中文摘要：

以我国沪深两市上市公司为研究样本，实证分析企业会计特征和竞争力特征对盈余持续性的影响后发现，上述特征显著影响会计盈余的持续性。此外，实证结果揭示了持续性高的盈余向资本市场传递更多正面的信息，提高公司的市场反应；如果资本市场未能反映盈余持续性的信息，投资者据此制定的交易策略就能获得超额收益。

英文摘要：

On the basis of samples of listed companies from Shanghai and Shenzhen Stock Markets, we make an empirical analysis of enterprise accounting and competitiveness characteristics. We find that the above characteristics considerably affect the accounting earnings persistence. Moreover, the results indicate that the persistent and high earnings transmit more positive information to the capital market, thus increasing the enterprise＇ s reaction to market in question. And finally, we also find that if the capital market does not reflect the earnings persistence, and hereby the investors can make abnormal gains by designing innovative trade strategies.