Comparative Study On Financial Sustainable Growth Capacity Of New Energy Vehicle Industry

Entering the 21st century,the energy crisis comes gradually,and the industrialization of new energy vehicles is imperative.From the perspective of oil supply,domestic fuel car ownership continues to increase,and the pressure of oil self-sufficiency increases.From the perspective of environmental protection,vehicle emissions are one of the most important sources of PM2.5,and automobile exhaust has become an important source of urban air pollution.Traditional Chinese auto industry from the perspective of economic development in the field of vehicle manufacturing and core parts such as engine,with Europe and the United States and other countries the gap is bigger,and achieve beyond the possibility of lower in the short term,but in the field of new energy vehicles,the gap is narrowing at home and abroad,China has a relatively plenty of time to cultivate its own industry value chain,is expected to achieve "overtaking corner" in the field of new energy vehicles.The research logic of this paper is mainly divided into three parts:firstly,this paper studies the development status and industrial value chain of China's new energy automobile industry,and tries to reconstruct the value chain of China's new energy automobile industry.Secondly,the value chain analysis and factor analysis were used to analyze 32 a-share listed companies.Finally,according to the result of factor analysis to choose typical case company,listed company BYD,YUTONG compared with U.S.stocks leading enterprise Tesla analysis,found that the development of China's new energy automobile enterprise advantages and opportunities,draw lessons from foreign experience,foster strengths and circumvent weaknesses,can seek to promote the sustainable development of China's new energy automotive industry methods and enlightenment.Based on the above research logic,this paper draws three main conclusions:first,the value chain of China's new energy automobile industry has been preliminarily formed and gradually become mature.With the integration of resources and the refinement of industrial division of labor,the concentration degree of each subdivided industry in the industrial value chain has been continuously improved,and the leading effect of the subdivided market has become obvious.Second,the overall value chain of China's new energy vehicle industry has not achieved sustainable financial growth,and the sample listed companies generally have the phenomenon of excessive growth,and the growth rate is still further accelerating.In addition,solvency and profitability are the main factors affecting the sustainable financial growth of the industry,while operational capacity and financial policy are the secondary factors.Third,the value creation ability of China's new energy vehicle industry presents a typical smiling curve,and there is a significant relationship between the strategic choice of domestic and foreign listed leading enterprises of the whole vehicle and the financial sustainable growth ability.This paper may have some innovation in the perspective of industrial selection and research,but the research content of this paper mainly focuses on the whole industrial value chain and the listed companies of the whole value chain downstream,and has not done in-depth research on the subdivision areas such as power batteries and metal materials.With the listing of NINGDE era,further follow-up research can be done in the future.