| With the promulgation and implementation of relevant policies and the continuous promotion of energy reform,the new energy vehicle industry ushered in a new round of sales growth.The increasing sales volume of new energy vehicles has led to a significant increase in the demand for lithium-ion batteries.Under the dual role of policy driven and market driven,the global demand for cobalt as the core material of new energy power batteries has increased rapidly.Under the background of "dual carbon",new energy vehicles are gradually replacing traditional fuel vehicles,further boosting the rapid development of cobalt industry.However,in the industry environment with the rapid growth of business revenue,enterprises are faced with huge challenges,including how to raise and invest funds reasonably,how to control the growth rate within a reasonable range and match its scale and ability,how to adjust the corporate financing structure and financing strategy,and so on.However,a series of financial problems,such as capital shortage and bankruptcy due to capital chain rupture,are caused by the rapid growth of enterprises,which further highlights the importance of financing strategy.Therefore,enterprises should formulate reasonable financing strategies to alleviate the shortage of resources,so as to realize the sustainable growth of enterprise value needs further study.Based on this,this paper takes the realization of sustainable growth and value creation as the target orientation,and based on the theory of sustainable growth,the theory of economic added value,the theory of EVA-SGR model and the theory of financing strategy as the basis,selects the financial data of cobalt industry enterprises from 2015 to 2021 to analyze their growth conditions and financing characteristics through relevant statistical methods.Explore the effectiveness of cobalt industry growth.At the same time,the effectiveness of the growth of Huayou Cobalt was analyzed.The scale effect did not bring about effective cost reduction.Therefore,the in-depth study was conducted from the perspective of enterprise value,focusing on the adjustment and optimization of its financing structure under the background of rapid growth.Forecast next year’s revenue and total corporate financing needs according to the average growth rate of operating revenue in the past six years,and provide reference and guidance for the financing of high-speed growth enterprises in combination with the development background and characteristics of the cobalt industry,so that enterprises can maximize their corporate value through reasonable financing decisions under the premise of sustainable growth,and further boost the development of the cobalt industry.The results show that:(1)The cobalt industry in recent years presents a state of high growth and capital shortage,and the high growth enterprises account for about 73% of the total samples.(2)The financing of enterprises in the cobalt industry is biased from equity financing to debt financing,and the average proportion of debt financing in the total financing of Huayou Cobalt is 52.64%,reaching more than half of the total financing.(3)The internal financing capacity of Huayou Co has been enhanced year by year.It not only uses market-oriented debt-to-equity swaps to relieve the cash flow pressure of the company,but also has a reasonable dividend distribution policy.However,the long-term debt ratio of the company is relatively low and few bonds are issued for financing,which fails to give full play to the role of bond financing.(4)The scale effect of Huayou Co has not brought about effective cost reduction,but it has achieved value creation and effective growth from the perspective of enterprise value as a whole.Based on the above research conclusions,this paper provides countermeasures and suggestions on how to select and adjust effective financing strategies that are more suitable for high-speed growth enterprises and promote the further development of cobalt industry. |
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