我国体育企业资本扩张模式研究
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摘要
进入21世纪后,随着居民生活水平的不断提高和闲暇时间的增加,其体育消费意识逐渐增强,参与体育运动的人口数量越来越多,体育消费水平和能力也呈现逐年递增态势。相比二十世纪九十年代中期,现阶段,我国各类体育企业数量激增,规模不断扩大,生产经营和服务能力不断提高,体育产业现处于加速发展阶段,部分骨干体育企业发展进程已由初创阶段进入成长阶段并开始进入成熟阶段；纵观国外发达国家体育企业发展历程,借力资本市场依靠资本扩张进行资源整合进而完成战略规划是体育企业未来发展的趋势,这不仅是体育企业自身发展的需要,也是当今经济全球化和剧烈动荡背景下赋予我国体育企业发展的新内容。2010年国务院办公厅颁布《关于加快发展体育产业的指导意见》(国办发[2010]22号),该文指出应加大投融资支持力度,支持有条件的体育企业进入资本市场融资,通过各种方式筹措发展资金；国家体育总局发布的《中国体育事业“十二五”发展规划》和《体育产业“十二五”规划》也指出鼓励民间和境外资本投资体育,鼓励知名体育企业通过连锁、加盟、收购、兼并等多种途径做大做强,我国体育企业发展及其资本扩张进入新的时代。
基于上述背景,通过规范研究和实证研究相结合的方法,运用企业生命周期理论、资本扩张理论、融资成长周期理论和战略管理等相关理论知识,通过分析体育企业资本扩张的机理,总结归纳了我国体育企业资本扩张的发展现状与特征,进而构建了我国体育企业资本扩张的目标函数,分析了我国体育企业不同发展阶段资本扩张的模式,提出了我国体育企业未来资本扩张的路径和走向这一路径的策略,文章最后选取典型体育行业的体育企业对其资本扩张的模式和实现路径进行了探讨。
(1)分析了我国体育企业资本扩张的动力机制、条件要素和实现的路径；对体育企业资本扩张的历史与现状及相关特征进行了探讨。首先分析了体育企业资本扩张的动因与条件,依据企业生命周期理论和融资成长周期理论对不同阶段资本扩张的路径进行了梳理；随后分析了我国体育企业资本扩张的历史与现状,对体育企业资本扩张的外在宏观形势特征、主体特征、区域和行业分布特征、战略特征、制度特征和效益特征进行了探讨,在此基础上,指出了我国体育企业资本扩张而临的风险。
(2)探讨了我国体育企业资本扩张的模式。在深入研究我国体育企业资本扩张的发展情况与特征分析的基础上,构建了现阶段我国体育企业资本扩张的目标函数,对不同扩张阶段的融资战略进行了分析,依据企业成长周期理论探析了我国体育企业资本扩张所处的阶段及其不同阶段的特征与实现路径。
(3)实证分析了现阶段处于成长期的大中型体育企业资本扩张应选取的模式和不同体育企业类型资本扩张模式的特点。通过对十家上市体育企业的融资效率进行分析,指出处于成长期体育企业的融资渠道应当拓宽,其扩张战略应当适合发展阶段；按照行业划分的原则,对我国典型体育企业的扩张模式进行了案例分析,文章试图对不同典型体育企业进行分析和概括总结,以期寻找出我国体育企业在资本扩张时所表现出的特征和问题,进而提出最适合资本扩张的路径选择。
(4)提出了我国体育企业未来资本扩张的路径和走向这一路径的策略。在总结国外体育企业资本扩张的经验之后,依据我国体育企业发展的现实情况和资本扩张的阶段划分,以及体育企业资本扩张模式选择的原则,提出了我国体育企业资本扩张的路径选择,并从政策引导、管理体制改革、体育企业发展的宏观环境改善以及体育企业资本市场体系的建立等方面提出了相应策略。
始终围绕体育企业资本扩张这一主题,试图分析后奥运时期我国体育企业资本扩张的模式,文章在体育企业资本扩张的阶段划分、模式特征和扩张路径等方面进行了尝试,以期为我国体育企业发展及其资本扩张提供一种新的方法;当然,区域性体育企业资本扩张、中小型体育企业资本扩张等方面尚需进一步深入研究。
Since the21st century, the income of the urban residents'and the consuming tendencies are changed significantly. In recent years, with the continuous improvement of living standards and leisure time increasing, the consuming awareness of sports and the number of people participating in sports are increasing gradually; the sports spending level and ability are also increasing.Thoughout the course of development of sports industry in developed countries, relying on the integration of resources of capital expansion is the trend of the future development of the sports industry. The capital market entering sports industry is not only theirown development needs, but also the sports industry development new context of the economic globalization andturbulence. The State Council promulgated "the guidance of accelerating the development of sports industry"(SCS[2010] No.22) in2010, this dissertation pointed out that should increase the investment and financing support, supports qualified enterprises to enter the capital market; The SSG Administration also pointed out that should encourage private and foreign capital to invest sports, encourage sports companies to develop bigger and stronger though the chain, acquisition, mergering and other means.
