Research On The Impact Of Corporate Debt Financing Level On Performance

With the development of China’s traditional automobile industry and the rise in per capita disposable income,the production and sales of automobiles are also increasing.However,the rapid development of the automotive industry has also caused a series of problems such as the high annual oil consumption and vehicle exhaust pollution in China.China’s automotive industry urgently needs to optimise and adjust its energy structure,and in this context the advantages of new energy vehicles are gradually emerging.New energy vehicles can not only promote energy saving and emission reduction,but also transform the industrial structure and revitalise the economy,and have good development prospects.Since 2009,when the development strategy for new energy vehicles was first proposed,the direction of the new energy vehicle industry has been steadfast and consistent,and the development targets set out in the New Energy Vehicle Industry Development Plan(2021-2035)and the "Double Carbon" policy have also foreshadowed the rapid development of the new energy vehicle industry in the future.However,as a capital and technology-intensive industry,relieving cost pressure and improving profitability are issues that the new energy vehicle industry urgently needs to address.This paper investigates the impact of debt financing level on corporate performance of new energy automotive enterprises,further investigates the moderating effect of internal control quality on the relationship between the two,and introduces the debt maturity structure,taking Shanghai and Shenzhen A-share listed companies in new energy automotive industry from 2010 to2021 as the research object.The research results show that(1)for the new energy automotive industry,higher debt financing level is not conducive to the improvement of corporate performance;(2)higher short-term debt ratio is conducive to the improvement of complementary corporate performance;(3)internal control helps to alleviate the negative relationship between debt financing level and corporate performance;(4)Better internal control may significantly weaken the positive correlation between short-term debt ratio and performance.