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The Influence of Industry Factors on Chinese Stock Yield Analysis

Author: XuMiao
Tutor: YangXiuChang
School: Shanxi University of Finance
Course: Finance
Keywords: industry factors stock returns industry cycles industry concentration
Type: Master's thesis
Year: 2014
Downloads: 1
Quote: 0
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From the perspective of investors in securities, the right choice for the industry has anegligible impact on the stock market yields. For a value investor, the developmentprospects of an industry is an important basis for stock selection, by analyzing thedevelopment of the industry cycle, the industry sentiment index, industry concentration,investors can grasp market structure changes, improve investment returns. This theory ison the basis of previous studies, where the actual and the actual situation of China’s stockmarket, using theoretical analysis, comparative analysis and empirical research on theimpact on stock returns of industry factors are analyzed.First,it is based on an annualized yield of the stock market industry sectors and theaverage yield, using descriptive statistical analysis and comparative analysis, comparingthe vertical and horizontal, analyzed and summarized China’s stock market yields ofindustry distribution. Finally found a better performance in all sectors of the economiccycle has. At the stage of recession, industries of good performance are: extractiveindustries (energy), information technology, utilities, etc.; industries of goodperformance at the stage of economic recovery are: agriculture, forestry, animalhusbandry, fisheries, finance, real estate, manufacturing, mining, etc.; at the stage ofeconomic prosperity: manufacturing, mining, real estate, wholesale and retail trade,social services, etc.; at the stage of economic depression: agriculture, forestry, animalhusbandry, fisheries, communications, medical and health industry.Then, the paper is based on the data of industry in China from2004to2011,according to criteria for the classification of the Commission on the industry, by buildingindustry concentration, industry size and economic models between stock returns,empirical test of China’s stock market does exist industry effects. Studies have shownthat the size of the industry’s impact on stock returns is minimal, but there is a negativerelationship between industry concentration and stock returns, lower industryconcentration, the greater the competitive industry, so the industry will be throughinnovation to continuously improve their yields. For investors, in addition to the choice of stocks outside, the industry’s choice is also crucial.

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