本研究探討在智慧資本觀念倍受重視之際，傳統財務資訊與企業之價值攸關性是否因此受到影響，並進一步探究不同因素是否會影響財務資訊的價值攸關性。 本研究以Collins, Maydew, and Weiss（1997）及Lev and Zarowin（1999）為基礎，分析每股盈餘、每股淨值對股價與股票報酬率之價值攸關性變動情形，首先以橫斷面分析民國79年至88年間上市公司之財務資訊解釋能力，再以時間序列分析探討影響財務資訊解釋能力之因素，並進一步分析影響無形資產密集產業與傳統產業財務資訊價值攸關性不同之因素。 研究結果發現，每股盈餘及每股淨值之價值攸關性並未減少，且有上升之趨勢，而每股淨值之增額價值攸關性亦上升。依產業性質、盈餘品質、盈餘正負區分樣本之實證結果顯示，無形資產密集產業、有常續性項目之樣本以及常續性盈餘為正之樣本的價值攸關性較高。時間可以釋釋價值攸關性之變動，但與其他因素合併考量時，則不具有解釋能力。無形資產密集產業與傳統產業財務資訊價值攸關性主要受到時間因素影響，研究發展費用（創新之代理變數）、員工生產力（人力資源之代理變數）及存貨週轉率（結構資本之代理變數）等因素無法解釋產業價值攸關性之變化。 / This thesis investigates whether traditional financial information, such are earnings, book value of equity, and cash flow information, has lost its value relevance while the concept of intellectual capital rises. Furthermore, the thesis examines what factors explain the value relevance of financial information. Based on the study of Collins, Maydew, and Weiss (1997) and Lev and Zarowin (1999), this thesis first analyzes the value relevance of earnings, book values of equity, and operating cash flow over time, followed by exploring possible explanations for the observed temporal shift in explanatory power. In addition, this thesis analyzes the factors affect the different value relevance of financial information between intangible intensive industries and tradition industries. The empirical results indicate that the value relevance of earnings and book value of equity do not diminish, instead, the value relevance of earnings and book value of equity appears to have increased slightly over time. And also, the incremental explanatory power of book value of equity has increased over the sample period. For samples from the intangible intensive industries, the value relevance of information for firms with one-time items, and firms with negative core earnings are higher. With Time as the sole explanatory variable, time does explain the changes in the value relevance of financial information. However, time factor loses its explanatory power when incorporates other factors into the model. This study finds that research and development intensity (proxy for innovation), employee’s productivity (proxy for human resources), and inventory turnover (proxy for structural capital) do not help explain the shift in value relevance of financial information.