| The prosperous development of China's sports industry,the State Council's No.46 document and the "13th Five-Year Plan for the Development of Sports Industry" and other related policies have brought rare opportunities for the development of China's sports industry listed companies.The success of the 2008 Beijing Olympic Games,It has stimulated the public's enthusiasm for attention and participation in sports."National Fitness" has been widely carried out nationwide,and people's health awareness has been increasing.Sports has gradually become an important part of the modern life of the people.The demand for sports consumption is increasing day by day.Under the dual support of policy support and market demand,China's sports industry listed companies have ushered in excellent development opportunities.Along with the influence of the policy dividend,the capital market has also increased investment in the sports industry.Quantifying the value of the listed companies in the sports industry and its influencing factors can help investors to rationally invest in the sports industry,reduce investment risks,and also contribute to sports.Industrial companies raise funds at a reasonable cost in the capital market to promote their long-term development.Under the background of the same macroeconomic and industrial policies,there are significant differences in the development trends of listed companies in the sports industry.For example,companies such as ANTA Sports and VIP Birds are taking advantage of the situation and developing at a high speed.Li Ning,a veteran sports company,is not well managed and is deeply trapped.The store turmoil,Peak Sports and even delisting from the Hong Kong Stock Exchange,so the sports industry listed companies also need to understand the value of their enterprises and its influencing factors,and then take effective measures to play to advantage factors,make up for loopholes and deficiencies,and promote the preservation of corporate value.Value added.This paper uses the methods of literature,logic,comparative analysis and mathematical statistics to study the factors influencing the value of listed companies in China's sports industry from the theoretical and empirical aspects: in theory,based on capital value theory,interests Relevant theory,principal-agent theory and predecessor literature research,from the three aspects of China's sports industry listed companies' own capabilities,internal governance and social responsibility,theoretical analysis and research hypothesis,select 15 sports industry listed companies' corporate value Influencing factor indicators and building regression models.In terms of empirical research,this paper selects 24 listed companies in the sports industry from 2008 to 2017,collects data on the annual reports and social responsibility reports of listed companies,and obtains 161 samples using descriptive statistical analysis,correlation analysis and regression analysis.An empirical study was conducted on the factors affecting the value of listed companies in the sports industry.The conclusions of this paper are as follows:(1)The value of listed companies in China's sports industry is generally good,and the time to market is generally short.It is concentrated before and after the Beijing Olympic Games and after the publicationof Document No.46,and more listed in Hong Kong and mainly in the sports goods manufacturing industry.Camp business.(2)The operational capability of the listed companies in the sports industry,the size of the board of directors,the background of executive sports,the fulfillment of responsibilities to employees and the promotion of social sports development have a significant positive impact on corporate value;the capital structure has a significant negative impact on corporate value;profitability,The ability to grow,fulfill the responsibility to the government,and promote the development of competitive sports have no significant positive impact on the value of the enterprise;the proportion of the largest shareholder,the performance of responsibilities to shareholders,the performance of responsibilities to creditors,the fulfillment of responsibilities to the environment,and the promotion of school sports development There is no significant negative impact on corporate value.(3)The performance of listed companies in the sports industry on shareholders and the performance of responsibilities to creditors have a negative impact on the value of enterprises.It is because the establishment time and time to market of listed companies in China's sports industry are generally short,and the enterprises themselves are still in the growth stage.With the support of the current policy dividend,China's sports industry listed companies are in a stage of rapid development,so they will use financial leverage to revitalize the overall assets,which will have an impact on the company's shareholders' equity indicators and solvency indicators,while the sports industry companies are listed on the financing.One of the main purposes is to obtain funds to expand the scale.It is obviously against the original intention to distribute dividends or repay debts to shareholders prematurely;it has a negative impact on the environmental performance of responsibility and the promotion of school sports development,mainly due to environmental expenditures and unpaid Donating sporting goods or equipment will increase the cost and cost of the business and affect the value of the company.(4)As a unique manifestation of social responsibility of listed companies in the sports industry,the listed companies in the sports industry promote the development of competitive sports and promote the development of social sports to promote the value of enterprises.While strengthening the social responsibility of other stakeholders,Sports industry listed companies should pay more attention to promoting the development of various forms of sports activities.Finally,according to the research conclusions,relevant suggestions are put forward: to improve the capabilities of the listed companies in the sports industry,strengthen the internal governance of enterprises,strengthen the awareness of fulfilling social responsibility,and actively promote the development of various forms of sports activities such as social sports. |
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