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1、-------AbstractTheoperationofChina'ssecuritiesmarketandthereturnofthestockshave
far-reachingsignificancetotherationalallocationofresources.Undertheimpactof
variousmacroeconomicfactors,howtomaintainfinancialassets’valuehasbeenahot
topicfortheeconomists.Contents
2、ofthispaperistoinvestigatetherelationships
betweenthedifferentsectorsofmacroeconomicfactorsandstockreturnsand
understandthemacroeconomicandstockmarketsituation,withabetter
understandingoftherelationshipbetweentherealeconomyandcapitalmarkets.Then
theinvestorsca
3、ninvestandallocatetheirassetsinthemarkeraccordingtoits
guidance,whichhastheimportantmeaning.Firstly,thispaperdescribesthestudyoftherelationshipbetweenmacroeconomic
variablesandstockindexreturnsaswellasresearchoninflationandindustrystock
indexreturns,whicharebo
4、thfromthedomesticandinternationalresearches.And
thenIwillsummarythemethodofsolvingthemainquestionsinthispaperasfor
furtherin-depthanalysis.Then,Idotheresearchofatheoreticalanalysisforfactorsthataffectstockreturns.
Andtherearealotofmainstreamtheoryisgenerallydi
5、videdinto:macroeconomic
factors,mesoandmicrofactors.Macroeconomicfactorsinclude:macroeconomic
factors,macroeconomicpolicyfactors,andothermacroeconomicfactors;meso
factorsinclude:industrialfactors,regionalfactorsandmarketfactors;microeconomic
factorsinclude:equ
6、ityfactors,liquidityfactors,businessfactors,investmentfactors,
backgroundfactorsandsoon.Fromariskperspectivedivision,microfactorsare
generallyclassifiedasnon-systemicfactorsandmacroeconomicfactorsandmeso
factorsareclassifiedassystemicfactors.Thispaperanalyzest
7、heinfluenceof
macroeconomicfactorsonstockreturnsofdifferentindustries.Thethirdchapterestablishedthevarmoderofindustrialaddedvaluegrowthrate,
moneysupplygrowth,inflationrate,importandexport,exchangerateandstock
returnsinvariousindustriestounderstandthedepthofth
8、eimpactofmacroeconomic
factorsonstockreturnsofdifferentindustries.Throughempiricalanalysis,wecan
knowthatthechangeforeachstockreturnsperformancealagofmacroeconomic
factors.Andthest
