足球比赛结果与赞助商股票回报--基于行为经济学视角和事件研究法的分析  

Football Match Results and Sponsor Stock Returns:--Analysis Based on the Perspective of Behavioral Economics and Event Research

作　　者：陈宇 刘志云[2] 岳游松[1] CHEN Yu;LIU Zhiyun;YUE Yousong(Sports Culture Research Center,Tianjin University of Sport,Tianjin 301617,China;Department of Competitive Sports,Tianjin University of Sport,Tianjin 301617,China)

机构地区：[1]天津体育学院体育文化研究中心,天津301617 [2]天津体育学院竞技体育学部,天津301617

出　　处：《河北体育学院学报》2022年第3期55-64,共10页Journal of Hebei Sport University

基　　金：天津市哲学社会科学规划项目(TJTY18-008)。

摘　　要：使用事件研究法,从行为经济学角度实证分析中超联赛比赛结果对冠名赞助商股价的影响。结果显示:①获胜对赞助商股价有显著的提升作用;②主场失利造成赞助商股价显著下跌,且幅度比客场失利更大;③出现冷门时,强队赞助商股价显著上升,弱队赞助商股价显著下跌;④周五进行的比赛显著影响股价;最后5轮比赛的结果对赞助商股价无显著影响,且从符号上看股价均有下跌,说明投资者对于赞助商持续投资持怀疑态度;⑤中超联赛结果对于A股市场的影响明显大于港股市场,说明中超联赛的影响力仍有待提升。认为,俱乐部要以提升竞技成绩作为吸引赞助的第一要务;赛事转播方及传媒需要合理调整赛程以提升公众关注度;赞助企业需要转变赞助理念,更加重视球迷需求。Using the event research method,this paper analyzes the impact of the Chinese Super League match results on the stock price of the title sponsor from the perspective of behavioral economics.The results showed that:①winning has a significant increase in the sponsor’s stock price;②the home-court loss causes a significant decline in the sponsor’s stock price,and the magnitude is greater than the away loss;③in case of an upset,the stock price of the strong team sponsors rose significantly,while the stock price of the weak team sponsors dropped significantly;④the game held on Friday significantly affects the stock price,the results of the last five rounds of competitions have no significant impact on the sponsor’s stock price,and the stock price has fallen from a symbolic point of view,indicating that investors are skeptical of the sponsor’s continued investment;⑤the impact of the Chinese Super League results on the Chinese A-share market is significantly greater than that of the Hong Kong stock market,indicating that the influence of the Super League still needs to be improved.It is believed that the club should improve competitive performance as the first priority to attract sponsorship,event broadcasters and the media need to reasonably adjust the schedule to enhance public attention,and the sponsors need to change their sponsorship concept and pay more attention to the needs of fans.

关 键 词：中超联赛 股价 行为经济学 事件研究法 

分 类 号：G80-05[文化科学—运动人体科学]