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第 35 卷摇 第 3 期 彭爱武, 张新民: 企业资源配置战略与盈余持续性

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Enterprise蒺s Strategy of Resource Allocation and Earnings Persistence

1,2 1
PENG Aiwu & ZHANG Xinmin
(1. Business School, University of International Business and Economics, Beijing 100029, China;
2. School of Finance, Hunan University of Technology and Business, Changsha, Hunan 410205, China)

Abstract: Earnings persistence is an important feature of earnings quality. High persistence indicates high quality, general鄄
ly shows that there is stable operation and high management level in enterprises, which is beneficial for enterprises to reduce op鄄
erational risks and increase enterprise value. In recent years, the study of earnings sustainability has become a hot issue in cap鄄
ital market research. Taking the A鄄share non鄄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蒺s strategy of resource allocation and earnings persist鄄
ence. The empirical evidence shows that the earnings persistence of the “operation鄄oriented冶 companies are significantly stronger
than that of the “investment鄄oriented冶 companies. After further distinguishing the earnings composition, it is found that the core
earnings persistence of the “operation鄄oriented冶 companies are significantly stronger than that of the “investment鄄oriented冶 com鄄
panies, but its investment income persistence is significantly weaker than that of the “investment鄄oriented冶 companies. In con鄄
clusion, the sustainability of earnings and its composition is affected by the company蒺s resource allocation strategy. This study not
only provides empirical evidence for the impact of corporate resource allocation strategy on earnings sustainability, but also pro鄄
vides some enlightenment for external stakeholders to see the internal accounting information through the strategic nature.
Key Words: resource allocation strategy; earnings sustainability; core profit; investment income; operation leading; in鄄
vestment leading

(本文责编摇 王沈南)

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