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摘要：近年来体育产业对我国社会和经济的发展影响越来越明显，而体育产业上市公司的融资行为对整个体育产业发展及内部的良性竞争有着促进和借鉴作用。目前，国内外学术界关于体育产业以及融资问题学术研究层出不穷，基于此，本文以企业融资为理论基础，选择沪深两市A股体育上市公司2013-2015三年的财务数据，运用DEA-Tobit二阶段效率分析模型，建立我国体育产业上市公司的融资效率评价体系，并对我国体育产业融资效率和影响因素进行了测评和分析，研究发现近3年我国体育产业上市公司的整体融资效率仍然处在较低的水平,所选样本企业综合技术效率水平较低，无论是纯技术效率还是规模效率都有提升空间，我国大部分体育产业上市公司对资源利用能力以及整个行业对融入的资本资源配置能力还有待提高；同时企业的融资方式、营运能力和成长能力对我国体育产业上市公司融资效率影响显著。28382
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毕业论文关键词：体育产业；融资效率；DEA-Tobit模型
Research on the Efficiency and Influence Factors of China’s Listed Companies in Sports Industry
Abstract: The sports industry, as a sunrise industry, influences China’s economic and social development more and more, and the financing behavior of listed companies in sports industry is reference of the whole sports industry. At present, many scholars have studied the financing problem and spots industry, so this paper, based on the theory of corporate fiance, uses financial data of the sports listed companies in the stock markets of Shanghai and Shenzhen, and establishes the financing efficiency evaluation system of China’s sports listed companies by DEA-Tobit model. Analyzing the efficiency and influence factors of China’s listed companies in sports industry, the empirical results shows that, the financing efficiency of the listed companies is still in a relatively low level, the pure technical efficiency and scale efficiency both have space to improve; the most of the sports listed companies in China need to improve ability of the resource utilization; and financing method, growth ability and operation capacity all have significant effect on financing efficiency of China’s listed companies in sports industry.
Key words: sports industry；financing efficiency；DEA-Tobit model
目 录
摘要 1
关键词 1
Abstract 1
Key words 1
一、引言 1
二、文献综述 2
（一）融资结构研究 2
（二）融资效率研究 2
1、融资效率定义 2
2、融资效率影响因素 3
3、融资效率评价方法 3
三、体育产业融资效率理论分析 4
（一）体育产业及融资效率界定 4
（二）体育产业发展及融资现状 4
四、体育产业上市公司融资效率评价实证研究 4
（一）样本选择和数据来源 4
（二）研究模型 5
1、DEA-BCC模型 5
2、DEA模型投入产出指标构建 5
（三）描述性统计 6
（四）融资效率测评及分析 6
1、全局分析 6
2、融资效率测算结果分析 7
3、融资效率规模报酬分析 7
五、体育产业上市公司融资效率影响因素研究 8
（一）融资效率影响因素分析 8
（二）研究假设 8
（三）研究模型 9
（四）模型回归及结果分析 9