中文摘要：

以2003-2011年的A股上市公司为研究对象，基于非经常性损益对应计异象展开分析，研究发现：投资者无法识别盈余各组成部分的持续性差异，存在错误定价，买入应计盈余最低组同时卖出应计盈余最高组的股票，在未来一年能获得8.5％的超额收益，按非经常性损益的大小进一步细分后，买入应计盈余最低且低非经常性损益组的股票，同时卖出应计盈余最高且高非经常性损益组的股票，在未来一年能获得14.4％的超额收益。

英文摘要：

Taking A-share companies from 2003 to 2011 as study objects , this paper makes an analysis of the accrual a-nomaly based on extraordinary gains and losses .The research finds that as investors cannot identify sustained differences in va-rious components of earnings , there exists mis-pricing;and by buying stocks of the lowest accrual group and selling stocks of the highest accrual group , investors can earn an excess return of 8.5% over the following year; but after further subdivision according to the extraordinary gains and losses , investors can earn an excess return of 14.4% over the following year if they buy stocks of the lowest accrual with low extraordinary gains and losses group , and sell stocks of the highest accrual with high extraordinary gains and losses group .