Research On The Value Evaluation Of Agricultural Listed Companies In China From The Perspective Of Valnp Chain

With the deepening of China's reform and opening up and the overall development of the market economy,the share of agricultural listed enterprises in the national economy is becoming larger and larger.As of December 2019,there are 52 agricultural listed enterprises,and the total operating revenue in 2018 is more than 200 billion yuan.It can be concluded that the reorganization,merger and acquisition,financing and other activities of agricultural listed enterprises will be more and more frequent,and the modern value management of agricultural listed enterprises will rely on enterprise value evaluation more and more.Therefore,the research on the value evaluation of agricultural listed enterprises has important theoretical and practical significance.Among the methods of enterprise value evaluation,the traditional methods include DCF method,EVA method,etc.,but these methods have some limitations,and there are some deviations between the evaluation value and the real value of the enterprise.The value evaluation of agricultural listed enterprises based on the value chain perspective can effectively make up for the shortcomings of traditional valuation methods,and evaluate a more real and objective enterprise value.Based on the perspective of value chain,starting from the current situation and characteristics of agricultural listed enterprises in China,from the financial and non-financial aspects,this paper comprehensively analyzes the value driving factors of agricultural listed enterprises,finds the value creation point and value-added point,and then puts forward the value evaluation model of agricultural listed enterprises from the perspective of value chain.The model mainly uses EVA method,which is more in line with the idea of value creation,to evaluate the financial indicators of agricultural listed enterprises and get the basic value of enterprises;then uses AHP to evaluate the non-financial indicators and get the adjustment coefficient of non-financial indicators;uses the adjustment coefficient of non-financial indicators to adjust the basic value to get the agricultural listed enterprises based on the perspective of value chain Industry appraisal value.Finally,taking JXZB Co.,Ltd.as an example,this paper evaluates the enterprise value of JXZB Co.,Ltd.from the perspective of value chain by using the value evaluation model of agricultural listed enterprises,verifies the applicability of the model,and compares the evaluation value with the basic value and market value of JXZB Co.,Ltd.to verify the rationality of the model.This study expands the application scope of value chain in the field of enterprise value evaluation,and provides a model reference for the value evaluation of agricultural listed companies in the future,which is of complementary significance to China's enterprise value evaluation.