Evaluation And Optimization Of Financing Efficiency Of New Energy Automobile Enterprises

In order to solve the increasingly prominent energy shortage and environmental pollution problems,the global automotive industry has made accelerating the technological development of new energy vehicles and accelerating the commercialization as an important development direction.In the early stage of the development of the new energy vehicle industry,the initial capital investment demand is large,and the long investment return cycle may cause financing gaps and financing risks.If the financing structure is unstable and the financing channels are narrow,it is easy to lead to low financing efficiency for enterprises and not conducive to new energy vehicles Healthy and sustainable development.Therefore,the financing structure and financing efficiency of new energy automobile enterprises are particularly worthy of attention and research.This paper focuses on the financing efficiency of new energy vehicle companies,and selects new energy vehicle companies in China as the research object through comprehensive analysis.Firstly,it analyzes the development situation,financing status and financing dilemma of China’s new energy automobile companies.Then based on the DEA-Logit model,empirical research was conducted on the financial data of 35 new energy vehicle listed companies in China from 2012 to 2018,and a specific analysis was carried out in conjunction with the new energy vehicle financing case of BYD.The main research conclusions are: on the one hand,the overall financial support efficiency of listed new energy vehicle companies shows a time trend of "first rise and then decline",and the trend of debt financing efficiency is more stable than that of equity financing;on the other hand,the explanatory variable coefficient Both are significantly negative,and the marginal coefficient of equity financing is smaller than debt financing.Finally,based on the research conclusions,specific strategies and policy suggestions for the optimization of financing structure were proposed for new energy vehicle companies and BYD.