Dissertation > Excellent graduate degree dissertation topics show

Research about RMB Exchange Movement’s Impact on Dividend Yield of Manufacture Industry

Author: XiaoYan
Tutor: YaoXiaoYi
School: Hunan University
Course: Finance
Keywords: exchange rate movements dividend yield manufacture industry panel data model
CLC: F832.51;F224
Type: Master's thesis
Year: 2009
Downloads: 166
Quote: 1
Read: Download Dissertation


Dividend yield is affected by many factors. Exchange rate is one of the most important variable ,research about the relationship about exchange rate market and stock market always attracts foreign and local investors、economists and managers’attentions. With different methods, many scholars analysis the relationship about exchange rate and stock price focus on macroscopically and microscopically and other aspects, but few could precisely estimate the marginal utility of exchange rate to stock price. Since Jorion brought forward a method that could precisely estimate the marginal utility of exchange rate to dividend yield at his paper, many scholars adopted the method but few could obtain distinct demonstration from their research.In the view of the publicly listed firms of China manufacture industry , this paper modified Jordon’s(1990)model and established the panel data model to examine the causal relation from exchange rate to dividend yield of publicly listed firms of China manufacture industry ,based on panel data from 21st July 2005 to 17th Dec 2008.The main purpose is to find the companies’risk exposure which market risk excluded when the exchange rate of RMB-Dollar drops gradually. We find that dividend yield is positive correlation with market risk and the correlation rate is significant; as a whole, appreciation of RMB-Dollar has negative influence to dividend yield of manufacture industry while lagged effect exists; this paper examined subsections further and the results show that the causal relations from exchange rate to dividend yield of publicly listed firms are different from subsections of manufacture industry.This paper comparatively precisely estimates the benefit extent and the injured extent of dividend yields of the whole manufacture industry and its eight subsections suffered from appreciation of RMB-Dollar and also considered the different characters among the subsections of manufacture industry. The paper proves the lagged effect occurred at the causal relations from exchange rate to dividend yield, makes up the blank of research about the causal relations from RMB exchange rate movements to microcosmic enterprise’s dividend yield and offers the gist and suggestions that enterprises solve exchange rate risks. Besides, this paper adapted panel data model to analyze, considered the time rules and individual characters of researched datas, the variable of stock dividend yield also calculated dividend distribution、stock split、shares allotment、bonus reinvestment, all of these made the results of paper more persuasive.

Related Dissertations

  1. Research on the Regional Difference and Influence Factors of China’s Carbon Emissions,X502
  2. An Empirical Research on the Impact of Capital Adequacy Ratio on Credit and Economy,F832.4;F124
  3. Analysis of FDI on the Effect of Liaoning’s Industrial Structure,F121.3
  4. Spatial Effects of the Price of Pork: an Empirical Analysis of Various Regions in China,F323.7
  5. The Factors Analysis of Regional Differences on China’s Insurance Density,F842
  6. The Study on the Effects of Deleveraging on Financial Performance of Chinese Listed Commercial Banks,F224
  7. The Empirical Study on the Effect of Taiwan Direct Investment on Industrial Structure in Mainland China,F832.6;F279.2
  8. Empirical Research of the Relationship between China Urbanization and Real Estate Price,F293.3
  9. Corporate Governance and Over-investment of Free Cash Flows under Ultimate Control Right,F275
  10. Research of Urban Residents’ Consumption Behaviors Based on the Habit Formation,F126
  11. The Influence of Government Health Disbursement to Chinese Residents Medical Expenditure,R197.1
  12. The Analysis of RMB Exchange Rate and Sino-US Agricultural Products Trade,F752.7
  13. A Study on the Interactive Relation between Capital Structure and Corporate Performance of Media Listed Companies,F272
  14. The Beijing Runheng move Battery Co., Ltd. Development Strategy,F426.63
  15. A Spatial Econometric Analysis of Hunan’s City and Country Economic Growth Disparities and Convergence,F127
  16. A Study on the Effect of China’s Outward Foreign Direct Investment in Africa on Trade,F752.7;F224
  17. FDI Export Spillover: Extended Analysis from Enterprises to Industries,F832.6;F752.62
  18. Formation of Industrial Assemblage in China: Theoretical and Empirical Analysis,F279.2
  19. The Study on the Measurement of Chinese Residents’ Potential Consuming Capacity and Its Relationship with Real Estate Price,F126.1;F293.3
  20. The Study on the Influence of District Market Integration on Manufacturing Capital Allocation Efficiency,F427;F224
  21. The impact of RMB appreciation on China's import and export trade,F752.6

CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
© 2012 www.DissertationTopic.Net  Mobile