Research On The Impact Of Capital Structure Of Chinese New Energy Vehicle Listed Companies On Corporate Performance

Since the reform and opening up,Chinese market economy has experienced rapid development,which has also driven the development of Chinese automobile industry.my country has a large population.With the rapid development of the national economy,the disposable income of residents has gradually increased.China has a huge demand for automobiles.This has brought a strong market momentum to the development of Chinese automobile industry.At present,Chinese automobile production and sales The volume and car ownership are among the top in the world.However,There are also two major problems which the rapid development of the traditional automobile industry has brought about: one is that Chinese annual oil consumption is large,which exacerbates the problem of Chinese high dependence on foreign oil;the other is that traditional automobiles have a low fuel conversion rate.Exhaust gas pollution is a big problem,which has caused problems including insufficient resource utilization and serious environmental pollution.New energy vehicles can not only promote energy conservation and emission reduction,but also transform the industrial structure and revitalize the economy.They have good development prospects.At the same time,at the 75 th United Nations General Assembly,President Xi Jinping stated that China will have more powerful policies and measures to be adopted in order to achieve "carbon peak" by 2030 and "carbon neutrality" by 2060.Therefore,the new energy automobile industry has attracted the attention of the state and the government in recent years.Chinese new energy automobile industry started relatively late and has gone through development stages such as preliminary exploration stage,rapid expansion stage,and new stage of industrialization.In the past,the development of Chinese new energy automobile industry was relatively passive.It mainly relied on national support and policy stimulus to drive the development of the entire new energy automobile industry.However,in recent years,the state’s policy preferences and subsidies for new energy vehicles have gradually declined.The automobile industry is gradually shifting,from policy-driven to market-driven,which means that the market competition faced by listed companies in Chinese new energy vehicles is gradually intensifying.Chinese new energy vehicle industry still has many problems,such as bottlenecks in key technologies,insufficient related infrastructure,and consumer awareness to be cultivated.This has caused the low profitability of Chinese new energy vehicle companies.To solve these problems,we must first solve the financing problems of listed companies of new energy vehicles.Therefore,systematically and comprehensively analyzing the impact of the capital structure of Chinese new energy vehicle listed companies on company performance and helping Chinese new energy vehicle listed companies to improve their own capital structure has both theoretical value and practical significance.Firstly,this paper reviewed the theory of the relationship between capital structure and business and some related literature,and found the influence of Chinese new energy vehicle capital structure to business performance.Theoretically speaking,this influence mechanism is transmitted through two aspects.One is through the debt structure,mainly through the effective use of the "tax shield" effect of debt,and at the same time incentivizing company managers to work hard,but also effectively Reduce financial risks and reduce bankruptcy costs to improve company performance.The second is through the shareholding structure.It is believed that the shareholding structure,especially the concentration of shareholding,can directly affect the company’s governance efficiency,and then affect the company’s operating performance.The existing literature has fully discussed and verified the impact of capital structure on company performance,but there is no unified conclusion yet,and the conclusions are mainly different for different industries.Therefore,this article focuses on new energy vehicle listed companies,selects research samples and related data,carries out empirical research,and deeply explores the impact of the capital structure of Chinese new energy vehicle listed companies on company performance,which can theoretically carry out capital structure theory.Certain supplements can effectively reflect the impact of the capital structure of Chinese new energy vehicle listed companies on company performance,and can play a role in helping the development of Chinese new energy vehicle industry.This paper selects the relevant financial data of Chinese new energy vehicle listed companies from 2016 to 2019 for empirical research.Based on the factor analysis method,the operating performance index of Chinese new energy vehicle listed companies is calculated,and then the OLS regression analysis is used to draw the conclusion: The relationship between the asset-liability ratio of the 55 Chinese new energy vehicle listed company and the company’s operating performance is a weak negative correlation.First,the relationship between the top ten shareholders’ shareholding ratio and the company’s operating performance is a significant positive correlation.Therefore,there are two main conclusions from the empirical analysis of this article:(1)In terms of debt structure,the average debt-to-asset ratio of listed companies in Chinese new energy vehicles is relatively high,and the financial risk for the new energy vehicle industry is relatively high;At high levels,short-term debt repayment pressure is relatively high.(2)In terms of the shareholding structure,the shareholding structure of Chinese new energy vehicle listed companies is relatively concentrated.Appropriately increasing the shareholding concentration can improve the company’s decision-making and execution capabilities,but at the same time,attention should be paid to maintaining the control of other shareholders to the largest shareholder.Limiting effect.This article also further analyzes the impact mechanism: on the one hand,combing the characteristics of Chinese new energy automobile industry,and on the other hand,combining the characteristics of the industry,analyzing the impact of the capital structure of Chinese new energy automobile listed companies on operating performance from the two aspects of debt structure and equity structure.mechanism.The research results of this article effectively supplement the research on the impact of capital structure on company performance.At the same time,combined with the status quo of Chinese new energy vehicle listed companies,there are corresponding suggestions for China’s new energy vehicle listed companies to improve their capital structure and improve company performance:(1)In optimizing the debt structure,it is necessary to appropriately reduce the asset-liability ratio and current debt ratio,and at the same time to strengthen the risk management system;(2)In optimizing the equity structure,it is necessary to appropriately maintain the concentration of equity,and the operator shareholding system can be implemented(3)In optimizing the market environment,it is necessary to strengthen the supervision of new energy vehicle listed companies,improve the capital market,and provide convenient and efficient financing channels for China’s new energy vehicle listed companies.