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波士顿矩阵模型下中国体育企业发展战略研究——基于27家代表性体育上市公司财务数据的实证分析
付群,侯想,胡智婷
(湖北大学 体育学院,武汉 430062 ;清华大学 体育产业发展研究中心,北京 100084)
摘要:
采用数理统计法和文献资料法,基于27家代表性体育上市公司2015—2019年度财务面板数据,围绕影响企业“市场份额”与“收益增长”的8项潜在财务指标,结合波士顿矩阵模型对体育上市企业发展水平进行实证分析,并根据不同企业类型提出针对性发展战略。指出,①体育上市企业波士顿矩阵主要由市场份额因子和收益增长因子决定,其中,市场份额因子由总资产、流动资产、所有者权益、营业收入4个财务指标决定,而收益增长因子由销售净利率、营业利润率、销售毛利率、净资产收益率4个财务指标决定。②总体企业发展水平不高、企业发展水平参差不齐及体育用品类上市公司规模效应显著是中国体育上市公司发展的主要特征,未来亟需“扬长补短”,推进体育上市公司的差异化及个性化发展。③我国不同业态体育上市公司的市场份额和收益增长差异显著,其中体育用品类上市企业在相对市场份额和收益增长方面都要优于体育服务类企业,“先发优势”明显,体育服务类企业发展任重道远,收益增长质量较好的体育细分领域投资机会和发展潜力大。④中国体育上市公司的4个聚类类别与波士顿矩阵模型中的“金牛”“明星”“问题”及“瘦狗”等4个不同的企业类型体现出的特征总体契合,可依据不同的企业类型制定针对性发展战略。提出,金牛类企业要保持投入,业态拓展,减缓衰退;明星类企业要加大投资,业务聚焦,做大做强;问题类企业要合理布局,谨慎投入,市场先行;瘦狗类企业要降低投入,技术创新,产品转型等主要发展战略。
关键词:  体育产业  体育企业  波士顿矩阵  财务  发展战略
DOI:
基金项目:教育部人文社会科学基金项目(20YJC890006);湖北休闲体育发展研究中心基金项目(2021B028)
On the Development Strategy of Chinese Sports Enterprises under the BCG Matrix Model—— An Empirical Analysis Based on the Financial Data of 27 Representative Sports Listed Companies
FU Qun,HOU Xiang,HU Zhiting
(College of Physical Education,Hubei University,Wuhan 430062 ,China ;Center for Development of Sports Industry,Tsinghua University,Beijing 100084 ,China)
Abstract:
By using the methods of mathematical statistics and literature, based on the financial panel data of 27 representative sports listed companies from 2015 to 2019, focusing on the eight potential financial indicators that affect the “market share” and “revenue growth” of enterprises, combined with the BCG Matrix Model, this paper makes an empirical analysis on the development level of sports listed enterprises, and puts forward targeted development strategies according to different enterprise types. It is pointed out that: ① the BCG Matrix of sports listed companies is mainly determined by market share factor and income growth factor. Among them, the market share factor is determined by four financial indicators, including total assets, current assets, owner ’s equity and operating income, while the income growth factor is determined by four financial indicators, including net profit margin, operating profit margin, gross profit margin and return on net assets; ② The main characteristics of the development of listed sports companies in China are the low level of overall enterprise development and the uneven level of enterprise development and the significant scale effect of listed sports goods companies. In the future, it is urgent to develop strengths and make up for weaknesses and promote the differentiated and personalized development of listed sports companies. ③ There are significant differences in market share and revenue growth of listed sports companies in different formats in China. Among them, listed sports goods companies are superior to sports service companies in terms of relative market share and revenue growth. The “first-mover advantage” is obvious. The development of sports service companies has a long way to go, and the investment opportunities and development potential of sports segments with better revenue growth quality are great.④ The four clustering categories of Chinese sports listed companies are generally consistent with the characteristics of four different types of enterprises in the BCG Matrix model, including “Cash cow”, “Stars”, “Question mark” and “Dogs”, and targeted development strategies can be formulated according to different types of enterprises. It is proposed that “Cash cow” enterprises should maintain investment, expand business forms, and slow down the recession; “Stars” enterprises should increase investment, focus on business, and become bigger and stronger; “Question mark” enterprises should be reasonable layout, careful investment, market first; “Dogs” enterprises should adopt the main development strategies such as reducing investment, technological innovation and product transformation.
Key words:  sports industry  sports enterprises  BCG Matrix  finance  development strategy

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