发展新能源汽车是推动绿色发展、贯彻新发展理念的战略举措。2009年起我国通过政府补贴鼓励新能源汽车产业发展取得了显著成效，我国新能源汽车产业已进入规模化、高质量的快速发展新阶段，为了进一步推动新能源汽车产业向市场化转型，提升产业竞争能力，自2016年起政府开始实行补贴退坡。在新能源汽车产业创新能力提升、产品质量提升和品牌建设的上行突破关键时期，面对政府补贴退坡，新能源汽车企业如何科学合理地选择融资方式、获得必要的资金支持至关重要。

论文以BYD和JHQC为对象，在补贴退坡背景下对其融资方式进行比较研究。在梳理总结国内外相关研究、相关理论和我国新能源汽车补贴政策的基础上，运用信号传递理论、市场择时理论、财务权变理论，从内源融资、外源融资和融资结构方面对政府补贴退坡前后案例企业的融资方式进行比较分析，并通过EVA-SGR矩阵对政府补贴退坡后案例企业融资方式的合理性和经济后果进行了评价和分析。

研究结果表明：政府补贴退坡会促使新能源汽车企业增加债权融资，择时增发股票，改变融资结构；面对补贴退坡，新能源汽车企业对政府补贴的依赖程度存在差异，BYD对政府补贴依赖不大，JHQC对政府补贴依赖较大；面对补贴退坡，新能源汽车企业融资方式的偏好及效果存在差异，BYD存在债权融资偏好和过度融资倾向，JHQC存在商业信用负债偏好。通过研究得到启示：政府应充分考虑行业市场化进程，科学调整补贴政策；补贴退坡阶段，企业应降低对政府的依赖，提高自生能力，但要跟随政策导向；准确判断企业现状，选择契合企业发展的多元化融资方式，提高资金利用率。

The development of new energy vehicles is a strategic measure to promote green development and implement new development concepts. Since 2009, China has achieved remarkable results in encouraging the development of the new energy vehicle industry through government subsidies, and Chinese new energy vehicle industry has entered a new stage of development of large-scale and high quality. To further promote the transformation of the new energy vehicle industry into a market-oriented one and enhance the competitiveness of the industry, since 2016, the government has started to implement the subsidy retreat.In the critical period of upward breakthrough for the new energy vehicle industry's innovation ability improvement, product quality improvement and brand building, facing the withdrawal of government subsidies, it is important for new energy vehicle enterprises to scientifically and rationally choose financing modes and obtain necessary financial support.

This paper takes BYD and JHQC as the object, and conducts a comparative study on their financing modes under the background of subsidy withdrawal. On the basis of sorting out and summarizing relevant domestic and foreign research, related theories and Chinese new energy vehicle subsidy policy, using the theory of Signaling Theory, Market Timing Theory and Financial Contingency Theory to conduct a comparative analysis of the financing modes of the case companies before and after the withdrawal of government subsidies in terms of endogenous financing, exogenous financing and financing structure. The EVA-SGR matrix was also used to evaluate and analyze the rationality and economic consequences of the financing modes of the case companies after the withdrawal of government subsidies.

The study results show that: the withdrawal of government subsidies will prompt the new energy vehicle enterprises to increase debt financing, issue additional shares at the right time, and change the financing structure; in the face of the withdrawal of subsidies, there are differences in the degree of dependence of new energy vehicle companies on government subsidies, with BYD relying less on government subsidies and JHQC relying heavily on government subsidies; in the face of the subsidy withdrawal, new energy vehicle companies have different financing modes and effects, with BYD has a preference for debt financing and a tendency to over-finance, while JHQC has a preference for commercial credit liabilities. Insights from the study: the government should fully consider the marketization process of the industry and scientifically adjust the subsidy policy; in the phase of subsidy withdrawal, enterprises should reduce their dependence on government subsidies and improve their self-generating capacity, but follow the policy guidance; accurately judge the current situation of enterprises and choose diversified financing modes that suit their development to improve capital utilization.

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