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

摘要： 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。

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