预测上市公司的未来收益是广大投资者、证券商和债权人所广泛关注的课题。上市公司定期公布的财务会计报告所提供的信息是否对其未来收益的变化趋势具有预测能力是本文所研究的问题。本文采用美国学者曾用过的两种统计分析方法 ,对中国 A股市场的上市公司的年度财务报告进行分析 ,结果对上述问题得到一个肯定的答案。 Predicting the future earnings of listed companies is a subject of widespread concern to investors, securities dealers and creditors. Whether the information provided by a listed company in a financial report published on a regular basis is predictive of the trend of future earnings is the issue studied in this paper. This article uses two kinds of statistical analysis methods used by American scholars to analyze the annual financial reports of listed companies in China’s A-share market. The results give a positive answer to the above-mentioned questions.