Study On The Characteristics Of The Chairman Of Assets Appraisal Institutions And Labor Investment

According to the report released by the China Development Foundation,the proportion of the aged over 65 will exceed 14% in China around 2022.With the aging population growing and the sharp decline of fertility desires,China’s labor supply has been declining for several years.With the gradual loss of the demographic dividend,the profit of the rough economic growth model with high pollution and high energy consumption has been further compressed,and low-efficiency and low-end production methods have been unable to meet the need of economic development.To overcome the problem,the development strategy of supply-side structural reform was put forward for the first time in 2015.Among the factors of the supply side,labor is the most important one in the production process of an enterprise.It is of strong theoretical and practical significance to study the influencing factors of labor investment and optimizing labor allocation of enterprises,especially for assets valuation industry in which human capital is the most important asset.In recent years,the combination of labor economics and corporate finance has been a hot topic of research.The current academic research that considers the influencing factors of corporate labor investment from the company’s microscopic perspective mainly includes the following two aspects: For labor investment scale,influencing factors of corporate financing,corporate governance,profitability,debt solvency etc.are focused on.Then for labor investment efficiency,information disclosure,internal labor market,CEO overconfidence,internal control are mainly studied.In the literature,there is still a lack of attention to the effect factors of the specific personnel’s characteristics in enterprises on labor investment.Since the upper echelons theory was put forward by Hambrick and Mason in 1984,more and more scholars have focused on the effect of corporate executives or directors’ characteristics on corporate decision-making.Relevant researches are mainly focuses on gender,educational background,overseas background,age and tenure,political connection and other aspects,then analyzing the effect of them on corporate strategic choices,corporate performance,corporate innovation,etc.However,the effect on corporate labor investment is little researched.In fact,the chairman of a company has an important voice in the various decisions,so it is of certain theoretical and practical significance to study the influence of the chairman’s characteristics on the company’s labor investment behavior.Labor investment is mainly reflected in the scale,structure and efficiency of labor investment.In view of this,this paper makes an in-depth study of the three kinds of labor investment in institutions step by step.This article uses the data of 69 asset appraisal institutions engaged in securities and futures-related appraisal business from 2014 to 2018 as the initial research sample.From the perspective of the characteristics of the chairman of the asset appraisal institution,the empirical research examines the influence of the chairman’s gender,education and party membership on labor investment.First,this article studies the impact of the gender of chairman of an asset appraisal institution on the scale of agency labor investment.Specifically,this article studies the influence of chairwomen of asset appraisal agencies on the scale of labor investment.Through empirical research,this paper finds that: Firstly,compared with male chairmen,the labor investment scale of agencies with female chairpersons will be higher.Secondly,in regions with higher trust levels,chairwomen of asset appraisal agencies will invest more in labor.Thirdly,in asset appraisal agencies with higher income rankings,the positive relationship between female chairman and labor investment scale will be stronger.Fourthly,in asset appraisal agencies with serious financing constraints,the positive effect of female chairman on the scale of labor investment will be reduced.Fifthly,when the chairperson of the asset appraisal agency is a female,the asset appraisal agency tends to invest more in high-skilled labor.Finally,female chairpersons can improve the performance of asset appraisal agencies by increasing the scale of labor investment,and the scale of labor investment plays an intermediary role between the two.Secondly,this article studies the impact of the educational background of the chairman of an asset appraisal institution on the educational structure of the labor force.Specifically,this paper focuses on the educational background of chairmen,and attempts to analyze its influence on the educational background of employees in asset appraisal institutions.Through empirical research,this paper finds that in asset appraisal institutions,chairmen with high academic qualifications tend to hire more employees with high academic qualifications.In high-reputation asset appraisal institutions,or when the chairman is a female,the well-educated chairman has a stronger intention to hire highly educated employees.However,in high-growth asset appraisal institutions,the tendency of highly educated chairmen to hire highly educated employees will decrease.Further research found that highly educated chairmen affect the performance of asset appraisal institutions by influencing hiring highly educated employees,and highly educated employees play a partial mediating role between the two.Finally,this article studies the impact of the chairman of an asset appraisal agency with party membership on the agency’s labor investment efficiency of assets appraisers.Specifically,this article studies the impact of the chairman of an asset appraisal agency with party membership on the agency’s labor investment efficiency of assets appraisers.The research results show that: Firstly,compared with none-party chairman,it is higher of the labor investment efficiency of assets appraisers in an asset appraisal agency with the chairman who is a party member.Secondly,based on the group inspection of inefficient labor investment,the research found that the improvement of labor investment efficiency is mainly manifested in the agencies with underemployment problem.When the asset evaluation agency has the problem of redundant employment,the chairman with party membership is helpful to improve the labor investment efficiency,but the effect is not significant.Thirdly,compared with the chairman of a party member with a low degree,the chairman of a party member with a high degree of education will have a higher efficiency in the labor investment of asset appraisers.Fourthly,among the lower-ranked asset appraisal institutions,the positive effect of labor investment efficiency will be stronger.Finally,in the small-scale asset appraisal institutions,the promotion effect of Party chairman on the labor investment efficiency of asset appraisers will be stronger.This article mainly has the following enlightenments: First,the conclusions of this article have a certain enlightenment for analyzing how the intermediary service industry can contribute to the supply-side structural reform.Secondly,the conclusions of this article have a certain enlightenment for asset appraisal agencies to attract talents.Third,the conclusions of this article are helpful to analyze the macro employment situation from a micro perspective.Fourth,the conclusions of this article have a certain enlightening effect on the analysis of economic growth in the context of aging.Fifth,the conclusions of this article are useful for thinking about the development of party members.The limitations of this paper are as follows: firstly,this paper investigates the influencing factors of labor investment scale,labor investment structure and labor investment efficiency step by step,and makes a comprehensive study on labor investment of asset appraisal institutions.However,in this study,we mainly consider the influence of chairman’s single characteristic on a specific form of labor investment.Secondly,this article chooses to use asset appraisal agencies as the research object to examine the influence of the chairman’s characteristics on labor investment.Due to the limited data,this article only examines the three characteristics of the chairman.But there are many observable personal characteristics of the chairman,such as tenure,overseas background and other characteristics,which may have an impact on labor investment.Thirdly,this article uses the data of 69 asset appraisal institutions engaged in securities and futures-related appraisal business as the research sample.As the typical institutions of the industry,69 asset appraisal institutions are usually large in scale and have a certain leading demonstrative effect.It is reasonable to use them as research objects,but whether the situation of the entire industry can be reflected by the situation of 69 agencies needs further research and confirmation.This paper uses panel data,and there is a change in the chairman of the board of directors,but because the proportion of change is small,there is less change in the characteristics of the chairman of the organization.Finally,part of the data in this article comes from a survey questionnaire with a five-year period with a limited time interval and have the problem of data missing.However,with the continuous development of the asset appraisal industry,the data will be more perfect in the future.The future research direction of this paper can be divided into the following aspects: Firstly,we will further investigate the influence of chairman’s various characteristics on the scale,structure and efficiency of labor investment,and will no longer be limited to analyzing the influence of single characteristics on the scale,structure and efficiency of labor investment.Secondly,we can expand the research scope of the characteristics of the chairman of the asset appraisal agency.Thirdly,we can expand the scope of research on other managers of asset appraisal agencies.In follow-up research,we can further obtain the characteristic data of other senior managers through questionnaires,and further study their influence on labor investment.Fourthly,we can expand the scope of the industry.In Future research,we will further exaggerate the scope of the industry and explore the applicability of the research content in the whole industry,labor-intensive industries,and capital-intensive industries.