Research On Financial Sustainable Growth Of New Energy Automobile Enterprises Under The Background Of Double Points Policy

As global climate change intensifies and environmental problems become increasingly serious,new energy vehicles are receiving more and more attention as a low-carbon and environmentally friendly means of transport.In order to promote the development of the new energy vehicle industry,the State has elevated it to a strategic level,but in the course of development,new energy vehicle companies have experienced problems such as brutal development and excessive reliance on government subsidies for sales growth.In order to promote the establishment of a long-term effective development mechanism for the new energy vehicle industry,the state officially launched the double points policy in September 2017.Therefore,it is important to study the financial sustainable growth of new energy vehicle enterprises in the context of the double points policy for the long-term development of the industry.The research idea of this paper is divided into three main parts:first,summarizing existing research,introducing the internal and external influencing factors affecting the financial sustainable growth of new energy vehicles,and interpreting the operation mechanism of the double credit policy.Secondly,53 listed companies in the new energy vehicle industry were screened out from the database,their financial data from 2017-2021 were selected as samples,and the Wilcoxon signed-rank test was used to determine whether the whole industry had achieved financially sustainable growth in these five years;then factor analysis was conducted on them with the help of SPPS and Excel tools,and the upstream and downstream enterprises’ financial sustainable growth ability is scored.Thirdly,according to the high and low scores of the growth ability in the previous section and the different development strategies of the enterprises,two typical vehicle manufacturing enterprises were selected for a case comparison study to analyse the differences between their financial sustainable growth,and to investigate the problems of the case companies from two perspectives,namely the factors influencing the financial ability and the factors influencing the double credit policy,respectively,with regard to the growth differences.Based on the above-mentioned research ideas,this paper mainly draws three conclusions:Firstly,from the overall perspective of the industry,China’s new energy vehicle industry failed to achieve sustainable financial growth during the double credit policy period,and the whole industry showed excessive growth,and the growth rate is still accelerating,which indicates that the whole industry is in the stage of over-speed development.Secondly,the impact of the double points policy on the market segments of the new energy vehicle industry is different.From the perspective of the industry as a whole,the positive guidance effect on downstream enterprises is greater than that on upstream supply chain enterprises;in terms of segmentation,the double points policy has improved the solvency,operational capacity and innovation capacity of downstream enterprises more significantly.The profitability of upstream enterprises is more obvious.Thirdly,BYD’s financial capability is weaker than that of Great Wall Motors due to insufficient cost control,inventory backlog,overly lenient collection policy and overly aggressive debt policy;BYD’s profit growth relies too much on government subsidies,which makes BYD weaker than Great Wall Motors in terms of double points policy;both problems together lead to BYD’s weaker financial sustainability than Great Wall Motors.