“足球股票上市热”的剖析与思考

自1991年曼联足球俱乐部股份有限公司股票上市，开创了世界足球股票上市之先河以来，世界足坛掀起了一场引人关注的“足球股票上市热”。我国虽也成立了足球俱乐部，但资金不足一直困扰着我国足球俱乐部。我国要借鉴世界职业足球俱乐部的经验教训，采用股份制的形式，寻求股票上市，募集稳定的资金，为中国足球的发展提供强有力的经济支持。     

足球俱乐部转会费的会计处理分析

以我国职业足球俱乐部为研究对象,从转会费买了什么、球员的会计定性、转会费的会计摊销不同角度对转会费这一项目进行详尽分析,旨在弥补国内此方面研究的不足,完善足球俱乐部的财务管理,进一步促进和控制足球运动员在俱乐部之间的流动,以推动我国足球事业的良性发展。     

对我国职业体育俱乐部融资的条件分析

本文运用文献资料、数理统计、逻辑分析、比较分析等方法,根据我国A股市场和我国香港特区二板市场对企业的上市程序和条件做出分析,就我国职业体育俱乐部在资本市场中上市融资的可行性做出判断,旨在从发展的角度来长期解决我国职业体育市场乃至俱乐部发展资金的问题。通过分析结果表明:目前职业体育俱乐部不具备在A股市场上市的条件;但部分俱乐部是符合我国二板市场和我国香港特区二板市场上市条件的,在其板块上市融资是可行的。     

足球界的“万达系”

积累足球人力资源才是正经事。一直颇有足球情结的王健林终于出手了,只是这一次他并没有选择一支国内俱乐部与广州恒大去将金元足球进行到底,而是将目标锁定在海外,王健林出资4500万欧元购买马德里竞技足球俱乐部20%股份,万达集团方面会有一人进入该俱乐部董事会。     

民营企业融资的探讨

我国民营企业的融资渠道主要有银行贷款、发行债券和股票上市。在股票上市方面，国有大中型企业比民营企业在政策扶植方面更具有优势。民营企业大部分是中小企业，在股票上市方面很难满足上市资格的要求。本文从分析民营企业融资难的现状出发，提出了解除民营企业融资难这一最大瓶颈的对策。     

足球文化商业化及其市场主体浅析

随着市场经济的飞速发展,足球文化已经逐渐向商业化靠拢,并形成了自己的市场主体。我国的足球商业化在近年来发展的趋势相对较好,很多地方都有一些足球俱乐部,其吸引了非常多喜爱足球运动的人。足球文化商业化有助于推动经济的发展,同时也可以弘扬足球精神。文章就足球文化商业化及其市场主体做了简要分析。     

学校足球俱乐部的发展现状与对策研究

介绍学校体育俱乐部的性质和特点，论述足球俱乐部在学校中的作用，最后对学校足球俱乐部的发展提出建议。     

中小板上市企业股票融资的地区差异与产业结构升级研究

本文首先对比我国东部和中部地区中小板上市企业在股票融资总额及三次产业分布间的地区差异,然后采用2006—2011年数据,分析我国东部和中部地区中小板上市企业股票融资对各地区产业升级的影响。实证结果表明,提高东部和中部地区中小上市企业股票融资水平能促进地区产业升级,而且中小企业股票融资对中部地区产业升级的影响远大于对东部地区产业升级的影响。在对这些结论进行深层次分析的基础上,本文就如何实现我国经济增长转型和产业结构优化升级提出了相应政策建议。     

巴塞罗那足球俱乐部在中国市场的品牌战略

作为世界上较为成功的巴塞罗那足球俱乐部,已经越来越重视在中国市场的品牌战略。但由于近几年巴塞罗那足球俱乐部在中国的商业比赛中没有获得较好的成绩,并且在具体活动中多次出现有损俱乐部品牌的不良行为,就导致其在中国市场中不能更好地开拓。本文主要对巴塞罗那足球俱乐部在中国市场的品牌战略进行深入研究,以期能够对品牌推广活动起到良好的指导作用。     

图解恒大足球奖金

在国家队层面,中国足球还未爬出历史低谷时,来自广州的恒大足球俱乐部正在创造许多奇迹。自许家印接手这家足球俱乐部4年来,在球队建设投入上就超过了10亿元,而且在主帅球员的身价以及奖金方面,可以秒杀许多“土豪”。     

What Drives European Football Clubs’ Stock Returns and Volatility?

The article studies the main determinants of European football clubs’ stock returns and volatility. A panel-data analysis of a sample of 24 European football clubs was conducted to test the influence of several variables, based on a matrix of internal/external and real/financial dimensions, on both stock returns and their volatility. The results show that clubs’ stock returns are influenced by the real and financial context and by a set of internal variables such as profit considered as a reflection of accounting discipline, capitalization as an indicator of size and stadium attendance as a proxy indicator of reputation. The volatility of stock returns seems particularly vulnerable to the overall instability on stock markets and dependent on clubs’ profit and net players’ transfers and, to a lesser extent, on sporting outcomes.     

Moving beyond fan typologies: The impact of social integration on team loyalty in football

Abstract

The purpose of this paper is to develop detailed insight into loyalty among football fans of Hibernian FC, moving beyond typologies to a more socially grounded approach. Issues explored include patterns of consumption, distinctions between fan groups, and antecedents of loyalty. The origins and development of the club are evaluated, and consumer fanaticism, football fan loyalty, consumption behaviour, and the sociological impact of fan communities are discussed. Data were collected using a variety of methods, including participant observation, in-depth interviews, and analysis of websites and fan forums. Key findings relate to the impact of family and community influences on loyalty, initial experiences of developing associations with the club, through to the impact of socialisation, and the lived experience of being a supporter. A supporter matrix is constructed as a portrayal of the loyalty found at the club. A range of theoretical implications is considered, and the matrix promoted as a tool for understanding loyalty in clubs with similar social structures and community connections.     

