EVA represents the profit that is depicted as after tax net profit deducts all the capital cost, which also can be recognized as the true value creating for the shareholders. Pharmaceutical industry, which is high-tech and interdisciplinary, is involved in some aspects as National health, social stability and economic development. Objective: The purpose of this article is to evaluate the EVA performance of pharmaceutical listed company during 2005 to 2009. Then to predict the performance of the next three years based on the practical approach. Method: The EVA and REVA of listed company of biology and pharmaceutical are calculated to divide pharmaceutical industry into 4 fields, such as chemical medicine, Chinese medicine, bio-pharmaceutical and medical device to compare and discuss. Besides, factors like location, listed age and firm size are considered later. The prediction is under the help of GM(1,1) model to calculate the EVA of 2010 to 2012 . Results: The average EVA of 88 companies is197709777.64， average REVA is 0.0676.Based on the analysis, it is safe to say that the ability of creating value of the whole pharmaceutical industry is stable and increasing year by year. Especially that the development of traditional Chinese medicine industry is prominent and chemical drug companies have the largest average EVA. Besides, the EVA of medical devices, bio-pharmaceutical is relatively high that could bring more profit for the investors. From the point of geographical, enterprises of east, north, south of China performs better while that of Southwest and Northwest of China performs worse. From the point of time, enterprises of SMEs board listed in 2004 perform well, which is attributed to the drive of Biological products Company, however, their ability of Anti-risk must be improved. As a whole, for EVA, large enterprises are dominating. On the other side, there are many medium and small enterprises in China, which is worth to consider and notice for managers. In this research, calculated data of EVA from 2005 to 2009 are used to predict and tested the future value of EVA and REVA of listed medicine companies. The outcome shows that the average EVA and REVA of listed medicine companies will increase in the next three years. Finally, considering factors of value driver, bring EVA into management decision and value management system of enterprise, some advices are proposed in order to promote business performance, improve the management system and ultimately maximize the profit of shareholders. Conclusion: During the analysis by EVA, the results show that the pharmaceutical listed companies’ performance is obvious good. Chinese medicine companies are particularly outstanding. Differences of the geography and the scale of the enterprises are obvious. At last,the GM(1,1) model has the feasibility to forecast that EVA value.

EVA 是企业税后净利润中扣除所有资本的使用成本之后的经济利润值，是企 业经营者真正为股东创造的价值。医药行业是一个具有高新科技多学科交叉的产 业，涉及国民健康、社会稳定和经济发展等多方面。研究目的：对我国沪市、深 市生物、医药制造业上市公司 2005 年至 2009 年的经营绩效进行评价。利用切实 可行的方法对我国医药上市公司的绩效进行预测。研究方法：本文通过计算生物、 医药类上市公司的 EVA 值和 REVA 值，将医药行业细分为化学药、中药、生物制 药和医疗器械四个领域进行分析比较。并从地域、上市年限、企业规模等多个维 度进行分析。利用计算出的 2005 至 2009 年的数据采用灰色预测模型对医药上市 企业未来 REVA 值进行预测。研究结果：医药行业整体 EVA 均值为 197709777.64 元，REVA 均值为 0.0676，并呈逐年增长趋势。中药行业发展最为突出，化学药 企业平均 EVA 值最高，医疗器械、生物制药相对 EVA 值也相对较高，均能为投资 者来更多的价值收益。环绕“北、上、广”的华东、华北、华南地区企业表现相 较于其他地区企业更加良好，西南西北地区相对较差。2004 年上市的中小板企 业势头较猛，主要以生物制品企业作为带动，但抗风险能力有待提高。不同企业 规模下大型企业依旧领跑，在 EVA 值上有十足的优势。但是我国医药企业以中小 企业居多，值得管理者深思与借鉴。灰色预测模型通过三项检验，表明灰色预测 模型适于用在 EVA 值的预测上。预测结果显示 2010 至 2012 年医药上市企业平均 EVA 值及 REVA 值为均为上升趋势。最后从价值驱动因素、将 EVA 引入经营决策 以及企业采用价值管理体系三个方面提出建议，提高企业的经营绩效，完善经营 管理体系，以达到股东获益最大化。得出结论医药行业整体创造价值情况良好， 并呈逐年增长趋势。研究结论：我国医药行业势头明朗，中药企业表现尤为突出。 不同维度下地域差异、企业规模差异明显，上市年度差异相对较弱。灰色预测模 型在 EVA 值的预测上具有可行性。 关键词 EVA 价值管理 医药 上市公司 预测