体育产业上市公司政府补助与经营绩效关系研究——基于股权集中度的调节效应检验

体育产业作为我国支柱产业之一，在提升经济总量、改善经济质量和促进社会就业等方面地位极其重要。以48家体育产业上市公司2011—2018年面板数据作为研究对象，运用固定效应回归方法及调节效应检验研究政府补助与经营绩效之间的关系及股权集中度对上述关系的调节作用。研究结果表明：政府补助与经营绩效显著正相关且存在一定的滞后效应，政府补助对企业绩效的影响随着时间的积累逐渐增强；股权集中度与经营绩效显著正相关，股权集中度可正向调节政府补助对企业经营绩效的影响。体育产业上市公司应合理利用政府补助的经营绩效提升作用，利用自身资源优势及投资机会以实现健康可持续发展。

Research on the Relationship between Government Subsidies and Business Performance of Listed Sports Companies: Adjustment Effect Test Based on Ownership Concentration Degree

As one of pillar industries in China, sports industry is extremely important in promoting the economic aggregate, improving the economic quality and promoting social employment. In the paper, the panel data of 48 sports industry listed companies from 2011 to 2018 were taken as the research object, and the relationship between government subsidies and business performance and the moderating effect of ownership concentration degree on the relationship were tested by the multiple linear regression and moderating effect. The research finds that: there is a significant positive correlation between government subsidies and business performance and there is a certain lag effect, and the impact of government subsidies on enterprise performance gradually increases with the accumulation of time; there is a significant positive correlation between ownership concentration and business performance, and the ownership concentration positively moderates the impact of government subsidies on business performance. The listed companies of sports industry should reasonably take advantage of the role of government subsidies in improving their business performance and make use of their own resource advantages and investment opportunities to achieve healthy and sustainable development.