职业体育联盟工资帽政策:制度演进、作用机理与政策启示  

Salary Cap Policy in Professional Sports Leagues:System Evolution,Mechanism and Policy Implications

作　　者：周腾军 郑朝南 靳厚忠[2] ZHOU Tengjun;ZHENG Chaonan;JIN Houzhong(College of Business,Shanghai University of Finance and Economics,Shanghai 200433,China;School of Sports Economics and Management,Central University of Finance and Economics,Beijing 102206,China)

机构地区：[1]上海财经大学商学院,上海200433 [2]中央财经大学体育经济与管理学院,北京102206

出　　处：《上海体育学院学报》2023年第5期95-108,共14页Journal of Shanghai University of Sport

基　　金：国家社会科学基金一般项目(19BTY019);上海财经大学研究生创新基金项目(CXJJ-2021-401)。

摘　　要：工资帽政策作为防止“金元体育”无序扩张、控制俱乐部运行成本、促进联盟竞争性平衡的规制工具,近年来已逐渐应用于中国职业体育联盟。比较分析工资帽政策在国内外主要联赛中的制度演进与分化历程,并通过博弈论与静态优化方法分析不同类型工资帽政策的适用条件及其对俱乐部最优投资和竞争性平衡的影响,发现:①俱乐部的均衡投资与利润权重呈负相关,与俱乐部禀赋(盈利能力)差异呈正相关,而竞争性平衡与利润权重、俱乐部禀赋差异都呈负相关;②无论俱乐部更看重胜率还是利润,硬工资帽都能降低大城市俱乐部(盈利能力强)的投资、促进竞争性平衡,但对小城市俱乐部(盈利能力差)投资的作用不太明确;③软工资帽只有在不太严格的临界值下才能促进竞争与限制投资,但效果总是次于硬工资帽政策。提出政策建议:①完善硬工资帽政策的制定与实施,对于软工资帽政策则需审慎选择;②推进俱乐部股权多元化结构性改革,合理控制胜率最大化和利润最大化股东比例;③有效把控工资帽政策规制力度,主动应对新冠病毒感染疫情冲击下的球员欠薪、球队破产等问题。As a powerful tool for preventing the disorderly expansion of"sugar daddy's game",controlling the operating costs of clubs,and promoting competitive balance in leagues,the salary cap policy has gradually been applied to China's professional sports leagues in recent years.This paper first provides comparative analysis of the institutional evolution and differentiation of salary cap policies in major domestic and international leagues.We then focus on analyzing the conditions under which the two types of hard and soft salary caps are applied and their impact on the optimal investment and competitive balance of clubs with different target orientations,using both game-theoretic and static optimization methods.The findings indicate that:①The equilibrium investment of clubs is negatively correlated with the weight of profits and positively correlated with the difference in club endowments(profitability).However,the competitive balance is negatively correlated with both the profit weighting and the difference in club profitability.②Regardless of whether a club values winning or profit,a hard salary cap can reduce investment by clubs with strong profitability in large city markets and promote competitive balance.However,its impact on investment by clubs in small city markets,where profitability is poor,is less clear.③A soft salary cap can only promote competition and limit investment at a less strict critical value,but its effectiveness is inferior to that of a hard salary cap policy.Based on the above,the following suggestions are proposed:①Further improve the formulation and implementation of hard salary cap policies and make them the main regulatory scheme,while selecting soft salary cap policies carefully;②Promote structural reform of club equity diversification,reasonably control the proportion of shareholders seeking to maximize win rate and profit,and seek a balance between restricting excessive investment and promoting league recovery;③Reasonably control the strength of salary cap policy regulation an

关 键 词：竞赛理论 工资帽 奢侈税 投资决策 竞争性平衡 

分 类 号：G80-05[文化科学—运动人体科学]