本研究探討營業外淨利在台灣資本市場之資訊內涵，測試營業外淨利與報酬間之關聯性，以瞭解台灣資本市場對營業外淨利的反映。此外，亦探討營業外淨利組成項目是否具增額資訊內涵，以瞭解投資人是否只關注最終盈餘數字，而忽略盈餘的組成項目。主要結論如下： 一、營業淨利、營業外淨利與報酬之問皆具有關聯性。 二、依季別分組，各季營業淨利與報酬間皆具關聯性，營業外淨利在第二季及第四季達到1%的顯著水準， 第三季只達到10%的顯著水準，且第一季的營業外淨利與報酬無關聯性。顯示半年報及年報之營業外淨利較具資訊內涵。 三、即使公司營業淨利為負數，營業外淨利與報酬間仍存有顯著相關。顯示公司的本業即使虧損，營業外淨利仍是投資人重視的資訊。 四、營業外淨利佔正常所得比重愈大，其營業外淨利與報酬間之關聯性亦愈大，反之，營業外淨利佔正常所得比重小，則與報酬問之關聯性亦低。 五、若將營業外淨利細分成利息、淨收益、投資淨收入、處分投資淨損益、處分資產淨損益、匯兌損益及其它淨收入後，較未細分前，對報酬解釋力增加20.03%，即營業外淨利之組成項目具增額資訊內涵。

　　This study examines the association between security returns and non-operating income, and whether components of non-operating income have incremental information content. Since the prior accounting research has not focused on the impacts of non-operating income, the main purpose of this study is to explore the information content of security prices with quarterly non-operating income in the Taiwan securíty market. Samples of this study include 303 companies, listed in Taiwan Stock Exchange from 1996 to 1998. The main results are as follows : 1. Both operating income and non-operating income are associated with security returns significantly. 2. In the second and fourth quarter, companies utilize non-operating income to window dress their financial statements. 3. In spite of operating losses, non-operating gains are significantly associated with security returns. 4. The association in result 1 is positively related to the percentage of non­operating income to normal income. 5. The association between security returns and components of non-operating income is stronger than result 1. Adj-R2 increase 20.03%, indicates the components of non-operating income have incremental information content.