摘要
随着中国人均可支配收入的提升，汽车的产销量也在提升。汽车行业的发展带来了两
大问题，其一是尾气严重超标。因为传统汽车燃油转化率不高，没有充分利用资源并带来
严重环境污染。其二是汽车燃油转化效率低带来的我国石油能源消耗加大的问题。因此，
我国汽车行业急需对能源结构进行优化调整，在这样的背景下，开发并使用低碳、环保、
具有良好发展前景的新能源汽车，是整个汽车产业未来的发展趋势。第七十五届联合国大
会上，习近平主席表示，中国将采用更有力的政策和措施以求在 2030年实现“碳达峰”、
在2060年实现“碳中和”，新能源汽车行业作为战略新兴行业在我国迅速崛起。
本文以新能源汽车上市公司为研究对象，以该行业资本结构对企业绩效影响为主要研
究内容。虽然我国新能源汽车产业起步较晚，但在国家政策补贴下迅速发展。新能源汽车
行业对资金需求极大且回报周期长、基础设施不足，产业链上的公司盈利能力较差且过于
依赖短期负债。新能源汽车上市公司快速发展时，需要合理的股权结构提升企业的绩效。
新能源汽车上市公司资本结构是否合理，体现了企业是否能实现持续经营和获取利润的能
力，影响企业的绩效。
本文回顾了资本结构理论。资本结构对企业绩效的影响是从两个方面来传递的，一是
债权结构，二是股权结构。本文选取我国新能源汽车上市公司的财务数据进行实证，使用
因子分析法得到企业绩效指数，再运用回归分析得到结论：我国新能源汽车上市公司资产
负债率与企业经营绩效的关系为负相关关系，资产负债率越高企业的破产成本越高，流动
负债率越高企业的短期偿债压力越大；第一大股东持股比例和前十大股东持股比率与企业
绩效的关系为显著的正相关关系，我国新能源汽车上市公司股权集中度较高，适当提升股
权集中度能提升决策效率。基于研究结果，提出新能源汽车上市公司提高绩效的可行性建
议：优化债务结构；合理调整流动负债比率；优化股权结构；拓宽融资渠道；加强监管等。
关键词：
资本结构；新能源汽车；企业绩效；因子分析；回归分析
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Abstract
As the largest developing country in the world, China's economic development has a great
demand for traditional energy. As per capita disposable income rose, so did car production and
sales. However, the development of the automobile industry has brought two major problems, one
is the serious emission standards. This is because the traditional vehicle fuel conversion rate is not
high, does not make full use of resources and brings serious environmental pollution. Second, the
low efficiency of automobile fuel conversion causes the increase of petroleum energy
consumption in China. Therefore, China's automobile industry is in urgent need of optimizing and
adjusting the energy structure. In this context, the development and use of low-carbon,
environmentally friendly and promising new energy vehicles is the future trend of the entire
automobile industry. At the 75th Session of the United Nations General Assembly, President Xi
Jinping said that China will adopt more powerful policies and measures to achieve "carbon peak"
by 2030 and "carbon neutral" by 2060, and the new energy vehicle industry is rising rapidly in
China as a strategic emerging industry.
This paper takes listed companies of new energy vehicles as the research object and takes the
impact of the industry's capital structure on enterprise performance as the main research content.
New energy automobile industry in China started relatively late, but rapid development under the
national policy subsidies, new energy automotive industry is a great demand for funds and long
return cycle industry, need a lot of money in the initial period of development, there are key
technical bottlenecks, inadequate infrastructure, poor profitability, and problems such as excessive
dependence on short-term liabilities. When listed companies of new energy vehicles develop
rapidly, reasonable ownership structure is needed to improve corporate performance. Whether the
capital structure of listed companies of new energy vehicles is reasonable reflects whether the
enterprise can achieve sustainable operation and the ability to obtain profits, and affects the
performance of the enterprise.
This paper reviews the theory of capital structure. The influence of capital structure on
enterprise performance is transmitted from two aspects, one is creditor's right structure, the other
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