Energy Reports (Sep 2021)
Mode selection and risk estimation of financing in new energy automobile enterprises
Abstract
Financing is a necessary economic activity of the new energy automobile enterprises, and it has an important function to push the enterprise to expand reproduction and promote the development speed of the enterprise. At the same time, there are many kinds of financing modes, such as internal financing, external debt financing and equity financing. If the financing mode is matched with the enterprise status, the financing activity is easier to succeed and the risk is also smaller. Otherwise, improper financing mode will not only affect the profit of enterprises, but also affect the survival of enterprises. We suppose that, after financing, the business manager of the enterprise can make a choice to invest either hydrogen-fueled vehicle project or lithium-ion battery vehicle project, in this case, we made an equilibrium analysis on the choice of investing which one new energy vehicle project and corresponding financing mode, according to the incomplete information dynamic game model, it is concluded that the equilibrium point (perfect Bayesian equilibrium refinement) of financing is most likely to appear in the state of equity financing; when the rate of return on assets of investment projects is within a certain range, both the financing enterprise and the investor can obtain the bigger profit. In addition, the risk value of the project also is calculated by using VaR model.
