Microsoft Word lina 's topic

 
 
 
 
 
9 
2.0 
Introduction 
9 
2.1 
Review 
of 
the 
Literature 
9 
2.1.1 Stock market development and the role of banks in China
9 
2.1.2 
Bank 
stock 
returns 
10 
2.1.3 The impact of inflation on bank stock 
returns 
12 
2.1.4 The impact of exchange rate on bank stock returns
14 
2.1.5 The impact of money supply on bank 
stock 
returns 
16 

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2.1.6 The impact of interest rates on bank stock returns
18 
2.2 
Conclusion 
21 
Conceptual Framework
22 
 
Chapter 
3 
Data 
and 
Methodology 

 
 
 
23 
3.0 
Introduction 
23 
3.1 
The 
data 
23 
3.2 
Methodology 
23 
3.3 
Expected 
result 
28 
3.4 
Conclusion 
28 
 
Chapter 4 Data Analysis
 
 
 
 
 
 
 
 
 
 
 
29 
4.0 
Introduction 
29 
4.1 
Descriptive 
Analysis 
29 
4.2 
Empirical 
Results 
40 
4.2.1 
Correlation 
Analysis 40 
4.2.2 
Regression 
Analysis 
45 
4.2.2.1 Impact of Macroeconomic Variables on Banking Industry Stock Returns 45 
4.2.2.2 Impact of Macroeconomic Variables on Shanghai Exchange Stock Returns 46 
4.2.2.3 Impact of Macroeconomic Variables on Shenzhen Exchange Stock Returns 48 
4.2.2.4 Impact of Macroeconomic Variables with Control Factor MRSH on Banking 
Industry 
Stock 
Return 49 
4.2.2.5 Impact of Macroeconomic Variables with Control Factor MRSZ on Banking 
Industry 
Stock 
Return 51 
Chapter 
5 
Summary 
Discussion 
and 
Conclusion 54 
5.0 
Introduction 
54 
5.1 
Summary 54 
5.2 
Limitations 
of 
Study 
55 

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5.3 
Recommendations 
and 
Future 
Research 
56 
5.4 
Conclusions 
57 
 
References 
58 

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ix
LIST OF TABLES 
Table 
1. Descriptive Information of Macroeconomic factors impacting stock returns 
42 
2. Average monthly R, MRSH, MRSZ and INF for each year 
44
3. Average monthly R, MRSH, MRSZ and EX for each year 
46
4. Average monthly R, MRSH, MRSZ and MS for each year 
48 
5. Average monthly R, MRSH, MRSZ and INT for each year 
50 
6. The correlation between INF, EX, MS, INF in the model (1) 
53 
7. The correlation between INF, EX, MS, INF in the model (2) 
54 
8. Correlation between INF, EX, MS, INF in the model (3)
55 
9. The correlation between MRSH, MRSZ, INF, EX, MS, INF 56 
10. The results of the GLS estimation about the impact of macroeconomic factor on 
the 
banking 
industry 
stock 
return 
(R) 
59 
11. The results of the GLS estimation about the impact of macroeconomic factor on 
the MRSH 
61 
12. The results of the GLS estimation about the impact of macroeconomic factor on 
the MRSZ 
63 
13. The results of the GLS estimation about the impact of both macroeconomic factor 
and MRSH on the banking industry stock 
return 
(R) 
66 
14. The results of the GLS estimation about the impact of both macroeconomic factor 
and MRSZ on the banking industry stock 
return 
(R) 
69

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