奥运会等大型运动赛事对赞助企业股指影响的实证研究

An Empirical Study on the Impact of Large Sports Sponsorship of the Enterprise Stock Price Index

以世界最知名的奥林匹克运动会为主要研究赛事,利用事件研究法对奥运伙伴计划赞助商在奥运会举办期间的股价表现进行实证分析,探讨大型运动赛事对赞助企业股票指数报酬的影响,得出结果:当奥运会开幕时,TOP赞助商股价于开幕周前十二周为显著的正向反应,在事件周之前二周为显著的负向反应,在事件周之后第十周为负向显著反应;当赞助厂商依产业类型分类时,发现日用品类、快递类及消费系统类股价的累计平均异常报酬逐步上升,化工类、媒体与出版类及电化设备类则是逐步下降;此外,当赞助商分类为举办奥运国的地主厂商与非地主厂商时,发现地主厂商股价的累计平均异常报酬在事件期内一路下滑.

This paper aimed to explore the impact of large sports on the stock index of the sponsors taking the world＇s most famous Olympic Games as the main event and using the event study method for the Olympic Partner plan sponsors during the Olympic Games the price performance of empirical analysis. The results showed that： during the Olympic Games, the TOP stock price appeared significant positive response twelve weeks before the opening week, and significant negative reaction two weeks before the opening week and ten weeks after the opening week; according to the industrial classification, it is found on supplies, express class and Consumption system shares the cumulative average abnormal returns gradually increased, while the chemical industry, media and publishing and audio - visual equipment gradually decreased ; in addition, when the sponsors for hosting the Olympic Games in the classification of manufacturers, the abnormal return in the event period all went down.