The relationship between students' learning effectiveness, satisfaction and willingness to continue learning and the influencing factors were investigated using the recent A virtual semester online course "Interesting Financial Statements" as an example. The empirical analysis based on 249 questionnaires shows that (1) four variables, including extrinsic motivation, intrinsic motivation, learning experience and knowledge fragmentation, have a positive impact on the learning effectiveness of the course, with knowledge fragmentation having the greatest impact. (2) Course learning effectiveness significantly and positively influenced learning satisfaction, and learning satisfaction further positively influenced willingness to continue learning. (3) The most significant effect of fragmentation was seen in terms of influencing factors; the tendency of "choice" in the intrinsic motivation of learners was noted in terms of learning motivation; and the learning experience emphasized the purpose of the learner and the role of the teacher as a non-learner subject. While confirming the positive effects of the reform of general education based on flexible teaching time and space and student-initiated learning, the study proposes recommendations in three aspects: giving full play to the advantages of fragmented learning, optimizing teaching design and evaluation system, and giving full play to learners' subjective initiative.