本論文實證研究台灣1990 年至2008 年上市公司的盈餘與帳面價值攸關性。動機亦即比較兩者對股價的解釋能力，選取了560家公司，根據Collins, Maydew, and Weiss (1997)的研究，建立有關盈餘、帳面價值資訊內涵實證模型。實證結果發現淨值變數含有關於訊息內涵以及增額解釋能力高於盈餘對股價的解釋能力的。所以本研究實證結論是淨值相較於盈餘是比較優勢的股價解釋變數，其股價的攸關性程度較高。 The paper conducted an empirical study on the relevance of earnings and book values for listed companies from 1990 to 2008. The study motivation consists of comparison of earnings and book values for stocks by selecting 560 companies. The study conducted by Collins, Maydew and Weiss (1997) established an empirical model examining the information content of earnings and book values. The empirical results revealed that book values comprise information content and incremental explanatory power higher than that of earnings to stock prices. Hence, the empirical conclusion of the study revealed that net book values comparing with earnings are the better explanatory variables of shares and have higher degree of relevance to stock price.
