江涵逸1，冯晓露2
(1.浙江师范大学 体育与健康科学学院，浙江 金华 321004；2.浙江大学 教育学院，浙江 杭州 310058)
摘 要：采用文献资料、专家访谈、实地调查等方法，基于体育PPP项目融资实践，探索体育场地设施金融支持创新的价值逻辑、制约因素与治理策略。研究解构我国体育场地设施PPP项目融资基本模式，并总结其创新价值逻辑：通过社会资本参与，实现公共体育场地设施融资依赖转向的多重赋能；通过SPV组建，以政治关联缓解体育场地设施风险性与流动性困局；通过多主体协同，以体育场地设施价值共创网络重构助推信用增级。研究认为，体育PPP项目融资存在宏观环境(PPP项目政策环境未稳定、体育金融体系不健全)、项目自身(价值平衡需求下的收益风险错配、主体增信效能与融资渠道有效供给不足、政治关联“双刃剑”效应)、关联方(关联方融资专业性多重约束、金融机构权利的结构性冲突)等层面的制约因素。基于此，提出体育场地设施金融支持创新的治理启示：重塑配套政策指引，加强制度精准保障；完善体育金融体系，拓宽产融合作渠道；加强金融机构权利保障，优化生产要素协同赋能；健全收益限制调控机制，强化风险匹配创新支持；鼓励体育空间融合再生产，推动场景金融生态圈嵌入。
关 键 词：体育产业；体育场地设施；金融支持；体育PPP项目融资
中图分类号：G80-05 文献标志码：A 文章编号：1006-7116(2026)03-0076-10
Innovative practice with financial support for sports venues and facilities based on the PPP project financing of sports
JIANG Hanyi1，FENG Xiaolu2
(1.School of Physical Education and Health Sciences，Zhejiang Normal University，Jinhua 321004，China；2.College of Education，Zhejiang University，Hangzhou 310058，China)
Abstract: Based on the practical evidence of the PPP project financing of sports, the paper explores the value logic, restricting factors, and governance strategies of financial support innovation for sports venues and facilities by using the methods of literature review, expert interview, and field survey. The research deconstructs the basic model of the PPP projects financing of sports in China and also summarizes the value logic of its innovation, namely through the participation of social capital, multiple empowerment has been achieved for transformation of financing dependence on public sports venues and facilities; through establishment of SPV, political connections are utilized to reduce the risk and liquidity issues of sports venues and facilities; through multi-subject collaboration, the credit enhancement has been promoted by reconstructing the value co-creation network with sports venues and facilities. The study holds that the PPP project financing of sports contain several constraints at different levels now, such as the macro environment (unstable policy environment of PPP project, incomplete sports financial system), project itself (the mismatch of returns and risks under the demand for value balance, the insufficiency of the subjects’ credit enhancement effectiveness and the effective supply of financing channels, the "double-edged sword" effect of political connections), and also related parties (multiple constraints on the related parties’ financing professionalism, structural conflicts of the financial institutions’ rights). Based on these above, the present study offers governance implications for financial support innovation in sports venues and facilities as follows: reshaping policy guidance and strengthening precise institutional guarantees; improving the sports financial system and broadening the channels for industry-finance cooperation; enhancing the rights protection of financial institutions and optimizing the collaborative empowerment of production factors; perfecting the mechanism for regulating returns and strengthening support for risk matching innovation; and also encouraging the reproduction of sports spaces on the basis of spatial fusion and promoting the embedding of scene finance ecosystem.
Keywords: sports industry；sports venues and facilities；financial support；the PPP project financing of sports