當期盈餘中應計項目及現金流量對未來盈餘的貢獻有明顯的不同，公司有相對較高(低)比例的應計項目時，未來會有負(正)的異常報酬。此種異常報酬導因於投資人無法分辨盈餘中的應計項目及現金流量的差別。本文實證結果顯示法人說明會可減緩應計項目異常現象，有較多分析師預測的公司，可強化法人說明會的效果。而無召開法人說明會且分析師人數少的公司應計項目異常現象最為嚴重。 The performance of current earnings persists into the future depends on the relative magnitudes of the cash-flow and accrual components of earnings. Firms with relatively high (low) of accruals experience negative(positive) future abnormal stock returns. The results indicate that investors fail to distinguish fully between the different properties of the accrual and cash flow components if earnings. Our results indicate that conference calls could reduce the abnormal returns induced by accrual anomaly, and analysts could enhance the effect of conference call. Companies that don’t hold conference calls and with lower analyst coverage will experience severe accrual anomaly.