新能源汽车产业是以汽车动力转换和能源革命为背景的国家战略性产业，近年来国家出台相关政策支撑产业长期发展，产业链上的公司也取得了市场的高度关注。同时，我国资本市场改革力度也不断增强，融资畅通程度逐步提高，股东及管理层对于公司的资产结构筹划能力愈来愈强。基于上述发展背景，本文选取了位于新能源汽车产业链上的61家A股上市公司作为样本，以2015-2020年为研究窗口探究资本结构对经营业绩的影响。主要采用面板数据中面板门槛效应的方法进行相关的检验和研究，最终得到结论如下：一、我国新能源汽车产业链上市公司的资本结构对经营业绩的影响存在显著的门槛效应。当长期资本负债率小于门槛值时，增加负债能够促进公司业绩；当长期资本负债率超过门槛值时，增加短期负债对公司业绩有负向影响，增加长期负债对业绩的影响弱于短期负债。同时资产负债率亦存在类似关系，在资产负债率低于最优点时举债能够显著提升公司业绩，在资产负债率高于最优点时，举债会降低公司业绩。二、随公司资本结构变化，不同期限的负债融资会对公司业绩产生不同程度的影响，股权集中度亦对公司业绩存在影响。因此公司在进行资本筹划时应不仅局限于对股权融资和债券融资的选择，还应重点关注权益和负债内部的要素，包括权益融资的认购方、债务的期限等，充分借助资本市场的力量，提振公司业绩。
NEV industry is a national strategic industry with the background of automobile power conversion and energy revolution. In recent years, our government has issued many policies to support the long-term development of the industry, and companies in the industry chain have also gained a high degree of market attention. At the same time, the reform of China's capital market has been continuously strengthened, companies now have more financing options to conduct.Based on the background, this paper selects 61 A-share listed companies in the NEV industry chain as samples, and takes year 2015-2020 as the research window to explore the impact of capital structure on business performance. We mainly use the method of panel threshold effect in panel data, and here are some conclusions we get:NEV industry companies’s capital structure has a significant non-linear impact on business performance. When the long-term gearing ratio is less than threshold value, increasing debt has a positive effect on the performance. When the long-term gearing ratio exceeds the threshold, having more short-term debt has a negative impact on the performance, but long-term debt’s influence is weaker than short-term’s. Besides, asset-liability ratio also has the similar relationship. When the asset-liability ratio is lower than the optimal point, borrowing can significantly boost the business performance; when the asset-liability ratio is much higher, then raising debt will hurt the company's performance.As the company's capital structure changes, debts with different maturities will have varying degrees of impact on the performance, and the degree of equity concentration also has an impact on the company performance. Therefore, when companies conduct capital operations, they should not only choose between equity and bond, but also focus on the internal elements of equity and liabilities, including the subscribers of equity financing, the maturity of debts, etc., so as to make full use of the facility of the capital market to boost the companies’ performance.
