Empirical Test of Sports Policy Documents on Short-term Effect of Sports Capital Market——Take 23 Listed Sports Companies as an Example
This paper empirically tests the short-term effect of sports policy documents on the sports capital market and the effectiveness of the release of sports policy documents on the capital market through the method of literature,event research and mathematical statistics.Through the empirical test,it is found that the introduction of relevant sports documents will promote the stock price of relevant listed companies in the sports capital market to increase,expand the market value,increase the capital market value,and obtain a relatively higher average cumulative excess return(CAAR)than other indexes in the same period.This phenomenon has a certain continuity and shows a significant effect.In particular,the"13th Five-Year Plan"for the development of the sports industry,the"Guide to the Construction of the Sports Standard System(2018-2020)"and the"Outline for the construction of a powerful sports country"three documents have performed significantly.In terms of sustainability,the document"Several Opinions on Accelerating the Development of sports industry and Promoting sports consumption"has a sustained impact on the sports capital market.At the same time,sports policy will also have a certain short-term negative impact on the sports capital market.
policy evaluationevent study methodsports capital marketshort-term effect
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