Research On The Usefulness Of Strategic Resource Information Of Listed Companies In The Software Industry

With the transition of economy from industry to service and information technology,the core driving force behind enterprise value creation has shifted from traditional physical assets to intangible assets.However,the current financial report still focuses on the disclosure of real asset-related information,which leads to the value relevance of accounting information showing a downward trend.Especially for the emerging industry software and information technology service industry(hereinafter referred to as the "software industry"),the core driving force of enterprise value creation lies in intangible assets with heterogeneous characteristics,such as human resources,intangible assets,customer resources and management maturity,rather than traditional physical assets such as factories,equipment,and land.These intangible assets have the four characteristics of strategic resources: value,scarcity,inimitability,and organization,and are classified as strategic resources.This thesis aims to investigate whether disclosing the results of strategic resource allocation in the software industry can improve the quality of capital market information disclosure.Based on the resource-based theory,industrial organization theory,efficient markets theory,and path dependence theory,firstly,from the perspective of investors’ active demand information,this thesis collects the records of investors’ activities in the software industry from 2018 to 2021 and analyzes the text to identify the strategic resources of the software industry.In order to further test the usefulness of the identified strategic resource information,this thesis constructs the residual cash flow index to measure the allocation effect of strategic resources,selects the data of software industry from 2018 to 2021,and tests it from two dimensions of value relevance and decision usefulness.On the one hand,The value relevance test mainly through the establishment of models for regression analysis,research shows that strategic resource allocation effect information in the interpretation of changes in the market value of enterprises is better than accounting net profit,net asset book value,net profit and net asset book value of the combined results and relatively stable,and also found that the value relevance of net profit is higher than the value relevance of net asset book value,The joint value correlation between net profit and net asset book value has not been enhanced;On the other hand,the decision usefulness test mainly analyzes the return by constructing the hedging portfolio.The research shows that the cumulative abnormal return rate of the hedging portfolio based on the residual cash flow index is basically positive,and is significantly higher than that of the hedging portfolio based on the accounting net profit and the operating net cash flow.It is also found that the cumulative abnormal return of the hedge portfolio based on net cash flow from operating activities is higher than that based on net accounting profit.The conclusion shows that the usefulness of strategic resources information is higher than that of traditional accounting information.This study helps listed companies identify their strategic resources from the perspective of investors and make full disclosure.It also provides constructive suggestions for standard-setting institutions on information disclosure standards and new reference indicators for investor decision-making.