摘要
体育产业作为我国国民经济增长的新动力,对提升经济总量的重要性日益凸显。本文选取58家在上海证券交易所、深圳证券交易所、中国香港证券交易所上市的体育产业上市公司2016—2021年面板数据为研究对象,运用固定效应回归检验营销投入对经营绩效的影响,运用调节效应检验的方法探索高管激励在体育产业上市公司营销投入与经营绩效之间的调节作用。结果表明,第一,体育产业上市公司当期营销投入与当期经营绩效显著负相关;第二,营销投入对经营绩效的影响有一定滞后效应;第三,股权激励和薪酬激励均可正向调节营销投入对经营绩效的影响。可见,体育产业上市公司在制定发展规划时,应将营销投入摆在重要位置,招募更多有体育行业工作经验的营销人才,同时要建立科学的高管激励方案,减少由于委托代理问题对公司经营绩效的不利影响。
As a new driving force of China’s national economic growth, sports industry plays an increasingly important role in improving economic aggregate. This article selects 58 in 2016-2021 on the Shanghai stock exchange listed on the China Hong Kong stock exchange, Shenzhen stock exchange, the sports industry companies as the research object, using the fixed effects regression test marketing investment to the influence of operating performance, and the moderating effect test was used to explore the moderating effect of executive incentive on the relationship between marketing investment and business performance of listed companies in sports industry. The results show that, firstly, marketing input in the current period is significantly negatively correlated with current operating performance of listed companies in sports industry;secondly, marketing input has a certain lag effect on operating performance;thirdly, both equity incentive and compensation incentive can positively moderate the impact of marketing input on operating performance. Therefore, when making development plans, listed companies in the sports industry should put marketing investment in an important position, recruit more marketing talents who have work and operation in the sports industry, and establish scientific incentive plans for senior executives to reduce the adverse impact of principal-agent problems on the company’s business performance.using the adjustment effect research executive incentive effect on the regulation of the above relations, including the equity incentive and salary incentive. It is found that the marketing input of listed companies in sports industry has a certain lag effect on the impact of business performance, and both equity incentive and compensation incentive can positively adjust the impact of marketing input on business performance.
作者
田申
段娟娟
殷晓兰
TIAN Shen;DUAN Juan-juan;YIN Xiao-lan
出处
《哈尔滨体育学院学报》
2022年第5期28-35,共8页
Journal of Harbin Sport University
基金
2021年安徽省教育厅人文社科重点项目(编号:SK2021A0414)。
关键词
体育产业上市公司
营销投入
经营绩效
高管激励
Sports listed company
Marketing input
Executive incentive
Business performance
