Impact of the Establishment of National Sports Industry Demonstration Bases on the High-quality Development of Sports Listed EnterprisesBased on the Perspective of Quasi-natural Experiment

This study employs the staggered difference-in-difference model to identify and test the net effect of the establishment of national sports industry demonstration bases policy on the high-quality development of sports listed enterprises and its underlying mechanisms. The research reveals that there is a time lag in this policy, and its positive marginal effect gradually appears over time. The mechanism test indicates that this policy primarily operates through the empowering effect in areas such as technological innovation, talent allocation, credit financing, and cost reduction, thereby facilitating the high-quality development in sports listed enterprises. The heterogeneity analysis shows that the high-quality development effect of this policy varies significantly due to the different internal and external attributes of enterprises, and it has little substantive impact on the high-quality development of the sports enterprises located in the central or western regions or the areas with lower marketization level, as well as those enterprises with non-state-owned property rights, non-capital intensive or with small or medium size. The conclusion of this study not only provides decision-making reference for the adjustment and optimization of China's sports industry policy, but also has important practical revelation significance for further building the foundation of a strong sports country and striving to realize sports modernization.