在台灣及中國大陸，上市公司在股利政策上偏好配發股票股利，再加上在台灣IPO是採用老股上市的方式，公司無法從IPO中取得資金，因此在上市之後會儘快進行現金增資，而中國大陸股權結構的代理問題使得公司傾向利用現增謀取利益，這都使得台灣及中國大陸的上市公司相較於世界各國，股本膨脹的情況相當嚴重。公司的股本膨脹，最直接的影響就是使得每股盈餘稀釋，因此本研究希望探討在兩岸股本膨脹的現況，股本膨脹對每股盈餘資訊內涵的影響，以及會使未來股本膨脹的稀釋性證券對盈餘資訊內涵的影響。

　　本研究採關聯性研究法及迴歸分析來探討在台灣及中國大陸，股本膨脹及稀釋性證券對盈餘資訊內涵的影響，研究期間為1994-2003共十年。研究結果顯示，在台灣及中國大陸，有股本膨脹對盈餘資訊內涵有正向的影響力，這是由於受到「成長機會」的影響，另外，股本膨脹率和盈餘資訊內涵呈顯著的負向關聯性，亦即投資人對於股本膨脹幅度愈大的上市公司其盈餘會有較小的反應，此會計盈餘由於受到股本膨脹「稀釋效果」的影響，和其它事件和資訊所反映在股價上的情況較不一致，會有較低的資訊內涵。另外，由於受到「成長機會」的影響，在台灣有配發稀釋性證券的上市公司其盈餘資訊內涵較高。而稀釋性證券流通在外的幅度對盈餘資訊內涵的影響在兩岸則不顯著，這可能是由於在台灣及中國大陸，就算稀釋性證券在未來全數轉換成普通股，所佔普通股流通在外的比重仍然十分的輕，稀釋性證券的稀釋效果並不明顯，因此投資人可能對稀釋性證券流通在外的幅度對未來盈餘的稀釋並不重視，使得稀釋性證券流通在外幅度不同的樣本公司，其盈餘反應係數無明顯的差異。

　Companies in Taiwan and China prefer to pay stock dividend rather than cash dividend. Listing companies’ special capital structure in China make them tend to raise capital by the way of issuing new stocks. Besides, companies in Taiwan can’t get the money from IPO, this make companies in Taiwan tending to issue new stocks to raise capital. For the reasons listed above, In Taiwan and China, capital grows in a very severe way. Ball and Brown first investigated the relation between earnings and stock returns in 1986, from then on, there were many papers trying to uncover the mask of earnings information content. Some researches investigated factors affecting earnings’ information content, but no one took inflation of capital into consideration. Inflation of capital will dilute EPS, so information content of EPS may be influenced. This paper tries to investigate whether inflation of capital and dilutive securities would affect the information content of earnings.

　Our empirical results show that, in Taiwan and China, because of the implicit growth opportunity, the companies suffering inflation of capital have a higher earnings response coefficient, H1 is proved. When inflation of capital gets worse, the relation between earnings and returns would be attenuated because of dilutive effect, H2 is supported. In the aspect of dilutive securities, we find that in Taiwan, when company has dilutive securities outstanding, the ERC would be higher resulting from the implicit growth opportunity. In Taiwan and China, the dilutive securities outstanding to what extent doesn’t affect the relation between earnings and stock returns, resulting from the fact that the dilutive ratios are very small, so dilutive effects of dilutive securities in Taiwan and China are not obvious.

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