金融学院知识库

新能源汽车产业作为科技进步与产业结构革新的产物，以其颠覆性的科技创新、资源优化配置及产业链深度重塑，有力驱动了新兴产业的成长，并在我国经济结构升级与工业转型中扮演关键角色。然而，鉴于新能源汽车行业的高知识壁垒属性，导致大规模融资需求与较长的投资回收期并存，且面临研发投入挑战与财政补贴退坡的压力，目前该产业在融资环节遭遇瓶颈。本研究聚焦于比亚迪这一典型代表，深入剖析制约其融资效能的各项因素，并在此基础上提出针对性的优化策略。

全文共六章节布局。引言部分阐述了本文的研究背景及重要意义，系统回顾了关于公司融资、融资模式及其效率的相关文献。第二章深入挖掘公司融资的理论基础，全面梳理了包括公司融资理论与融资效率理论在内的理论框架。第三章聚焦新能源汽车公司的融资现状，通过对比常规公司，深度剖析其融资特性，归纳总结了融资方式，并就现存问题进行了详尽探讨。第四章则针对特定公司的融资情况，从财务状况、融资规模到融资策略等多个维度进行了深度剖析。第五章以比亚迪集团为例，对其融资效率进行了量化研究，首先借助计算指标解析财务数据，得出初步评估结果。随后，采用DEA-Malmquist模型，选取多项投入产出指标，对比亚迪、长城、宇通、江铃等企业展开了实证分析，同时结合比亚迪的补贴政策、财务表现、创新能力及资本使用效率四个维度进行了深度考察。第六章精炼概括了比亚迪公司在新能源汽车领域持续领先的原因，并对其融资效率的关键影响因素进行了深度剖析。

本文研究聚焦比亚迪，通过实证分析，深度剖析补贴政策调整、财务表现、研发投入及资金使用效率四个方面对其融资效率产生的影响。尽管面临创新能力提升的压力和政府补贴力度的减弱这一行业普遍挑战，比亚迪在新能源汽车领域的融资效率仍能保持较高水平。究其原因，关键在于比亚迪展现出强劲的盈利能力与高效的运营管理，并构建了合理的融资结构。此外，公司卓越的研发实力与持续发展动能亦体现在其高效的资金配置上，成为支撑高融资效率的重要基石。

The new energy vehicle (NEV) industry, a product of and industrial restructuring, has significantly propelled the growth of emerging industries and plays a pivotal role in China's economic upgrading and industrial transformation. However, due to its high knowledge barrier nature, NEV companies face a dual challenge of substantial financing needs and extended investment payback periods, compounded by pressures from R&D expenditures and diminishing government subsidies, leading to financing bottlenecks. This study centers on BYD as a representative example, thoroughly examining the factors constraining its financing efficiency and proposing targeted optimization strategies.

The paper is structured into six chapters. The introduction outlines the research background and significance, and reviews relevant literature on corporate finance, financing models, and efficiency. Chapter 2 delves into the theoretical underpinnings of corporate financing, encompassing corporate finance theory and financing efficiency theory. Chapter 3 investigates the current financing status of NEV companies, compares them with traditional firms, examines their unique financing characteristics, summarizes financing methods, and extensively discusses existing issues. Chapter 4 conducts an in-depth analysis of a specific company's financing situation across financial status, financing scale, and strategy dimensions. Chapter 5 specifically assesses BYD's financing efficiency. It starts with computational indicators to analyze financial data for preliminary evaluation, followed by applying the DEA-Malmquist model using multiple input-output indicators to empirically analyze BYD, along with other companies like Great Wall, Yutong, and JMC. A comprehensive empirical examination is conducted considering BYD's subsidy policies, financial performance, innovation capability, and capital utilization efficiency. Chapter 6 succinctly identifies the reasons behind BYD's sustained leadership in the NEV sector and deeply explores the critical factors affecting its financing efficiency. Despite industry-wide challenges such as increased innovation pressure and waning government subsidies, BYD maintains a high level of financing efficiency. This is primarily attributed to its robust profitability, efficient operational management, and well-structured financing arrangements. Moreover, the company's outstanding R&D capabilities and sustained development momentum are reflected in its effective capital allocation, forming a cornerstone for high financing efficiency.

This research zeroes in on BYD, employing empirical analysis to delve into how adjustments in subsidy policies, financial performance, R&D investments, and capital usage efficiency impact its financing efficiency. Despite the common industry challenges, BYD sustains a high financing efficiency in the NEV field largely due to its strong profitability, efficient operations, rational financing structure, and exceptional R&D prowess that fuels its efficient capital deployment.