Abstract
In the new situation of Chinese economic development, how to achieve sustainable development of enterprises has become an important issue concerned by managers and investors. This paper selects the listed companies of agriculture, tourism and renewable energy industry as research samples, employs the MVAIC (Modified value-added intellectual coefficient) model and runs the panel data to explore the role of capital employed efficiency, intellectual capital efficiency and its components on corporate sustainable growth. The results show that in the full sample, the capital employed efficiency, intellectual capital efficiency and its components have a significant positive effect on corporate sustainable growth. In the industries samples, the impact of the relationship capital efficiency on corporate sustainable growth of agricultural enterprises is not significant, and the impact of structural capital efficiency on corporate sustainable growth of tourism enterprises is not significant. While there is a significant positive impact of intellectual capital efficiency and its components on corporate sustainable growth of renewable energy enterprises. Based on the conclusions, this paper proposes policy suggestions for promoting the sustainable development of enterprises, aiming to provide theoretical guidance and empirical evidence for managers to invest and develop intellectual capital.
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