Research On Relationship Between Ownership Structure And Financial Performance Of Professional Football Clubs

The development of professional sports is the right way to move from a big sports country to a strong sports country.Professional football is the vanguard on the road of professionalism,and its development has always touched the heart of the country.However,since the professionalization of football in China,the club has been in a state of financial sub-health.In the corporate research field,the ownership structure is considered to affect the incentives of shareholders to management,and ultimately to the financial performance of the company,but does not get a unified view.In the practice of football,from the club enterprise reform in the 1980 s to the privatization of the clubs after listing,the clubs with different ownership structures have experienced financial crisis,indicating the complex relationship between the club's equity structure and financial performance.In order to explore the relationship between the two,this study takes 22 listed clubs around the world as the research object.Based on the principal-agent theory,modern property rights theory and stakeholder theory,this paper uses the literature data method,comparative analysis method and mathematical statistics method to first summarize the current professional football club.The ownership structure and financial performance present situation,and then construct the relationship model of equity concentration,equity balance,shareholder property and financial performance in three dimensions of equity structure.Using regression equation to test hypothesis,the following conclusions are obtained:(1)Professional football club equity concentration On the high side,the equity balance is weak,and the phenomenon of“one big shareholder” in the CFA Super League club is more common;(2)The nature of the professional football club shareholders is roughly divided into membership associations,corporate legal persons,natural persons,families,investment funds and governments.Class,and among the shareholders of CFA Club,15 are corporate legal persons,1 is a public institution;(3)the “ U-shaped ”relationship between the concentration and financial performance of professional football clubs is high and low,and the financial performance of the club reaches when the equity is dispersed.Optimal;(4)Professional football club equity balance and financial performance "Inverted U-shaped" relationship,there is a balance of the financial performance of the highest point;(5)the largest shareholder of the club's financial performance is higher than the natural or legal persons is the largest shareholder or governmental membership association of clubs.In response to the conclusions,the following suggestions are proposed:(1)Promote the reform of the club shareholding system,establish a modern enterprise system and make corresponding provisions in the league entry threshold;(2)Implement the separation of club ownership and control rights,and cultivate professional managers of management clubs;(3)Formulate a long-term plan for decentralized equity,and set up different types of stocks for different shareholders to expand the scale of financing;(4)State-owned capital moderately holds shares and exerts its checks and balances.