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    Mar.2008,Volume7,No.3(SerialNo.57)China-USABusinessReview,ISSN1537?1514,USA

    ;AnempiricalanalysisofthegrowthofitenterprisesinChina ;ZENGGuang?hui

    ;

    SchoolofEconomicManagement,WuhanUniversityofTechnology,Wuhan43oo70,China)

    ;Abstract:ThepapermakesanempiricalanalysistothemainfactorseffectingITcorporategrowth--human

    ;resourceandR&D.ByusingdataofChina’slistedITcompanies,wefocusontherelationshipamongcorporate

    ;value(netreturnofequity,ROE)ordevelopmentofcorporatevalue(Tobin’sQ)andmanager’ssalary,R&Dfee,

    ;R&Demployee,etc.Theconclusionshowsthatdevelopmentofcorporatevalue(Tobin’sQ)haspositive

    ;correlativitywiththepluralityofboardchairmanandgeneralmanager,independentdirectors’proportion,R&D

    ;fee,andR&Demployeeswhileitisnon?obviouspositivewithsalaryofsuperiormanagers,holdingstocksof

    ;generalmanager,capitalinvestment,andnegativewithcorporatescale.Theconclusionisaccordantwiththe

    ;developmentstatusofChineseITcorporation.

    ;Keywords:ITcorporation;Tobin’sQ;humanresource;R&D;empiricalanalysis

    ;1.Introduction

    ;Asthejumped?upenterprise,ITcorporationincludescomputer’shardware,software,communicationdevices

    ;andmanufacturingindustry,communicationservices,etc.,ownsrapidgrowthandgreatpotentialmarket.

    ;Comparedwithtraditionalcorporation,ithasowncharacters,suchascreativity,increment,highinvestment,huge

    ;venture,highproductivity,immerserivalry,etc.Correspondingly,ITcorporationmustattachimportanceto

    ;bestirringhumanresourceandinvestingR&D.Nevertheless.fewreferencesmakeempiricalresearchofIT

    ;corporategrowthespeciallyonhumanresourceandR&D.Morereferenceswereconcentratedontheanalysisof

    ;theeffectingfactorsoftraditionalcorporate.Morck,etal(1988)whousedsectionaldataoftop500corporations

    ;inFortunemadeempiricalanalysisonthecorrelativitybetweenholdingstocksofsuperiormanagerswith

    ;traditionalcorporationgrowth.TheyusednumericalvalueofTobin’sQtodescribethevalueofcorporation.

    ;McConnel&Servaces(199o)validatedtherelationbetweenintramuralstockholder,principalshareholderand

    ;Tobin’sQ.SUNYong?xiang,etal(1999)madeanempiricalanalysistothecorr

    elativityofTobin’sQofChina’s

    ;listedcompaniesandcompanymanagementbyusingalinearmode1.?

    IGang(2000)madeempiricalresearch

    ;ontherelationbetweenbestirringsuperiormanagersofChina’slistedcompanyandcompanyvalue.LHG

    ;Jun’qing,HUANGZhu?hui&SUNYong?xiang(2003)analyzedtherelationbetweendifferentiationofsalaryand

    ;corporatevaluebyusingtournamenttheory.TherearealsootheranalogousstudiesmadebyxIANGZhao-jing

    ;(2003),WANGHui(2003)&ZHANGZheng.tangf2003).

    ;Inthispaper,wemakeanempiricalanalysisonthemainfactorsofaffectingthevalueofITcorporation.,.——

    ;humanresourceandR&DbyusingdataofChina’slistedITcompany.

    ;Therearetwoaspectstovaluecorporationgrowth.Oneisaccountantindex.andtheotherisindexofstock

    ;market.Eachindexhasitsadvantageanddisadvantage.Ontheonehand,accountantindexisasignalthatcan

    ;ZENGGuang.hui,male,Ph.D.candidateofSchoolofEconomicManagement,WuhanUniversityofTechnology;researchfield:

    ;industryeconomic.

