新能源汽车制造业上市公司资本结构对企业绩效影响研究

A Study on the Impact of Capital Structure on Corporate Performance of Listed Companies in the New Energy Automobile Manufacturing Industry

摘要: 本文以2014~2021年新能源制造业上市公司作为研究对象，对企业资本结构与企业绩效间的关系进行了实证研究，同时考察了产权性质对二者关系的影响。研究发现，新能源汽车上市公司的资产负债率与企业综合绩效具有显著的负相关关系；异质性分析发现，在国有企业中，企业资产负债率对企业绩效的负向效应要弱于非国有企业。本文的研究结论为新能源汽车上市公司的绩效提升带来启示，也为政府根据公司产权性质的不同采取差异化资本结构优化政策提供参考。

Abstract: This paper takes listed companies in the new energy manufacturing industry from 2014~2021 as the research object and conducts an empirical study on the relationship between corporate capital structure and corporate performance, while examining the impact of the nature of property rights on the relationship between the two. The study found that the asset-liability ratio of listed companies in the new energy automobile industry has a significant negative relationship with the overall corporate performance; the heterogeneity analysis found that the negative effect of corporate asset-liability ratio on corporate performance is weaker in state-owned enterprises than in non-state-owned enterprises. The findings of this paper provide insights into the performance improvement of listed companies in new energy vehicles and also provide reference for the government to adopt differentiated capital structure optimization policies according to the nature of company ownership.