The Allocation Effect Of China Sport Capital Market

In the new era,sport industry plays an increasingly important role in the construction of China's modernized economic system and sport power.To be as a happiness,green and susrise industry,the sport industry propels the construction of sport power more and more heavily.For persuing a high quality development and growth of sport industry which implies the structure upgrade,cluster growth and the associated fusion,the need of the relevant capital market to promote and support it becomes so urgent.Meanwhile,a series of policy which concerns the promotion of sport industry development explicitly emphasizes the role of multi-level capital market playing and the attraction of social capital investment.This study is overall about allocation effect of sport capital market from the perspective of the main sport capital market efficiency,using kinds of empirical methods,exploring the mechanism and effect inside,constructing a complete theoretical framework and system,for improving and broadenning the research field of the sport industry and promoting the new era of sport industry innovation practice and continuous growth.The main conclusions of this paper are:With the development of sport industry and the optimization of capital and financial environment and capital market construction,the main function system of sport capital market in China has been prepared.Currently,the sport exchange market,sport NEEQ,sport private equity market,as well as the sport property market,sport M&A market,etc.,constitute the main sport capital market.Around sport effect,there are three levels of the effectiveness of sport capital market as follows,respectively,the basic information efficiency of exchange market,the allocation effectiveness of capital factor,and the effectiveness of operating the real economy.The development of sport capital market has an impact on the structure upgrade,agglomeration growth,association growth and integration development of sport industry.The development effect of sport industry is released through the main mechanisms and channels of micro-subject innovation support,capital asset risk pricing and factor market liquidity guarantee.The main path of sport capital market supporting the sport industry that is established in the market practice is constructed by increasing equity financing,playing a role of multi-level capital market,enriching the relevant market mechanisms,and so forth.The sport exchange market is the main market which could actually reflect the basic information effectiveness of sport capital market.The general sport A-share market,including the sport concept listed companies,shows a certain market effectiveness in the price response to the key market information transmitted by the sport industry policy.With the reform and opening-up of the whole A-share market,sport a share market will also have its own more efficient and broader development prospects.Sport NEER is the important center of OTC market in the multi-level sport capital market that,as the supply side of the sport industry structural reform promoting and the NEER market function system perfecting,shows thriving vitality and tremendous potential energy.There are still obvious promotion space of functions,such as the main promoting industrial development effects,financing transactions and the allocation of resources.Then,the main functions can be guaranteed through inspiring the entity innovation ability,improving the capital environment,promoting the corresponding market value,and so forth.In the comprehensive practice of sport social capital,the sport private equity market is an important development form of investment and financing tools that is to adapt to the present sport industry innovation,for being able to connect to the main open market,and playing a critical role as the social capital investment efficient mechanism and channel for sport industry.The sport private equity investment could be the basic and substantive stimulation for the multi-level sport industry,as long as the improvement of macro financial environment,the optimization of medium industry structure and the promotion of micro enterprise value are revealed.The development of sport property rights and mergers and acquisitions market of sport is closely related to the overall development quality and efficiency of sport capital market,such as basic institutional conditions,dynamic mechanism and environmental constraints.Sport property rights and its market development is relevant to some fundamental issues on sport industry which reflect as the basic effective incentive of market subjects,and allocation level of factor marketization as well.Currently the sport property rights market has not been fully developed under some constraints.the current development of sport property rights market restrictions have not been fully.With regard to the market of sport mergers and acquisitions,the development of scale,synergistic improvement and marginal improvement have led to its rapid formation and development.Based on the basic allocation effects taken at the present stage,the influences of sport capital market on the development of sport industry can be embodied in the sport industry policy effect conduction,the sport industry infrastructure improvement,the sport management level raising and the sport industry linkage enhancement.In the transition development period,some issues with the sport capital market include the combination of sport and capital accelerating,being significantly affected the entire capital finance development,risk prevention requirements highlighted,being able to lead other innovative factors coordinated development of the sport industry,constitute the overall features of sport capital market functioning in a period.As we look forward into the sustainable effectiveness of China's sport capital market,there would be some main constraints and challenges ahead,such as the sport reform advancement,the sport industry development level and the whole sport capital regulatory environment.