    ;9

    ;

    ;AnempiricalanalysisofthegrowthofitenterprisesinChina

    ;reflectthevalueofcorporationitselfbecauseitisaffectedlessbyother”noise”,ontheotherhand.theaccountant

    ;indexcan’treallyreflectthevalueofcorporationbutamanipulativeresuItofth

    eenterpriserbecauseitiseasily

    ;controlledbytheenterpriser.Comparedwithaccountantindex,indexofstockmarketdirectlyincarnatesthe

    ;requestofstockholder’sfortunemaximum.Ifthecapitalmarketisefficacious,meaningthemarketisthegreatest

    ;virtuethatstockpricecanreflectenoughinformationofeveryonewhoattacheshimselftothemarket,themarket

    ;canexactlyreflectsthechangeofworkingstatusofthecorporation,themarketisthebestindextoevaluatethe

    ;valueofcorporation.Infact,stockmarketisn’tefficaciousandstockpriceisaff

    ectedbymanyfactorsexceptfor

    ;thevalueofcorporation,andstockpricemaybehaveadeparturefromtherealvalueofcorporation(ZHANG

;Zheng—tang,2003).WeuseTobin’sQandROEbycomparison.

    ;Tobin’sQisanindextoassessthecorporationgrowthbyTobin.Tobin’sQisdefinedthemarketvalueof

    ;corporation/readjustedcapitalofcorporation(marketvalueofcorporationisthevalueofstockorvalueofbond

    ;issuedbythecorporation,andthereadjustedcapitalofcorporationisreplacedbytotalaccountantcapitalfor

    ;lackingofvariedsecondhandmarket).

    ;2.Empiricalanalysis

    ;2.1Selectedsamplesandresearchmethod

    ;ThenumberofChina’slistedITcorporationsisrelativelylessbecausethescaleofITcorporationsis

    ;relativelysmallandthesecondboardmarketisstillnotstarted.Inthispaper,weselectChina’slistedIT

    ;companiesissuingannualfinancingreport.CorporationclassifiedstandardisaccordantwithClassifiedindexof

    ;China”slistedcompaniesissuedbyChinaSecuritiesRegulatoryCommissioninApril,2001,whichstatesthatthe

    ;corporationbelongstoITindustryiftheITproductincomeofthecorporateisnolessthan50%ofaggregate

    ;income,orifITproductincomeofthecorporationislessthan50%ofaggregateincomebutITproductincomeis

;morethan3O%ofotherproductincome.

    ;Table1Regressivevariables

    ;VariableDeftnition

    ;(Annualaveragestockprice)×(thenumberofstocks)totalTobin’sQ

    ;debt)l(totalcapita1)

    ;ROE(Revenueofequity)(Corporatenetprofit)/(netasset)×100% ;Log(totalsalaryofsuperiormanagers/totalnumberofhighLNWAG(1 ;ogofsuperiormanagers’averagesalary)supervisors)

    ;ZHOL(propoaionofstocksheldbygeneralmanager)(Thenumberofstocksheldbygeneralmanager)/(thenumber

    ;ofcorporatecurrentstocks)×100%

    ;DZALL(pluralityofboardchairmanandgeneralDummyvariable ;,1ispluralism,0isseparation

    ;manager)

    ;INDS(independentdirectors’proportionofsuperior(Thenumberofindependentdirectors)/thenumberof

    ;managers)superiormanagersX100%

    ;RDRAT(theamountofR&Dfeeisproportionoftotal(Intangibleassets)l(totalasset)×100%

    ;asset)

    ;RDPER(R&DemployeesareproportionoftotalfR&Demployees)/(totalemployees)×100%

;employees)

    ;INRAT(theproportionoflastyear’scapitalinvestingfee)(Capitalinvestingf

    eein2001)/(totalassetin2001)X100%

    ;SCAL(corporationscale)Lcltotalnumberofemployees) ;Weeliminatethosecorporationsthatarenamedby ;ofabnormaldata.Finally,weselect60ITcorporations. ;10

    ;STandarenegativeROEinordertoavoidtheinfluence ;Thedatacomesfromannualfinancingreportin2005in ;

    ;Anempiricalanalysisofthegrowth——

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    ;WWW.CSrC.gov.com,www.juchao.comandwww.juling.com.Indexofannualaveragestockmarketiscomputedby

    ;usingclosingpriceeverymonth.

