The Relation between the Human Resources Information Disclosure and Corporate Market Value: Evidence from Chinese Real Estate Listed Companies

In this manuscript, we document and explain an empirical artifact: a substantial relation between the human resources information disclosure and corporate market value- that has potencially important ramifications for capital markets research design. We use the Chinese Real Estate listed company's annual report and financial statements to do the empirical research. 102 listed companies in 2008 have been selected as the sample, and released the companies which are not disclosed well, so the samples were chosen on 76. We investigate and analyse ten variables for human resources information, and P/B for the Corparate maket value. The results show that the average age of employees, professional proportion, the average assesses and executives' shareholdings have no significant impact with P/B. The industry statistics revealed no significant impact between average age and P/B because each group of age has its own advantages. By using these indicators, we can improve the human resources information voluntary disclosure in Chinese Real Estate listed companies, reduce the information asymmetry, and provide the empirical reference to the Real Estate listed companies.