Evaluation Based on Empirical Analysis of Chinese Agricultural Listed Companies EVA performance

REVIEW Papers :: Chinese Agricultural Listed Companies shoulder the heavy responsibility of promoting the industrialization of agriculture and rural economic development, objective evaluation of its results of operations and promote its sustainable development has become a major issue facing the stage. On the basis of the relevant research literature on the use of EVA performance evaluation theory 30 agricultural listed companies operating results 2007-2009 empirical analysis, from the perspective of corporate financial performance optimization to further explore draw the appropriate conclusions, in order to achieve its correct evaluation of the effectiveness of behavior.
Paper Keywords: agricultural listed companies, EVA, performance evaluation

Faced with the reality of global competition, especially after the 2008 financial crisis, China agricultural listed company's operating performance is not optimistic. According to the China Securities Regulatory Commission statistics, as of December 31, 2009, the agricultural domestic A-share listed companies listed there are 41, accounting for only 2.3% across the total number of listed companies. 2009, A-share market, the market value of 155.167 billion yuan of total agricultural sector, accounting for 0.625% of the entire market; agricultural assets of listed companies 136 million yuan, 1.02% of the market; agricultural listed companies, the average earnings per share of 0.04 yuan, Average main business income of 040 million yuan, with an average net profit of 7.5922 million yuan, the average total assets of 1.36 billion yuan. Compared with other industries, the main financial indicators of agricultural listed companies are at the lowest level, the status of agriculture as the foundation of the national economy does not match. [①] Economic Value Added (EVA) can effectively measure the ability of corporate capital to create value, inspection companies are creating value or damage value. This paper attempts to create value from the point of view of capital, through empirical analysis of economic value added agricultural listed companies to start analysis, and interpretation of research results.
First, the definition of economic value added and the formula (a) define the economic value added (EVA) is the 1980s by the American consulting firm Stern Stewart 纽约思 founded and quickly spread to Europe and America in a measure of business performance, it is the development of 'residual income' concept of economists. According to the interpretation of the founder of EVA, EVA is a company that represents the capital gains deduction of capital costs (COC) after (ROC) small papers, it can better reflect the company's operating income and total capital costs make up the traditional accounting performance Evaluation drawback indicators. [1] standing shareholder point of view, a company can only bring value to the company's shareholders in its capital gains exceed the cost of capital for the acquisition of all of the gains when invested. Therefore, the higher the economic value added, the higher the value of the company, the higher the returns to shareholders.
Formula and economic value added accounting adjustments described in this paper is based on the SASAC's 'economic value added assessment rules' to determine. EVA is an absolute indicator due to be supplemented can not be compared, the paper set the relative number of indicators between enterprises of different sizes. Economic value added per unit of capital, also known as economic value added rate refers to a certain period of economic value added businesses with an average ratio of total capital, it can not compensate for horizontal comparison EVA defects.
(B) the formula:
Economic Value Added = NOPAT - capital cost = NOPAT - Adjusted Capital * average cost of capital NOPAT = Net profit + (interest expense + Research and development expenses Adjustment - Non-recurring income Adjustments * 50%) * (1- tax rate)
Capital = Average Equity Adjusted Total Liabilities + Average - Average non-interest bearing current liabilities - the average rate of economic value added in construction = EVA / average total capital = EVA / Adjusted Capital (three) accounting adjustments 1. Interest refers to the corporate financial statements 'Financial expenses' under 'interest.'
2. Research and development expenses adjustments are referred to as 'research and development expenses' in the financial statements of the enterprise 'management fees' under research and development expenditures are recognized as intangible assets.
