基于DEA-Tobit模型的我国体育产业金融支持效率测度及影响因素研究

体育企业作为新兴产业之一，其发展需要强有力的金融支持。基于2015—2018年体育产业领域上市公司和新三板挂牌企业数据，运用DEA模型，对我国体育产业的金融支持效率进行测算。研究发现，2015-2018年，体育产业的金融支持效率先降后升；A股市场和新三板市场中，中部或中西部金融支持效率相对较高；A股市场的股权融资作用更大，在新三板市场债权融资的金融支持效率更高。进一步，采用Tobit模型实证检验我国体育产业金融支持效率的影响因素。研究结果表明，公司所有制形式、公司规模与金融支持效率显著正相关；宏观经济风险、股权制衡度对金融支持效率并未产生显著影响。

Measurement and Influencing Factors of Financial Support Efficiency of Sports Industry in China Based on DEA-Tobit Model

As one of the emerging industries, the development of sports enterprises needs strong financial support. Based on the data of A-shares Market and the Chinese NEEQ-listed companies in the field of sports industry in 2015-2018, this paper used DEA model to measure the financial support efficiency of China's sports industry. It was found that from 2015 to 2018, the financial support efficiency of the sports industry first decreased and then increased. In the A-share market and the Chinese NEEQ Market, the financial support efficiency of the central or central and western regions was relatively high. The equity financing role of the A-share market was greater, and the financial support efficiency of debt financing in the Chinese NEEQ Market was higher. Furthermore, Tobit model was used to test the influencing factors of financial support efficiency of China's sports industry. The results showed that the form of ownership, the size of the company and the efficiency of financial support were positively correlated, while the macro-economic risk, the degree of equity balance and the efficiency of financial support were not statistically significant.