The value relevance of accounting earnings between ST companies and non-ST companies is asymmetric.Book value and operating cash flows are main factors which have great influence on earnings value. This paper uses the relevant data of China′s A-share market between 2009 and 2011，and finds out that the accounting earnings of ST companies is far weaker than that of non-ST companies according to earning capitalization model. This paper introduces book net assets，operating cash flow and interaction effects of book net assets and operating cash flow，and finds out that (1) book net asset has value relevance, (2) the operating cash flow of ST companies has significant negative correlation and (3) accounting earnings, book net asset and operating cash flow have significant interaction effects.