POLICY-ACTIVATED SUSTAINABLE FINANCIAL PERFORMANCE FOR HIGH-QUALITY DEVELOPMENT OF SPORTS INDUSTRY
Keywords:
Sports industry high-quality development, Sustainable financial performance, Multi-period DID, Quasi-natural experiment, Sports consumption pilot cityAbstract
Taking the sports consumption pilot city policy as a quasi-natural experiment, this paper focuses on the high-quality development of the sports industry and constructs a sustainable financial performance comprehensive index of sports enterprises from four dimensions including profitability, growth capacity, debt-paying capacity and operational efficiency by using the entropy-weight-TOPSIS method. Based on the panel data of A-share sports-concept listed companies from 2016 to 2025, this paper adopts the multi-period difference-in-differences model to quantitatively identify the net policy effect. The empirical results show that the sports consumption pilot policy significantly improves the sustainable financial performance of sports enterprises, with an average promotion effect of 5.2 %. Parallel trend test verifies that the policy effect gradually emerges after policy implementation. Benchmark regression results remain valid after multiple robustness tests including PSM-DID, placebo test, variable replacement and sample elimination. This study provides micro-level empirical evidence for evaluating the implementation effect of sports consumption pilot policy, and offers decision-making reference for promoting the high-quality development of the sports industry.References
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