我国体育产业资本结构微观影响因素的动态计量分析——以中体产业公司为例

The Dynamic Influence of Micro-factors on Capital Structure of Sports——Taking China Sports Industry Group Co.,Ltd as an example

采用向量自回归的分析方法,以中体产业上市公司1998—2010年的财务数据为依据,对中国体育产业市场的微观因素与体育产业上市公司资本结构的关系进行实证研究。结果表明,从长期来看,中体产业的盈利能力、营运能力、短期偿债能力、发展能力与资本结构之间存在显著关系。从因果检验来看,上市公司的资产负债率与销售净利率、总资产收益率、应收账款周转率和总资产周转率之间不存在相互的Granger因果关系。此外,研究还分析了微观因素对中体产业资本结构变动的短期影响。

By applying Vector auto-regression method,this paper analyzes the relationship between micro-factors of Chinese sports industry market and capital structure of China Sports Industry Group Co.,Ltd from 1998 to 2010.The empirical results show,in long term,the profitability,operation ability,short-term solvency and development capability of China Sports Industry Group Co.,Ltd have significant relationship with capital structure.Moreover,the Granger causality test shows that the net sale profit ratio,return rate on total asset,receivable account turnover rate and total asset turnover rate do not have Granger causality with asset-liability ratio of listed companies.Meanwhile,the paper also analyzes short term influence of micro-factors on capital structure of China Sports Industry Group Co.,Ltd.