Abstract:

[Objective] To assess the value of the feed enterprises in China and promote their long-term development. [Method] An appraisal model for green economic value added （EVA） was created to evaluate the value of the feed enterprises in China. The green EVA was obtained by calculating the traditional EVA and adjusted green EVA of the feed enterprises from the year of 2016 to 2020. Based on the green EVA of the feed enterprises, the green EVA in the high-speed growth stage and the steady growth stage were forecasted and discounted to the benchmark date. The appraisal value was obtained by adding up the initial investment capital of the feed enterprises on benchmark date and the present value of future green EVA. [Result] From the year of 2016 to 2020, the actual ecological efficiency of the feed enterprises was higher than the expected ecological efficiency, and the environmental benefits were prominent. The annual green EVA for the feed enterprises was positive in more than 60% of cases and delivered good value. There were differences in green EVA changing trend among the feed enterprises. The value of 85% of the feed enterprises exceeded their market value, and was underestimated. However, there were huge value gaps among the feed enterprises, which was detrimental to the long-term development of feed industry. [Conclusion] The green EVA value of the feed enterprises performed well, and the economic and environmental benefits were excellent with adequate developmental potential. However, the value gaps among the feed enterprises were wide.

Key words: green EVA, feed enterprises, value assessment