| Through the research on the literature and theory of stock and lottery relationship at home and abroad,this paper makes a detailed theoretical analysis of the interaction effect between China's stock market and lottery market from the perspective of market,investor and subject matter from the perspective of behavioral finance.On this basis,the per capita turnover of stocks and the per capita sales of all types of lottery tickets are taken as research objects,and a structured simultaneous equation model is established.In order to further study the relationship between the stock market and various types of lottery tickets,the lottery tickets are divided into sports lottery tickets and welfare lottery tickets according to the issuer.In addition,according to the characteristics of each color class,the lottery tickets are divided into quiz-type lottery tickets and other lottery tickets(except for the contest type).All lottery tickets,other lottery tickets(all lottery tickets except the quiz type lottery ticket in the sports lottery).Combined with empirical analysis,the following conclusions are drawn: Regarding the influence of stocks on lottery tickets,this paper finds that stocks have a positive impact on all lottery tickets except the quiz type lottery.The stock trading amount can measure the investors who sell stocks,and they compare with the stocks sold.The amount of funds available before was increased.If they are profitable,confidence and risk appetite will increase,and lottery sales,which are also risk products,will increase.If they lose money in the stock market,they will feel frustrated,and the possibility of fear or distrust of the stock market and then choose other channels to enhance personal wealth will increase.The lottery can quickly reverse the loss of wealth at a small cost,and the lottery will naturally become They choose one of the set options.Stocks have a negative impact on the quiz-type lottery.The quiz-type lottery is not only similar in the market and the buyer and the stock,but also closer to the stock on the target.To a certain extent,the buyer will categorize the stock and the quiz-type lottery.Class products,and the two are alternative relationships;regarding the impact of lottery on stocks,this paper finds that the quiz lottery has a negative impact on the stock market,while other types of lottery have a significant positive impact on the stock market.From the perspective of the degree of influence,the effect of the stock market on the lottery is obviously stronger than the effect of the lottery on the stock.Stocks occupy a greater advantage not only in terms of market size but also in terms of attention.Although lottery sales are also increasing at a high rate,the gap is still large relative to stocks with larger volume.Therefore,regardless of consumer spending,social impact and market size,the Chinese lottery market is inferior to the stock market.This paper also confirms that stocks play a greater role in lottery from an empirical perspective.Combining the theoretical and empirical results,this paper proposes policy recommendations to improve the stock market mechanism and strengthen investor education,the timely innovation of the lottery issuer,and the quiz-type lottery to increase the anti-stock market propaganda. |
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