本研究旨在探討負盈餘公司的評價，而以財務報表兩大會計數字：盈餘及帳面價值為主要研究項目。本文參考Joos and Plesko（2005），將研究樣本分類為暫時性及持續性負盈餘公司。實證結果顯示，營業活動現金流量對電子業之負盈餘公司較具價值攸關性，尤以暫時性負盈餘公司最為顯著；帳面價值之拆解項目則對非電子業之負盈餘公司及暫時性負盈餘公司較具攸關價值，其中非電子業暫時性負盈餘公司之攸關性最高。 在敏感性分析中，本研究另以實際發生負盈餘的持續度進行暫時性及持續性負盈餘的分類，並考慮公司規模因素。實證結果顯示，帳面價值拆解項目對於公司負盈餘之暫時性或持續性，並無明顯的評價差異；盈餘資訊之攸關性則有限。就規模因素而言，暫時性負盈餘公司及持續性負盈餘公司的盈餘拆解項目大多不具攸關價值，而帳面價值對於持續性負盈餘公司較具攸關價值。若按照電子業及非電子業分類，營業活動現金流量對於評價暫時性負盈餘公司具攸關價值，且較應計項目高；帳面價值拆解項目則無明顯之價值攸關性差異。 / This paper investigates the evaluation of negative-earnings firms by their earnings and book values, which are two of the most important accounting figures in financial statements. Following Joos and Plesko (2005), we classify the sample firms into two categories: transitory negative earnings and persistent negative earnings. The empirical results show that cash flows from operating activities are more value relevant for the negative-earnings firms in electronics industry, especially for those with transitory negative earnings. For the non-electronic industry, decomposed book values are more value relevant for those firms with transitory negative earnings. In performing sensitive analyses, this study further classifies negatives-earnings firms with the actual persistence of their negative earnings as well as the firm size. For the actual persistence of negative earnings, decomposed book values demonstrate no significant difference in the valuation of transitory negative earnings firms and persistent negative earnings firms, and decomposed earnings show little value relevance in either group. When considering the size effect, decomposed earnings aren’t value relevant in transitory and persistent negative earnings firms and decomposed book values are more value relevant for the firms with persistent negative earnings. We also test the industry effect by dividing the sample firms into electronics and non-electronics. The results show that net cash flows from operating activities are more value relevant for transitory negative earnings firms and their relevance is higher than accruals. And decomposed book values show no significant difference in value relevance for both groups.