Based on the above background, this dissertation used capital theory, strategic theory, macroeconomics, industrial economics, financial management and other related knowledge though the normative and empirical research methods, this dissertation builded the sports industry expansion objective function combined with the internal and external environment of China's sports industry development and the characteristics of capital expansion, and analysised the model of sports industry expansion, and in the last, this dissertation gave the path and strategies of China's sports industry expansion.
The main results of this study include:
(1) This dissertation analysed the characteristics, environmental factors, dynamic mechanism and stage of development of China's sports industry. This article analysed the dynamic mechanism and the stage of sports industry expansion from the macro environment and the course of China's sports industry and the proceed of international sports industry, on this basis, this dissertation analysed the bearer characteristics, strategic characteristics, system features and benefits features of sports industry expansion, and proposed the support and obstacles elements.
(2) This dissertation analysed the objective function and mode of China's sports industry expansion. The dissertation put forward the principle and objective function of sports industry expansion by studying of the experience of foreign sports industry expansion, combined with the characteristics of the expansion of China's business capital, macroeconmic developments and the characteristics of sports industry, and anlysed the three typical expansion mode in the process of China's sports marketing, and at last, this dissertation summed up the characteristics and risk factors should be noted.
(3) This dissertation analysed the characteristics of expansion mode of different types enterprises. The dissertation anlysed the typical sports industry (enterprises) with the principle of division of the industry, the dissertation coverd the different sports types, including the private sports enterprises and state sports enterprises; this article tried to find out characteristics and problems of China's sports industry expansion from summaring the different models of sports industry.
(4) This dissertation summed up the expansion paths and strategies. This dissertation summed up the paths and proposed the strategies from policy guidance, management system reforming, marco-environment improving and the establishment of capital markets by analyzing the support and obstacles elements, the objective function, model features and studying the different types sports industry.
This dissertation focused the theme the sports industry capital expansion, attempted to analyze the sports industry capital expansion model in the post-Olympic period, the dissertation tried to analyze from dynamic mechanism, phasing, model characteristics and other aspects of the expansion path; of course, the expansion of the regional capital of the sports industry andsmall and medium enterprise capital expansion and other physical aspects still need further study.
基于上述背景,通过规范研究和实证研究相结合的方法,运用企业生命周期理论、资本扩张理论、融资成长周期理论和战略管理等相关理论知识,通过分析体育企业资本扩张的机理,总结归纳了我国体育企业资本扩张的发展现状与特征,进而构建了我国体育企业资本扩张的目标函数,分析了我国体育企业不同发展阶段资本扩张的模式,提出了我国体育企业未来资本扩张的路径和走向这一路径的策略,文章最后选取典型体育行业的体育企业对其资本扩张的模式和实现路径进行了探讨。
(1)分析了我国体育企业资本扩张的动力机制、条件要素和实现的路径；对体育企业资本扩张的历史与现状及相关特征进行了探讨。首先分析了体育企业资本扩张的动因与条件,依据企业生命周期理论和融资成长周期理论对不同阶段资本扩张的路径进行了梳理；随后分析了我国体育企业资本扩张的历史与现状,对体育企业资本扩张的外在宏观形势特征、主体特征、区域和行业分布特征、战略特征、制度特征和效益特征进行了探讨,在此基础上,指出了我国体育企业资本扩张而临的风险。
(2)探讨了我国体育企业资本扩张的模式。在深入研究我国体育企业资本扩张的发展情况与特征分析的基础上,构建了现阶段我国体育企业资本扩张的目标函数,对不同扩张阶段的融资战略进行了分析,依据企业成长周期理论探析了我国体育企业资本扩张所处的阶段及其不同阶段的特征与实现路径。
(3)实证分析了现阶段处于成长期的大中型体育企业资本扩张应选取的模式和不同体育企业类型资本扩张模式的特点。通过对十家上市体育企业的融资效率进行分析,指出处于成长期体育企业的融资渠道应当拓宽,其扩张战略应当适合发展阶段；按照行业划分的原则,对我国典型体育企业的扩张模式进行了案例分析,文章试图对不同典型体育企业进行分析和概括总结,以期寻找出我国体育企业在资本扩张时所表现出的特征和问题,进而提出最适合资本扩张的路径选择。
(4)提出了我国体育企业未来资本扩张的路径和走向这一路径的策略。在总结国外体育企业资本扩张的经验之后,依据我国体育企业发展的现实情况和资本扩张的阶段划分,以及体育企业资本扩张模式选择的原则,提出了我国体育企业资本扩张的路径选择,并从政策引导、管理体制改革、体育企业发展的宏观环境改善以及体育企业资本市场体系的建立等方面提出了相应策略。
始终围绕体育企业资本扩张这一主题,试图分析后奥运时期我国体育企业资本扩张的模式,文章在体育企业资本扩张的阶段划分、模式特征和扩张路径等方面进行了尝试,以期为我国体育企业发展及其资本扩张提供一种新的方法;当然,区域性体育企业资本扩张、中小型体育企业资本扩张等方面尚需进一步深入研究。
