盈余的分解及其持续性是会计学研究领域的一个核心问题。本文以中国A股上市公司的会计盈余为研究对象，结合我国企业的实际，对盈余中不同成分的持续性、影响因素及市场定价进行了比较全面的实证研究。首先，本文研究了总应计项各成分的持续性差异，逐项分析不同应计项与未来盈余的关系，研究发现这种关系影响了不同成分的持续性。与未来盈余具有负向关系的摊销类应计项的持续性最低，与未来盈余关系不确定的主要流动性应计项的持续性较低，而同未来盈余具有正向关系的主要非流动性应计项的持续性最高。其次，在自由现金流的持续性方面，本文分别从“权衡理论”和“代理理论”两种角度来分析留存现金和对外分配现金流的持续性差异。研究发现我国上市公司盈余中留存现金部分持续性高于对外分配的现金流，说明“权衡理论”能更好地解释留存现金与分配现金持续性的差异；同时，分配给股东现金流的持续性总体上与分配给债权人现金流的持续性不存在显著差异，两者的持续性仅在自由现金流为正时存在差异，此时分配给股东现金流的盈余持续性较高。再次，本文研究了表外资产对盈余持续性的影响，在实证中分别用托宾Q、行业和政治关联三种变量度量企业表外资产的多少，研究发现表外资产降低了企业盈余的持续性。最后，本文研究了市场对不同盈余成分持续性的定价效率问题，实证检验发现，市场在普遍高估盈利所有成分的同时，相对高估了应计项的持续性而相对低估了自由现金流的持续性；市场对应计项的高估主要存在于对摊销性质应计项持续性的高估，特别是流动性摊销类应计项的高估程度最严重，而市场可以比较有效地识别自由现金流各成分的相对持续性。本文的研究不但较为完整地分解并比较了盈余成分的持续性差异，拓展和深化了盈余持续性的研究，为应计异象的研究提供了新的解释，对于投资者进行盈余预测也具有重要的参考和借鉴价值。

The decomposition and persistence of earnings are key issues in accounting research. Using A-share listed firms in China, this dissertation gives an in-depth investigation of the following three topics: the persistence of earnings components, the determinants of earnings persistence and market pricing of earnings persistence.This paper first examines the persistence of different components in total accruals, by analyzing how different accrual components affect future earnings. The empirical results show that the relationship between accrual components and future earning do affect the different persistence of accrual components. In detail, amortizations, which affect future earnings negatively, have the lowest level of persistence; current accruals, which have an uncertain effect on future earnings, have the lower level of persistence; main noncurrent accruals, which have a positive effect on future earnings, have the highest level of persistence. Secondly, based on “Trade-off Theory” and “Agency Theory”, this paper investigates the different persistence of cash components of earnings, and finds that the cash component of earnings that is retained by the firm is more persistent than the cash component of earnings that is distributed to capital providers. This implies that “Trade-off Theory” is better than “Agency Theory” to explain this result. What’s more, there is no significant difference in persistence between subcomponent of cash distributed to equity holders than that distributed to debt holders generally. However, within the firms with positive free cash flow, the subcomponent of cash related to equity holders is more persistent than the subcomponent of cash related to debt holders. Thirdly, this paper examines the influence of off-balance-sheet asset on earnings persistence. Using Tobin’Q, industry and political connection as proxies for off-balance-sheet asset, the results show that off-balance-sheet asset lowers the level of earnings persistence. Finally, the market pricing results show that investors overestimate the persistence of earning components. Furthermore, investors underestimate the persistence of free cash flow, but overestimate the persistence of accrual relatively, and this overestimate is mainly due to the amortization accrual, especially the current amortization accrual. In general, market correctly anticipates the different persistence of cash components.This dissertation not only provides a comprehensive framework to study the decomposition and persistence of earnings, but also provides a new explanation for the accrual anomaly. Moreover, these results also have important implications for investor to forecast firm earnings.