| Agricultural listed company of the present stage in our country is one of the important organizational forms of the advanced agricultural productivity and agricultural industrialization. From 1997, the number of agricultural listed company, whose core business is engaged in agricultural production, agricultural product trade, has reached to 44 in all at the end' of 2002. To the operator, the owner and the creditor of agricultural listed company, the ability of lasting management is very important. The objective of the thesis is to find out the current situation of the ability of lasting management and influence factors, and then appraise the investing value of the companies by FCF model. The thesis is composed by four parts.The 1st part, chapter 1, includes the objective, significance, frame and conclusion of the thesis.The 2nd part, chapter 2, defines lasting management, investing value and free cash flow (FCF), and analyzes the relation among the three ones by theories. FCF is proved to be the basic index analyzing the lasting management and investing value, as has done theory foreshadowing for the real example analysis.The 3rd part, including chapter3, 4 and 5, is the main part of the thesis. Chapter 3 analyses the current developing situation, some problems and trends of the agricultural listed company. Chapter 4 sets up fisher identification model, which regards the index system based on FCF as analyse variables, to judge the ability of lasting management of the agricultural listed company. After analyzing the current situation, we find out the influence factors. Chapter 5, on the foundation of judge, chooses the companies of lasting management and appraises the investing value of the companies, and sets up portfolio through the comparison with existing market value.The 4th pare, chapter 6, summarize the basic conclusions of the thesis, and put forward some suggestions for the operator , the owner , the creditor of the agricultural listed company and the government department.
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