本研究目的在於探討國際投資者對中國企業盈餘宣告之市場反應，研究中以發行A股與B股之中國上市公司為探討對象，採用2007-2008年實際資料進行分析。實證結果指出，國際投資者交易市場(B股市場)盈餘反應係數顯著低於境內投資者交易市場(A股市場)。此結果顯示，國際投資者對中國企業所揭露之盈餘資訊評價低於當地投資者。

The purpose of this study is to examine the market reaction of overseas investors to Chinese companies' earnings announcement. Using a sample of frms issuing both A shares and B shares in the time period from 2007 to 2008, we fnd that earnings response coeffcients in the B-share market, provided for overseas investors to trade in China's stock markets, are signifcantly lower than those in the A-share market for domestic Chinese investors. Such fndings indicate that overseas investors underprice Chinese companies' accounting earnings.