本研究探討盈餘成長率高低是否影響財務報表之攸關性。實證結果顯示：(1)香港與新加坡在考慮盈餘成長性下，財務資訊對股價有顯著的解釋能力；(2)日本與泰國在考慮盈餘成長性下，財務資訊對股價無顯著的解釋能力；(3)香港與新加坡為資訊透明度較高之國家，考慮成長性下實證結果顯示財務資訊對股價有顯著的解釋能力；(4)新加坡與香港為高度經濟自由的國家，對外開放性高，考慮成長性下實證結果顯示財務資訊對股價有顯著的解釋能力。當市場全球化的程度愈來愈深，一個全球一致高透明的資訊揭露標準勢必會發展出來，企業應及早思考如何提高公司的資訊透明度，並與國際標準接軌。

This study investigates the relationship between the growth of earnings and the relevance of financial statements. Empirical results indicate that: (1)under considering earnings growth, Hong Kong and Singapore have the impact on the relation between stock prices and financial information; (2)under considering earnings growth, Japan and Thailand have no impact on the relation between stock prices and financial information; (3)the more information transparency such as Hong Kong and Singapore, the more obvious explanation on the relation between stock prices and financial information; (4)the more open to foreign such as Hong Kong and Singapore, the more obvious explanation on the relation between stock prices and financial information. The degrees of market globalization become deeper, and an information disclosure standard fit for the globe will be developed. Therefore, enterprises should make effort to enhance information transparency.

1.李奇航(2001)，「財務報表資訊攸關性之系統性變化研究」，國立台北大學會計研究所碩士論文。

2.林郁昕(2001)，「財務資訊與無形資產密集企業價值攸關性之探討」，國立政治大學會計研究所碩士論文。

3.陳沂爭(2001)，「負盈餘公司評價之問題」，輔仁大學金融研究所論文。

4.賴渙文(2000)，「成長機會對會計評價攸關性影響之研究」，中原大學會計研究所碩士論文。

5.Ball, R. and P. Brown, 1968, “An Empirical Evaluation of Accounting Income Numbers,” Journal of Accounting Research, Autumn, pp.159-178.

6.Beaver, W. H., R. Lambert, and D. Morse, 1980, “The information content of security prices,” Journal of Accounting and Economics, No.2, pp.3-28.

7.Botosan, C. A., 1997, ”Disclosure level and the cost of equity capital,” The Accounting Review, July, pp.323-349.

8.Brown, S., K. Lo, and T. Lys, 1999,“Use of R2 in accounting research：measuring changes in value-relevance over the last four decades,” Journal of Accounting and Economics, Vol. 28, pp.83-115.

9.Burgstahler, D. and I. Dichev, 1997, “Earning, adaptation, and equity value,” The Accounting Review, Vol.72, pp.187-215.

10.Collins, D. W., E. L. Maydew, and I. S. Weiss, 1997, “Changes in the Value-relevance of earnings and book values over the past forty years,” Journal of Accounting and Economics, Vol. 24, pp39-67.

11.Cooke, T. E., 1991, “An assessment of voluntary disclosure in the annual reports of Japanese companies,” The International Journal of Accounting, Vol.26, No.3, pp.174-189.

12.David, R. and J. G.. MacKinnon, 1981, “Several Tests for Model Specification in the Presence of Alternative Hypotheses,” Econometrica, Vol. 49, pp.781-793.

13.Easton, P. D., T. S. Harris and J. A. Ohlson, 1992, “Aggregate accounting earnings can explain most of security returns.” Journal of Accounting and Economics, pp.119-142.

14.Francis, J., and Schipper, K., 1999,” Have financial statements lost their relevance? “Journal of Accounting Research, Vol.37, pp.319-352.

15.Freeman, R. N. and S. Y. Tse, 1992, “A nonlinear model of security price responses to unexpected earnings,” Journal of Accounting Research, Autumn, Vol.30, No.2, pp.185-209.

16.Hossain, M., M. H. B. Perera, and A. R. Rahman, 1995, “Voluntary disclosure in the annual reports of New Zealand companies,” Journal of International Financial Management and Accounting, Vol.6, pp.69-87.

17.Kormendi, R. and R. Lipe, 1987, “Earnings innovations, earnings persistence, and stock returns,” Journal of Business, July, pp.323-345.

18.Meek, G. K., C. B. Roberts, and S. J. Gray, 1995,” Factors influencing voluntary annual report disclosures by U.S. and continental European multinational corporations,” Journal of International Business Studies, Autumn, pp.555-571.

19.Ohlson, J. A., 1995, “Earnings, book value, and dividends in equity valuation,” Contemporary Accounting Research, Spring, Vol.11, No.2, pp.661-687.

20.Ou, J. A. and S. H. Penman, “Financial statements analysis and the prediction of stock returns,” Journal of Accounting and Economics, November, pp.295-329.