Influence of dividend tax policy tied to investment horizon on stock price stability: Evidence from the 2015 dividend tax reform in China

We examine how the dividend tax cut policy tied to the investment horizon enforced on September 8, 2015, influences stock price stability in China's A-share market. As the new dividend tax policy waives the tax on cash dividends for investors holding a stock for more than a year, it encourages long-term investment behavior. From 2013 to 2017, we find that stock turnover, return volatility, and turnover volatility decrease after the policy enforcement, especially for stocks with high dividend yields. This result shows that dividend tax reforms increase investors' stock investment horizons and help stabilize the market. However, our findings demonstrate that stock crash risk increases after policy enforcement. Further analysis shows that earnings management through real activities manipulation for stocks with a higher dividend yield contributes to an increase in stock crash risk. Therefore, one externality of the dividend tax cut policy tied to the investment horizon is that top managers of firms with a higher dividend yield may take advantage of investors' passive longer-term investment behavior and engage in more earnings management. This result suggests that regulatory agencies should pay attention to top managers' earnings management behavior after enacting policies that encourage long-term investment.     

Fußball-Bundesliga: Zentralvermarktung und Beihilfen fördern Dominanz einzelner Clubs

In order to maintain competitive balance and uncertainty of outcome, professional sports leagues have developed several kinds of distribution mechanisms. For example, in Germany one of these is the collective selling of television rights for football matches by the league organisation, which enables the league to share television revenues. In this article it is argued that central marketing and sharing of television revenues in German football does not enhance competitive balance among members of the Bundesliga but rather leads to a lesser degree of competitive balance and thus less uncertainty of outcome in the league. Because public broadcasting stations pay for television rights from which some clubs profit more than others, it can be seen as illegal state aid for these clubs.     

Investigating the Influence of a Joint Sponsorship of Rival Teams on Supporter Attitudes and Brand Preferences

The sponsorship of football is a multi‐million pound industry. Sponsors hope that supporters' enthusiasm for their team will translate into long‐term benefits for the sponsor. However, the intensity of team rivalry means that a sponsorship may also alienate opposing supporters. The rival Glasgow clubs, Celtic and Rangers, therefore undertook a joint sponsorship arrangement with the communications company NTL. This paper investigates how the benefits obtained compared to those that may have been expected from a single sponsorship. While the sponsorship was very effective in creating awareness for NTL, ambivalent attitudes were found towards the company. The most committed supporters were the least accepting of the sponsorship and the expected positive relationship between support for the club and brand preference for NTL was not found.     

供应链不确定性与安全库存研究

供应链不确定性的存在不可完全避免。解决供应链上不确定性的主要立足点是:在供应链系统集成的基础上设置必要的安全库存。在这个解决方案的指导下,通过对供应链及其目标和供应链库存管理目标的了解,找出供应链不确定性产生的原因及其与安全库存之间的关系,再通过模型对在供应链系统集成基础上的安全库存进行具体研究,从而得出研究结论。     

二元股权结构下的流通权定价理论与应用

中国股票市场流通制度的缺陷是市场系统性风险的根源所在,出路在于股票市场非流通股的全流通。全流通成功的关键在于合理确定全流通的股票价格。必须依据一个基本的定价模型,以此来逐步解决股票市场的全流通问题。     

股指期货如何影响股市稳定性?——对全球主要市场的三角度实证检验

以全球多个市场作为实证检验对象,从股市波动率变化、系统风险变化以及股市正反馈交易行为影响三个角度,分析股指期货市场稳定作用的含义,即对股市波动的影响及其作用表现,较为全面地解读股指期货的市场稳定作用。研究发现:三个角度都支持股指期货的市场稳定作用;而抑制正反馈交易的作用最为基础、直接和显著,是股指期货市场稳定作用的更为恰当的判断标准。     

Stock Returns,Productivity, and Corruption in Eight European Fast-Emerging Markets

This article addresses the impact of productivity, corruption, and trade openness on the stock returns of 265 industrial companies listed in eight Eastern European fast-emerging markets, over the 2004-2013 period. Through a three-factor model that includes both measures at firm level and macro-level control variables, our findings suggest that country corruption index is negatively correlated with the total annual return of the stocks of the listed industrial companies of our sample. Moreover, the most productive firms are featured by higher stock returns, while leverage seems not to be a key predictor of stock returns. In addition, the article uncovers innovative evidence about trade openness that is negatively correlated with stock returns due to its connection with the recent financial crisis. That is, firms operating in markets that are more open to trade show a higher degree of interconnection with other economies and are more likely to undergo the effects of negative fluctuations from foreign markets during the economic crisis. © 2015 Wiley Periodicals, Inc.     

Why is Manchester United So Successful?

Football is now a big industry worth studying in its own right: but it is also an excellent laboratory for studying success. The author argues that this is partly because, in contrast to say, American Football, there is less equalisation of resources between the clubs and English football is a highly competitive market. This article discusses one of the most successful clubs ever and argues that the reasons behind its success do not characterise football generally. It discusses how the different kinds of success in the English football industry are related to business success generally.