作者：靳庆鲁，狄正林
摘要/Abstract
本文以1999-2004年度我国上市公司为研究样本，考察了股票价格是否恰当反应了收益不同组成部分（经常性损益和非经常性损益）所蕴含的关于未来收益的信息含量。本文的研究结果表明，中国资本市场中的有效性尚待进一步提高，中国证监会关于非经常性损益单独列报的制度规定的确有助于改善投资者的决策环境。
Based on the sample of Chinese listed companies from 1999 to 2004, this paper investigates whether stock prices reflect information about future earnings contained in the recurring and non-recurring earnings components of current earnings. our empirical results indicate that the regulations on the non-recurring earnings of CSRC do improve the investors' decision-making settings, and the regulators should do their endeavor to further enhance the market efficiency in China.