大型体育赛事对我国体育产业上市公司股价指数影响的实证研究——基于网络搜索数据的新视角

Influences of Large-scale Sports Events on Stock Price Index of China's Sports Listed Companies—Perspective of Internet Search Data

该文从投资者行为视角建立概念框架,揭示了大型体育赛事对我国体育产业上市公司股价指数影响的理论机制。借鉴前期研究成果和具体操作方法,根据社会经济含义将各网络搜索关键词合成为三大类搜索指数:大型体育赛事指数、宏观经济形势指数、市场经济因素指数。实证检验结果表明,从长期来看,在不考虑其他客观外部环境影响因素的前提下,大型体育赛事对我国体育产业上市公司股价指数具有非常显著的正向影响效果,但当把一些客观外部环境影响因素纳入考虑范畴时,相对于宏观经济形势、市场经济行情等因素而言,大型体育赛事对体育产业上市公司股价指数的影响效应仍略显微弱,显著性水平也是明显降低。就短时期来讲,不管是否考虑其他客观外部环境影响因素,大型体育赛事对体育产业上市公司股价指数均可产生非常显著的联动影响效应,而这种影响效应的延续时间较短暂。

This paper constructed a concepruat Hd^--~ mechanism of the influences of the large-scale sports events on the stock price index of China＇s listed companies. Network search keywords were classified into three categories of search index： index of major sports events, index of macroeconom- ic situation, index of market economic factors. Empirical results showed that, in the long run, without considering the other objective external environment factors, large-scale sports events influenced positively the stock price index. Howev er, when the external environmental factors were taken into account, compared with the macro economic situation, the market economy and other factors, effect of sports events were still weak. In a short period of time, regardless of whether or not to consider other external environmental factors, the large-scale sports event were temporarily influential.