Since the21st century, the income of the urban residents'and the consuming tendencies are changed significantly. In recent years, with the continuous improvement of living standards and leisure time increasing, the consuming awareness of sports and the number of people participating in sports are increasing gradually; the sports spending level and ability are also increasing.Thoughout the course of development of sports industry in developed countries, relying on the integration of resources of capital expansion is the trend of the future development of the sports industry. The capital market entering sports industry is not only theirown development needs, but also the sports industry development new context of the economic globalization andturbulence. The State Council promulgated "the guidance of accelerating the development of sports industry"(SCS[2010] No.22) in2010, this dissertation pointed out that should increase the investment and financing support, supports qualified enterprises to enter the capital market; The SSG Administration also pointed out that should encourage private and foreign capital to invest sports, encourage sports companies to develop bigger and stronger though the chain, acquisition, mergering and other means.
Based on the above background, this dissertation used capital theory, strategic theory, macroeconomics, industrial economics, financial management and other related knowledge though the normative and empirical research methods, this dissertation builded the sports industry expansion objective function combined with the internal and external environment of China's sports industry development and the characteristics of capital expansion, and analysised the model of sports industry expansion, and in the last, this dissertation gave the path and strategies of China's sports industry expansion.
The main results of this study include:
(1) This dissertation analysed the characteristics, environmental factors, dynamic mechanism and stage of development of China's sports industry. This article analysed the dynamic mechanism and the stage of sports industry expansion from the macro environment and the course of China's sports industry and the proceed of international sports industry, on this basis, this dissertation analysed the bearer characteristics, strategic characteristics, system features and benefits features of sports industry expansion, and proposed the support and obstacles elements.
(2) This dissertation analysed the objective function and mode of China's sports industry expansion. The dissertation put forward the principle and objective function of sports industry expansion by studying of the experience of foreign sports industry expansion, combined with the characteristics of the expansion of China's business capital, macroeconmic developments and the characteristics of sports industry, and anlysed the three typical expansion mode in the process of China's sports marketing, and at last, this dissertation summed up the characteristics and risk factors should be noted.
(3) This dissertation analysed the characteristics of expansion mode of different types enterprises. The dissertation anlysed the typical sports industry (enterprises) with the principle of division of the industry, the dissertation coverd the different sports types, including the private sports enterprises and state sports enterprises; this article tried to find out characteristics and problems of China's sports industry expansion from summaring the different models of sports industry.
(4) This dissertation summed up the expansion paths and strategies. This dissertation summed up the paths and proposed the strategies from policy guidance, management system reforming, marco-environment improving and the establishment of capital markets by analyzing the support and obstacles elements, the objective function, model features and studying the different types sports industry.
This dissertation focused the theme the sports industry capital expansion, attempted to analyze the sports industry capital expansion model in the post-Olympic period, the dissertation tried to analyze from dynamic mechanism, phasing, model characteristics and other aspects of the expansion path; of course, the expansion of the regional capital of the sports industry andsmall and medium enterprise capital expansion and other physical aspects still need further study.
引文
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