The important principle of implementation of the Federal law "About investment activity in the Russian Federation which is carried out in the form of capital investments" is the creating favorable conditions for development of investment activity. In recent years the state actively participates in achievement of the called principle, especially in agrarian sector, however, there is an opinion that efficiency of such state intervention can be lower expected because of Russia's accession to the World Trade Organization. What to dispel doubts of the public, scientific justifications of this problem are necessary.

In this work the method of the discounted cash flows according to the summary balance sheet, the profit and loss report and other forms of the annual reporting of the enterprises of agro-industrial complex of the Penza region for 2000-2012 is used. As a rate of discount the rate of the income demanded by investors on the invested capital in objects of investment comparable on a risk level acts. The rate of discount can be defined also as the cost of attraction of the capital from various sources.

The rate of the discount equal to the sum of weighed rates of return on own capital and borrowed funds where shares of borrowed and own funds in capital structure act as scales is applied to a cash flow for all invested capital. Such rate of discount is called as the average cost of the capital (WACC). This indicator is used and at calculation of such indicator popular nowadays as EVA (an economic value added) [1, page 31].

The main idea and sense of an indicator of EVA is that the capital of the company has to work with such efficiency to provide the standard of the profitability demanded by the investor or other owner on the invested capital.

The economic value added arises in the company in case for this period of time it was succeeded to earn profitability of the invested capital above, than standard of profitability of the investor [1, page 33].

Positive value of an indicator means a gain of market cost in comparison with the balance cost of net assets and incentive for owners to carry out further investments in the enterprise. Negative - conducts to decrease in market cost of the company and loss by owners of the invested capital at the expense of non receipt of alternative profitability. At zero value the market cost of the enterprise and balance cost of net assets coincide, so, the market prize of the owner is equal to zero.

At indicator calculation the CAPITAL is represented to the least labor-consuming approach with operational prospect.

Table 1

Assessment of an economic value added

The economic profit exceeded accounting almost on 3 billion 556 million rubles.

Amending balance value of an indicator 'CAPITAL' reduced its economic level in comparison with accounting by 2139973 thousand rubles.

Table 2

Inspection of EVA-menagment

In 2012 the enterprises of agriculture of the Penza region earned the profitability exceeding demanded by investors for 6,09%.

The gain of market cost of the enterprises over the balance cost of assets made 2687135 thousand rubles. It stimulates owners to a further investment of means in the agricultural enterprises of the region and testifies to competent investment policy of the region in agrarian sector.