    ;Thepaperusesstatisticmethodofsectionalregression ;SPSS.ThemainregressivevariablesaredescribedinTable ;ExplainedvariablesincludeTobin’sQandROE.

    ;anddealswithdatabyusingstatisticanalyticsoftware ;1.

    ;Explainingvariablesorassumptionsarecomposedoftwoaspects. ;Oneistheinspiritingvariableoncorporationsuperiormanagers,forexampleannualsalary,holding

    ;corporatestockorcarryingoutpluralityofboardchairandgeneralmanager,etc.Annualsalarythatbestirs

    ;superiormanagersisthemostimportantindex.Nevertheless,wehavetousean

nualaveragesalaryofsuperior

    ;managerstoreplacethesalaryofboardchairandgeneralmanagerbecauseitdoesn’tclarifysalaryofboardchair

    ;andgeneralmanagerincorporationannualfinancingreport.Meantime,weusenaturallogarithmofthevariablein

    ;ordertoreduceinfluenceofdata’divergence.Incentivetheoryconsidersthatholdingcorporation’sstockhelpsto

    ;improvecorporationbusinessvaluesincemanagerswhoholdstockshavetothinkabouttheprofitofstockholders.

    ;Itisimportantthatincentivemethodofholdingcorporatestockincorporationisinnovative.ChinaSecurities

    ;RegulatoryCommissionisactivelydiscussingrelativeregulationtoencouragecorporatetoinspiritmanagersby

    ;holdingcorporatestock.Comparedwithtraditionalcorporation,thenumberofstocksheldbygeneralmanagerin

    ;ITcorporateismore.Thefactshowsthatcorporationshavebeencognizantofsignificanceofstockincentive.We

    ;usetheproportionofstocksheldbygeneralmanagerincorporatecurrentstocksasthestockincentiveindexof

    ;manager.TheprincipalagentprobleminITcorporationmainlyinvolvesprincipalandagent.Boardchairisthe

    ;principalofallstockholderswhilegeneralmanagerisagent.Theprincipala

gentproblemwouldemergewhenthe

    ;targetbetweenprincipalandagentisn’taccordant.Theactofcarryingoutpluralityofboardchairandgeneral

    ;managerisoneofthesolvingmethods.Inaddition,functionofindependentdirectorshouldbeconsidered,too.

    ;Independentdirectormechanismisimportedforreducingbehaviorofintramuralmanager’scontrolling

    ;corporation,improvingthemonitoringandcontrollingthecorporationmanager.Therolesofindependentdirector

    ;includesupervisoryrole,strategicroleandpoliticalrole(LOUFang,2001).Namely,independentdirectorhelpsto

    ;supervisecorporationmanagement,improvecorporatevalue,andprotectstockholder’srightsandinterests,etc.

    ;Therefore,wesupposethatthereexistsapositivecorrelativitybetweentheproportionofindependentdirectorin

    ;totaldirectorateandthevalueofcorporategrowth.

    ;TheotherisR&D,includingR&DfeeandtheproportionofR&;Demployeesintotalemployees.Weusethe

    ;proportionofintangibleassetsintotalassetstodescribeR&Dfee. ;Thepaperaddssomecontrolvariablessincetheyalsomakeinfluencetothecorporationvalue,suchasthe

    ;corporationscaleandtheproportionofcapitalinvestingfeeintotalassetslasty

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