体育全球化背景下国际大型赛事对中国体育产业的财富效应——基于事件研究法

The Wealth Effect of International Major Sports Games on the China's Sports Industry under the Background of Sport Globalization——Based on Event Study

体育赛事发展与体育全球化相互交融、相互促进,体育全球化下的国际大型体育赛事具有更深远、更广泛的经济影响力。采用事件研究法,分析2011—2014年国际大型体育赛事对中国体育产业最具代表性的14家上市公司带来的财富效应。研究发现,国际大型体育赛事无论是否在中国大陆举办,均能够为中国体育产业上市公司带来显著的正向超常收益率,在中国大陆境内举办的国际大型体育赛事带来的累计超常收益显著高于境外举办赛事,体现出明显的"东道主效应"。不同竞技项目类型的体育赛事带来的累计超常收益具有明显差异,综合类和田径类赛事能够带来更高超常收益。

The mutual promotion of sports events development and sports globalization has a more far-reaching and wider economic influence. By using the method of event study, this paper analyzes the wealth effect of 14 listing corporation which is the most representative of the Chi- nese sports industry in 2011- 2014 international major sports games. The result shows that whether or not the international major sports games held in China, can bring significant positive abnormal return for China sports industry listed companies, while the sports games held in ma- inland China, the return is higher than held in abroad. It shows obvious host effect. The cumu- lative abnormal returns of different types of sport games has obvious differences, the compre- hensive competition and atheltics can bring more extraordinary benefits.