CAJ | 학술논문

中国彩票业的销量已达到相当规模,并且保持高速增长的态势,但也存在不确定性,投资于彩票业上游产业的上市公司股票可以分享到因中国彩票业发展而取得的收益,同时也要承担相应的风险。文章通过研究某些外生重大事件对H股彩票板块类股票的市场表现的影响,考察彩票板块类股票的投资价值。我们发现上市公司涉足彩票行业能够为投资者带来正收益,投资者也会在短期内追捧相关上市公司的股票。对于负面消息的影响,相关上市公司股价的表现具有很强的敏感性。随着内地彩票行业政策、法律和法规日益规范,涉及内地彩票行业的股票具有投资价值,值得QDII基金尤其是小盘型基金关注,但投资者需要关注其中的政策性风险,谨防炒作。
중국채표업적소량이체도상당규모,병차보지고속증장적태세,단야존재불학정성,투자우채표업상유산업적상시공사고표가이분향도인중국채표업발전이취득적수익,동시야요승담상응적풍험。문장통과연구모사외생중대사건대H고채표판괴류고표적시장표현적영향,고찰채표판괴류고표적투자개치。아문발현상시공사섭족채표행업능구위투자자대래정수익,투자자야회재단기내추봉상관상시공사적고표。대우부면소식적영향,상관상시공사고개적표현구유흔강적민감성。수착내지채표행업정책、법률화법규일익규범,섭급내지채표행업적고표구유투자개치,치득QDII기금우기시소반형기금관주,단투자자수요관주기중적정책성풍험,근방초작。
Sales of lottery in China have reached a high scale and maintained a momentum of rapid increase,but not without uncertainties.Investment in the stock of listed companies concerning lottery will gain benefits owing to the development of the lottery in China and also suffer losses due to risks involved.This paper researches into the investment value of stock in lottery plate in H stock market by investigating the impact on the market behavior of stocks in lottery plate by outer incidences.We have found： Listed companies＇ dabbling lottery industry will bring net gain for investors and investors also will run after the stock of these companies in short run.The stock prices of these companies show great sensitivity to negative news.With increasing standardization of the policies and laws relevant to the lottery industry in China,stocks involving the lottery industry in China possess investment value and are worth being followed with interest by QDII funds,especially the small cap ones.However,investors should pay attention to the risk of relevant policies and guard against speculating.