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中国户外运动上市企业财务竞争力的模型构建及综合评价——基于32 家代表性户外运动上市公司财务面板数据的实证分析

Model Construction and Comprehensive Evaluation of Financial Competitiveness of Chinese Outdoor Sports Listed Companies: Empirical Analysis Based on Financial Panel Data of 32 Representative Outdoor Sports Listed Companies

Leisure Sports and Health / 2025,5(1): 33-41 / 2025-07-29 16 14

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• Authors: 楚元
• Information:

  湖北大学体育学院，武汉
  

• Keywords:
  Outdoor sports industry; Outdoor enterprises; Financial competitiveness; Model construction; Empirical research
  户外运动产业; 户外企业; 财务竞争力; 模型构建; 实证研究
• Abstract: This article selects panel data from 32 outdoor sports listed companies in China from 2016 to 2022 to construct an indicator system for the financial competitiveness of outdoor sports listed companies in China. Through factor analysis, the financial competitiveness of outdoor sports companies is obtained. The study found that the main components of the financial competitiveness indicator system of outdoor sports listed companies in China are composed of profitability factors, debt-paying ability factors, growth ability factors, and operational ability factors; from the perspective of overall financial competitiveness, the financial competitiveness presents a “pyramid” structure, with a high concentration of top enterprises and a “polarization” in the industry; from the perspective of individual financial competitiveness, the overall situation shows an inverted “S” shape. The financial structure of top enterprises is balanced, while midstream enterprises have exposed significant growth and operational shortcomings, and the financial competitiveness of tail enterprises is seriously problematic. 本文选取我国32家户外运动上市公司2016—2022年的面板数据，构建我国户外运动上市公司企业财务竞争力的指标体系，通过因子分析，得出户外运动企业财务竞争力。研究发现：我国户外运动上市公司企业财务竞争力指标体系的主成分由盈利能力因子、偿债能力因子、成长能力因子、营运能力因子组成；从整体财务竞争力状况看，财务竞争力呈现“金字塔”结构，其中头部企业集中度较高，行业呈现出“两极分化”；从个体财务竞争力状况看，整体呈现出倒“S”型。头部企业财务结构均衡，中游企业暴露出成长与运营短板显著，尾部企业财务竞争力状况存在严重问题。
• DOI: https://doi.org/10.35534/lsh.0501006
• Cite: 楚元．中国户外运动上市企业财务竞争力的模型构建及综合评价——基于32家代表性户外运动上市公司财务面板数据的实证分析［J］．休闲运动与健康，2025，5（1）：33-41．