中国农业上市公司每股收益可持续增长实证分析

The Empitical Analysis on Earnings Per Share Sustainable Growth of Agricultural Listed Companies in China

基于Higgins和Van horne财务可持续增长理念进行相关理论分析和EPS可持续增长模型构建,并根据模型和农业上市公司特征提出了八项假设,通过实证分析发现:农业上市公司主营业务收入对公司每股收益增长影响最为稳健和显著,国家给予公司的所得税优惠对每股收益增长的影响也十分稳健和显著。另外,资产负债率是影响公司每股收益的重要因素,总资产周转率对每股收益的影响与假设相同且显著,公司前10名大股东持有公司股份的参数估计结果符合预期。其他解释变量,如高管持股比例、董事会规模、独立董事比例对每股收益增长的影响并不显著。

This research based on the concept of Higgins and Van horn financial sustainable growth to analyze the relevant theories and to build EPS sustainable growth model,according to the model and the characteristics of the agricultural listed companies put forward eight hypotheses,then,by empirical analysis,the author found out that agricultural listed company＇s main business income of the most robust and remarkable company earning per share growth,the influence of preferential income tax on earnings per share growth which government give is robust and remarkable. in addition,the asset-liability ration is one of the important factors affect the company＇s earnings per share,the influence of asset turnover to earnings per share is consistent with the hypothesis,top 10 major shareholders holding shares of parameter estimation results in line with expectations. Other explanatory variables,such as executives sharehoding proportion,the boar size,independent directors,there is no significant impact on earning per share growth.