Empirical Research On Business Performance Of Chinese Sports Industry Listed Companies And Its Influencing Factors Based On Panel Data In The Decade 2007-2017

Since the beginning of the 21 st century,sport industry of China has come to the golden age of development,industry scale expands fleetly and organization management mode has ripened,numerous sports listed company emerged.The developing speed of sport industry has exceeded GDP,sport industry has become one of the significant power to maintain the economy developing.In recent years,the operation condition of sport listed company faced many obstacles,due to international economic environment and domestic conditions.In the period of China's New Normal,how to sustain the development of Chinese listed company,build famous international sports brand and multinational sports company to promote economic growth,is a key issue for social and economic development of China.This article is intending to study the issue of sports industrial development from the microeconomic angle of business performance of sports listed companies.The empirical study based on the panel data of 27 Chinese listed company's annual financial statement in 2007-2017.Build the performance evaluation index system depend on the principle of index construction promulgated by The State Council of China and relative reference documentation.Empirical study used factor analysis to evaluated the comprehensive performance score of sports listed company,and used multiple linear regression model to research the influencing factor of business performance.Research draws the following conclusion:(1)It was shown that considerable progress has been made in Chinese sports industry since 2007,sports industrial market has ripened.Chinese sports listed companies was in the trend of secular growth,their operating scale and output value has increased rapidly.Nevertheless,the growth speed of these companies started to slow down since 2012,their performance declined as well.The business performance and growth speed started to rise again until the end of 2016.(2)The development condition of sports industrial companies is unbalanced,the business performance of manufacture industry is better than service industry.Different sports enterprise has their own particularity in the aspect of business area,and the business performance of sports enterprise existed distribution differences on the aspect of capital structure,business operating and interest earning.In the new period of Chinese economic development,there is still room for improvement of resources utilization efficiency and management mode.(3)From the perspective of influencing factor of sports listed company's business performance evaluation,capital turnover efficiency,return on total assets and current rate played a positive role on the operating performance,profitability counts a great deal in index system.Besides scientific and technological devotion played a significant role in long term increase of operating performance level meanwhile it seems less important in short term.In the long-term dynamic enterprise operation,the company which has considerable investment in research and development usually have favorable performance.