Abstract: Taking the sports corporations listed during the period from 2006 to 2015 as samples, the study conductedan empirical test on the relationship between these corporations’ operation performance and their strategic positioning as well as the influence of market transformation on their operation performance. The findingsindicated that: listed sports corporations in China have different strategic positionings. Grouping test showed that as compared with the period from 2011 to 2015, listed sports corporations had dramatic changes in advertising investment, R&D investment, and government aids during the period from 2006 to 2010. The empirical test showed that advertising strategy and R&D strategy have great influence on listed sports corporations’operation performance, while gray strategy’s influence is not significant; listed sports corporations’ strategic positioning is not clear; market transformation reduces the influence of strategies on their operation performance, while strategic substitutional effect after market transformation is still obvious.

Key words: corporation strategy, market transformation, operation performance, strategic loss