3. Non-recurring income adjustments include: (1) the sale of the main business of high quality assets income: income holdings owned shares of listed companies have acquired the power to control (not including earnings after the reduction in the secondary market holdings acquired ); in the Enterprise Group (excluding investment enterprises Group) belongs to the main business scope is for sale and the assets, income or profit gains accounted for more than 10% of the Group's total assets of non-listed companies achieved. (2) Non-current assets transfer receipts quality assets outside of the main business: Enterprise Group (excluding investment class enterprise group) transfer of ownership (property) income, assets (including land) transfer income. (3) Other non-recurring income: the main business income assets unrelated replaced with regular activities such as the development of independent income subsidy.
4. The non-interest bearing current liabilities is an enterprise's financial statements, 'notes payable', 'accounts payable', 'advance payments', 'tax payable', 'interest payable', 'other payables' and 'other current liabilities . '
5. Construction in progress is the company's financial statements comply with the provisions of the main industry of 'under construction.'
(D) determine the cost of capital based on the importance of inferiority and external effects of agriculture and other characteristics, agricultural listed company's business object is unique, according to the 'economic value added assessment rules,' 'assume the task than the national policy heavy and poor corporate assets versatility, the capital cost rate set at 4.1% ', the paper will set the capital cost rate of 4.1%.
Second, the study design 1. Sample Selection Based on Listed Companies' industry classification guidelines, 'the China Securities Regulatory Commission (CSRC), in Shanghai and Shenzhen Stock Exchange as of December 31, 2009 announcement of forestry, animal husbandry and fishery A-share listed companies in general, excluding the ST, * ST, S * ST, B-shares and the company in 2007 after the listing, the final choice of 30 agricultural listed companies as samples analyzed. This article uses data processing SPSS17.0 software, all the data are used manually agricultural listed companies published on the website of the 2007-2009 annual financial report from the China Securities designated obtain Regulatory Commission.
2. designed (1) to three years 2007,2008,2009 comparison window, EVA value and net value of the total sample descriptive statistics, analysis of the overall performance of the agricultural status of listed companies.
(2) for all the samples in accordance with the industry sector descriptive statistics, analysis of results of operations in different industry sectors.
(3) three years EVA individual sample values and net values describe the design, conduct a longitudinal sample of individuals operating performance comparisons.
(4) to calculate the sample rate of the individual three-year economic value added, conducted among a sample of individuals operating performance horizontal comparison.
Third, the empirical analysis 1. Overall analysis (1) can be seen from Table 1, in 2007, 2008, 2009 respectively, 13, 16, 13 listed companies in agriculture EVA value is positive, accounting for the overall 46.43%, 53.33%, 43.33%, average, maximum and minimum EVA is significantly lower than the corresponding net value. Compared with net value, less than half of the company to generate economic profit, is truly an increase shareholder wealth. According to EVA value, the overall level of operating performance of listed companies of China's agricultural bias.
(2) from the mean EVA perspective, from 2007 to 26,041,000 in 2009 of $ 7,892,000 fell sharply, indicating that agricultural listed companies after the financial crisis, its operating results fluctuate greatly, the lack of stability.
(3) The standard deviation for 2007-2009 were 86,133,700,87,708,800,61,272,500 EVA, EVA difference between maximum and minimum values respectively 379,670,121.86,266,191,758.89,269,504,885.35 descriptions of the operating performance of listed companies of Agriculture significant difference overall significant differentiation . Among them, the maximum and minimum values in 2008 and 2009 are below 2007 EVA small papers, show the competitiveness of the agricultural listed companies general decline.
Table 1 Descriptive statistics agricultural listed company's overall value and the net value of EVA

