产业政策、资本投入与上市体育企业效率——基于《体育产业发展“十三五”规划》政策效应评估

Industrial Policy,Capital Investment and the Efficiency of Listed Sports Enterprises——Based on the Policy Effect Evaluation of the 13th Five-year Plan for the Development of the Sports Industry

产业政策导向和资本高效利用是推动提升体育产业效率的重要途径,提升体育企业效率是实现体育产业高质量发展的必然要求。以我国2011—2020年沪深体育产业概念板块上市企业为研究对象,基于双重差分模型和DEA-Tobit模型考察了体育产业政策导向和资本投入对产业发展效率的影响机制及作用效果。研究结果表明,体育产业政策实施将会抑制受补贴程度较高企业经营效率提升,同时体育企业资本投入不足也会在一定程度上抑制体育产业效率的进一步提升。在异质性检验中发现,相比于中西部地区,东部地区产业政策和资本投入对体育企业效率影响较为明显;低融资约束更能推动体育企业效率的提升。另经替换变量、IV-Tobit等方法检验,基本实证结果依旧稳健。最后提出了培养和完善适应中国特色的体育产业结构体系,重点支持体育企业区域集聚发展,深化产业供给侧结构性改革;扩大体育产业政策试点范围,构建与企业经营相衔接的政策补贴监督机制;持续提升体育产业资本投入产出效能,探索资本高效作用于体育产业转型升级的路径。

Industrial policy orientation and the efficient utilization of capital are important ways to improve the efficiency of the sports industry,and improving the efficiency of sports enterprises is an inevitable requirement to achieve high-quality development of the sports industry.This paper examines the influence mechanism and effect of sports industry policy orientation and capital investment on industrial development efficiency based on double difference model and DEA-Tobit model,taking enterprises listed in Shanghai and Shenzhen sports industry concept sector in China from 2011 to 2020 as the research objects.The research results show that the implementation of sports industry policies will inhibit the improvement of the operational efficiency of enterprises with a higher degree of subsidies,while the lack of capital investment in sports enterprises will also inhibit the further improvement of sports industry efficiency to a certain extent.In the heterogeneity test,it is found that industrial policies and capital investment have a more significant impact on the efficiency of sports enterprises in the eastern region compared to the central and western regions;low financing constraints are more likely to improve the efficiency of sports enterprises.In addition,the basic empirical results of this paper remain robust after the tests of replacement variables and IV-Tobit.Finally,this paper proposes the following:cultivate and improve the structural system of the sports industry with Chinese characteristics;focus on supporting the development of regional clustering of sports enterprises and deepen the structural reform on the supply side of the industry;expand the scope of pilot sports industry policies and build a policy subsidy supervision mechanism that is connected with enterprise operation;continuously improve the efficiency of capital input and output of the sports industry and explore the path of the efficient role of capital in the transformation and upgrading of the sports industry.