The Impact Of Labor Relations On The Enterprise Value: Theory、Empirical Investigation And Policy

On the basis of previous document researches and Maslow’s hierarchy of needs theory, this paper summarized labor relation measurement index according to the law of people’s demand developing from low level to high level, and divided it into three categories:salary and welfare, social security and development and promotion. Based on the samples of listed companies, this paper adopted Dynamic Pannel GMM model to discussed and test on the correlation between labor relation and corporation value. Draw on the whole Sample, two labor relation proxy variables, salary and welfare and social security, have significant positive impact on enterprise value, but have hysteresis. And there are differences on different nature and industry type of enterprise. There is anegative correlation between development and promotion lags behind and enterprise value. which is not consistent with the theoretical expectations. it is worth our further discussion and research to the question.In the end, on the basis of demonstration conclusions, this paper provided enlightening solution on how to optimize human resources management and planning, improve labor relation, promote corporation value and build a harmonious society.