to heir own situation.Therefore,in the annual reports of listed companies,this lack of comparability of the inform ation is often difficult to meet the requirements of the users of information. Based on the above background,companiesmanagement
9、 should clear the importance of human resources information,and find out some key indicators which have more impact on the market.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.
10、Therefore they can not only improve the transparency of the company to reduce the occurrence of asymmetric information,but also encourage the companies to voluntarily disclose information of human resources and improve the companys image and its market in the important position. Prior researches In
11、the importance of human resources information,Chinese 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 find out the conclusions that
12、the information plays an important role ,and the conclusion drawn earlier than domestic scholars. Some researches of voluntary disclosure of info rmation on human resources are relatively early.In North America,human resources inform ation disclosure is voluntary in the company under the premise,the
13、refore,a long time ago there are scholars of this information is disclosed for conducting studies.The major difference between foreign and domestic research on the area is that foreign scholars pay more attention on empirical studies. Wallman (1996) studies show that the general financia1 statements
14、 are short of severa1 important measurement and disclosure of financia1information,including human resources information (PolinskyMouritsen.also made a study and find that,among the needs of the 27 indicators of information by investment,human resources information play a large part. In this area of
15、 research,scholars have different research directions.but it is worth noting that.the countryS less empirical research literature.W ith the use of new accounting standards.statements of listed companies will gradually pay much attention on its human resources disclosure of information,but this infor
16、mation can not achieve m uch information for users.Therefore,in this area.there are still a lot of researches to do. Research design and valuation model Industry analysis The importance of human resources information is various in different industries,because the content of knowledge in the industry
17、 is different.However,in the same industry,enterprises have similar type of their 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 an
18、d 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 account
19、ing statements are often not properly reflecting the information technology industrys true value,and lead to the inadequate of information provided by the phenomenon. Human resources info rmation industry has obvious common characteristics,such as the use of high-tech industries with higher levels o
20、f 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
21、Stock Exchange listed companies of the information technology industry,including computer-related equipment manufacturing industry,the communications and related equipment m anufacturing industry,the communications industry,comm unication services,computer services,radio and television equipment man
22、ufacturing industry,and other computer application services. Price to book ratio(P/B):Enterprise market value divided by shareholders equity after deducting dividend Special Unit fo r the net.M arket value refers to the end of the year on the companys shares multiplied by the number of the outstandi
23、ng ordinary Unit(LU,2002).The formula is as follows: P/B=NO *SP/VOS (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 val
24、ue and the book value.Big companies and small companiesassets 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 companiestrue value.When the m
25、arket price is higher than book price(P/B1)it shows that the company has off-the-book intangible assets.If the market price is lower than book price(P/B 1)它显示该公司已帐外无形资产。当市场报价低于书的价格(P / B 1)，结果显示，该公司已不入账这两个价格债务。当等效，公司是具有相同的值在市场和书，它没有任何帐外无形资产和负债。 P B=NO *SP VOS (1) 本研究 主要目的是测试的价值有重大影响的变量在财务报表和年度报告的任何详
26、细参考相关文献，本研究选取样本公司的披露指标具有一致性。 在本研究中，作者选定了 10 个人力资源指标，即员工的平均年龄比、平均工资、专业的员工的薪水比、成本、平均利润率比、平均资产，一般管理费用，披露耳鼻喉人才开发的程序信息披露和披露，支付政策股权高管。 员工的平均年龄是一个因素，它不仅影响，随着 P / b 对人力资源价值可以从经验和能力研究的人员，专业知识和水平的潜在能力。职员经验和学习能力可以从平均年龄。如果该员工的年龄和企业价值的有正相关，代 表经验、专业知识和能力的潜在影响的价值的平均年龄企业。当员工和企业价值的表现出极显著的负相关，那它就可以是员工的学习能力和创造性是更多的制片人
27、看出。 专业的比例比等于专业人员。先前的研究表明，专业知识和专业能力可以从专业的专业比率。当比和市场价值的企业有正相关，反映出来，专业的知识和分析技巧可以创造一种高价值的企业。 平均工资的员工建议有一个人力资本价值薪水 (2003)。雇员是重要的无形资产在企业，公司将鼓励员工创造更多的价值，通过各种奖励，公司员工平均年收入是直接申报表表格一名学生员工。公司可以提供较高的 薪水给他们的员工，一些公司更雄厚的实力和性能，同时，公司的市场价值相对比较高。 工资成本的比率增加工资的反映了加入收入。研究表明，净运行效率的可以从损失。比率比工资率的工资成本如果工资的成本表现出极显著的负相关性，而与 P / B，这显示了行业有着劳动力成本上升，但并没有提高企业价值的；如果这两个变量有正相关关系，并有了显著的冲击，企业可能提高的诱因来激励员工它也将增加商业价值。 平均利润率比劳动保证金是另一个重要的指标来衡量的比率在公司。平均利润率衡量的结果，他们的劳动，也就是说，要创造价值的公司。这效率的 指标反映了是否激励制度是由公司给予合理。当员工的平均利润率有显著的正相关关系，表明用 P / B，这意味着该公司有一个很好的激励员工、可以最大限度地发挥各自的能力创造最大的价值。
