中国本土企业赞助大型国际体育赛事的股票市场指标表现分析

发布时间：2018-04-26 18:37

本文选题：体育赛事 + 赞助商　；参考：《上海师范大学》2013年硕士论文

【摘要】：近年来,随着各项赛事在我国的一一举行,大型国际体育赛事在中国受到的关注度和追捧度越来越高。伦敦奥运会的举行,又进一步点燃了国人对于体育运动的热情,也引起了观众对于奥运会赞助商的关注。目前,企业赞助已经成为大型国际体育赛事不可或缺的资金和物资来源之一。企业希望通过投放巨额的赞助费用,能够使企业价值、品牌知名度、企业的绩效等得到提升。然而,企业通过赞助是否真正达到了预期的效果,最近频频爆出的体育赛事赞助商收不抵支的新闻给出了答案,并引人深思。因而,对企业赞助大型体育赛事的收效进行科学合理的评估是非常必要并有意义的。本文希望通过对赞助效果的实证分析,为企业赞助大型体育赛事收到的效果进行衡量并提供一些参考性建议,同时也希望能够为体育赞助市场的理性回归做出贡献。对企业的赞助效果进行评估,应该选择一个科学的方法进行衡量。由于企业价值、品牌知名度等很难进行量化分析,本文试图通过考察赞助企业在资本市场上的绩效变化来衡量企业的赞助效果。在一个有效的资本市场,所有的信息在股市中都有很好的体现。因而可以通过选择较为发达的H股股票市场来衡量企业赞助大型国际体育赛事的效果。本文用事件研究法分析了赞助过北京奥运会、广州亚运会、深圳大运会和伦敦奥运会的企业,在签约成为赛事的正式赞助商和相关赛事开幕时,其股票市场上的反应。在衡量赞助企业股票市场上反应时,主要通过平均异常收益率和平均累积异常收益率这两个指标来进行衡量。同时,还结合了流动性、成交量、波动性这三个指标。经过计算发现,无论是获得赞助权期间还是相关赛事开幕期间,赞助企业的平均异常收益率均不显著,在0附近上下小幅波动。且赞助企业在公告日和开幕日期间,都获得了负的平均累积异常收益率,并且这一平均累积异常收益率的绝对值随着时间的积累逐渐增大。从赞助企业获得赞助权公告日的前20天起,市场已经有了负面的反应,并且对企业绩效造成了持续的影响。而赛事开幕期间,则是从开幕日之后,市场才有了负面反应。这表明赞助企业在获得赞助权的公告日之前,市场已经有了负面预期,从而说明企业获得赞助权的消息在公告日之前已经泄露。通过流动性、成交量、波动性的计算,可以得出赞助大型体育赛事并未提升甚至损害了企业价值,因为企业的三个指标都有不同程度的恶化。且企业在赞助过程中存在学习效应,后边赛事对企业的影响有所改善。实证结果表明企业花费大量的人力、物力及财力去赞助大型体育赛事,并非是市场非常认可的行为,企业在进行体育赞助营销时应注意量力而行,谨慎投资。
[Abstract]:In recent years, with the holding of all kinds of events in China, the attention and popularity of large-scale international sports events in China is increasing. The London Olympic Games further ignited the enthusiasm of the Chinese for sports and attracted the attention of the audience to the sponsors of the Olympic Games. At present, corporate sponsorship has become an indispensable source of funds and materials for large international sporting events. Enterprises hope to increase their corporate value, brand awareness and corporate performance by putting in huge sponsorship fees. However, whether corporate sponsorship really achieved the desired results, the recent frequent news that sports sponsors have not overpaid has given an answer, and is thought-provoking. Therefore, it is necessary and meaningful to evaluate the effect of large-scale sports events sponsored by enterprises. Through the empirical analysis of sponsorship effect, this paper hopes to measure and provide some reference suggestions for enterprises to sponsor large-scale sports events, and also hope to contribute to the rational return of sports sponsorship market. To evaluate the effectiveness of corporate sponsorship, we should choose a scientific method to measure it. Due to the difficulty of quantitative analysis of corporate value and brand popularity, this paper attempts to measure the sponsorship effect by examining the performance changes of sponsored enterprises in the capital market. In an efficient capital market, all information is well represented in the stock market. Therefore, we can choose the more developed H share stock market to measure the effect of corporate sponsorship of large international sports events. This paper analyzes the reaction of the enterprises that sponsored the Beijing Olympic Games, the Guangzhou Asian Games, the Shenzhen Universiade and the London Olympic Games on the stock market when they signed up to become the formal sponsors of the events and the opening of the related events. When measuring the reaction of sponsored enterprises in the stock market, it is mainly measured by the average abnormal rate of return and the average cumulative abnormal rate of return. At the same time, also combined with liquidity, volume, volatility these three indicators. It is found by calculation that the average abnormal rate of return is not significant during the period of the sponsorship right or the opening period of the related events, and fluctuates slightly around zero. During the period of the announcement day and the opening day, the sponsors get negative average cumulative abnormal return rate, and the absolute value of this average cumulative abnormal return rate increases gradually with the accumulation of time. Since the first 20 days of the sponsorship right announcement, the market has had a negative reaction and has a lasting impact on corporate performance. And the event opening period, is from the opening day, the market only then has the negative reaction. This indicates that sponsors had negative expectations ahead of the announcement date, indicating that the news of the sponsorship had leaked before the announcement. Through the calculation of liquidity, volume and volatility, it can be concluded that sponsorship of large sports events does not enhance or even damage the value of enterprises, because the three indicators of enterprises have different degrees of deterioration. And there is a learning effect in the sponsorship process, and the influence of the latter events on the enterprise is improved. The empirical results show that enterprises spend a lot of manpower, material and financial resources to sponsor large-scale sports events, is not a very recognized market behavior, enterprises should pay attention to sports sponsorship marketing, careful investment.
【学位授予单位】：上海师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：G812.2;F832.51;F224

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