Project

2007

2008

2009

The number of samples

28

30

30

Greater than zero, the number of samples

EVA

13

16

13

Net profit

27

25

28

And the overall ratio (%)

EVA

46.43

53.33

43.33

Net profit

96.43

83.33

93.33

Mean (yuan)

EVA

26,041,000

8,597,600

7,892,000

Net profit

93,936,000

57,031,000

71,496,000

Standard deviation (yuan)

EVA

86,133,700

87,708,800

61,272,500

Net profit

12,836,900

123,967,000

82,087,000

Maximum (Yuan)

EVA

302,076,182.34

84,456,896.25

159,079,415.49

Net profit

541,428,159.19

551,729,119.44

325,205,007.66

Min (yuan)

EVA

-77,593,939.52

-181,734,862.64

-110,425,469.86

Net profit

-16,524,698.80

-145,293,787.16

-94,355,052.37

2.3 can be seen from Table 2, 2007-2009 3-year average and the rate of economic value added tables, operating performance of listed companies in agriculture between the various sub-sectors have a more significant difference, in general, fisheries management better level of performance superior to animal husbandry, agriculture, forestry and animal husbandry and fishery services.
(1) agricultural listed companies, including 15, plays an important role in the overall impact of the. 2007-2009 three-year average of EVA is positive, but significantly less than the average net profit; EVA three years the company has a value greater than zero, seven, eight, seven, accounting for 46.67%, respectively, 53.33%, 46.67% . Among them, the Great Northern Wilderness, universal Denon, fengle and Denghai Seed Industry net value and the value of three years EVA is positive, indicating their strong ability to create value; Yashengjituan, Xinsaigufen and longpinggaoke year net value is positive, but their EVA values are negative, indicating that the company's accounting profit and not truly measure its operating performance.
(2) three years from the mean rate of economic value added, the forestry business performance of listed companies in the industry sector is the worst. 2007 and 2009 the average EVA is negative, only the mean EVA 2008 is positive, if you take out the Industrial Welfare data, in 2008 the average EVA is negative. Among them, Jinggu forestry, net value Jilinsengong and Yongan Forestry part of the year is positive, while the EVA value is negative. At present, China's forestry listed companies are deep-processing enterprises, subject to the constraints of limited resources, its poor ability to create value.
(3) 3 animal listed company's business situation is very similar to the 2007-2009 net values are positive, but mostly negative EVA value. As the second half of 2007, affected by the sharp rise in international prices of byproducts, Luoniushan main operations higher efficiency, which in 2007 EVA values up to 302,076,182.34, resulting in animal husbandry listed companies for three years in the average rate of economic value added industry sector ranked second. From 2008 and 2009, the average is negative EVA can also be seen, unstable Livestock listed companies profitability, growth and development needs to be strengthened.
(4) As a listed company is an important agricultural sub-sectors, fisheries listed companies in the capital markets by strong policy support, 2007-2009 net value and EVA values are positive, the rate of economic value added 3 years Mean maximum ranking, indicating the overall performance of listed companies operating fishing better, significantly better than the other four sub-sectors. Can also be seen from Table 3, in addition to water fishery, the other four companies net value and EVA values are positive.
(5) can be seen from Table 2 and Table 3, three animal husbandry and fishery services operating performance of listed companies are quite different, and the three companies that operate related products vary widely. Among them, the net value of the shares Granville and EVA 3 years are positive values of small papers, and has continued to improve its ability to create value; formerly Great Lakes shares is Dongting Aquaculture, 2009 was renamed the Great Lakes shares, its 3 years EVA values are negative, but there is an upward trend; Guannonggufen partial agriculture class, in 2008 resulted in a substantial investment EVA highest value in three years, but the 2007 and 2009 EVA values are negative, indicating that large potential risks.
Table 22007-2009 agricultural value of listed companies in the industry sector EVA descriptive statistics

Project

Agriculture

Forestry

Livestock

Fisheries

Agriculture, forestry, animal husbandry and fishery service

The number of samples

15

4

3

5

3

2007

EVA mean (yuan)

13,157,000

-16,966,000

98,540,000

64,029,000

10,318,000

The average rate of economic value added (yuan)

-0.0022903

-0.0080858

0.0543266

0.0488143

-0.0019506

Mean net profit (yuan)

99,811,000

36,828,000

137,660,000

106,030,000

61,813,000

The number of samples (ratio) EVA> 0 in

7 (46.67%)

1 (33.33%)

1 (33.33%)

3 (75%)

1 (33.33%)

Economic value added rate> samples (ratio) 0

7 (46.67%)

1 (33.33%)

1 (33.33%)

3 (75%)

1 (33.33%)

The number of samples (ratio) net> 0

14 (93.33%)

3 (100%)

3 (100%)

4 (100%)

3 (100%)

2008

EVA mean (yuan)

7,868,800

2,374,000.00

-11,917,000

44,542,000

-18,852,000

The average rate of economic value added (yuan)

-0.0026631

0.0165613

-0.0101885

0.057937

-0.0373146

Mean net profit (yuan)

67,016,000

36,506,000

38,647,000

79,340,000

15,670,000

The number of samples (ratio) EVA> 0 in

8 (53.33%)

2 (50%)

0

4 (80%)

2 (66.67%)

Economic value added rate> samples (ratio) 0

8 (53.33%)

2 (50%)

0

4 (80%)

2 (66.67%)

The number of samples (ratio) net> 0

12 (80%)

4 (100%)

3 (100%)

4 (80%)

2 (66.67%)

2009

EVA mean (yuan)

10,606,000

-41,819,000

-17,360,000

51,219,000

13,643,000

The average rate of economic value added (yuan)

0.0218355

-0.0527048

-0.0179714

0.0462224

-0.0009672

Mean net profit (yuan)

91,603,000

-3,819,000

30,864,000

100,020,000

64,463,000

The number of samples (ratio) EVA> 0 in

7 (46.67%)

1 (33.33%)

0

4 (80%)

1 (33.33%)

Economic value added rate> samples (ratio) 0

7 (46.67%)

