Evaluation Of The Performance Of China Lottery Related Companies And Research Of The Influencing Factors

With the rapid growth of lottery sales,Lottery-related business was being popular with other companies for a long time.Since November 25, 2004, Beiren Machinery Co., Ltd. involved in the lottery industry producing high-grade printing machine, more and more non-core lottery company, have also involved in the lottery industry.This behavior caused the stock price soared, and then sought after by investors. Therefore, the research of companies involved in the lottery industry is particularly important. In this paper, we evaluated the performance of the companies involved in the lottery industry, not only revealed the influence of companies involved in the lottery industry in the external market level, but also of their impact in the business aspects of the company, which is also important to the investors and regulatory authorities.From the existing literature, our current study of other companies involved in the lottery industry, mostly concentrated in the theoretical part, lacking of systematic research. In order to analysis the relationship between corporate performance and involving in the lottery industry, and also to rich literature on relevant aspects, this paper applies the theoretical border business, market power theory, the theory of synergy, event study, factor analysis, multivariate statistical analysis and panel data model, to research it.In this paper, firstly, we selected the companies involved in the lottery industry between January 1, 2000 to April 30, 2015, the beginning of the time of this paper, as samples. Then using the event study to research the announcement effect, and multivariate statistical analysis to research the factors. Also using the factor analysis to research the performance, and panel data model to research the factors.The results showed that: to get involved in the lottery industry can make positive market effect in the short term, and this positive market effect is involved in injecting asset quality and model.There was a significant increase after the lottery industry to get involved in corporate performance, this increase in operating performance have a significant negative correlation with the ownership companies. Based on the above, we propose the strict implementation of the relevant approval system involved in the lottery industry, to strengthen corporate equity injection and asset assessment and management policy recommendations.