本研究則嘗試探討上市櫃公司每月營收年成長率的資訊價值來源，研究樣本期間為2009年12月至2015年12月，研究結果發現此期間已公告月營收資訊是具有意義的，依照月營收較去年同期成長公司之條件所構成投資組合每月預期報酬率可獲得異常報酬，且月營收年增率越高公司投資組合獲取之異常報酬也越高。月營收正成長投資組合的資訊價值來自下列兩點： 一、月營收正成長投資組合獲取極端正報酬的機率較高，而獲取極端負報酬的機率較低。 二、月營收正成長投資組合所含投資標的，若次月營收持續成長，則次月營收可持續成長的公司可獲得較高預期報酬。 ;This study attempted to explore the value of information of all listed company′s monthly revenue annual growth rate. This research found that announced monthly revenue is meaningful in the data sample period from December 2009 to December 2015. A portfolio composed of the company which announced the monthly revenue higher than the same period last year may get higher abnormal return, the higher the monthly revenue growth rate, the higher the abnormal return. The information of the monthly revenue growth rate is from the following points: 1. A company announced the monthly revenue higher than the same period last year may obtain a higher probability of extreme positive returns , and obtain a lower probability of extreme negative returns 2. In the portfolio composed of the company which announced the monthly revenue higher than the same period last year, we may get higher expected return, if it’s underlyings’ next monthly revenue continued higher than the same period last year.