体育用品上市公司经营效率的非线性动态变化研究

Research on Nonlinear Dynamic Changes of Operating Efficiency of Sporting Goods Listed Companies

采用Chortareas&Kapetanios所提出的SPSM结合KSS傅立叶平稳性检验方法对体育用品上市公司经营效率的稳定性进行检验,该方法对于捕捉"U"形结构突变点和平滑突变点具有较高的检验"势"。研究结果发现,除安踏、特步国际的经营效率呈现发散的变动特征之外,中体产业、李宁、青岛双星和宝胜国际上市公司的经营效率均呈现非线性稳定的特点,表明了安踏和特步国际上市公司的经营效率在偏离均衡的部分无法通过市场调节自行恢复到均衡水平,而其余四个体育用品上市公司的经营效率所偏离均衡的部分能够通过市场调节自行恢复到均衡水平。

This paper uses Sequence Panel Selection Method(SPSM )combined with KSS Fourier unit root proposed by Chortareas and Kapetanios to investigate the stability of operating efficiency of sporting goods listed companies .It has the high power to capture"U"shape structure and smooth point mutation . The empirical results show that the efficiency of the four listed companies is nonlinear stable except ANTA and XTEP ,indicating that ANTA and XTEP's efficiency deviation equilibrium of the market cannot be re‐stored to equilibrium level by self‐regulation ,and the other four listed sporting goods companies can be re‐stored to equilibrium level through market adjustment .