职业体育联盟亏损帽政策的投资约束与竞争促进效果研究OACHSSCD

As a regulatory tool to control excessive club investment and to promote competitive balance in leagues,the loss cap policy has gradually been applied to the development of professional sports in China in recent years.This study systematically analyzes the applicable conditions and promotion effects of the loss cap policy by using game theory and static optimization methods.It finds that when punitive measures are very strict,the loss cap policy can limit club investment and promote competitive balance in leagues,but may also lead to a sharp decline in investment,game quality and league appeal;when punitive measures are relatively lenient,the loss cap policy can still limit club investment,but its impact on competitive balance depends on whether the cost of punishment is symmetric across clubs(i.e.,if costs are the same for all clubs,the policy can sustainably promote balance;if large clubs face lighter penalties due to greater financial strength,the policy effects may first improve and then deteriorate).Therefore,the study proposes the following policy recommendations:the penalty mechanism of the loss cap policy should avoid the"one-size-fits-all"ban,instead adopting flexible combinations of measures such as fines and point deductions,and set differentiated flexible caps based on club revenue.Furthermore,it is essential to ensure consistent and transparent rule enforcement and establish a dynamic evaluation mechanism to achieve long-term coordination of financial health,competitive balance,and game attractiveness.