| With the new stage of development of China's economy,the sports industry,an important part of the upgrading of industrial structure,plays a more and more significant role in promoting residents' consumption and improving social welfare." Development of sports to promote sports consumption of a number of opinions "," sports industry development " Much starker choices-and graver consequences-in planning " " and other related documents are introduced by the State Council and the government to support the development of sports industry.China's sports industry has shown a rapid development from year 2012 to 2015 with the average annual growth rate of 14.7% as a result of multiple factors.In this context,industrial investment funds,a flexible and powerful financial support tools,should provide great help to the development of the sports industry.The sports industry investment fund is still new to the financial world.And compared with the developed countries,China's sports industry is still lagging behind.In the next few years,China will hold the 2019 men's basketball World Cup,2022 Winter Olympics,2022 Asian Games.It is foreseeable that the sports industry investment fund will continue to maintain rapid development in the near future.At this time,it is worthy to conduct specialized research for sports industry fund operation mode and related issues because it could make sports investment funds come into play to boost the development of sports industry.The paper first introduces the development of sports industry in China.Then it goes through the concept,characteristics and the basic theory of fund establishment and operation.Afterwards,a specific case would be analyzed for its operation mode,advantages and disadvantages.At the end of the paper,suggestions to the operation mode for the sports industry investment would be put forward on the basis AHP model and the "structure + model" analysis.Conclusions are as follows:Firstly,by analyzing the relevant theories and cases,this paper argues that investment fund in sports industry featuring limited partnership is the best organizational form at present time,thanks to its limited liability property and tax-free status.The investment and distribution plan which is most common seen is like this: in terms of management fee,parties that have the limited liability pay 2% of the total amount;in terms of income distribution,after the capital having been deducted from the investment income,20% of the left income is allocated to the ordinary partners,80% to the limited partners.Secondly,the joint brokerage direct investment institutions(joint securities companies serve as the subsidiary of direct investment business)build sports industry investment fund and invite listed companies and brokerage direct investment to jointly become limited partners.This organizational form can generate many benefits as follows.From the perspective of finance,it can increase the financial ability to supply funds;in terms of management and decision,it can enhance the voting rights limited partner to prevent a single partner from making decisions alone;in view of risk control,since an independent risk control committee is set up,it can rate the subject on its own;and finally from the point of project abolishment,with the guidance and resource provided by brokerage,the possibility to abolish a project increases.Finally,it is a new type of investment fund in sports industry featuring government-leading and market-oriented,with the investment fund investors divided into three categories,namely government financial platform,government financial platform and market financial platform,and the market financial platform.In terms of management,an investment and decision-making committee is set up composing of senior experts(mainly)and investors,with up to nine committee members.Decisions can only be passed when 2/3 members pass.Portfolio investment is preferred and investment is made to those companies in sports industry with stable profits earning mode. |
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