Research Article
Financial Distress Warning: An Evaluation System including Ecological Efficiency
Table 1
System of input-output indicators.
| | Dimension | Input indicators | Output indicators | Source |
| | Business efficiency | Operating costs (CNY) | Operating income (CNY) | Wind | | Growth rate of total assets (%) | | Growth rate of total liabilities (%) |
| | Financial efficiency | Asset-liability ratio (%) | — | Wind | | Total owners’ equity (CNY) | Earnings per share (CNY) | | Total assets turnover (time) | Return on total asset (%) | | Turnover of fixed assets (time) | — |
| | Financing efficiency | Total assets (CNY) | Operating income (CNY) | Wind | | Currency fund (CNY) | | Total liabilities (CNY) | Total assets turnover (%) |
| | Human capital efficiency | Employee pay payable (CNY) | Operating income (CNY) | Wind | | Cash paid to and for employees (CNY) |
| | Ecological efficiency | Environmental illegality (yes = 1; no = 0)
Taxes (CNY) | Operating income (CNY) | Wind IPE |
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Note: CNY is the abbreviation of Chinese yuan. IPE is the abbreviation of Institute of Public and Environmental Affairs.
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