Does Intellectual Capital Investment Improve Financial Competitiveness and Green Innovation Performance? Evidence from Renewable Energy Companies in China
Table 1
Financial competitiveness evaluation index system.
Variable
Symbol
Description
Solvency
Current ratio (Y1)
Current assets/current liabilities
Quick ratio (Y2)
(Current assets − inventory)/current liabilities
Cash ratio (Y3)
Cash and cash equivalents/current liabilities
Development capability
Growth rate of return on equity (Y4)
(Current year’s return on equity − last year’s return on equity) − 1
Net profit growth rate (Y5)
(Current year’s net profit − last year’s net profit) − 1
Operating capability
Total assets turnover (Y6)
Net sales/total assets
Current assets turnover (Y7)
Net sales/current assets
Profitability
Asset profit ratio (Y8)
Net profit/total assets
Ratio of profits to cost (Y9)
Total profits/(operating costs + total expenses)
Return on assets (Y10)
(Total profits + financial expenses)/average total assets
Earnings before interest and tax (Y11)
Earnings before interest and tax/total sales
Cash flow ability
Operating cash flows to current liabilities ratio (Y12)
Net cash flow from operating activities/current liabilities
Operating cash flows to total liabilities ratio (Y13)
Net cash flow from operating activities/total liabilities
