我国农业上市公司EVA影响因素研究

发布时间：2018-08-14 10:43

【摘要】：经济增加值（Economic ValueAddded，简称EVA），是一种在考虑了企业财务风险和经营风险的基础上，从税后经营利润中扣除企业投入的全部债务资本和权益性资本的衡量企业经营绩效的工具。只有当指标EVA为正时，企业价值增加， EVA为负时，企业价值毁损，EVA真实的反应了经营管理者有效运用投入资本的能力，从而真实、全面反映企业的价值。农业是国民经济的命脉，，尤其对于我国这样一个农业大国来说，农业的发展对实现国家经济的全面发展更是起着举足轻重的作用。国家制定了财政、税收、金融等一系列优惠政策，为农业上市公司的发展创造了良好的政策环境。但是由于我国农业上市公司起步晚、经营周期长、抗风险能力弱，国际农业市场竞争激烈，农业上市公司在发展过程中也面临着复杂多变的风险和巨大的挑战。因此，客观、真实反映我国农业上市公司经营绩效，并探寻其主要价值驱动因素就显得极其重要。基于以上原因，本文选择了我国农业上市公司为研究对象，利用实证方法对其进行业绩评价，并对农业上市公司的价值驱动因素进行了分析。具体做法是：收集了我国农、林、牧、副、渔类上市公司2008年至2012年23家公司的115个样本数据，根据会计科目的调整准则和农业上市公司本身的特点计算其EVA值、单位EVA和传统经营绩效指标税后净营业利润和净资产收益率。在对农业上市公司经营绩效衡量评价的基础上，本文选择单位EVA作为被解释变量，由于外部因素具有不可控性和长期性，因此剔除外部因素的考虑。从盈利能力、营运能力、偿债能力、成长能力、扩张能力、股东权益、业务创新能力、公司治理能力和人力资源9个方面选取12个指标作为解释变量，利用Eviews软件对相关影响因素指标与单位EVA建立的回归方程进行相关分析和回归分析，并就各指标影响的意义作了说明。最后得出如下结论：（1）我国农业上市公司经营绩效低下，大多数企业在经营发展过程中价值毁损，并且两种评价方法结论并不完全一致，EVA在衡量企业经营绩效方面具有优越性。（2）内部财务因素盈利能力、成长能力与EVA具有显著相关性，内部非财务因素业务创新能力、公司治理能力和人力资源对EVA价值的创造作用较大。根据以上分析，本文相应提出有效的政策建议，为我国农业上市公司价值的创造和竞争力的提升，以及有关部门制定政策提供参考。
[Abstract]:(Economic ValueAddded, is a tool to measure the performance of enterprises by deducting all the debt capital and equity capital from the after-tax operating profit on the basis of considering the financial risk and operating risk. Only when the index EVA is positive, the enterprise value increases, the enterprise value is negative, the enterprise value damage reflects the management manager's ability to use the investment capital effectively, so it is true and reflects the value of the enterprise in an all-round way. Agriculture is the lifeblood of the national economy, especially for a large agricultural country such as China, the development of agriculture plays an important role in realizing the overall development of the national economy. The state has formulated a series of preferential policies, such as finance, taxation and finance, which have created a good policy environment for the development of agricultural listed companies. However, due to the late start of agricultural listed companies in China, long operating cycle, weak ability to resist risks and fierce competition in the international agricultural market, agricultural listed companies are also faced with complex and changeable risks and huge challenges in the process of development. Therefore, it is very important to objectively and truly reflect the operating performance of agricultural listed companies in China and explore the main driving factors of their value. Based on the above reasons, this paper chooses our agricultural listed companies as the research object, uses the empirical method to evaluate their performance, and analyzes the value driving factors of agricultural listed companies. The specific measures are as follows: collected 115 sample data of 23 listed companies of agriculture, forestry, animal husbandry, by-catch and fishery in China from 2008 to 2012, and calculated their EVA values according to the adjustment standards of accounting subjects and the characteristics of agricultural listed companies themselves. Unit EVA and traditional operating performance indicators after tax net operating profit and return on net assets. On the basis of evaluating the performance of agricultural listed companies, this paper chooses the unit EVA as the explained variable, because the external factors are not controllable and long-term, so the consideration of external factors is excluded. From 9 aspects of profitability, operating capacity, solvency, growth capacity, expansion capacity, shareholder equity, business innovation ability, corporate governance ability and human resources, 12 indicators are selected as explanatory variables. The correlation analysis and regression analysis of the regression equation established by the unit EVA and the related influencing factor index are carried out by using Eviews software, and the significance of the influence of each index is explained. Finally, the following conclusions are drawn: (1) the operating performance of agricultural listed companies in China is low, and the value of most enterprises is destroyed in the process of operation and development. And the conclusion of the two evaluation methods is not completely consistent. (2) the profitability of internal financial factors, growth ability and EVA have significant correlation, internal non-financial factors business innovation ability. The ability of corporate governance and human resources to create a greater role in the value of EVA. According to the above analysis, this paper puts forward effective policy suggestions, which can provide reference for the value creation and competitiveness promotion of agricultural listed companies in China, as well as for the relevant departments to formulate policies.
【学位授予单位】：西北农林科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F324;F302.6

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