中文摘要：

根据国务院颁布的指导意见，体育用品业将不断做大做强，我国在世界体育用品业中的地位将进一步得到提升。体育产业的快速发展，离不开资金的推动，企业如何优化好资本结构，做大企业价值，业已成为一项很有现实意义的研究课题。本文基于面板数据，利用变系数固定效应模型，实证分析了经营绩效、行业规模和成长性对我国体育用品制造各子行业资本结构的影响。研究结果表明，在变系数下，经营绩效对各子行业资本结构的影响差异显著，对运动防护用具和训练健身器材制造子行业的资本结构不产生显著影响，与其余三个子行业的资本结构呈负相关；行业规模与成长性对各子行业资本结构的影响差异性较小。根据实证研究的结论，本文最后对体育用品各子行业资本结构的优化提出了合理的建议。

英文摘要：

According to the directive opinion of the State Council, sports requisites manufacture industry will continue to become bigger and stronger, the industry will further enhance its status in the world. Without the promotion of capitals, development of industry can not be realize. So how to optimize the capital structure of the enterprise and strengthen its value, has become a very practical significance of the study. An empirical analysis of the influence of operating performance, scale and growth in China＇s sports requisites manufacture industry on its capital structure by making use of variable--coefficient fixed effects model based on panel data is performed. According to the analysis result, in case of variable--coefficient, influence of operating performance on capital structure is of significance difference. Operating performance does not have significant effect on capital structure in sports protective appliances and fitness equipment industries, but takes negative correlation to the remaining three industries. Also, effect analysis of industry scale and growth on its capital structure is concluded with lack of difference. At the end of the article, according to the empirical research conclusion, the paper puts forward reasonable suggestions to optimize capital structure of sports industries.