【作者】 刘蕾；

【导师】 徐红；

【作者基本信息】 山东师范大学 ， 会计硕士（专业学位）， 2022， 硕士

【副题名】以特斯拉为例

【摘要】 全球汽车产业正处于转型升级的重要历史时刻,电动化已经成为全球汽车行业发展大趋势。新能源汽车企业兼具科技创新企业与传统汽车制造企业的特点,在前期研发阶段需要大量资金投入,后期整车制造阶段也需要源源不断的资金支持。融资是新能源汽车企业保持竞争力的重要保障,但我国新能源车企存在融资方式单一、融资效率低下等问题。本文选择国外新能源汽车企业特斯拉作为研究对象,研究其融资方式及效果、总结其融资经验,为国内新能源汽车制造商拓宽融资方式、提高融资效率提供借鉴。经过研究发现,2010-2020年特斯拉主要通过留存收益融资、债务融资、股权融资、政府补助融资四种方式筹取资金,融资方式多元化并且不同融资方式下的融资工具也丰富多样。多元化的融资方式不仅为特斯拉在不同发展阶段根据企业融资需求选择不同的融资结构提供了空间,还帮助特斯拉控制了融资成本。经过测算,特斯拉股权融资成本最高,其次是债务融资成本,留存收益和政府补助融资成本最低。特斯拉在早期成长期虽受制于企业发展前期难以盈利的客观条件,只能依靠外源融资,但在外源融资时考虑了融资成本因素,遵循了优序融资理论中先债务后股权的融资顺序,以债务融资为主。在加速成长期特斯拉考虑了企业资本结构的稳健性,逐渐以股权融资为主,并且融资方式更加多样。特斯拉通过融资扩大了企业固定资产规模、增强了研发能力、改善了经营绩效、提升了公司影响力,融资效果显著。总体看来,特斯拉能够通过融资帮助企业实现跨越式发展主要得益于以下五方面:一、融资策略同投资策略相呼应。二、融资方式多元化且资金来源国际化。三、融资结构适应企业生命周期的发展。四、融资资金利用效率高。五、多维度控制融资风险。最后,本文参照特斯拉融资经验,结合我国新能源汽车企业融资现状,为我国新能源汽车企业提高融资效率提出针对性建议。更多还原

【Abstract】 The global automobile industry is in an important historical moment of transformation and upgrading.Electrification has become a major trend in the development of the global automobile industry.New energy automobile enterprises have the characteristics of both scientific and technological innovation enterprises and traditional automobile manufacturing enterprises.They need a large amount of capital investment in the early stage of research and development and a steady stream of cash support in the later stage of vehicle manufacturing.Therefore,financing is an important guarantee for enterprises to maintain competitiveness.However,China’s new energy automobile manufacturers have the problems of single financing method and low financing efficiency.In this thesis,Tesla,a foreign new energy vehicle company,is selected as the research object,its financing methods and effects are studied,and its financing experience is summarized.Combined with the current financing situation of China’s new energy vehicle companies,suggestions are provided for domestic new energy vehicle manufacturers to broaden financing methods and improve financing efficiency.Through research,it is found that Tesla mainly raised funds through four ways from 2010 to2020: retained earnings financing,debt financing,equity financing and government subsidy financing.The financing methods are diversified and the financing instruments under different financing methods are also diversified.Diversified financing methods not only provide space for Tesla to choose different financing structures according to the financing needs of enterprises at different stages of development,but also help Tesla to control financing costs.After calculation,Tesla’s equity financing cost is the highest,followed by debt financing cost,and retained earnings and government subsidy financing cost are the lowest.Although Tesla was constrained by the objective conditions that it was difficult to make a profit in the early stage of its development,it could only rely on external financing.However,Tesla considered the financing cost factor in external financing and followed the financing order of "debt first and equity second" in pecking order theory,with debt financing as the main form.In the accelerated growth period,Tesla considered the robustness of the capital structure of the enterprise,gradually focusing on equity financing,and financing methods are more diversified.Tesla has expanded the scale of fixed assets,strengthened its research and development capabilities,improved its operating performance and increased its influence through financing,with significant financing effect.Generally speaking,Tesla’s ability to help enterprises achieve leapfrog development through financing mainly benefits from the following five aspects: first,the financing strategy echoes the investment strategy;second,the financing methods are diversified and the sources of funds are international;third,the financing structure adapts to the development of the enterprise’s life cycle;fourth,the financing fund is used efficiently;fifth,the financing risk is controlled in multiple dimensions.Finally,based on Tesla’s financing experience and the current financing situation of China’s new energy automobile enterprises,this thesis puts forward specific suggestions to improve the financing efficiency of China’s automobile enterprises.更多还原