企业资源配置战略与盈余持续性

盈余持续性是盈余质量的重要特征。较高的盈余持续性预示着企业的盈余质量较高,在一定程度上表明企业的经营状况平稳并具有良好的管理水平,有利于企业降低经营风险、提升公司价值。近年来,盈余持续性已经成为资本市场研究领域的一个热点问题。以我国A股市场2007—2017年非金融类上市公司为样本,对企业资源配置战略与盈余持续性之间的关系进行了实证研究。研究结果表明,经营主导型公司的盈余持续性要显著强于投资主导型公司;进一步区分具体的盈余构成后发现,经营主导型公司核心利润的持续性显著强于投资主导型公司,但其投资收益的持续性显著弱于投资主导型公司。上述结论表明,盈余及其构成的持续性均会受到公司资源配置战略的影响。相关研究结论既为公司资源配置战略影响盈余特征提供了经验证据,又对外部利益相关者透过战略本质看清会计信息的内在价值具有一定的启示作用。

Enterprise's Strategy of Resource Allocation and Earnings Persistence

Earnings persistence is an important feature of earnings quality.High persistence indicates high quality,generally shows that there is stable operation and high management level in enterprises,which is beneficial for enterprises to reduce operational risks and increase enterprise value.In recent years,the study of earnings sustainability has become a hot issue in capital market research.Taking the A-share non-financial listed companies in China during the years from 2007 to 2017 as a sample,this paper makes an empirical study on the relationship between enterprise's strategy of resource allocation and earnings persistence.The empirical evidence shows that the earnings persistence of the“operation-oriented”companies are significantly stronger than that of the“investment-oriented”companies.After further distinguishing the earnings composition,it is found that the core earnings persistence of the“operation-oriented”companies are significantly stronger than that of the“investment-oriented”companies,but its investment income persistence is significantly weaker than that of the“investment-oriented”companies.In conclusion,the sustainability of earnings and its composition is affected by the company's resource allocation strategy.This study not only provides empirical evidence for the impact of corporate resource allocation strategy on earnings sustainability,but also provides some enlightenment for external stakeholders to see the internal accounting information through the strategic nature.