近期財務報導準則制定團體已採取行動使不乾淨盈餘會計流量更加透明化於公司外部使用者，並要求綜合淨利形式之財務報表。這些改革之目的是基於不乾淨盈餘會計流量對投資者而言具有攸關性，因此有讓投資者清楚瞭解之必要。關於不乾淨盈餘會計流量對於公司評價是否具有明確之攸關性，為一實證上討論之議題。因此，本研究著眼於1998至2007年台灣所有上市櫃公司，旨在探討不乾淨盈餘會計流量增額及相對之價值攸關性，以及乾淨淨利與股票報酬之關聯性是否高於報導淨利與股票報酬之關聯性。
研究結果發現不論是本期報導淨利或乾淨淨利，在解釋股票報酬上皆具有價值攸關性，然結果顯示乾淨淨利為較攸關的報酬衡量指標。不乾淨盈餘總和項僅在十年期累積區間之情況下，與股票報酬之間無關聯性；而不乾淨盈餘個別項中，資產重估增值、外幣換算調整數及未認列為退休金成本之淨損失，在部分累積區間下對於股票報酬具有增額攸關性，而前期損益調整則不具攸關性。

Recently the financial reporting standard setters have taken steps to make dirty surplus accounting flows more visible to parties outside firms by requiring comprehensive income-type statements. These steps are presumably based on the idea that dirty surplus accounting flows are relevant to investors and hence have to be visible to them. Whether dirty surplus accounting flows are indeed relevant in firm valuation is an empirical issue. This paper, therefore, explores both the incremental and relative value relevance of dirty surplus accounting flows for listed firms in Taiwan during the period 1998–2007 and examines whether clean surplus income is more highly associated with returns than reported net income.
The evidence indicates that both reported income and clean surplus income are relevant in explaining stock returns, though clean surplus income seems a more relevant measure of returns in the period considered. The results suggest that aggregated dirty surplus flows are not associated with stock returns with accumulation intervals up to 10 years; however, asset revaluations,currency-translation differences and excess of additional pension liability over unrecognized prior service cost are at times incrementally relevant to returns,and prior period adjustments are not relevant.

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