The Impact Of Public Sports Attention On The Stock Prices Of Listed Sports Companies

Under the background of development strategy of China’s "sports power" and "healthy China",the world will usher in an intensive period of sports events from2019 to 2022.However,the progress of sports industrialization in China is slow,and there is little research on the definition of public sports attention and the stock price of sports listed companies in domestic academic circles.This paper takes the Baidu Index and the stock prices of sports listed companies from 2015 to 2019 as samples,refers to the research methods of investors’ attention and the influence of large-scale sports events on the stock market at home and abroad,and makes appropriate innovation to quantify the public event attention index.Using Python web crawler to capture sports text information,text analysis and TF-IDF word frequency statistics of sentences,21 sports hot words are obtained.Then,through the full subset regression of these hot words,we get eight sports Keywords: "champion","Chinese Super League","club","China Football Association","match","player","season" and "Football Association".Then,using the daily Baidu Index of eight keywords,this paper constructs the public event attention,calculates the emotional score of eight sports event keywords,and obtains that the public event attention is a concern index dominated by positive emotions.In the part of empirical analysis,ARIMA model is used to deal with the stability of the stock data,and Granger causality test is used to analyze the relationship between the attention of public events and the sports industry index and the stock prices of nine sports listed companies.These nine companies include Hualu Baina,Pathfinder,TEDA,Rhine sports,Lehman optoelectronics,Qingdao Shuangxing,Suning e-buy,shuangxiang and xunxing.There is a Granger causality between the stock prices of the first six companies and the public event attention,while there is a one-way Granger causality between the last three companies and the public event attention.Public sports attention will have a cross-sectional impact on the stock price of sports listed companies,and this impact is positive.The main results are as follows:(1)the impact of the change of public attention on the sports industry index is lagging behind.(2)The previous changes of public sports attention can explain the changes of stock prices of sports listed companies.(3)Public sports attention will have a positive cross-sectional impact on the stock prices of the upstream,middle and downstream enterprises in the sports industry.Finally,based on the research conclusions,this paper puts forward some policy suggestions for the national sports departments and sports listed companies:(1)sports listed companies turn public attention into sports economy.(2)The relevant state departments need to strengthen the supervision of sports network information platform.(3)Pay attention to the balanced development of sports industry in the period of epidemic or natural disasters.