关键词: 资源配置战略, 价值相关性, 净利润, 核心利润, 投资收益

Abstract: 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.

Key words: resource allocation strategy, value relevance, net profit, core profit, investment return