基于GRA视角的中国体育产业上市公司成长性研究

Growth of Sports Industry Listed Companies in China from Perspective of GRA

从财务信息视角出发,围绕盈利能力、发展能力、运营能力和偿债能力4个方面,构建了中国体育产业上市公司的成长性评价指标体系。并采用灰色关联度分析方法,对2011~2013年间沪深股市、香港股市16家体育产业上市公司的成长性进行了实证运算与综合排序。结果表明：1我国沪深股市体育产业上市公司的成长性整体偏低,两极分化现象较明显,良性竞争局面尚未形成;2在沪深股票市场上,完全以体育产业项目为主营业务的体育产业上市公司,其成长性却处于较低水平,而拥有多元化产业经营内容的上市公司,其成长性则相对更强;3香港股市体育产业上市公司的成长性已取得较大程度提高,阶梯型的市场竞争格局逐步形成,但两极分化问题仍旧比较严重;4香港股市的国内本土体育用品品牌上市公司的成长性相对更强,而以多元化体育用品品牌为经营对象的上市公司的成长性则相对较弱;5沪深股市与香港股市间具有相似的发展特征,即成长性排名相对靠前的体育产业上市公司,往往在多项测评指标数值上位居前列。最后,根据相关结论提出了建议、不足及未来展望,以期为相关机构或后续研究提供决策参考。

The paper constructs the growth assessment index system of sports industry listed companies in China from the perspectives of profiting ability, development ability, operation ability and solvency, viewed from financial information. With the research method of grey correlation analysis, the paper makes empirical calculation and ranking of the growth of 16 sports industry listed companies in Shanghai and Shenzhen stock market and Hongkong stock market from 2011 to 2013. the research findings show that 1） the overall growth rate of the sports industry listed companies in Shanghai and Shenz- hen stock market is not fast, featured with obvious polarization and improper competition environment; 2） in the Shanghai and Shenzhen stock market, the listed company with sole business operation of sports industry develop slowly while the listed companies with comprehensive business operations develop fast; 3） the growth of the listed companies of sports industry in Hongkong stock market has improved a lot and the ladder competition pattern market has established featured with strong polarization; 4） the growth of the local listed companies of sports industry in Hongkong stock market is strong while the growth of the listed companies of comprehensive sports brands is weak; 5） the Shanghai and Shenzhen stock market and Hongkong stock market are similar in their development. Those listed companies of sports industry ranking near the top also come top in various assessment indexes. The paper proposes countermeasures so as to provide references for future researches.