中国体育产业新政效果如何--来自资本市场的证据

发布时间：2018-07-03 19:05

本文选题：体育产业 + 体育产业政策　；参考：来自资本市场的证据

【摘要】：利用资本市场数据对新时期体育产业发展政策的效果进行评价,以中国A股市场所有体育产业股为研究对象,主要采用文献资料法和数量分析法,通过事件研究,测算体育类上市公司股票在政策发布事件窗内的异常收益来判断政策效果。研究结果显示:70%以上的体育产业股在政策发布事件窗内的累计异常收益为正;全部体育产业股票在政策发布事件窗内的累计异常收益平均值为0.047 19,t统计检验显示异常收益平均值显著大于0;以体育产业为主业的细分板块平均累计异常收益相对更高,主要涉体产业为体育产业核心层的股票平均累计异常收益显著低于外围层和相关层股票。研究结论说明:体育产业政策对体育产业上市公司带来显著正向影响,特别是将主业聚焦在体育产业的股票受益更多;包括用品、鞋服及设备制造等在内的体育产业相关层受惠于体育产业政策的程度要显著高于核心层体育产业上市公司。研究价值在于尝试了在统计数据相对缺乏的条件下利用资本市场数据对体育产业政策效果进行评价,并得出了有价值的结论,这对于后续如何完善政策措施和促进体育产业更好更快发展有重要意义。
[Abstract]:Using the capital market data to evaluate the effect of the sports industry development policy in the new period, taking all the sports industry stocks in the A-share market of China as the research object, mainly using the method of literature and quantity analysis, through the event research. In order to judge the effect of the policy, the abnormal returns of sports listed company stock in the event window of policy release are measured. The results show that more than 70% of sports industry stocks have positive cumulative abnormal returns in the event window of policy release. The average cumulative abnormal income of all sports industry stocks in the event window of policy release is 0.047 t. The statistical test shows that the average value of abnormal income is significantly greater than 0, and the average accumulated abnormal income of the segmented plate with sports industry as the main industry is relatively higher. The average accumulated abnormal returns of the stocks in the core layer of the sports industry are significantly lower than those in the peripheral layer and the related layer. The results show that the sports industry policy has a significant positive impact on the listed companies of the sports industry, especially the stock that focuses on the sports industry, including supplies, The sports industry related layer, such as shoe clothing and equipment manufacturing, benefited from the sports industry policy significantly higher than the core sports industry listed company. The research value lies in trying to use the capital market data to evaluate the effect of sports industry policy under the condition of the relative lack of statistical data, and draws a valuable conclusion. It is of great significance to improve the policies and measures and promote the better and faster development of the sports industry.
【作者单位】：中央财经大学体育经济与管理学院;
【基金】：国家社会科学基金项目(项目编号:13BTY029)
【分类号】：G80-05

【参考文献】