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  企业的筹资活动、投资活动乃至经营活动均会影响资本结构，资本结构是各项财务活动的体现，资本结构的合理性关系着经营策略、企业价值和可持续发展，因此资本结构优化问题一直是一个研究热点。财务权变理论可概括为“一个目标，四个维度”，可持续发展是资本结构优化的最终目标，四个维度分别为路径依赖因素、外部因素、内部因素、最优资本结构因素，此五大维度环环相扣，形成了研究资本结构优化问题的综合性分析体系，因此运用财务权变理论系统研究具体案例企业资本结构的优化问题，具有一定的研究意义和价值。本文选取新能源汽车制造龙头企业——比亚迪公司为案例公司，以财务权变理论作为论文的主要理论基础，在广泛学习国内外学者研究成果的基础上，对财务权变理论在资本结构优化方面的研究进行深入研究，以期为财务权变理论的应用研究做出探索，提供启示，也为比亚迪公司经营者优化其资本结构提供参考。

   在研究思路和研究方法上，论文紧紧围绕“提出问题-分析问题-解决问题”这一思路，论文首先按照概念的边界从内到外逐渐理清资本结构、资本结构优化、财务权变理论、财务权变理论分析体系的定义。其次选取比亚迪公司2017-2021年数据和同行业五家可比企业进行对比，对比亚迪公司的资本结构进行横纵向分析，总结其资本结构存在的问题,得出比亚迪公司资本结构需要优化的结论。再次基于财务权变理论从路径依赖、外部因素、内部因素三维度综合分析影响比亚迪公司资本结构的影响因素，并运用熵权法筛选出关键影响因素，最终测算得出比亚迪公司最优资本结构区间为[43.2%、55.74%]。最后为帮助比亚迪公司达到最优资本结构区间，提出具体的优化建议，这些建议包括增加股权融资比重以降低资产负债率、调整债务结构以增强企业经营稳健性、打造多元化融资渠道以扩大融资规模和改善股利政策以提高内源融资比重。

    The capital structure of an enterprise is affected by its financing activities, investment activities and even operating activities,So capital structure is a reflection of various financial activities.The rationality of capital structure is related to business strategy, corporate value and sustainable development, so the problem of capital structure optimization has been a hot research issue.The theory of financial contingency can be summarized as "one goal, four dimensions", Sustainable development is the ultimate goal of capital structure optimization.The four dimensions are path-dependent factors, internal factors, external factors, and optimal capital structure, and these five dimensions are interlinked to form a comprehensive analysis system for studying capital structure optimization, therefore, it is of certain research significance and value to systematically study the optimization of capital structure of specific case companies by applying the theory of financial contingency.In this paper, BYD, a leading new energy vehicle company, is selected as the case company, and the financial contingency theory is taken as the main theoretical basis, On the basis of extensive study of domestic and foreign scholars' research results, the paper thoroughly studies the financial contingency theory in capital structure optimization research, i the goal of the paper is to make an exploration and provide insight into the applied research of financial contingency theory and also to provide reference for BYD operators to optimize their capital structure.

     In terms of research ideas and methods, this paper focuses on the idea of "problem formulation - problem analysis - problem solving".The paper firstly sorts out the definitions of capital structure, capital structure optimization,financial contingency theory, and financial contingency theory system according to the boundary of concepts from inside to outside. Secondly, the paper selected BYD's 2017-2021 data and five comparable companies in the same industry for cross-sectional and longitudinal analysis to summarize the problems of its capital structure and conclude that BYD's capital structure needs to be optimized. Based again on the theory of financial variation, the paper analyzes the factors influencing BYD's capital structure in three dimensions: path dependence, external factors, and internal factors in a comprehensive manner and the entropy weighting method is used to screen out the key influencing factors, and finally the optimal capital structure interval of BYD is measured as [43.2%,55.74%].Finally, optimization recommendations are proposed.These recommendations include increasing the proportion of equity financing to reduce the gearing ratio, adjusting the debt structure to enhance the soundness of corporate operations, creating diversified financing channels to expand the scale of financing, and improving the dividend policy to increase the proportion of endogenous financing.