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:2008206229:(1962),,,,:83()2008.8(3)VOL.8,NO.320089JournalofNanjingAgriculturalUniversity(SocialSciencesEdition)Sep.,2008(,210095):EVA,,EVA,,51,,,EVA,EVA,:;;EVA;:F276.6:A:16717465(2008)03004407,,,,,,,,,EVA,,,,EVAEVA:;,,,Uyemura,40%,13%[1]StephenO.Byme,EVA56%,(R2=0.17)[2];S.R.Rajan19991998(EVA)(MVA),,EVA[3]A174,,[4]70,1999,EVAMVA44EVAMVA(R2=15.2%)[5]EVA,,[6],,,,,,SternStewart1999,,,,10%[7],,,1.A,20061231,54,,5119952006EVA51()()2.19952006,51,,,EVA,EVA,(1)EVA19952006,,7:153846105EVA,(2),EVA,EVA,,,,3.EVAEVA(economicvalueadded),,Stewart,2090,,,EVA,:EVA=-(1)EVA,,EVAEVA=EVA/(2)=++++(-)+(-)543:+-=++(-)++++++,NOPAT,,C=Rd(1-T)D%+ReE%(3),C;Rd;T;D%;Re;E%,,,Re,:=(1-),,,33%=(1-T),200420063.60%3.92%3.93%:=+,,:=(1-),,=jm/2m,j,,m2,jmj1.119952006EVAEVA19982000,,,EVA19980.06720012006,EVA,,1EVA:199519961997199819992000200120022003200420052006-0.04000.01370.02680.0408-0.0276-0.0960-0.0019-0.0136-0.0250-0.00380.03900.01550.0193-0.00370.00900.01400.0220-0.0005-0.06280.07250.0300-0.0050-0.00240.0093-0.0078-0.0328-0.0655-0.0557-0.0212-0.0599-0.04330.0030-0.0100-0.01950.02530.0410-0.0907-0.03700.0030-0.0020-0.01430.02680.04330.0060-0.00300.07900.0383-0.0760-0.0313-0.0036-0.1849-0.0064-0.03300.01630.0040-0.01730.0000-0.0566-0.0200-0.0164-0.0140-0.0250-0.0537-0.0670-0.0870-0.0747-0.0387-0.04270.0028-0.1538-0.0344-0.04460.0243-0.0207-0.1183EVA0.0028-0.0250-0.02460.00670.00420.0062-0.0390-0.0400-0.0197-0.0029-0.0413-0.0350:1995200664()82005-0.04132004,,,20052006EVAEVA,,EVA,EVA,:(1),,,20012003,,32001,0.2025,0.1842,0.0183/,9.042003,2002,,0.113/,0.019/,20.965%1995200612,8EVA19952006,12l0.1716,,,,19952006,,,,28,28EVAEVA(1),,,199420018,EVAEVA[8](2)20012003,20026,0.19,0.05(1EVA0.05)5,0.10.318,0.300.508,0.502ST(600672)-0.85/,0.81,2001,ST(600893)-0.6/,(600887)0.82/,1.42/,2002,,EVA,2006(,,,EVA0)EVA19952006,19952006(ROE),,,219952006ROE:CCER()743:,,020%30%EVA0,,EVA0,,,,,,,,,0,EVA,EVA,,2.EVAEVA,EVAEVA,EVA(EVA=EVA/),EVA,319952006EVA3,EVA,EVA,EVA,,,,200420060.0404,0.0839,1/2,,,EVA0.1947,,,EVA,,,,,,,,,,,,EVA,,,,4,EVA84()8,,,EVA:20065071837260.87,EVA-16864223.56,418355918.81,EVA-135680454.6,,EVA,EVA,(),,EVA,,EVA,EVA,,,5,EVA,EVA,2004-6432006880,,,943:,,,[9],,;,,,;,,;,,,,:[1],.[J].,2002(6):12.[2]StephenO’Byrne.EVAandMarketValue[J].JournalofAppliedCorporateFinance.1996,9.116-125.[3]RajanSR.TurningCapitaltoWealth:ARankingofU.S.Utilities[J].PublicUtilitiesFortnightly.1999,137(22):36-46.[4],,(EVA)[R].,2000(18):22-25.[5],.:[J].,2001(1):42-45.[6],,.[J].,2003(3):35-38.[7],.EVA[J].,2005(2):198-200.[8].[J].,2004(10):60-65.[9].[J].,2006(2):89-92.()AnalysisontheValueCapacityofListedAgriculturalCompaniesWUHong2yan(CollegeofEconomicsandManagement,NanjingAgriculturalUniversity,Nanjing210095,China)Abstract:EconomicValueAdded(EVA)isanassessmentforthevalueindicators,andcomparedwithaccount2ingprofits,ittakesallthecostsoffundsintoaccountincludingthecostsofdebtandtheopportunitycostsofeq2uitycapital,whicharetheactualeconomicprofits.Itenablesmanagementandfinancialofficerstoconcernmorewithwhetherthecompany’sperformancesubstantiallyimprovesthanwiththebaredataintheaccountingreports.Theresearchselectsproperlistedagriculturalcompaniesassamples,analyzesthefinancialdataintheirannualreports,andcalculatesEVAinthesecompaniesfrom200422006.ItaimsattheexplanationsofthefunctionofEVAinanenterpriseandthemajorfactorsaffectingEVA.Amongtheexplanations,areincludedwhatkindofeffectcapitalcostsproducesonEVA,andwhatweshoulddotoavoidthiskindofprobleminordertomakeanactualmaximumprofitinanenterprise.Theempiricalanalysisshowsthateconomicgrowthvaluecanovercomethedisadvantageofthetraditionalperformanceevaluation,andmakesanobjectiveandeffectiveassessmentonthevalueofcapacityinanenterprise.Keywords:ListedAgriculturalCompany;IndicatorValueAssessment;EconomicValueAdded(EVA);ValueofCapacity05()8