【摘要】：經濟增加值（Economic ValueAddded，簡稱EVA），是一種在考慮了企業(yè)財務風險和經營風險的基礎上，從稅后經營利潤中扣除企業(yè)投入的全部債務資本和權益性資本的衡量企業(yè)經營績效的工具。只有當指標EVA為正時，企業(yè)價值增加， EVA為負時，企業(yè)價值毀損，EVA真實的反應了經營管理者有效運用投入資本的能力，從而真實、全面反映企業(yè)的價值。 農業(yè)是國民經濟的命脈，，尤其對于我國這樣一個農業(yè)大國來說，農業(yè)的發(fā)展對實現(xiàn)國家經濟的全面發(fā)展更是起著舉足輕重的作用。國家制定了財政、稅收、金融等一系列優(yōu)惠政策，為農業(yè)上市公司的發(fā)展創(chuàng)造了良好的政策環(huán)境。但是由于我國農業(yè)上市公司起步晚、經營周期長、抗風險能力弱，國際農業(yè)市場競爭激烈，農業(yè)上市公司在發(fā)展過程中也面臨著復雜多變的風險和巨大的挑戰(zhàn)。因此，客觀、真實反映我國農業(yè)上市公司經營績效，并探尋其主要價值驅動因素就顯得極其重要。 基于以上原因，本文選擇了我國農業(yè)上市公司為研究對象，利用實證方法對其進行業(yè)績評價，并對農業(yè)上市公司的價值驅動因素進行了分析。具體做法是：收集了我國農、林、牧、副、漁類上市公司2008年至2012年23家公司的115個樣本數(shù)據(jù)，根據(jù)會計科目的調整準則和農業(yè)上市公司本身的特點計算其EVA值、單位EVA和傳統(tǒng)經營績效指標稅后凈營業(yè)利潤和凈資產收益率。在對農業(yè)上市公司經營績效衡量評價的基礎上，本文選擇單位EVA作為被解釋變量，由于外部因素具有不可控性和長期性，因此剔除外部因素的考慮。從盈利能力、營運能力、償債能力、成長能力、擴張能力、股東權益、業(yè)務創(chuàng)新能力、公司治理能力和人力資源9個方面選取12個指標作為解釋變量，利用Eviews軟件對相關影響因素指標與單位EVA建立的回歸方程進行相關分析和回歸分析，并就各指標影響的意義作了說明。 最后得出如下結論：（1）我國農業(yè)上市公司經營績效低下，大多數(shù)企業(yè)在經營發(fā)展過程中價值毀損，并且兩種評價方法結論并不完全一致，EVA在衡量企業(yè)經營績效方面具有優(yōu)越性。（2）內部財務因素盈利能力、成長能力與EVA具有顯著相關性，內部非財務因素業(yè)務創(chuàng)新能力、公司治理能力和人力資源對EVA價值的創(chuàng)造作用較大。根據(jù)以上分析，本文相應提出有效的政策建議，為我國農業(yè)上市公司價值的創(chuàng)造和競爭力的提升，以及有關部門制定政策提供參考。
[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.
【學位授予單位】：西北農林科技大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F324;F302.6

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