| On June 15,2016,the State Council issued the Notice of the State Council on Printing and Issuing the National Fitness Plan(2016-2020).As the country attaches increasing importance to sports and physical fitness,enterprises also begin to pay attention to the construction of their own sports culture.Corporate culture usually exists in an enterprise or enterprise in the form of values,historical traditions or codes of conduct.In order to achieve the important goal of enhancing corporate efficiency,corporate culture can stimulate and improve labor productivity to accelerate the development of productivity.Based on the gradual improvement of people’s material living standards,the material incentive effect is reduced,and the knowledge-based talents become the resources for enterprises to compete for.In the face of increasingly complex competitive environment,system management is no longer the core competitiveness of enterprises,and the research on enterprise culture is becoming more and more important.In recent years,there have been more and more studies on culture at home and abroad,especially the influence of culture on finance.Sports culture as a subject of enterprise culture,popular attention,but because of data problems,previous studies have only theory,but in recent years,from the presence of the media makes it possible to describe culture from the microscopic view,therefore,this article from the perspective of weibo data depicting sports culture,aims to study the influence of the sports culture of the enterprise value,provides a new perspective for the research of corporate culture.In this paper,some samples of A-share non-financial listed companies that opened Weibo from 2011 to 2018 were removed as research objects for empirical analysis.The regression analysis of the relationship between sports culture and enterprise value is carried out under the control of industry fixed effect,year fixed effect and firm individual fixed effect.In order to avoid the possible endogeny problem,this paper adopted the addition of possible missing variables,instrumental variable method and PSM-DID method for testing.In addition,this paper also tests the influence mechanism from the aspects of employee satisfaction,employee enthusiasm and enterprise cooperation intention,and conducts sample studies according to the size of the enterprise,property right nature and strong degree of regional sports atmosphere.In the end,this paper also carries out robustness test through substitution variables.Research findings:(1)Sports culture will enhance the value of enterprises.(2)The influence of sports culture on enterprise value is mainly realized through enhancing employee satisfaction,improving employee enthusiasm and enhance the willingness of enterprises to cooperate.(3)The influence of sports culture on enterprise value is affected by the size of the enterprise.In large enterprises,the influence of sports culture on enterprise value is not obvious,while in small enterprises,the influence of sports culture on enterprise value is significant.(4)The influence of sports culture on enterprise value is affected by the property right nature.The influence of sports culture on enterprise value is not obvious in state-owned enterprises,while that of private enterprises has significant influence on enterprise value.(5)The influence of sports culture on enterprise value is affected by the degree of strong sports atmosphere in the region.The influence of sports culture on enterprise value is not obvious in the region with weak sports atmosphere,but the influence of sports culture on enterprise value is significant in the region with strong sports atmosphere.This article aims to explore the importance of enterprise sports culture,in order to advocate the enterprise to actively carry out staff sports,in response to the national fitness policy,and put forward the relevant suggestions to strengthen the enterprise sports culture. |
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