Research On Financial Support For High-quality Development Of Sports Industry In China

Sports carry the dream of a strong and prosperous country and the rejuvenation of the nation.A strong sports makes China strong,and a prosperous country makes sports prosperous.Sports should be strong and prosperous,and the development of sports industry is the main way.In 2014,after the State Council issued "Several Opinions on Accelerating the Development of Sports Industry and Promoting Sports Consumption," high-quality development has gradually become an important strategic goal for the development of sports industry.Finance is the blood of modern economy.The sports industry needs strong financial support to improve quality,increase efficiency and continue to develop at a high speed.However,at present,the utility function of the financial system in the sports industry has not yet been fully brought into play.Therefore,the financial support problem faced by the high-quality development of the sports industry has become an unavoidable proposition.This research is based on the management practice of the sports industry,comprehensively uses the relevant research methods and paradigms of sports,management,system science and finance,and is guided by the relevant theories of modern industry and financial development.The current situation and problems,characteristics and mechanisms,macro effects,micro-efficiency,and the logical order of system structure and operation of the sports industry are carried out from theoretical analysis to empirical research.The main work of this research is as follows:First,sort out the current situation of financial support for the sports industry and find out the financial support problems of the sports industry.The second is to analyze the endogenous mechanism of financial support for the high-quality development of the sports industry according to the characteristics of the financial demand of the sports industry,and reveal its function realization process.The third is to examine the macro-relationship between the sports industry and the financial system from the perspective of coupling and coordination.By establishing an order parameter system,introducing models such as coupling and coordination and gray correlation for empirical research,the coupling effect and influencing factors of the two are analyzed.Fourth,from the perspective of"input and output black box," explore the micro-efficiency of financial support for the high-quality development of the sports industry.By screening sports enterprise samples,using DEA,Malmquist index and convergence model for empirical research,analyze the efficiency level and evolution characteristics of financial support for the high-quality development of the sports industry.The fifth is to use the element composition and logical relationship of each part of the research to construct a system dynamics model of financial support for the high-quality development of the sports industry.The simulation is carried out from the dimensions of market strategy,government intervention and financial risk respectively.In order to provide a strategic basis for optimizing the financial support of the sports industry and promoting the high quality of the sports industry.The conclusions of this study mainly include six aspects:(1)Both government financial support and market financial support are of great significance to the high-quality development of the sports industry.In the process of the development of the sports industry,government financial support methods have been continuously enriched,market financial support tools have developed rapidly,and the degree of embedding the sports industry into the financial system has continued to deepen.On the government side,with the continuous upgrading of industrial financial needs,government departments have continued to deepen their understanding of the financial activities of the sports industry,and policy efforts have continued to strengthen.On the market side,the credit market occupies the most important position,the stock market has diversified functions,and the venture capital market has gradually grown into a "frontier." In addition,sports insurance,PPP financing and Internet finance have begun to emerge,which have become potential driving forces for the high-quality development of the sports industry.However,there are still some problems in the financial support activities of the sports industry:First,the financial support system needs to be improved urgently,and financial support policy tools need to be supplemented.Second,the imbalance in the financial market structure is prominent,and the construction of direct financing channels is insufficient.Third,the classic function of venture capital deviates,and the sustainability of capital investment is lacking.Fourth,the use of emerging financial instruments is insufficient,and the supply of sports financial compound talents is insufficient.(2)In view of the current stage characteristics of the rapid growth of China's sports industry,the rich structural characteristics of business formats,the risk characteristics of high uncertainty and the supply and demand characteristics of the consumer market,the sports industry urgently needs large-scale financial support under the guidance of policies,systematic financial support with diversified levels,targeted financial support for risk preferences and inclusive financial support enabled by science and technology.(3)Capital formation,innovation promotion and consumption stimulation are important endogenous mechanisms for financial support for the high-quality development of the sports industry.With effective financial support,the sports industry can accelerate the transformation and upgrading of the industrial structure,improve the production efficiency of industrial factors,promote the value added of the industry,and continuously move towards the goal of high-quality development.(4)From a macro perspective,there is a two-way coupling mechanism between the financial system and the sports industry.The two not only maintain a long-term and high degree of coupling correlation,but also achieve a jump in the degree of coupling coordination from the initial stage to the mature stage,showing a dynamic trend of evolution from low-level coordination to high-level coordination.The financial system has effectively supported the short-term and explosive growth of the sports industry.At present,the coupling and coordination of the two is still in the early stage of the development cycle,and the interaction stress effect is far less than the coordination promotion effect.In addition,the coupling and coordination effect of the two is jointly affected by endogenous factors and the external environment.The development of the venture capital market is closely related to the coupling and coordination degree of the two;consumer finance,financial structure,government support and financial innovation factors are obviously related;the external environment of changes in residents' consumption structure and industrial structure is also influential.