“…Gerschewski and Xiao (2015) found that, in contrast to new non-international ventures, financial performance is more important than non-financial indicators for new international ventures, while such ventures in the manufacturing industry tend to attach more importance to financial performance than do ventures in other industry sectors. Return on assets (ROA), profit margin, sales growth rate, debt ratio, equity ratio, asset turnover, inventory turnover, and Tobin's q have been used as the main evaluation indicators for financial performance (Zhang et al, 2009;Knight & Cavusgil, 2004;Zhou et al, 2007;Yang et al, 2017;Kim et al, 2020, Monferrer, Moliner, Irún, & Estrada, 2021Herath, 2021). Following the literature, this study uses five groups of ratios as variables to test the financial and stock market performance of listed manufacturing companies in China.…”