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2.2 Conclusion Previous literature done by previous researchers has provided us a space to be more understand on the relationship between some of macroeconomic variables and stock returns and the impact of macroeconomic variables on stock market return, so according to the previous literatures, this study chooses these four macroeconomic variables to examine that whether these four variables can impact the banking industry stock return in Chinese stock market. Hence, the conceptual framework is set as below: four macroeconomic variables are inflation rate, exchange rate, money supply and interest rate which are the independent variables, it will investigate the impact of each variable on the banking industry stock return. And the study employs market returns which from Shanghai market return and Shenzhen market return as control variables to examine when put the market return be the control variable, then the macroeconomic variables have the impact to the banking industry stock return or not. And each variable has the literature supporting, but until now, this study cannot find out any literature study on the Shenzhen stock market return. So the study sets the conceptual framework as below: 22 Conceptual Framework Macroeconomic Factors 1. Inflation Rate Tan and Floros (2012) Gultekin (1983) 2. Exchange Rate Choi, Elyasiani and Kopecky,1992 Joseph and Vezos, 2006 3. Money Supply 2 Zatul and Mohamed, 2007 Muradoglu and Metin,1996 4. Interest Rate Yourougon,1990 Zhu and Li, 2007 Control factor 1. Market returns ¾ ShangHai Market return Wang, 2011 ¾ ShenZhen Market return Banking industry stock return |
