我國農(nóng)業(yè)上市公司EVA影響因素研究
發(fā)布時間：2018-08-14 10:43
【摘要】：經(jīng)濟(jì)增加值（Economic ValueAddded，簡稱EVA），是一種在考慮了企業(yè)財務(wù)風(fēng)險和經(jīng)營風(fēng)險的基礎(chǔ)上，從稅后經(jīng)營利潤中扣除企業(yè)投入的全部債務(wù)資本和權(quán)益性資本的衡量企業(yè)經(jīng)營績效的工具。只有當(dāng)指標(biāo)EVA為正時，企業(yè)價值增加， EVA為負(fù)時，企業(yè)價值毀損，EVA真實(shí)的反應(yīng)了經(jīng)營管理者有效運(yùn)用投入資本的能力，從而真實(shí)、全面反映企業(yè)的價值。 農(nóng)業(yè)是國民經(jīng)濟(jì)的命脈，，尤其對于我國這樣一個農(nóng)業(yè)大國來說，農(nóng)業(yè)的發(fā)展對實(shí)現(xiàn)國家經(jīng)濟(jì)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(nóng)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(nóng)業(yè)上市公司起步晚、經(jīng)營周期長、抗風(fēng)險能力弱，國際農(nóng)業(yè)市場競爭激烈，農(nóng)業(yè)上市公司在發(fā)展過程中也面臨著復(fù)雜多變的風(fēng)險和巨大的挑戰(zhàn)。因此，客觀、真實(shí)反映我國農(nóng)業(yè)上市公司經(jīng)營績效，并探尋其主要價值驅(qū)動因素就顯得極其重要。 基于以上原因，本文選擇了我國農(nóng)業(yè)上市公司為研究對象，利用實(shí)證方法對其進(jìn)行業(yè)績評價，并對農(nóng)業(yè)上市公司的價值驅(qū)動因素進(jìn)行了分析。具體做法是：收集了我國農(nóng)、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(diào)整準(zhǔn)則和農(nóng)業(yè)上市公司本身的特點(diǎn)計算其EVA值、單位EVA和傳統(tǒng)經(jīng)營績效指標(biāo)稅后凈營業(yè)利潤和凈資產(chǎn)收益率。在對農(nóng)業(yè)上市公司經(jīng)營績效衡量評價的基礎(chǔ)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(yùn)能力、償債能力、成長能力、擴(kuò)張能力、股東權(quán)益、業(yè)務(wù)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(biāo)作為解釋變量，利用Eviews軟件對相關(guān)影響因素指標(biāo)與單位EVA建立的回歸方程進(jìn)行相關(guān)分析和回歸分析，并就各指標(biāo)影響的意義作了說明。 最后得出如下結(jié)論：（1）我國農(nóng)業(yè)上市公司經(jīng)營績效低下，大多數(shù)企業(yè)在經(jīng)營發(fā)展過程中價值毀損，并且兩種評價方法結(jié)論并不完全一致，EVA在衡量企業(yè)經(jīng)營績效方面具有優(yōu)越性。（2）內(nèi)部財務(wù)因素盈利能力、成長能力與EVA具有顯著相關(guān)性，內(nèi)部非財務(wù)因素業(yè)務(wù)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(yīng)提出有效的政策建議，為我國農(nóng)業(yè)上市公司價值的創(chuàng)造和競爭力的提升，以及有關(guān)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(xué)位授予單位】：西北農(nóng)林科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F324;F302.6
本文編號：2182604
[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(xué)位授予單位】：西北農(nóng)林科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F324;F302.6
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