本文選題：體育賽事 + 贊助商�。� 參考：《上海師范大學》2013年碩士論文

【摘要】：近年來,隨著各項賽事在我國的一一舉行,大型國際體育賽事在中國受到的關(guān)注度和追捧度越來越高。倫敦奧運會的舉行,又進一步點燃了國人對于體育運動的熱情,也引起了觀眾對于奧運會贊助商的關(guān)注。目前,企業(yè)贊助已經(jīng)成為大型國際體育賽事不可或缺的資金和物資來源之一。企業(yè)希望通過投放巨額的贊助費用,能夠使企業(yè)價值、品牌知名度、企業(yè)的績效等得到提升。然而,企業(yè)通過贊助是否真正達到了預期的效果,最近頻頻爆出的體育賽事贊助商收不抵支的新聞給出了答案,并引人深思。因而,對企業(yè)贊助大型體育賽事的收效進行科學合理的評估是非常必要并有意義的。本文希望通過對贊助效果的實證分析,為企業(yè)贊助大型體育賽事收到的效果進行衡量并提供一些參考性建議,同時也希望能夠為體育贊助市場的理性回歸做出貢獻。對企業(yè)的贊助效果進行評估,應該選擇一個科學的方法進行衡量。由于企業(yè)價值、品牌知名度等很難進行量化分析,本文試圖通過考察贊助企業(yè)在資本市場上的績效變化來衡量企業(yè)的贊助效果。在一個有效的資本市場,所有的信息在股市中都有很好的體現(xiàn)。因而可以通過選擇較為發(fā)達的H股股票市場來衡量企業(yè)贊助大型國際體育賽事的效果。 本文用事件研究法分析了贊助過北京奧運會、廣州亞運會、深圳大運會和倫敦奧運會的企業(yè),在簽約成為賽事的正式贊助商和相關(guān)賽事開幕時,其股票市場上的反應。在衡量贊助企業(yè)股票市場上反應時,主要通過平均異常收益率和平均累積異常收益率這兩個指標來進行衡量。同時,還結(jié)合了流動性、成交量、波動性這三個指標。經(jīng)過計算發(fā)現(xiàn),無論是獲得贊助權(quán)期間還是相關(guān)賽事開幕期間,贊助企業(yè)的平均異常收益率均不顯著,在0附近上下小幅波動。且贊助企業(yè)在公告日和開幕日期間,都獲得了負的平均累積異常收益率,并且這一平均累積異常收益率的絕對值隨著時間的積累逐漸增大。從贊助企業(yè)獲得贊助權(quán)公告日的前20天起,市場已經(jīng)有了負面的反應,并且對企業(yè)績效造成了持續(xù)的影響。而賽事開幕期間,則是從開幕日之后,市場才有了負面反應。這表明贊助企業(yè)在獲得贊助權(quán)的公告日之前,市場已經(jīng)有了負面預期,從而說明企業(yè)獲得贊助權(quán)的消息在公告日之前已經(jīng)泄露。通過流動性、成交量、波動性的計算,可以得出贊助大型體育賽事并未提升甚至損害了企業(yè)價值,因為企業(yè)的三個指標都有不同程度的惡化。且企業(yè)在贊助過程中存在學習效應,后邊賽事對企業(yè)的影響有所改善。 實證結(jié)果表明企業(yè)花費大量的人力、物力及財力去贊助大型體育賽事,并非是市場非常認可的行為,企業(yè)在進行體育贊助營銷時應注意量力而行,謹慎投資。
[Abstract]:In recent years, with the holding of all kinds of events in China, the attention and popularity of large-scale international sports events in China is increasing. The London Olympic Games further ignited the enthusiasm of the Chinese for sports and attracted the attention of the audience to the sponsors of the Olympic Games. At present, corporate sponsorship has become an indispensable source of funds and materials for large international sporting events. Enterprises hope to increase their corporate value, brand awareness and corporate performance by putting in huge sponsorship fees. However, whether corporate sponsorship really achieved the desired results, the recent frequent news that sports sponsors have not overpaid has given an answer, and is thought-provoking. Therefore, it is necessary and meaningful to evaluate the effect of large-scale sports events sponsored by enterprises. Through the empirical analysis of sponsorship effect, this paper hopes to measure and provide some reference suggestions for enterprises to sponsor large-scale sports events, and also hope to contribute to the rational return of sports sponsorship market. To evaluate the effectiveness of corporate sponsorship, we should choose a scientific method to measure it. Due to the difficulty of quantitative analysis of corporate value and brand popularity, this paper attempts to measure the sponsorship effect by examining the performance changes of sponsored enterprises in the capital market. In an efficient capital market, all information is well represented in the stock market. Therefore, we can choose the more developed H share stock market to measure the effect of corporate sponsorship of large international sports events. This paper analyzes the reaction of the enterprises that sponsored the Beijing Olympic Games, the Guangzhou Asian Games, the Shenzhen Universiade and the London Olympic Games on the stock market when they signed up to become the formal sponsors of the events and the opening of the related events. When measuring the reaction of sponsored enterprises in the stock market, it is mainly measured by the average abnormal rate of return and the average cumulative abnormal rate of return. At the same time, also combined with liquidity, volume, volatility these three indicators. It is found by calculation that the average abnormal rate of return is not significant during the period of the sponsorship right or the opening period of the related events, and fluctuates slightly around zero. During the period of the announcement day and the opening day, the sponsors get negative average cumulative abnormal return rate, and the absolute value of this average cumulative abnormal return rate increases gradually with the accumulation of time. Since the first 20 days of the sponsorship right announcement, the market has had a negative reaction and has a lasting impact on corporate performance. And the event opening period, is from the opening day, the market only then has the negative reaction. This indicates that sponsors had negative expectations ahead of the announcement date, indicating that the news of the sponsorship had leaked before the announcement. Through the calculation of liquidity, volume and volatility, it can be concluded that sponsorship of large sports events does not enhance or even damage the value of enterprises, because the three indicators of enterprises have different degrees of deterioration. And there is a learning effect in the sponsorship process, and the influence of the latter events on the enterprise is improved. The empirical results show that enterprises spend a lot of manpower, material and financial resources to sponsor large-scale sports events, is not a very recognized market behavior, enterprises should pay attention to sports sponsorship marketing, careful investment.
【學位授予單位】：上海師范大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：G812.2;F832.51;F224

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