英超联赛俱乐部财务综合分析研究

发布时间：2018-04-27 13:03

本文选题：英超联赛 + 海外收购　；参考：《上海体育学院》2017年硕士论文

【摘要】：2014年国务院颁布四十六号文件,随后又在2015年颁布《中国足球改革发展总体方案》,足球的发展上升到了国家战略的高度,也使得足球事业和足球产业均迎来了繁荣期。嗅觉灵敏的资本纷纷布局足球产业,其中职业足球俱乐部毫无疑问更是迎来了收购的高潮。国内足球俱乐部多次易主,以“产业+资本”的大公司成为收购的主力。同时,海外足球俱乐部收购也如火如荼,马德里竞技、帕维亚、阿斯顿维拉、纽卡斯尔喷气机、里昂等俱乐部出现了中国老板。英超作为商业运作最成功、知名度最高、财务最为健全的联赛,势必成为中国资本海外布局的重点。对于投资者来说,如何全面真实准确地评价英超俱乐部的财务状况,是一个关系到投资者能否做出合理决策的关键问题。目前,我国在其他行业如房地产行业、制造业行业等已经有了初步的财务综合评价模型,但是在俱乐部尤其是英超俱乐部的财务综合模型是缺失的,因此亟需建立符合英超俱乐部特征的财务综合评价模型。本文运用文献综述法梳理了国内外关于财务分析和英超联赛的研究,并结合英超俱乐部的财务制度、经营特点分别从偿债性、盈利性、营运性和成长性四个方面构建英超俱乐部财务综合指标初选体系。其次,选用英超12家俱乐部连续13年的财务数据,运用相关性分析、主成分分析法和因子分析法建立了财务综合得分模型,得出影响俱乐部财务综合能力的因子依次是利润因子、资产因子、偿债因子和增长因子,并对样本俱乐部的因子得分和综合财务因子得分进行排名。同时运用实证分析法,从12家样本俱乐部的发展历程论证财务综合得分模型是否符合现实。然后根据各俱乐部的因子得分和综合财务得分,分别得出样本俱乐部的利润因子、资产因子、偿债因子、增长因子和综合得分的发展趋势以及英超联赛整体的利润因子、资产因子、偿债因子、增长因子和综合得分的发展趋势。最后,为中国资本投资英超俱乐部决策提供相应的建议,要做好并购信息的分析,要高度重视并购后的整合等等。本文的研究是对建立英超俱乐部财务综合评价模型的一次积极尝试,虽然存在着一定的不足,但是得出的重要因子对于投资者全面真实准确地评价英超俱乐部的财务状况,从而为投资决策提供财务参考具有重要意义;此外,也丰富了国内关于职业俱乐部的学术研究。
[Abstract]:In 2014, the State Council promulgated document No. 46, and then in 2015, the General Plan for the Reform and Development of Chinese Football. The development of football rose to the height of the national strategy, which also brought the football industry and the football industry into a prosperous period. Sensitive sense of capital has laid out the football industry, professional football clubs undoubtedly ushered in the climax of acquisitions. Domestic football clubs have changed ownership many times, to the "industrial capital" of large companies to become the main acquisition. At the same time, overseas football clubs are also in full swing, Atletico Madrid, Pavia, Aston Villa, Newcastle jet, Lyon and other clubs have emerged Chinese owners. As the most successful, well-known and financially sound league, the Premier League is bound to become the focus of the overseas distribution of Chinese capital. For investors, how to evaluate the financial status of Premier League clubs is a key issue that concerns whether investors can make reasonable decisions. At present, China has a preliminary financial comprehensive evaluation model in other industries, such as real estate industry and manufacturing industry, but in clubs, especially in the Premier League, the financial comprehensive model is missing. Therefore, it is urgent to establish a comprehensive financial evaluation model in line with the characteristics of Premier League clubs. This paper combs the research on financial analysis and Premier League at home and abroad by the method of literature review, and combines the financial system of Premier League clubs with the characteristics of management from debt service, profitability, etc. Operating and growth of the four aspects of the Premier League club financial indicators of the primary system. Secondly, using the financial data of 12 Premier League clubs for 13 consecutive years, using correlation analysis, principal component analysis and factor analysis, a comprehensive financial score model is established. The factors that affect the comprehensive financial ability of the club are profit factor, asset factor, debt repayment factor and growth factor, and rank the factor score and the comprehensive financial factor score of the sample club. At the same time, using empirical analysis, from the development of 12 sample clubs to prove whether the financial comprehensive score model conforms to the reality. Then according to each club's factor score and the comprehensive financial score, the sample club's profit factor, asset factor, debt factor, growth factor and comprehensive score development trend, as well as the Premier League overall profit factor, are obtained, respectively. The development trend of asset factor, debt factor, growth factor and comprehensive score. Finally, it provides the corresponding suggestions for the Chinese capital investment in the Premier League clubs, analyzes the M & A information and attaches great importance to the integration after the M & A and so on. The research in this paper is an active attempt to establish a comprehensive financial evaluation model for Premier League clubs. Although there are some shortcomings, the important factors obtained for investors to evaluate the financial situation of Premier League clubs in a comprehensive, truthful and accurate manner. Therefore, it is of great significance to provide financial reference for investment decisions, and also enrich the academic research on professional clubs in China.
【学位授予单位】：上海体育学院
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：G80-05

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