Research On Human Capital Information Disclosure And Its Effects Of GEM Companies

The most important feature of Growth Enterprise Market is the "three high". That is "small-scale, high-tech, high-risk, high-growth". Its market value has been not only interpreted by traditional financial data, but core technical staff, who is crucial to the development of enterprises. In addition to the technical employees, corporate senior management and their relationship to business growth can not be underestimated. In that case, human capital information is particularly important for investors, the relevant information must be disclosed, allowing investors to understand a series of circumstances of the listed company such as personnel changes, internal management, internal decision-making and so on, to reduce the uncertainty of the investment decision-making. Human capital information, on the other hand, as an important factor which affects the development of the company, should be under timely control of its stakeholders about its value as well as the use. However, securities market constraints less on the disclosure of this information in company statements. Experts in China research relatively little on the effect of GEM human capital information disclosure. Therefore the research on the needs of investors about GEM human capital information, as well as market effect of its information disclosure, has a very important significance.This article reviews the existing relevant literature on human capital and its information disclosure, and studies the effect of GEM human capital information disclosure from two perspectives on the basis of the concept defined of human capital information disclosure. First, to understand the needs of investors to the human capital information disclosure of GEM companies through questionnaires. Through surveys, human capital information of GEM has decision-making value to investors; GEM human capital information can not completely satisfy investor demand, because of its insufficient disclosure voluntary; Different categories of investor demand different human capital information. Second, to verify the market reaction of information disclosure of human capital using the empirical data. Using58GEM companies as study sample, the writer uses content analysis method to build human capital information disclosure index (HCIDI) based on the2009-2011Annual Report data of the sample companies. On this basis, the writer uses multiple regression analysis method to investigate the correlation between human capital information disclosure and corporate value. Through research, the article found that human capital information disclosure does not have actively market effects on the GEM enterprise:First, the GEM companies pay more and more attention to human capital information disclosure. Second, there is no obvious correlation between human capital information disclosure and corporate value. Current market value of companies of more Human capital information disclosure is not necessarily higher; there is no direct relationship between increments of human capital information disclosed and enhanced value of listed companies. Third, the prediction role of human capital information disclosure to investors of is not obvious.In short, the human capital information disclosed by the GEM companies have information content and an important value to the decision-making of investors, but the attention of ordinary investors on the consciousness of the human capital information is not enough, to some extent causing the result that market effects of human capital information disclosure are not positive; Although GEM increase emphasis on human capital information disclosure, overall disclosure is not very good, not very consistent with investor demand.Content and method of disclosure could be improved. Finally, according to the study on the investor demands and the value of human capital information disclosure to GEM companies, the writer made a number of improvements and recommendations and pointed out a few limitations of this study as well as follow-up study points.