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

Note: CNY is the abbreviation of Chinese yuan. IPE is the abbreviation of Institute of Public and Environmental Affairs.