1 (33.33%)

0

4 (80%)

1 (33.33%)

The number of samples (ratio) net> 0

15 (100%)

2 (50%)

3 (100%)

5 (100%)

3 (100%)

EVA's 2007-2009 three-year average (yuan)

10,544,000

-18,971,000

23,087,000

52,494,000

1,702,900

2007-2009 3-year average of the rate of economic value added (yuan)

0.0056274

-0.0153483

0.0087222

0.0511467

-0.0134108

2007-2009 three-year average of net profit (yuan)

86,143,000

21,930,000

69,056,000

94,354,000

47,315,000

Table 32007-2009 agricultural listed companies EVA value and net value

Industry

Name

2007

2008

2009

(RMB)

EVA (yuan)

(RMB)

EVA (yuan)

(RMB)

EVA (yuan)

Agriculture

Hejia

3,759,549.84

-21,425,602.04

-53,538,036.83

-58,564,966.09

5,397,920.58

-4,739,737.00

Xinjiang Tianye

318,234,196.80

143,881,714.29

66,643,613.15

-5,668,455.16

11,929,247.59

-60,209,200.99

Xinnongkaifa

51,410,558.26

-25,753,188.12

-145,293,787.16

-181,734,862.64

89,403,687.99

38,469,311.30

Yashengjituan

62,151,765.48

-43,760,645.18

48,019,944.15

-29,099,573.91

118,930,897.88

-27,689,734.94

Wilderness

541,428,159.19

216,468,875.27

551,729,119.44

286,925,016.77

325,205,007.66

9,173,516.89

Universal Denon

42,246,829.42

21,329,482.59

36,281,378.04

19,466,529.04

47,054,931.06

27,356,538.29

Xinsaigufen

21,024,826.08

-12,787,986.03

16,389,424.25

-15,208,323.80

15,962,148.65

-35,856,641.07

SDIC

99,570,203.31

28,699,293.64

67,279,420.71

44,247,020.93

2,443,018.99

-50,231,289.37

Dunhuang Seed Co.

