企业资源配置战略与盈余价值相关性*

本文基于资源配置战略视角，以我国2007—2016年非金融类A股上市公司为样本，实证探究不同资源配置战略下的盈余价值相关性差异。研究发现：从整体看，经营主导型公司的净利润较投资主导型公司更具有价值相关性；从构成看，核心利润的价值相关性在经营主导型公司中更强、投资收益的价值相关性在投资主导型公司中更强。综上表明，资源配置战略是影响公司盈余价值相关性的重要因素。本文丰富和扩展了有关盈余价值相关性的研究，为投资者解读公司的盈余信息提供了一种新视角，对投资决策具有一定的借鉴意义。

ENTERPRISE'S STRATEGY OF RESOURCE ALLOCATION AND THE VALUE RELEVANCE OF EARNINGS

Based on the perspective of resource allocation strategy, this paper employs the data of China's non financial A share listed companies in 2007 2016 to explore the differences of earnings value relevance between different resource allocation strategies. The results show that: the net earnings of the operation oriented companies have more value relevance than that of the investment oriented companies; decomposing the net earnings into different parts, we find the value relevance of the core earnings is stronger in the operation oriented companies, and the value relevance of the returns of investments is stronger in the investment oriented companies. Overall, the resource allocation strategy is an important factor determining the value relevance of earnings. This paper enriches and extends existing related literature, provides a new perspective for investors to interpret the earnings information of the companies, and has certain implications for investment decisions.