The Impact Mechanism of Financing Proportion of New Energy Vehicle Enterprises on Valuation -- Taking Weilai as an Example

Zhongle Tian; Tongyu Wu; Yiming Ye

doi:10.54254/2754-1169/2026.NJ29660

Advances in Economics, Management and Political SciencesOpen access

The Impact Mechanism of Financing Proportion of New Energy Vehicle Enterprises on Valuation -- Taking Weilai as an Example

Research Article

Open Access

The Impact Mechanism of Financing Proportion of New Energy Vehicle Enterprises on Valuation -- Taking Weilai as an Example

Zhongle Tian ¹, Tongyu Wu ², Yiming Ye ^3*

¹ Menaul School

² Shanghai University of Finance and Economics Zhejiang College

³ Guangdong University of Finance

^*Corresponding author: 231511145@m.gduf.edu.cn

Published on 19 November 2025

AEMPS Vol.242

ISSN (Print): 2754-1177

ISSN (Online): 2754-1169

ISBN (Print): 978-1-80590-555-4

ISBN (Online): 978-1-80590-556-1

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Abstract

Under the backdrop of "dual carbon" goals and the intelligentization of automobiles, the capital demands and valuation fluctuations of new energy vehicle enterprises have been simultaneously magnified. Taking NIO as a core case, and combining its key financing nodes from 2015 to 2025 with the phased changes in market value/PS multiples, this paper establishes an analytical framework of "financing ratio - transmission path - valuation result": Path one is equity dilution and repair speed; path two is the use of funds and conversion efficiency; path three is the stability of investor structure and valuation anchor. The research finds that what determines the intensity of valuation impact is not the ratio value itself, but the functional fit between investor composition and the enterprise's phased demands - state-owned capital brings "quick repair but limited sustainability" during the crisis period, while foreign capital strengthens "channel expansion and long-term space" during the expansion period. The NIO case shows that the impact of financing events on valuation presents phased and structural characteristics, and the efficiency of fund use and the stability of investor structure jointly determine the speed and sustainability of valuation repair. Based on this, this paper puts forward capital operation and governance suggestions for NIO at different development stages.

Keywords:

Financing ratio, investor composition, equity dilution, efficiency of fund utilization, valuation anchor

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References

[1]. Li, X. Y. (2019) Research on Business Model Innovation of Weilai Automobile (Master's thesis, Tianjin University).

[2]. Zhao, M. (2023) Research on Corporate Governance Effect of Weilai Automobile Under Dual Ownership Structure (Master's thesis, Shandong Agricultural University).

[3]. Fan, D. F. & Wu, Z. S. (2024) Financial Risk Analysis of Weilai Automobile Power Exchange Mode. Cooperative Economy and Technology (24), 124-126.

[4]. Jia, Y. (2023) Research on Brand Image Building and Promotion Strategy of New Energy Automobile Enterprises: Taking Weilai Automobile as an Example (Master's thesis, Beijing Foreign Studies University).

[5]. Qian, J. (2024) Research on Financial Risk Early Warning Based on Efficacy Coefficient Method: Taking Weilai Automobile as an Example. E-commerce Review, 13(2), 3089-3099.

[6]. Yan, J. W. & Zhang, K. J. (2024) Business Model Innovation and Financial Analysis of Weilai Automobile. Modern Business (12), 35-38.

[7]. Chen, M. X. Research on Financing Risk Evaluation of Weilai Automobile Company Based on Entropy Weight TOPSIS Method (Master's thesis, Wuhan University of Light Industry).

[8]. Xu, Z. Causes of Financial Distress of Enterprises and Countermeasures: Taking Weilai Group as an Example (Master's thesis, Jiangxi University of Finance and Economics).

References

[1]. Li, X. Y. (2019) Research on Business Model Innovation of Weilai Automobile (Master's thesis, Tianjin University).

[2]. Zhao, M. (2023) Research on Corporate Governance Effect of Weilai Automobile Under Dual Ownership Structure (Master's thesis, Shandong Agricultural University).

[3]. Fan, D. F. & Wu, Z. S. (2024) Financial Risk Analysis of Weilai Automobile Power Exchange Mode. Cooperative Economy and Technology (24), 124-126.

[5]. Qian, J. (2024) Research on Financial Risk Early Warning Based on Efficacy Coefficient Method: Taking Weilai Automobile as an Example. E-commerce Review, 13(2), 3089-3099.

[6]. Yan, J. W. & Zhang, K. J. (2024) Business Model Innovation and Financial Analysis of Weilai Automobile. Modern Business (12), 35-38.

[7]. Chen, M. X. Research on Financing Risk Evaluation of Weilai Automobile Company Based on Entropy Weight TOPSIS Method (Master's thesis, Wuhan University of Light Industry).

[8]. Xu, Z. Causes of Financial Distress of Enterprises and Countermeasures: Taking Weilai Group as an Example (Master's thesis, Jiangxi University of Finance and Economics).

Cite this article

Tian,Z.;Wu,T.;Ye,Y. (2025). The Impact Mechanism of Financing Proportion of New Energy Vehicle Enterprises on Valuation -- Taking Weilai as an Example. Advances in Economics, Management and Political Sciences,242,7-12.

Data availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

About volume

Volume title: Proceedings of CONF-BPS 2026 Symposium: Sustainability Transitions and Regional Economic Restructuring in New Contexts

ISBN: 978-1-80590-555-4(Print) / 978-1-80590-556-1(Online)

Editor: Canh Thien Dang, Xiaohui Hu

Conference website: https://www.confbps.org/Nanjing.html

Conference date: 9 January 2026

Series: Advances in Economics, Management and Political Sciences

Volume number: Vol.242

ISSN: 2754-1169(Print) / 2754-1177(Online)

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