Positive Research On Evaluation Of Values Of Forestry Listed Company

Forestry is an important component of national economy. Nowadays, sustainable development and coordinated growth between human being and nature have aroused more close attention at home and abroad. The definition of Scientific Development and sustainable development theories, in the sense of economigecs, are bases on the protection and construction of ecology as well. Development of ecological and beneficial economy also manifests in the development of industries and enterprises. Forestry listed company has already included ecological, social and economic benefits. Under this basis, it is very important to research on value measuring and sustainable growth of forestry listed company.The first body of this article, Positive Research on Evaluation of Values of Forestry Listed Company, introduces the background and significance of this research, and stresses than it's necessary and importance to analyze and research on value measurement and sustainable growth of forestry listed company. on this basis, this paper puts forward these related assumptions:first, the growth characteristics of value-growing forestry listed companies (EVA is more than 0) is significantly differenct from those of non-value-growing forestry listed companies (EVA is less than 0); on average, the growth of value-growing forestry listed companies is higher than non-value-growing ones. Second, higher income growth rate and asset growth rate don't necessarily reflect that their production and business activities are created by sustained value. Third, the sustainable growth rate (SGR) is the highest growth rate of sales income that forestry listed companies can achieve under the conditions of normal operation.The next part of this article carries out systematic analysis, combing and summarizing on value measurement of listed company and sustainable development theories, then chooses the economic value added (EVA) as the method and index of measuring values of forestry listed company, measuring and calculate sustainabling growth rate of forestry listed company based on James Van Herne's sustainable development growth rate to. Meanwhile, this article has reclassified Chinese related forestry listed company by referring Canadian national accounting industrial sectors classification-Standard Industrial Classification (Standard Industries Classification (SIC), and has chosen 27 forestry listed companies for the objects of positive analysis. In the positive analysis part, this article by combining Qualitative Analysis and Quantitative Study measure and evaluate the values of these 27 forestry listed companies, and certifies the significant differences of growth characteristics between value-growing forestry listed companies and non-value-growing ones by the method of statistical hypothesis test. Meanwhile this article certifies the growth of value-growing forestry listed companies is significantly higher than non-value-growing ones. Then it carries out statistic tests on the impact of the factor whether listed companies have distributed the cash dividend on listed company growth, finally takes statistical test on two indicators (core business revenue growth and sustainable growth), and reach the following conclusions:Grouping sample data of 2005 and 2006 years by EVA, and comparing the average values of growth rates of core business revenue, sustainable and asset, it has certifies that:the growth characteristics of value-growing forestry listed companies (EVA is more than 0) have significant differences from those of non-value-growing forestry listed companies (EVA is less than 0); the growth of value-growing forestry listed companies is higher than non-value-growing ones. Whether or not be value-growing forestry listed companies, there are varying degrees of excessive growth. And this high growth rate indicates over-consumption of forest resources, will damage the base of value growth of forestry listed companies, injurying the continuity of value growth of forestry listed companies.Therefore, high growth doesn't shou than operational behavior of listed companies is created by wealth, but more likely be created by wealth consumption. High growth of the enterprise cannot reflect real value content.This study can show a clear direction to the development for many forestry listed company in china, shaking them off the mistake areas running after the increase of sales income simply and come to the healthy development path. Finally, it is helpful to lift overall value of forestry listed companies and propose policy suggestions for persistence and concordance developing of Chinese forestry.