会计学院知识库

  2012年，国务院在《节能与新能源汽车产业发展规划（2012—2020年）》中就明确指出，汽车产业作为国民经济的关键支柱，对推动经济和社会发展具有举足轻重的作用。而发展新能源汽车，不仅能让我国向汽车强国迈进，也是对抗全球气候变暖、缓解石油危机并且推动绿色可持续发展的重要战略选择。在新能源汽车起步阶段，国家给予了大量的财政补贴，但是随着财政补贴的逐渐退出，带来了市场环境波动、行业竞争加剧、汽车销量放缓、产能过剩等问题。北汽蓝谷作为我国第一支上市A股的新能源汽车企业，在2013年到2019年的连续七年里，一直稳居我国新能源汽车市场销量榜首。然而，2020年该企业销量遭遇重挫，财务状况急剧下滑，巨额亏损使其陷入严重的财务困境。如何优化财务战略以破解当前危机，确保企业持续稳健发展，成为北汽蓝谷面临的重大挑战。

  本文选取北汽蓝谷作为案例研究对象。首先，介绍北汽蓝谷总体发展战略和目前财务战略并对其进行财务战略环境分析。其次，基于北汽蓝谷2018年到2022年期间官方发布的财务报告所披露的数据，构建三维财务战略矩阵，并结合财务指标分析法，对北汽蓝谷目前的财务战略进行评价。最后，基于前文的综合分析，总结北汽蓝谷在财务战略上存在的问题，并提出北汽蓝谷财务战略优化建议。

  通过研究发现，北汽蓝谷存在筹资渠道单一且筹资风险高、资本结构不合理、投资战略过于激进、投资项目回报周期长、营运资金规模小、营运资产管理效率低的问题。因此，北汽蓝谷需要采取多元化筹资战略并建立筹资风险预警体系、优化资本结构、实施稳健性投资战略、加强投资项目评估、适当增加营运资金规模、强化应收账款管理来优化财务战略。

    2012, the State Council in the "energy-saving and new energy vehicle industry development plan (2012-2020)" clearly pointed out that the automobile industry, as a crucial support of the national economy, it holds a significant position in advancing both economic growth and societal progress. The development of new energy vehicles will not only enable China to move forward as an automotive powerhouse, but also an important strategic choice for combating global warming, alleviating the oil crisis and promoting green and sustainable development. In the starting stage of new energy vehicles, the state gave a large number of financial subsidies, but with the gradual withdrawal of financial subsidies, it has brought about problems such as fluctuations in the market environment, intensified competition in the industry, slowing down of automobile sales, and overcapacity. As China's first new energy automobile enterprise listed on the A-share market, BAIC BluePark has topped the sales of China's new energy automobile market for seven consecutive years from 2013 to 2019. However, the enterprise's sales suffered a heavy setback in 2020, and its financial situation declined drastically, with a huge loss that plunged it into a serious financial predicament. How to optimize the financial strategy to crack the current crisis and ensure the sustainable and sound development of the enterprise has become a major challenge for BAIC BluePark.

    In this paper, BAIC BluePark is selected as a case study object. Firstly, it introduces the overall development strategy and current financial strategy of BAIC BluePark and analyzes its financial strategy environment. Secondly, based on the data disclosed in the official financial reports issued by BAIC BluePark during the period from 2018 to 2022, a three-dimensional financial strategy matrix is constructed and combined with the financial indicator analysis method, the current financial strategy of BAIC BluePark is evaluated. Finally, based on the comprehensive analysis in the previous section, the problems existing in the financial strategy of BAIC BluePark are concluded, and the optimization suggestions of the financial strategy of BAIC BluePark are proposed.

    Through the study, it is found that BAIC BluePark has the problems of single financing channel and high financing risk, irrational capital structure, overly aggressive investment strategy, long return period of investment projects, small scale of working capital, and low efficiency of operating assets management. Therefore, BAIC BluePark needs to optimize its financial strategy by adopting a diversified financing strategy and establishing an early warning system for financing risks, optimizing its capital structure, implementing a prudent investment strategy, strengthening the evaluation of investment projects, appropriately increasing the scale of working capital, and enhancing the management of accounts receivable.