Research On Capital Structure Optimization Of BQ New Energy Vehicle Enterprises

With the MM theory proposed,capital structure-related issues began to be paid attention to by scholars at home and abroad,and also became the focus of corporate managers.In recent years,the pressure of energy shortage,transportation and environmental protection is increasing day by day.Traditional cars with large displacement and high pollution can no longer meet the demand of the market,and new energy vehicles have become the primary choice of the public.The new energy vehicle industry generally has an unreasonable capital structure,such as high gearing ratio and high current liabilities.This unreasonable structure will obviously reduce the anti-risk ability of the enterprise,which is likely to make the enterprise fall into financial difficulties due to cash flow breakage,and also affect the R&D of new technology products and restrict the development of the enterprise.Therefore,it is very necessary to optimize the capital structure of the new energy automobile industry.This article combines theories related to enterprise capital structure,takes BQ New Energy Vehicle Company as the research object,uses a combination of qualitative and quantitative analysis methods and comparative analysis method,analyzes the capital structure of BQ New Energy Vehicle Company from its current actual operation and financial situation and proposes capital structure optimization solutions and safeguard measures.The article analyzes the current situation of the company’s capital structure vertically by combining the company’s financial data information for the five years from 2017 to 2021,and also makes a horizontal comparison with outstanding companies in the same industry,and concludes that the company’s capital structure has the problems of high gearing ratio,incompatibility between the scale of debt and corporate profitability,unreasonable equity structure and overly aggressive financing strategy.In order to optimize the capital structure of BQ New Energy Vehicle Company,this paper first analyzed the optimal capital structure of BQ New Energy Vehicle Company by static quantitative analysis,which is 47.36%.Later,the entropy weighting method is used for dynamic optimization to determine the weights of relevant influencing factors,and the optimal interval of its capital structure is determined to be(47.36%,52.36%)by combining the internal and external business states of the enterprise.In order to prove the rationality of this interval,this paper uses curve estimation to test it.Finally,in order to ensure that the target capital structure interval is achieved,reasonable and effective improvement measures are proposed to address the specific problems of the capital structure:reasonable adjustment of the debt structure,broadening of financing channels,enhancing the company’s endogenous development momentum,and accelerating the cash flow rate.On this basis,three safeguards are also proposed to ensure the smooth implementation of the program:developing a corporate financial strategy,raising management’s awareness of dynamic capital structure optimization,and leveraging the development of financial markets.The research in this paper helps target companies to optimize their corporate capital structure in a targeted manner to maximize corporate value.In addition,the research in this paper will also be useful for other companies in the same industry.