(5)From a microscopic point of view,the efficiency level of financial support for the sports industry has not been improved.Poor equity efficiency,insufficient technical level and lack of financial innovation are important reasons.Before expanding the scale of financial resource investment,attention should be paid to improving the technical level.During the sample period,the static efficiency of finance is acceptable,but it shows the characteristics of technical constraints.The static efficiency of equity is poor,showing the characteristics of scale constraints.The static efficiency of creditor's rights is better,and there are also technical constraints.Moreover,the static efficiency has differences in sectors,formats and spaces.From a dynamic point of view,financial efficiency has not improved,but has declined slightly.The main reason is insufficient technological progress,and the level of industrial financial innovation is difficult to support the growth of the scale of financial resources.Among them,the decline in the dynamic efficiency of equity and the obvious decline in the level of technological progress are the main reasons for the decline in the overall financial efficiency.The dynamic efficiency of creditor's rights rose slightly,showing sustained technological progress.Generally speaking,inefficient enterprises have a catch-up effect on leading groups,but the convergence speed is slow,and it takes a long time to The dynamic efficiency of equity and creditor's rights also has convergence characteristics,and the convergence speed has internal differences.(6)Financial support for the high-quality development of the sports industry can be regarded as a system composed of four subsystems:government financial support,financial market development,macro-financial environment and sports industry development.The simulation results show that:1.Strengthening financial market support can effectively improve the development quality of the sports industry.Relatively speaking,the overall efficiency of the equity market plan is slightly better than the debt market plan.The equity market is more conducive to the expansion of the scale of the sports industry and the improvement of factor productivity,while the debt financial market is more conducive to the optimization of the sports industry structure.Second,the degree of government intervention will affect the development quality of the sports industry.Weakening government intervention is not conducive to the improvement of the development quality of the sports industry,and it is necessary to maintain a certain degree of government financial support.Moderate strengthening of government intervention is conducive to the improvement of the development quality of the sports industry.However,when government intervention is excessive,it is only conducive to the "expansion" of the sports industry,not conducive to the"strengthening" of the sports industry,and not conducive to the development quality of the sports industry.Third,financial risks can have a significant negative impact on the development quality of the sports industry.With the deep embedding of the sports industry into the financial system,the damage of financial risks may further increase.On the basis of the conclusion,it puts forward some strategic suggestions such as perfecting the financial policy system,optimizing the top-level design of the system;enriching the financial service market,innovating the mode of investment and financing channels;promoting the innovation of financial technology,developing new financial instruments;optimizing the financial management of enterprises,and paying attention to meeting the training of talents.The innovation points of this article mainly include the following three aspects:(1)The systematic discussion on the relationship between finance and the high-quality development of the sports industry is innovative.From the perspective of high-quality development,the systematic exploration of the financial support of the sports industry reveals the important role of financial support in achieving the high-quality development of the sports industry.High-quality development is the strategic goal of my country's sports industry,and effective financial support is an important link in achieving the high-quality development of the sports industry.Focusing on the target requirements of the high-quality development of the sports industry,discussing related issues of financial support is an extension and expansion of the existing achievement system.(2)It is innovative to explore the mechanism of financial support for the high-quality development of the sports industry.The functions of finance to the development of the real industry are diverse.By deconstructing the target path of the high-quality development of the sports industry and the characteristics of financial demand,the fulcrum of the financial function is clarified,and the mechanism and function realization of financial support for the high-quality development of the sports industry are clarified.It provides a solid theoretical basis for optimizing the financial support effect in reality and boosting the high-quality development of the sports industry.(3)The empirical research on financial support for the high-quality development of the sports industry is innovative.Combining macro and micro perspectives,from the perspectives of industrial coupling,enterprise efficiency,and system operation,a multi-dimensional and progressive systematic empirical research is carried out.The coupling and coordination relationship between the sports industry system and the financial system and its influencing factors are verified.The efficiency and change characteristics of the financial input and output of the sports industry are measured.The system dynamics model of financial support for the high-quality development of the sports industry is constructed,and the simulation of different strategy combinations is carried out.To a certain extent,it makes up for the shortcomings of the existing related research,which are mostly qualitative discussions and few quantitative empirical studies,and provides a more realistic reference for the financial decision-making of the enterprise department and the policy formulation of the competent department.