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  随着新能源汽车产业逐渐成熟，新能源汽车补贴退坡政策逐步落实。为扶持系能源汽车平稳发展，原定于2015年开始实施的补贴退坡政策在经历两次大幅调整之后，因疫情冲击，暂缓至2023年彻底退出新能源行业。补贴政策的退出不仅意味着新能源汽车企业获得资金减少，还预示着新能源汽车企业正式转向市场化发展脚步。面对日益增长的规模发展需求与生产成本的不断攀升，融资缺口随之扩大，仅依靠内部融资已无法满足企业战略发展，因此，怎样结合企业实际情况选择适合自己的融资策略则成为新能源汽车企业亟待解决的问题。

  本文选取新能源汽车行业中补贴政策受益良多的新能源汽车龙头企业——比亚迪公司为案例，以新能源汽车行业补贴政策较为成熟且退坡明显的2015年-2021年为研究区间，分别从内源融资、外源融资进行融资策略分析。且为了更全面、深入分析比亚迪融资策略，还从纵向、横向两个角度展开研究。此外，分别从融资成本及融资风险融资合理性等方面评价其融资合理性。通过测算比亚迪经济增加值，从而判断企业的综合盈利情况。结合以上分析提出比亚迪存在债务融资比例过高、融资渠道狭窄、融资成本上升以及融资策略滞后等问题，随后依据相关理论对其成因进行分析，并结合可持续增长率分析企业资金需求，从而判断企业的可持续发展情况。最后，针对比亚迪融资问题，提出优化融资结构、拓宽融资渠道、降低融资成本、匹配战略发展等融资策略优化建议。本文通过对比亚迪融资策略问题分析并提出改进建议，以期为其他新能源汽车企业缓解补贴退坡背景下融资压力提供借鉴和参考。

关键词：补贴退坡 比亚迪 融资策略

  With the gradual maturity of the new energy vehicle industry, the new energy vehicle declining subsidy policy has been gradually implemented. In order to support the stable development of new energy vehicles, the declining subsidy policy, which was originally scheduled to be implemented in 2015, has been suspended until 2023 due to the impact of the epidemic, after experiencing two significant adjustments to completely withdraw from the new energy industry. The withdrawal of the subsidy policy not only means that new energy vehicle enterprises receive less funds, but also signals that new energy vehicle enterprises formally turn to market-oriented development footsteps. In the face of the growing scale of development needs and rising production costs, the financing gap has expanded, relying only on internal financing can no longer meet the strategic development of enterprises, therefore, how to combine the actual situation of enterprises to choose their own financing strategy has become the urgent problem of new energy vehicle enterprises to solve.

  This paper selects BYD, a leading new energy vehicle company in the new energy vehicle industry, which has benefited a lot from the subsidy policy, and takes 2015-2021, when the subsidy policy of the new energy vehicle industry is more mature and the slope is obviously retreating, as the time interval for the study. Analysis of financing strategy from internal financing and external financing. And in order to more comprehensive, in-depth analysis of BYD financing strategy, but also from the vertical and horizontal two aspects of the research. In addition, it evaluates its financing rationality from the aspects of financing cost and financing risk. By calculating the economic added value of BYD, the comprehensive profit of the enterprise is judged. Based on the above analysis, problems such as excessively high debt financing ratio, narrow financing channels, rising financing costs and lagging financing strategies of BYD are put forward. Then, the causes are analyzed according to the financial contingency theory, and the enterprise capital demand is analyzed in combination with the sustainable growth rate, so as to judge the sustainable development of the enterprise. Finally, aiming at BYD's financing problems, this paper puts forward some suggestions on financing strategy optimization, such as optimizing financing structure, broadening financing channels, reducing financing costs and matching strategic development. This paper analyzes the problems of BYD's financing strategy and puts forward suggestions for improvement, in order to provide reference for the financing pressure of other new energy automobile enterprises under the background of the declining link subsidies.

Keywords: Declining subsidies; BYD; Financing strategy