本文尝试探索股票价格对会计信息的敏感度指标，进而判断不同板块对会计信息的敏感程度，筛选更具投资价值的行业板块。研究以季度末月的股票平均价格为因变量，以会计报表中反应公司经营状况的主要财务指标做因变量，进行加权最小二乘估计，并通过异方差性检验和共线性检验。对三个行业板块的数据进行总体的及分别的回归分析，结论如下：1.每股收益信息对股票价格有较强的解释能力，投资者更关注公司的盈利能力；2.不同行业板块的股票会对不同的会计指标更敏感，但研究中所有板块的股票价格对每股收益信息都有显著的价值正相关性；3.可选用每股收益作为衡量目前A股市场上股价对会计信息敏感度的指标；4.分析敏感度指标的回归系数可以筛选能够给投资者带来最多的股票溢价收益的行业板块。

In this paper, I tried to find an index to evaluate the sensitivity of stock price to the accounting information, to find consequently the more profitable industrial fields on China mainland A stock market. I used feasible GLS to do weighted least squares estimations. In conclusion: 1. Revenue per stock is the best regressor of the accounting information to explain the change of the stock prices; 2. Stock prices of different industrial fields are sensitive to different accounting informations, while all stocks in consideration are sensitive to revenue per stock; 3. Revenue per stock can be used as the index to evaluate the stock prices; 4. The more profitable industrial fields can be find in consequence.