金融学院知识库

2016至2020年5年间，中国共有26只各级足球职业联赛俱乐部破产清算，进入2021年以来，受疫情影响，中超各球队均有不同程度的财务危机。为促进职业足球联赛健康发展，《中国足球改革发展总体方案》（国办发〔2015〕11号）和《中国足球中长期发展规划（2016-2050年）》（发改社会〔2016〕780号）中均指出优化俱乐部股权结构要实行企业、政府和个人多元投资。广州足球俱乐部由于母公司恒大集团深陷债务危机，急需股权结构优化来维持俱乐部正常运营。

本文首先首先阐述了选题的研究背景及意义，重点介绍了股权结构对公司绩效的影响的相关研究，并梳理了足球俱乐部公司治理以及球迷信托的研究现状，给出了本文的创新点与不足。其次，概述了股权结构的含义以及相关理论，对国外股权结构优化经验进行了阐述，对广州足球俱乐部的股权结构、财务状况以及公司治理进行分析，提出广州足球俱乐部股权结构存在的问题，分析股权结构不合理对其产生的影响，接着根据上述分析结果，给出了优化思路：一是推行多元持股，二是建立球迷信托，并进入董事会和监事会参与管理。三是强化俱乐部监事会的职权，四是完善俱乐部经理人的激励约束机制，五是实现俱乐部所有权与控制权分离。最后，对实施效果进行了预估。

From 2016 to 2020, a total of 26 professional football league clubs at all levels in China went bankrupt and liquidated. Since the beginning of 2021, all CSL teams have suffered financial crises of varying degrees due to the impact of the epidemic.In order to promote the healthy development of professional football league, the Overall Plan for The Reform and Development of Chinese Football (State Office of Development[2015]No. 11)and the Medium and Long Term Development Plan of Chinese Football(2016-2050)(Development and Reform Society[2016]No. 780) point out that diversified investment of enterprises, government and individuals should be carried out to optimize the ownership structure of clubs.Due to the debt crisis of the parent company Evergrande Group, Guangzhou Football Club urgently needs to optimize its equity structure to maintain the normal operation of the club

This paper first describes the research background and significance of the topic, focuses on the impact of ownership structure on corporate performance, combs the research status of corporate governance of football clubs and fan trust, and gives the innovation points and shortcomings of this paper. Secondly, overview the meaning of equity structure and related theory, the experience of foreign equity structure optimization, the guangzhou football club ownership structure, financial performance and corporate governance is analyzed, then put forward the problems existing in the guangzhou football club ownership structure, analysis of the impact of ownership structure is not reasonable to its,then, based on the above analysis,The scheme design is as follows:one is to promote diversified shareholding; the other is to establish fan trust,and participate in the management of the board of directors and the board of supervisors.The third isto strengthen the power of the board of supervisors,the fourth is to improve the incentive and restraint mechanism of club managers,and the fifth is to realize the separation of ownership and control rights of the club.Finally,the implementation effect is estimated.