基于EPS影响因子视角的企业供应链金融分析——以房地产企业为例

Analysis of the Supply Chain Finance of Enterprises from the Perspective of EPS Impact Factor--Taking Real Estate Enterprises as an Example

本文以静态面板数据分析为例,依据有关文献对上市公司EPS与股价呈显著性关系及公司盈利能力的研究,并结合当前房地产企业供应链金融对核心企业及其上下游融资公司盈利能力的影响,以中国137家(含香港)上市房地产公司2015—2019年的数据,基于EPS影响因子视角对房地产企业供应链金融进行分析。混合回归模型结果表明,ROA与每股营业收入越高,EPS越高;分布滞后模型结果表明,每股营业收入、ROA与应付账款周转率的滞后一期对EPS的当期影响显著,从而证明房地产企业开展供应链金融业务对提高公司盈利能力有推动作用,也证明基于EPS影响因子视角的企业供应链金融分析具有一定的合理性。

This article takes static panel data analysis as an example,and based on the relevant literature on listed companies’EPS and share price being significantly related and enterprise profitability,and combined with the impact of the supply chain finance of current real estate enterprises on the profitability of core enterprises and their upstream and downstream financing companies,and the data of 137(including Hong Kong,China)listed real estate companies in China from 2015 to 2019,the supply chain finance of real estate enterprises is analyzed from the perspective of the EPS impact factor.The results of the mixed regression model show that the higher the ROA and revenues per share are,the higher the EPS is;the results of the distributed-lag model show that the lagged period of revenues per share,ROA and accounts payable turnover has a significant impact on the current period of EPS,thus proving that the real estate companies’supply chain finance has a driving effect on improving their profitability,and that analysis of the supply chain finance of enterprises based on the EPS impact factor perspective is reasonable.