随着我国经济的不断发展，人民的生活条件也不断得到改善。近些年来汽车 也逐渐走进了千家万户，汽车欧亿·体育（中国）有限公司在我国也很是火爆。虽然汽车的普及推动了社 会经济和现代文明的高速发展，但也带来了严峻的能源和环境问题，因此节能和 环保成为目前汽车技术发展的主题之一。按照目前新能源汽车的发展趋势，预计 到2025年我国新能源汽车的年销售量将达到汽车市场总需求的20％左右。在我 国绿色发展和创新高质量发展的宏观背景下，并伴随着互联网、人工智能及大数 据等技术的发展，使得新能源汽车的科技感和智能化水平显著提升，预计未来十 年新能源汽车年销售量有望超过千万辆。由此看来，新能源汽车取代传统燃油汽 车已是大势所趋。 本文主要结合外部性理论、转移支付理论探讨财政补贴与企业财务绩效之间 的关系，基于东风汽车公司2008年至2018年间的财务数据展开分析，探讨财政 补贴对新能源汽车企业财务绩效的影响。并通过利用因子分析法来进行实证分 析，通过建立相关模型，分析财政补贴与企业财务绩效的盈利能力、营运能力、 发展能力和偿债能力之间的相关性，以此来揭示企业对财政补贴的依赖性以及其 自身存在的问题，为接下来的新补贴政策下，新能源汽车企业如何更好的应对“退 坡”政策并如何提升其财务绩效提出解决对策。 通过研究发现：财政补贴对新能源汽车企业的财务绩效方面的盈利能力和偿 债能力的提升都有积极作用，但并没有提升企业的营运能力，对企业的发展能力 的影响也并不显著。因此，可以看出财政补贴未从实质上提升企业的财务绩效， 只是短期内起到了对财务绩效提升的促进作用。由此也产生了一些负面影响，并 未反映出企业的实际财务状况，误导企业忽视了对自身问题的关注。因此，企业 应当减少对于财政补贴资金的依赖，要不断提高创新能力，加强成本管控，提高 利润水平，也要提高企业的举债能力，合理调增企业的资本结构，进而提高企业 财务绩效。通过研究分析财政补贴对于新能源汽车企业财务绩效的影响，补充和 拓展了相关财政补贴方面的研究，同时也丰富了关于财政补贴方面的文献；为新 能源汽车企业在接下来的新补贴政策下的财务绩效提升提出一点建议，促进企业 健康发展。 关键词：财政补贴；新能源汽车；财务绩效；因子分析 II Abstract WiththecontinuousdevelopmentofChina'seconomy,people'slivingconditions havebeenimproved.Inrecentyears,theautomobileindustryisalsoverypopularin ourcountry.Althoughthepopularizationofautomobilepromotestherapid developmentofsocialeconomyandmoderncivilization,italsobringssevereenergy andenvironmentalproblems.Therefore,energysavingandenvironmentalprotection havebecomeoneofthethemesofautomobiletechnologydevelopment.Accordingto thecurrentdevelopmenttrendofnewenergyvehicles,itisestimatedthattheannual salesvolumeofnewenergyvehiclesinChinawillreachabout20%ofthetotal demandoftheautomobilemarketby2025.UnderthemacrobackgroundofChina's greendevelopmentandhigh-qualityinnovationdevelopment,andwiththe developmentofInternet,artificialintelligenceandbigdatatechnology,thesenseof scienceandtechnologyandintelligentlevelofnewenergyvehicleshavebeen significantlyimproved.Itisexpectedthattheannualsalesvolumeofnewenergy vehicleswillexceedtenmillioninthenextdecade.Therefore,itisthegeneraltrend thatnewenergyvehiclesreplacetraditionalfuelvehicles. Thispapermainlydiscussestherelationshipbetweenfinancialsubsidiesand corporatefinancialperformancebasedontheexternalitytheoryandtransferpayment theory.BasedonthefinancialdataofDongfengMotorCompanyfrom2008to2018, thispaperanalyzestheimpactoffinancialsubsidiesonthefinancialperformanceof newenergyvehicleenterprises.Andthroughtheuseoffactoranalysistocarryout empiricalanalysis,throughtheestablishmentofrelevantmodels,toanalyzethe correlationbetweenfinancialsubsidiesandtheprofitability,operatingcapacity, developmentcapacityandsolvencyofcorporatefinancialperformance,inorderto revealthedependenceofenterprisesonfinancialsubsidiesandtheirownproblems, forthenextnewsubsidypolicy,howtoimprovethenewenergyvehicleenterprises Goodresponsetothe"decline"policyandhowtoimproveitsfinancialperformance toproposesolutions. Throughtheresearch,itisfoundthatthefinancialsubsidyhasapositiveeffect ontheprofitabilityandsolvencyofnewenergyvehicleenterprises,butitdoesnot improvetheoperationabilityofenterprises,andtheimpactonthedevelopmentability ofenterprisesisnotsignificant.Therefore,itcanbeseenthatfinancialsubsidiesdo notsubstantiallyimprovethefinancialperformanceofenterprises,butplayarolein promotingthefinancialperformanceintheshortterm.Italsohassomenegative III effects,whichdonotreflecttheactualfinancialsituationoftheenterprise,and misleadtheenterprisetoignoreitsownproblems.Therefore,enterprisesshould reducetheirdependenceonfinancialsubsidies,constantlyimprovetheirinnovation ability,strengthencostcontrol,improvetheirprofitlevel,improvetheirabilityto borrow,reasonablyincreasetheircapitalstructure,andthenimprovetheirfinancial performance.Throughtheresearchandanalysisoftheimpactoffinancialsubsidies onthefinancialperformanceofnewenergyvehicleenterprises,theresearchon financialsubsidiesissupplementedandexpanded,andtheliteratureonfinancial subsidiesisalsoenriched;somesuggestionsareputforwardfortheimprovementof financialperformanceofnewenergyvehicleenterprisesunderthefollowingnew subsidypoliciestopromotethehealthydevelopmentofenterprises. Keywords:Financialsubsidies;newenergyvehicles;financialperformance;factor analysis IV 目录 摘要................................................................................................................................I 目录.............................................................................................................................IV 图清单......................................................................................................................VIII 表清单.........................................................................................................................IX 1绪论............................................................................................................................1 1.1背景与意义.............................................................................................................1 1.2国内外研究综述.....................................................................................................4 1.3研究方法与内容.....................................................................................................6 1.4技术路线.................................................................................................................7 2相关概念界定及理论分析........................................................................................9 2.1相关概念界定.........................................................................................................9 2.2新能源汽车相关理论的研究...............................................................................13 3我国新能源汽车补贴政策的现状和依据..............................................................16 3.1我国新能源汽车的财政补贴现状.......................................................................16 3.2我国新能源汽车补贴政策的依据.......................................................................18 4财政补贴对东风汽车公司财务绩效的影响分析..................................................20 4.1东风汽车公司财政补贴现状分析.......................................................................20 4.2财政补贴对东风汽车公司盈利能力影响分析...................................................24 4.3财政补贴对东风汽车公司营运能力影响分析...................................................27 4.4财政补贴对东风汽车公司偿债能力影响分析...................................................30 4.5财政补贴对东风汽车公司发展能力影响分析...................................................33 5财政补贴对东风汽车公司财务绩效影响的实证检验..........................................36 5.1理论依据...............................................................................................................36 5.2指标的确立...........................................................................................................37 5.3实证结果分析.......................................................................................................44 6结论和建议..............................................................................................................47 6.1结论............................