-16,524,698.80

-77,593,939.52

65,992,825.14

36,544,496.90

141,293,341.00

99,584,119.64

Extend the technology to build

4,984,351.57

-10,842,257.07

44,782,952.25

22,324,287.44

87,847,873.57

61,570,617.46

Fengle Seed

38,419,784.50

3,332,526.89

30,647,451.80

5,686,659.94

66,812,793.84

29,932,335.35

Shunxinnongye

165,573,091.04

44,874,645.50

242,254,565.86

93,710,319.31

183,378,158.62

-4,653,485.06

Xinzhong Ji

78,357,698.67

-66,564,724.89

-93,538,149.66

-86,047,658.04

13,105,132.34

-72,550,158.42

Longpinggaoke

47,684,654.70

-13,311,333.52

66,013,636.02

-45,013,591.31

80,818,651.09

-10,140,044.65

Denghai Seed

38,841,314.61

10,810,354.56

61,578,566.64

30,464,922.54

184,462,194.59

159,079,415.49

Forestry

Jinggu Forestry

33,149,399.79

4,678,332.94

8,468,525.12

-50,011,308.71

-94,355,052.37

-110,425,469.86

Jilinsengong

48,783,716.08

-44,132,408.48

47,119,115.52

5,985,015.98

9,598,927.35

-54,325,569.52

Industrial Welfare



82,189,651.67

61,165,224.26

74,014,831.11

32,207,544.49

Yongan Forestry

28,550,107.51

-11,444,495.88

8,247,904.56

-7,642,966.97

-4,534,708.16

-34,731,882.07

Livestock

New NFH

19,181,814.28

-1,528,420.77

8,840,472.20

-6,486,924.63

21,793,689.31

-6,556,422.80

Fortune Ng Fung

19,432,509.52

-4,927,800.89

19,393,069.51

-1,602,660.77

4,863,505.46

-16,511,080.93

Luoniushan

374,360,146.48

302,076,182.34

87,706,349.55

-27,662,454.32

65,935,108.13

-29,013,915.36

Fisheries

Create international



157,016,650.44

156,154,800.73

152,103,643.43

128,239,540.17

Homey

204,295,291.60

148,806,996.08

122,920,947.27

69,088,154.40

74,491,554.88

16,807,307.65

Water fisheries

12,789,088.06

-21,157,726.92

-55,420,411.38

-97,223,301.94

20,897,033.07

-26,592,667.98

Zhangzidao

167,764,322.01

112,791,678.68

125,173,564.48

72,110,191.70

195,896,654.09

123,368,392.09

East Ocean

39,290,313.01

15,676,733.74

47,009,750.33

22,578,527.65

56,726,913.94

14,271,128.58

Agriculture, forestry, animal husbandry and fishery service

Great Lakes shares

15,716,648.57

-26,376,732.86

-133,180,287.94

-152,761,068.43

20,546,649.47

-11,226,012.03

Guannonggufen

20,135,908.70

-10,689,399.34

30,226,595.43

11,747,334.45

30,296,857.86

-5,697,540.75

Granville shares

149,587,452.45

68,020,384.98

149,963,801.51

84,456,896.25

142,545,212.14

57,852,534.79

3. As can be seen from Table 4, the horizontal comparison based on economic value added rates, operating performance of listed companies in China's agriculture in different sub-sectors varies between companies operating in the same sub-sector differences in performance within the company are also high.
(1) In 2007, a total of 13 positive rate of economic value added, accounting for 46.43% overall, ranking mainly Luoniushan Homey animal husbandry, fisheries and Zhangzidao, agriculture universal Germany agriculture, forestry, animal husbandry and fishery service of Granville shares, at the back of the main construction of the extension of agriculture, Hejia and Dunhuang Seed; in 2008, a total of 16 positive rate of economic value added, accounting for the overall 53.33%, ranking the major international fisheries and create good masters, the Industrial Welfare forestry, agriculture and construction of the extension of the other row in the main back and Hejia Xinnongkaifa agriculture, fisheries, water fishery agriculture, forestry, animal husbandry and fishery service of the Great Lakes shares; 2009, a total of 13 positive rate of economic value added, accounting for 43.33% overall, ranking mainly agricultural Denghai and extend of construction, fisheries pioneering international and Zhangzidao other at the back of the main forestry and forestry Jinggu Wing forestry, fisheries water fisheries, agriculture, the country hit Lu.
(2) in 2007 ranked first Luoniushan, 2008 and 2009 rankings are twenty-three, mainly due to the sale price of live pigs in the second half of 2007 there was a substantial rise resulting in the 2007 primary Camp business value greater profits, and the company began in 2008 non-farm investments, plus 2009 hog prices and feed costs dropped faster growth, leading to its operating performance continued to decline. Livestock by force majeure factors, according to a greater ability to resist risks there is hidden, so the class's ability to create value is very unstable.
(3) Denghai belong to science and technology company, is the founder of China's famous scientist Mr. Li Denghai, the company won various international, national certification and a number of technology patents, because it has been committed to product development, the main business profitability relatively high ranking from tenth place in 2007 jumped to first in 2009. Dunhuang Seed Pioneer Hi-Bred and the United States resulted in strong cooperation of its research capacity, the level of sustained growth in its operating results, ranking from twenty-eight 2007 2009 fifth jump. This can be seen, R & G invested to improve business performance levels played a key role in promoting.
(4), the predecessor to create an international Hualikeji (mainly engaged in power automation), the predecessor of the Industrial Welfare S * ST Chang source (the main business of real estate development) of small papers, the predecessor of the extension of the construction of Qin Feng agriculture, these three companies have carried out a reorganization of assets in 2008, making them the main business growth rate of capital accumulation and asset growth are substantial growth, resulting in 2008 were ranked first, second place and third place ranking in 2009 are also among the best.
(5) Zhangzidao, good masters, universal Denon, Granville shares, companies such as Great Northern Wilderness ability to create value, they have a high ranking for three years; water fisheries, Xinsaigufen, Xinzhong Ji, poor Great Lakes shares, Jinggu forestry companies such as the ability to create value, their 3-year rankings are on the list.
(6) Xinjiang Tianye lead to non-agricultural investment earnings dropped from sixth place in 2007 continued to fall in 2009 twenty-one. Thus, the blind 'back farmers' behavior on the long-term development of agricultural listed companies is extremely unfavorable.
Table 42007-2009 agricultural economic value of listed companies rate and rank

