文献类型：期刊文献

英文题名：Financial Distress Warning: An Evaluation System including Ecological Efficiency

作者：Wu, Shuang[1];Zhang, Hui[1];Tian, Yuan[2];Shi, Liyuan[2]

第一作者：Wu, Shuang

通讯作者：Zhang, H[1]

机构：[1]Nanjing Forestry Univ, Coll Econ & Management, Nanjing 210037, Jiangsu, Peoples R China;[2]Beijing Union Univ, Coll Business, Beijing 100025, Peoples R China

第一机构：Nanjing Forestry Univ, Coll Econ & Management, Nanjing 210037, Jiangsu, Peoples R China

通讯机构：[1]corresponding author), Nanjing Forestry Univ, Coll Econ & Management, Nanjing 210037, Jiangsu, Peoples R China.

年份：2021

卷号：2021

外文期刊名：DISCRETE DYNAMICS IN NATURE AND SOCIETY

收录：;Scopus(收录号：2-s2.0-85111538499);WOS:【SSCI(收录号:WOS:000680512000003)，SCI-EXPANDED(收录号:WOS:000680512000003)】；

基金：This research was supported by the National Natural Science Foundation of China (Grant no. 71603117).

语种：英文

摘要：This article established an evaluation system including ecological efficiency that can provide a more accurate financial distress warning for companies. Based on the data of listed companies, Data Envelopment Analysis (DEA) is applied to evaluating the business efficiency, financial efficiency, financing efficiency, human capital efficiency, and ecological efficiency, and the accuracy of the evaluation system that includes ecological efficiency is measured by artificial neural networks (ANNs). Besides, the logit model is applied to test the results. Our experiments indicate that participating in ecological efficiency improves the evaluation system of financial distress warnings, and its accuracy is much better than the traditional evaluation system in the long run. The logit model confirms the essential of ecological indicators in financial distress warning, and the behavior of observing environmental regulation will prevent enterprises from getting into financial distress. Finally, suggestions on improving green finance and promoting technological innovation are propounded, in which technological innovation (TI) is the core of an enterprise's competitiveness, and green finance can accelerate that process.