Research To The Influential Factors Of The Listed Agricultural Company’s EVA

EVA，a tool of deducting from after-tax operating profit enterprise invested all the debtcapital and equity capital of the performance of enterprise，which considered on the basis of inthe enterprise financial risk and management risk. When the index of EVA is a positive, theenterprise capital increases, Otherwise it will decrease.EVA real reflect the management’s ability to effectively use capital, thus fully reflect thevalue of enterprises. Agriculture is the lifeblood of the national economy, especially for suchan agricultural country in our country. The development of agriculture plays an important rolein realizing the comprehensive development of the national economy. The country makes thefiscal, taxation, financial and a series of preferential policies to create a good policyenvironment for the development of agricultural listed companies. But because of theagricultural listed companies in China started late, long operated cycle, low anti-risk ability,are greatly influenced by the disaster, and with the acceleration of economic globalization,agricultural listed companies are facing the risk of complex and huge challenge in thedevelopment process. Therefore, the objective and true reflection of our country agriculturallisted companies operating performance, and exploring the main value drivers becomesextremely important.Based on the above reasons, this paper chose the agricultural listed companies as theresearch object, using the empirical method for performance evaluation, and analyzing thevalue driving factors of agricultural. Particular way is: calculating the value of EVA, unitEVA, Traditional business performance indicators net operating profit after tax and net assetsincome rate from115samples data in23listed companies from2008to2012, which involvedagriculture, forestry, animal husbandry and fishery class. This paper choose unit of EVA asexplained variable，in order to eliminate the influence of scale factor. Selected12indicatorsas explanatory variables from expanding ability, growth ability, debt paying ability and other6aspects. Use Eviews software on relevant indicators and the influential factors of unit ofEVA to establish the regression equation of the correlation analysis and regression analysis.Finally it is concluded that：1. Our country agricultural listed companies operatingperformance is low, Most of the enterprise value was damaged in the process of operation and development, EVA has superiority in measure of business performance.2. EVA hassignificant correlation with Internal financial profit ability, growth ability. Internal factorsother than financial business innovation ability, the ability of corporate governance and thefunction of human resources have a large effect on the creation of the EVA value. Accordingto the above analysis, this paper puts forward effective policy suggestions accordingly for ourcountry agriculture listed companies’ value creation and competitiveness, and providesreference for relevant departments to formulate policies.