Information Construction And Development Of Asset Appraisal Industry

China's asset appraisal industry was founded along with the reform and opening up,and has grown rapidly in the process of rapid economic and social development.However,as China's economic development enters the new normal and economic growth slows down,the development of the evaluation industry is at a critical stage of transformation and upgrading.Institutional governance and management level,service field,practice quality,talent team construction and industry credibility are the main dimensions to measure the development of asset appraisal industry.As the micro main body of the asset appraisal industry,the operating efficiency,business income and human capital status of asset appraisal institutions are closely related to the main dimensions of measuring the development level of the industry.First of all,the improvement of operation efficiency of asset appraisal agencies is of great significance for the rational and effective allocation of various resources,the improvement of practice quality,the promotion of talent and institution growth,and the improvement of industry level and credibility.Secondly,the improvement of the market performance of asset appraisal agencies can promote asset appraisal agencies to achieve better,bigger and stronger,thus broadening the service field of the asset appraisal industry and improving the comprehensive strength and influence of the asset appraisal industry.Finally,asset appraisal professionals participate in the whole process of asset appraisal practice,and their knowledge and skills,risk awareness level,professional ability and professional ethics are related to the quality of appraisal business,and even affect the sustainable and healthy development of the entire asset appraisal industry.Promoting the upgrading of human capital structure of asset appraisal institutions is conducive to strengthening the construction of talent team in asset appraisal industry and improving the professional quality and core competitiveness of the industry.In this context,it is of great practical significance to study how to improve the operation efficiency and market performance of asset appraisal institutions and promote the upgrading of human capital structure for promoting the transformation and upgrading of asset appraisal industry and realizing the sustainable development of asset appraisal industry.Since the 21 st century,the application of information technology has greatly promoted the transformation and upgrading of economic structure and the progress of productivity in all walks of life in the world.Asset appraisal industry has also accelerated the pace of information construction.In December 2018,the China association of asset appraisal officially released the China assets appraisal industry informatization planning(2018-2022),has been clear about the next five years industry informatization construction of the guiding ideology,basic principles and construction target,points out that the assets appraisal industry should be "to promote industry informatization construction,accelerate the assets evaluation forms and the integration of information technology,promoting the asset appraisal industry transformation and upgrading" to digital,networked,intelligent direction.However,the overall informationization level of the asset appraisal industry still lags behind the rapid development of information technology and the growing demand of the industry.Some asset appraisal institutions believe that the cost of informationization construction is far greater than the benefit,and they do not pay enough attention to the informationization construction.The research on whether information technology can bring business value to enterprises has been widely concerned by the academic circle.However,the research on enterprise informatization mainly focuses on the European and American countries,and mainly focuses on the listed companies with large scale,abundant funds,and the informatization construction has entered the comprehensive development stage.There is no literature to study whether the informationization of enterprises in China,especially the informationization of asset appraisal institutions as financial intermediaries,presents unique differences.Therefore,it is of great theoretical and practical significance to study the influence of information construction on the operation efficiency,market performance and upgrading of human capital structure of asset appraisal institutions.This paper studies the impact of information construction on the development of asset appraisal industry from the perspective of asset appraisal institutions.Firstly,this paper studies the relationship between information construction and the development of asset appraisal industry from the perspective of operational efficiency of asset appraisal institutions.Then,considering the external environment,market space and information technology utilization ability of the region where the asset appraisal institution is located,the influences of air pollution,business growth opportunities,the size of the appraisal institution and the employee human capital of the appraisal institution on the relationship between the information construction and the operation efficiency of the asset appraisal institution are examined.Secondly,this paper studies the relationship between information construction and the development of asset appraisal industry from the perspective of market performance of asset appraisal agencies.At the same time,considering the system environment and other resources related to the information technology can be complementary function and the information technology,then studied the marketization degree,regional social trust evaluation institutions region,regional information infrastructure and appraisal institutions of informatization construction of human capital and asset appraisal institutions influence the relationship between the market performance.Finally,the asset appraisal institutions of human capital structure upgrade perspective,research information construction and the relationship between the asset appraisal industry development,and test the marketization degree,industry concentration,appraisal institution region macroeconomic and appraisal institutions executive education level of informationization construction and the asset appraisal institution to upgrade the influence of the relationship between human capital structure.In this paper,in particular the