4.2. Descriptive statistics
Using VAIC™ to measure IC, subject to data availability, we concentrate our initial final dataset into a 2-year dataset (2009 and 2010). Table 6 presents the descriptive statistics of the independent variables. The average human capital efficiency (HCE) in our sample is about RMB 1.11 million. The mean structural capital efficiency (SCE) is RMB 0.35 million, and the mean capital employed efficiency (CEE) is about RMB 0.57 million. Among the three aspects of intellectual capital, human capital seems to have created the largest amount of value, followed by CEE. It is also noteworthy that the standard deviations of SCE and CEE are relatively high as compared to that of HCE. The findings suggest that there are large differences in the degree of value created through the investment of structural capital and financial capital in our sample. Of the total sample, approximately 38% are local insurers and are group-affiliated. In general, the Chinese life insurers use at least two types of distribution channels. The average solvency rate of the sample firms reaches approximately 386%, suggesting a great ability of the Chinese life insurers to repay debt. Meanwhile, the mean leverage is approximately 0.825. The average firm age is about 7 years, while the average firm size is RMB 9.337 million in logged term (equivalent to RMB 11.35 billion).
4.2. Descriptive statistics
Using VAIC™ to measure IC, subject to data availability, we concentrate our initial final dataset into a 2-year dataset (2009 and 2010). Table 6 presents the descriptive statistics of the independent variables. The average human capital efficiency (HCE) in our sample is about RMB 1.11 million. The mean structural capital efficiency (SCE) is RMB 0.35 million, and the mean capital employed efficiency (CEE) is about RMB 0.57 million. Among the three aspects of intellectual capital, human capital seems to have created the largest amount of value, followed by CEE. It is also noteworthy that the standard deviations of SCE and CEE are relatively high as compared to that of HCE. The findings suggest that there are large differences in the degree of value created through the investment of structural capital and financial capital in our sample. Of the total sample, approximately 38% are local insurers and are group-affiliated. In general, the Chinese life insurers use at least two types of distribution channels. The average solvency rate of the sample firms reaches approximately 386%, suggesting a great ability of the Chinese life insurers to repay debt. Meanwhile, the mean leverage is approximately 0.825. The average firm age is about 7 years, while the average firm size is RMB 9.337 million in logged term (equivalent to RMB 11.35 billion).
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