Research on the Sponsoring Performance of Chinese Enterprises to Domestic Sports Mega Events Based on ESM

This paper researches the sponsoring performance of Chinese enterprises to domestic sports mega events by Event Study Methodology.We investigate if there exists abnormal return in stock price and if it does then what factors matter when enterprise signing the sponsorship contract of relative sports events.The paper concerns 43 Chinese enterprises and 57 stocks listed in China mainland and Hong Kong stock market, including 71 times higher-than-supporter sponsorships of 12 sports events held or will be held in China.We find out that Chinese enterprise achieved positive performance by sponsoring sports events;the performance increase with the level of sport event and economics of holding place, and decrease with the level of sponsorship;enterprises locating in the holding place achieve higher performance and the sponsoring activities should be conducted 9 months before the events held;factors below do not significantly matter the performance, which includes the holding season, property rights and whether the primary business of enterprises concerning sports industry, times of enterprises sponsoring and numbers of other sponsoring enterprises sharing the same primary business in the same event;there exist shortrun speculating for the event of sponsoring in China mainland stock market.