Name

Industry

2007

2008

2009

Economic value added rate

Rank

Economic value added rate

Rank

Economic value added rate

Rank

Luoniushan

Livestock

0.174297237

1

-0.01576065

Twenty three

-0.015418600

Twenty three

Homey

Fisheries

0.109695491

2

0.047704739

4

0.010710321

12

Zhangzidao

Fisheries

0.084085360

3

0.044703339

5

0.064549006

4

Universal Denon

Agriculture

0.041729434

4

0.032018277

8

0.047049584

6

Granville shares

Agriculture, forestry, animal husbandry and fishery service

0.033983398

5

0.020561454

13

0.012441993

10

Xinjiang Tianye

Agriculture

0.033614056

6

-0.001227123

17

-0.014387405

Twenty one

Wilderness

Agriculture

0.027233389

7

0.033166804

7

0.000983961

13

East Ocean

Fisheries

0.027082741

8

0.021137506

12

0.010754225

11

SDIC

Agriculture

0.016499876

9

0.024129141

9

-0.032456382

28

Denghai Seed

Agriculture

0.015759920

10

0.033589569

6

0.180938941

1

Shunxinnongye

Agriculture

0.015214668

11

0.022268652

10

-0.000875724

14

Jinggu Forestry

Forestry

0.006865300

12

-0.076842289

26

-0.186518765

30

Fengle Seed

Agriculture

0.003881636

13

0.006607236

15

0.035280117

8

New NFH

Livestock

-0.003038311

14

-0.012083656

Twenty one

-0.010476293

19

Fortune Ng Fung

Livestock

-0.008279190

15

-0.002721273

18

-0.028019391

26

Longpinggaoke

Agriculture

-0.008947235

16

-0.028807859

25

-0.005799866

16

Yongan Forestry

Forestry

-0.011705319

17

-0.007369919

19

-0.032252824

27

Xinnongkaifa

Agriculture

-0.013647516

18

-0.089351659

27

0.018252270

9

Guannonggufen

Agriculture, forestry, animal husbandry and fishery service

-0.014199220

19

0.011847577

14

-0.004130386

15

Xinsaigufen

Agriculture

-0.015485258

20

-0.013231973

Twenty two

-0.023622555

Twenty four

Yashengjituan

Agriculture

-0.016887119

Twenty one

-0.011489433

20

-0.007964402

17

Xinzhong Ji

Agriculture

-0.018685972

Twenty two

-0.019247193

Twenty four

-0.015197077

Twenty two

Jilinsengong

Forestry

-0.019417518

Twenty three

0.002786557

16

-0.027464930

25

Water fisheries

Fisheries

-0.025606566

Twenty four

-0.114742413

29

-0.033742839

29

Great Lakes shares

Agriculture, forestry, animal husbandry and fishery service

-0.025635935

25

-0.14435286

30

-0.011213272

20

Extend the technology to build

Agriculture

-0.028071822

26

0.051883056

3

0.105770880

3

Hejia

Agriculture

-0.034677143

27

-0.101416376

28

-0.010473670

18

Dunhuang Seed Co.

Agriculture

-0.051885782

28

0.02116287

11

0.050034334

5

Create international

Fisheries



0.290881632

1

0.178841110

2

Industrial Welfare

Forestry



0.147670973

2

0.035417257

7

CONCLUSIONS research paper shows that China's agriculture in poor overall operating performance of listed companies, a significant gap between the internal industry, creating value and risk-resisting ability is weak, can grow larger space, science and technology, agricultural products company's operating performance and processing advantages in other agricultural listed companies. Scientific evaluation of agricultural listed company's operating performance, and constantly promote the sustainable development of agriculture listed company, is conducive to the healthy development of agricultural industrialization in the successful implementation of the policy and capital markets. EVA main source of funds is the use of funds under management, emphasizing cost-conscious funds. Improve agricultural performance of listed companies operating the key is how to improve efficiency in the use of funds. Agricultural Listed Companies operating in the process of expansion, should strive to reduce costs while improving the profitability of capital, preferential use of national policies to strengthen technological innovation, while stronger the main industry of the implementation of appropriate diversification, in order to facilitate and improve the overall business performance and enhance overall competitiveness.

References:
[①] information from the Web.
[[1]] Zhao Zhigang .EVA performance evaluation theory and practice [M] Beijing: Economic Science Press, 2009.
[2] DEVELOPMENTS Xue Ying .EVA indicators used in China's agricultural business performance of listed companies Empirical Analysis [J] Huazhong Agricultural University: Social Sciences, 2006 (3): 56-60.
[3] Wu Hongyan, Chen Xiaowen .2004-2006 Empirical Analysis of annual agricultural listed companies EVA [J] Finance Forum 2008 (8): 70-73.

Management Theory Papers