超额收益越高。且促进作用东京奥运会小于北京冬奥会小于西安全运会。
基于 5G技术的成熟运用，企业本土性因素未表现出对股价超额收益的显
著影响作用。此外，东京奥运会赞助商企业股价超额收益受到重复赞助行
为的正面影响。
最后，根据以上结论在政府层面，赞助商层面以及投资者层面提出建
议并指出了本文的局限性和进一步研究方向。其中政府需做好疫情防控工
作，为体育赛事举行构建一个安全的外部环境，赞助商可结合企业特征采
取差异化的赞助策略以追求自身利益最大化，投资者应合理选择投资对象
以获得股价超额收益。
关键词：新冠疫情；体育赞助；大型体育赛事；超额收益；事件研
究法
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Abstract
Since the outbreak of the COVID-19, the normal holding of domestic and
foreign sporting events has been affected. The 2020 Tokyo Olympics have been
postponed to 2021, and the 2022 Beijing Winter Olympics will not be open to the
overseas. Sponsorship spending drops globally, And China will host many large-
scale sporting events from 2022 to 2025. Based on these circumstances, Starting
from a micro perspective, this paper selects the Tokyo 2020 Olympics, the 2021
Xian national games, and the 2022 Beijing Winter Olympics as research events.
And takes the stock prices of companies sponsoring three large-scale sporting
events as research subject to calculate stock price abnormal returns according to
event study methods. Besides, this paper explores influencing factors from
enterprise’s compatibility and event quality and examines the moderating effect
that the factor brings by regarding the event scale as heterogeneity factor.Here are
the conslusions:
Firstly, the abnormal returns are significantly negative, and there are
differences in abnormal returns between events. Within three aspects compared:
(1) the fluctuation trend of the cumulative average abnormal returns within the
event window; (2) the significance of the cumulative average abnormal returns
on the event day; (3) the value of the cumulative average abnormal returns. In
general, the stock prices of Tokyo Olympic sponsors were most affected by the
COVID-19, followed by the Beijing Winter Olympics, and the Xian national
games the least.
Secondly, the abnormal returns are significantly affected by enterprise
compatibility factors.This paper selects the enterprise scale, sponsorship level,
enterprise product compatibility, enterprise locality, and repeated sponsorships
from the perspective of the compatibility and the quality of the event as
explantory variables and control variable.Under the full sample, the abnormal
returns of the stock price are positively affected by the scale of the enterprise.And
are "U-shaped" with the sponsorship level. The abnormal returns of the stock
price decrease firstly and then increase with the increase of the sponsorship level.
Thirdly, the scale of the event has a moderating effect. According to the
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heterogeneity of the event scale, the sub-sample regression is used to examine the
moderating effect of the event scale on the abnormal returns. Among them,
enterprise scale and enterprise product compatibility have positive effect on
abnormal returns of stock price in three groups of samples. The promotion effect
of the Tokyo Olympics is the smallest.And the effect of Beijing Winter Olympics
is the second. Based on the mature application of 5G technology, in the process
of event sponsorship, the influence of corporate local factors on the abnormal
returns of stock prices is no longer significant.In addition, abnormal returns of
Tokyo Olympic games are positively affected by repeated sponsorship behavior.
Finally, based on the above conclusions, suggestions are made at the
government level, sponsor level and investor level.And limitations of this paper
and further research directions are pointed out. Among them, the government
needs to do a good job in COVID-19 prevention and build a safe external
environment for sports events to be held. Sponsors can choose differentiated
sponsorship strategies based on corporate characteristics to maximize their own
interests.Investors should choose investment targets reasonably to obtain
abnormal return of stock price.
Key words: COVID-19; Sports sponsorship; Large-scale sporting
events; Abnormal returns; Event study
IV
。。。以下略