asset appraisal institution level data from 2014 to 2018 for empirical research,the following conclusions: first,the information construction and operation efficiency significantly positively related to assets evaluation agencies,and the hardware and software spending,technology development and technical training expenditure,other information spending on appraisal institution operating efficiency is significantly increased,suggesting that the asset appraisal institution informatization construction contributes to improving operation efficiency,and different categories of information construction spending all play a role to a certain extent.When the air pollution is more serious,the staff education level of the appraisal institution is higher,the business growth opportunities are more,and the scale of the institution is larger,the positive correlation between the information construction and the operation efficiency of the asset appraisal institution is stronger.Second,information construction and the performance is significantly positively related to the asset appraisal institution market,and the hardware and software spending,technology development and technical training expenditure,other information expenditure per capita income of assets evaluation agencies have significantly increased,suggesting that performance appraisal institution to help promote informatization construction market,and different categories of information construction spending all play a role to a certain extent.When the region where the asset appraisal institution is located has high marketization degree,good regional social trust degree,complete regional information infrastructure and high human capital level of the asset appraisal institution,the information construction level of the asset appraisal institution plays a stronger role in improving the market performance.Thirdly,information construction can significantly promote the upgrading of human capital structure of asset appraisal institutions.Informatization construction can significantly increase the proportion of unconventional high-skilled labor in asset appraisal institutions,and hardware and software expenditures,technology development and technical training expenditures,and other informationization expenditures all play a role to a certain extent.The higher the degree of marketization,the higher the degree of industry concentration,the more depressed the macro economy and the higher the degree of executive education of the asset appraisal institution,the stronger the role of information construction in promoting the upgrading of the human capital structure of the asset appraisal institution.In the extension research part,this paper also finds that the informationization construction eventually increases the staff size of asset appraisal institutions by increasing the proportion of unconventional labor in the asset appraisal institutions.The main contribution of this paper lies in: First,it enriches the relevant research on the economic consequences of information construction.There are already literatures on the economic and social impact of information technology,with general attention paid to the role of information technology on macroeconomic development(Acharya,2015;Sun Linlin,2012).On the micro level,the research focuses on whether information technology improves the production and operation performance of entity enterprises(such as enterprises in traditional industries such as manufacturing)(He Xiaogang et al.;2019;Shi Daqian et al.,2020),and mainly focus on the listed companies with relatively large scale,strong capital,and the informatization construction in the comprehensive development stage(Ning Guangjie and Lin Ziliang,2014;Kim et al.,2019;Zhao Shuo et al.,2020).It is rare to study the effect of information construction of capital market intermediaries.At present,only some scholars have studied the effects of information construction of accounting firms,such as production efficiency(Banker et al.,2003,2005),audit effect(Zeng Changli,2018),etc.,and there is no relevant research on the economic consequences of information construction of asset appraisal institutions.Therefore,this paper studies the impact of information construction on the operation efficiency,market performance and upgrading of human capital structure of asset appraisal institutions from the perspective of asset appraisal institutions,which enriches the relevant research on the economic consequences of information construction of capital market intermediaries.Second,it enriches the research on asset appraisal.Most of the literature in the field of asset appraisal focuses on basic theories such as appraisal principles,appraisal methods and appraisal criteria(Ji Yicheng,2016;Sun Huixia,2019;Liu Guochao,2017),while empirical studies mostly focus on asset valuation and pricing in M&A(Cheng Fengchao and Liu Jiapeng,2011;Wang Jingda and Qu Weijing,2012;Shunlin Song and Jianxin Zhai,2014;Debugging progress,2018),but for the asset appraisal services provider less attention-the asset appraisal institution,one of the few asset appraisal institutions concerned article studies the institutional reputation(Ma Haitao etc.,2017)and peer effects(xiao-rong li,etc.,2018201),but the operation of the evaluation institutions themselves especially the problems such as information construction has not yet been discussed.This paper,from the perspective of asset appraisal institutions,studies the impact of information construction on the operational efficiency,market performance and upgrading of human capital structure of asset appraisal institutions,which enriches the empirical research of asset appraisal institutions.This study can also provide some guidance for the reality.Promoting the transformation and upgrading of the asset appraisal industry and promoting the sustainable development of the asset appraisal industry are the important objectives of the industry information construction.Our research conclusion from the operating efficiency of the asset appraisal institution,market performance and structure of human capital Angle of view for this thesis provides the reference and data support,help the asset appraisal institution the understanding of the effect of strengthening information construction for institutions,promote the asset appraisal institution to promote informatization construction,accelerate the assets evaluation forms and the integration of information technology,create a new situation new era assets appraisal industry development.