Research On Optimizing The Capital Structure Of BYD Automobile Under The Background Of New Energy Subsidies

With the emergence of MM theory,more and more attention has been paid to the problem of capital structure in academic circles.Capital structure will not only affect the market value of enterprises,but also restrict the future development of enterprises.Capital structure has become the focus of attention in the process of modern enterprise management.With the introduction of a series of national incentive policies,China’s new energy automobile industry has developed rapidly,and its position in the national economy is getting higher and higher.However,there are still some problems in the new energy automobile industry,such as unreasonable capital structure and unreasonable debt structure.Based on MM theory,agency theory and pecking order financing theory,this paper combs the relevant literature on capital structure.On this basis,a comprehensive analysis of BYD’s capital structure is made.Firstly,it explains the current situation of BYD company,then makes a longitudinal analysis of the company’s asset-liability ratio,debt structure and equity structure,and compares it with other excellent companies in the same industry horizontally.It is concluded that there are some problems in the capital structure of BYD company,such as high debt ratio,unreasonable debt maturity structure and relatively single financing channel.Then,through static quantitative analysis,the optimal capital structure point of BYD is analyzed.On this basis,we adopt the method of entropy weight to take the government subsidy into the index of influencing factors,make a dynamic analysis of the capital structure of BYD,determine the weight of influencing factors,and find that the government subsidy has a significant impact on the capital structure,and get the optimal capital structure range of BYD.In view of this optimization interval,curve estimation method is used to test it,and the rationality of the interval is proved.Finally,according to the problems existing in BYD’s own capital structure and the optimal capital structure interval,this paper designs a capital structure optimization scheme with financing as the main content from four aspects: government subsidies,profitability,debt ratio and financing methods.In order to ensure the smooth implementation of the program,three safeguards are put forward.By finding the optimal capital structure and providing optimization scheme for BYD,this paper can provide some reference for the optimization of capital structure of automobile industry under the background of new energy subsidies and help to achieve healthy and sustainable development.