A Study On The Property Right Structure And Governance Mechanism Of Professional Sports League

In recent years, the sports industry——"smokeless industry",has developed rapidly and provided an inexhaustible motive for the development of national economy. Until 2009, the American sports industry directly or indirectly affect GDP exceeding $1000,000,000,000(1,000 billion dollars),which takes up 11% of GDP, while the output of the sports industry in China is only 300 billion yuan per year,even less than 0.7% of GDP, The contribution of sports industry to our national economy is very small. By sharp contrast with the vigorous development of foreign professional sports, there are series of problems in the course of our professional advancement. "Players brawl", "drug using" are common, "unfair play", "black whistle" despite repeated prohibitions, all kinds of negative news are so popular that the market value of our professional football has rapidly shrink, at the same time, the sponsors of advertising and investors of team have quit the football market, the contradiction between managers and clubs are becoming increasingly intensified. "Match-fixing","referee cheating", "ballgame betting" lead to a lot of collective strikes of club games, the latest anti-crime of sports and the corruption of football Association high officials solved,which has aroused the great attention of public opinion in the world. By studying European and American professional sports league on the structure of property rights and governance mechanism, seeking and exploring the Chinese professional sports solutions and future development have become the author's entry point and foothold.The paper is divided into five chapters. Chapter I is the introduction. It provides a brief summary of research backgrounds, topic basis, research status, research thoughts and main points.ChapterⅡuse the theory of mutual rights, specificity investment and stakeholders,analyze professional sports leagues and build a theoretical framework of professional sports leagues'property right structure and governance mechanism. In this chapter, based on the theory of property rights and stakeholders analysis from the perspective of the core concept of "asset specificity", the conclusion is Professional sports is a kind of joint property, it is a form of ownership allocation that each related alliance of community taking the specificity investment. So they are stakeholders, to some extent they have partial property right, such as owned, disposal and dominate and so on, This community structure is not power balancing arrangement but organic combination of external competition and internal cooperation. Professional sports leagues'governance mechanism is a system arrangement that balance interests and protect the specific asset, mainly divided into internal management and external governance, including club, managers, players, coaches, sponsors, fans, media, local government and community.Chapter III selects the Europe and North American professional sports league as an example, It is a case study of the Europe and America professional sports leagues' property right structure and governance mechanism.Chapter IV mainly analyses the Chinese professional sports dilemmas and series of problems of professional sports League, historically reviewing its development of professional sports league. Through comparative analysis between Europe American and china professional sports leagues, it draws a conclusion that administrative system is too strong, incentive-restricted mechanism of managers failed, unclear property right structure of club, high proportion of state-owned capital, local government excessive intervention, the lack of supervision mechanism, athletes unreasonable wages and salaries, their interests are not effectively protected, the arbitration mechanism is not perfect and the status of the fans and the media can not be fully reflected, etc.Those are the problems of property right structure and governance mechanismFinally, Chapter V presents corresponding Suggestions about Chinese professional sports innovation and development. Including the property right structure, the sports associations of individual event should transfer the League Titles, try to set up the professional sports leagues with China's characteristics and in accordance with national conditions; On governance mechanism, to reflect the multi-stakeholder demands, constructing shareholder multilateral governance mechanism and scientific interest distribution mechanism. As follows, reforming the state-owned shareholding structure of club,so that state-owned capital exit, improving the incentive-restricted mechanism, promoting a free transfer system for athletes, reducing local government intervention, Changing the pattern of distribution of benefits and so on.