以沪深股市为例,探讨了中国资本市场中应计异象与盈余公告后漂移异象两种异象之间的联系,并判断这两种异象是否是同一种市场非有效性的表现,抑或是两种截然不同的市场异象。研究发现,应计异象和盈余公告后漂移异象之间并不能相互解释,利用两种异象构造投资组合可以为投资者带来比利用一种异象所构造的投资组合多出约两倍的累积超额收益。 Taking the Shanghai and Shenzhen stock markets as examples, the connection between the accrual vision in China’s capital market and the two kinds of drift vision after earnings announcement is discussed, and whether these two kinds of vision are the same as the non-validity of the market Or are they two very different market perspectives? The study found that accounting for shifts after accruals and surplus announcements does not explain each other. Using two kinds of vision to construct portfolios can bring investors about two more than a portfolio constructed using one vision. The accumulated excess returns.