我国体育产业资本市场融资分析  

An Analysis of the Financing of Capital Market for the Sports Industry in China

作　　者：任永星[1] 

机构地区：[1]广东商学院体育部,广东广州510320

出　　处：《首都体育学院学报》2006年第1期12-14,共3页Journal of Capital University of Physical Education and Sports

摘　　要：随着我国体育产业市场化、社会化体制的建立,体育产业的融资方式也逐步向市场多元化融资模式转变,其中,体育产业资本市场融资将发挥越来越重要的作用。其融资方式包括体育产业债券融资、体育产业基金融资和体育产业股权融资。体育产业通过发行债券融资将是中国体育产业市场化融资的必然选择,拓宽体育产业债券回报方式与途径,建立多层次的体育产业债券市场体系,增加体育产业债券数量与品种对发展我国体育产业债券市场融资起着决定性的作用;要快速发展我国的体育产业,就要借鉴发达国家利用证券市场促进体育产业发展的经验和办法,进行体育产业俱乐部的股份制改造,选择在香港的二板市场上市,并获取政府对体育产业股权融资的支持,借助证券市场解决我国体育产业发展过程中资金不足的问题;体育产业投资基金不仅可以有效地筹集社会资金投资体育产业,解决国家财政支出对体育产业投入不足地问题,并且,体育产业投资基金以股权形式投资于未上市的或是国有体育经营性企业的运作和管理,有利于明晰产权,强化出资人的有限责任,建立合理有效的内部管理机制,推进体育产业的现代企业制度改革。Along with the establishment of an industrialized and socialized market onentecl system for the sports industry in China,the means of financing for the sports industry are gradually transforming into a more varied market pattern,among which,capital market financing will play a more and more vital role. Its financing means include bond financing, fund financing and shareholders＇ rights financing. Financing by issuing bonds will be an inevitable choice for the market-oriented financing method of China＇s sports industry. It is of decisive effect for developing the bond market of the sports industry in China to open up the means and channel of bond repayment of sports industry,to establish the multi-level bond market system for sports industry and to increase the amount and variety of bonds issued for sports industry. If the sports industry in China is to be developed rapidly,the experiences and methods of making use of the stock market to promote the development of sports industry by the developed countries should be applied to transform sports clubs into the kind of industry with joint stock-holding system, to let them be enlisted into Hong Kong＇s H-share market,to gain the government＇s support for financing through shareholder＇s rights in sports industry and to solve the problem of insufficient fund in the course of the development of China＇s sports industry relying on the securities market. Financing by investment fund for the sports industry may not only effectively pool the social funds to invest in sports industry and solve the problem of insufficient input by the government＇s expenditure for the sports industry ,but also help to clarify ownership, strengthen the limited liability of the investors, establish efficient and reasonable internal management mechanism and promote the systematic reformation of modern enterprises in sports industry,if the investment funds are invested in the operation and management of those unlisted or state owned sports managing enterprises.

关 键 词：体育产业 资本市场 股权融资 债券融资 投资基金融资 

分 类 号：G80-05[文化科学—运动人体科学]