摘要
摘要
自 2020年 9月习近平总书记提出我国“3060”碳排放目标以来，能源领域
发展迎来了重大转变，碳排放、碳中和成为经济发展的主要着力点。汽车行业
的碳减排对于我国实现碳达峰、碳中和的目标尤为重要，大力发展新能源汽车
产业成为实现碳达峰与碳中和目标重要举措之一。新能源汽车制造产业链涉及
传统汽车制造行业和电池、电机与电控等高新技术行业，产业链的延伸需要从
深度和广度拓展金融服务，金融支持效率影响着新能源汽车企业全产业链的发
展。在此背景下，本文以新能源汽车产业发展中融资效率问题为研究对象，分
析金融支持新能源汽车产业发展的路径。
通过对既有文献的梳理，从多个角度对中国新能源汽车上市企业的融资效
率水平及影响因素展开研究。在文献综述部分，从融资效率的定义和测算方法、
新能源汽车融资效率及融资效率的影响因素三个方面进行了归纳梳理。其次，
在理论研究部分，对新能源汽车产业融资相关概念进行界定并介绍了金融效率
理论，分析金融效率理论在新能源汽车市场中的运用。最后，在实证研究部分，
选取了 2015-2020年 47家新能源汽车上市公司作为研究样本，采用新型两阶段
链式超效率 SBM-DEA模型对企业融资效率水平进行测算，对筹资阶段、配资
阶段和整体阶段分别进行了分析，之后选取整体阶段的综合效率为被解释变量，
运用 Tobit模型对 8个影响指标进行回归分析。
通过理论与实证分析，论文发现：一是中国新能源汽车上市公司资金配置
阶段与筹资阶段融资效率变化不大，略微上涨，筹资阶段纯技术效率较高，配
资阶段规模效率较高。新能源汽车产业整体融资效率随时间变化呈现稳中有升
的情况。二是我国新能源汽车上市企业融资效率水平与解释变量中的注册地省
份 GDP增长率、企业规模、政府补助、CPI增长率呈显著正相关，与研发费用
和本科以上学历人员数量成正相关，与资产负债率和 M2增长率呈显著负相关。
最后基于实证结果，建议政府优化产业政策扶持，完善资本市场制度；建议企
业改善公司治理水平，合理规划融资结构，加大科技研发投入。
关键词：新能源汽车；融资效率；超效率 SBM-DEA模型；Tobit模型
I

Abstract
Research on Financing Efficiency and
Influencing Factors of New Energy Vehicles Listed
Companies
Qu Yunhui
Master of Finance
Directed by Dong Zhiwei
Abstract
Since General Secretary Xi Jinping proposed my country's "3060" carbon
emission target in September 2020, the development of the energy sector has ushered
in a major transformation, and carbon emission and carbon neutrality have become
the main focus of economic development. The carbon emission reduction of the
automobile industry is particularly important for my country to achieve the goal of
carbon peaking and carbon neutrality. Vigorously developing the new energy
automobile industry has become one of the important measures to achieve the carbon
peaking and carbon neutrality goals. The new energy vehicle manufacturing industry
chain involves the traditional automobile manufacturing industry and high-tech
industries such as batteries, motors and electronic controls. The extension of the
industrial chain requires the expansion of financial services from depth and breadth.
The efficiency of financial support affects the development of the entire industry
chain of new energy vehicle enterprises. . In this context, this paper takes the
financing efficiency problem in the development of the new energy automobile
industry as the research object, and analyzes the path of financial support for the
development of the new energy automobile industry.
By sorting out the existing literature, this paper studies the financing efficiency
level and influencing factors of China's new energy vehicle listed companies from
II

Abstract
multiple perspectives. In the literature review part, it summarizes and sorts out three
aspects: the definition and calculation method of financing efficiency, the financing
efficiency of new energy vehicles and the influencing factors of financing efficiency.
Secondly, in the theoretical research part, it defines the concepts related to financing
of the new energy vehicle industry, introduces the financial efficiency theory, and
analyzes the application of the financial efficiency theory in the new energy vehicle
market. Finally, in the empirical research part, 47 new energy vehicle listed
companies from 2015 to 2020 were selected as research samples, and the new
two-stage chain super-efficiency SBM-DEA model was used to measure the level of
corporate financing efficiency. The stage and the overall stage were analyzed
separately, and then the comprehensive efficiency of the overall stage was selected as
the explained variable, and the Tobit model was used to carry out regression analysis
on the 8 impact indicators.
Through theoretical and empirical analysis, the paper finds that: First, the
financing efficiency of China's new energy vehicle listed companies has not changed
much between the capital allocation stage and the financing stage, but increased
slightly. The pure technical efficiency in the financing stage is higher, and the scale
efficiency in the financing stage is higher. The overall financing efficiency of the new
energy vehicle industry has shown a steady rise over time. Second, the level of
financing efficiency of my country's new energy vehicle listed companies has a
significant positive correlation with the GDP growth rate, enterprise scale,
government subsidy, and CPI growth rate of the registered provinces in the
explanatory variables, and is positively correlated with R&D expenses and the
number of personnel with a bachelor's degree or above. Asset-liability ratio and M2
growth rate are significantly negatively correlated. Finally, based on the empirical
results, it is recommended that the government optimize industrial policy support and
improve the capital market system; it is recommended that enterprises improve the
level of corporate governance, rationally plan the financing structure, and increase
investment in scientific and technological research and development.
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