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Table 4 Average monthly R, MRSH, MRSZ and MS for each year
from 09/2007 to 06/2012 
year R(%) 
MRSH(%)
MRSZ(%)
MS(%) 
2007 
-0.301 
0.204
-0.241
0.228
2008 
-6.627 
-8.843
-8.367
1.380
2009 
6.319
4.897
6.232
2.118
2010 
-2.269 
-1.287
-0.792
1.458
2011 
-0.547 
-2.036
-2.785
1.350
2012 
-0.327 
0.196
1.053
1.395
Note: R, MRSH, MRSZ and MS stand for banking industry sector stock return, Shanghai stock 
exchange market return, Shenzhen stock exchange market return, money supply
. 
According to table 4, from 2007 to 2008, the average of the growth rate of MS 
is increase, at the same time, the average of three of stock return is decrease. But in 
2008 to 2009, the average of the growth rate of MS is increase, and the stock returns 
also increase. From 2009 to 2010, the average of the growth rate of MS is decrease, 
the stock returns also decrease. From 2010 to 2011, the average of the growth rate of 
MS is decrease a little bit, and the both MRSH and MRSZ also decrease, but banking 
stock return increase. And from 2011 to 2012, the average of the growth rate of MS is 
increase, the stock return also increase. We can see the Figure 3, the trend of MS and 
the stock returns almost the same. 

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37 
Note: R, MRSH, MRSZ and MS stand for banking industry sector stock return, Shanghai stock 
exchange market return, Shenzhen stock exchange market return, money supply. 
Figure 3 the trend of R, MRSH, MRSZ and money supply 
‐10
‐8
‐6
‐4
‐2
0
2
4
6
8
2006
2007
2008
2009
2010
2011
2012
2013
R
MRSH
MRSZ
MS

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Table 5 Average monthly R, MRSH, MRSZ and INT for each year
from 09/2007 to 06/2012 
year R 
MRSH 
MRSZ 
INT 
2007 -0.30126 
0.203906
-0.24104 2.69 
2008 -6.62685 -8.84288 -8.36691 2.528333 
2009 6.318984
4.897414
6.23186 
1.068333 
2010 -2.2692 
-1.28725 
-0.79155 
1.745833 
2011 -0.54684 -2.03589 -2.78536 3.338333 
2012 -0.32696 
0.195941
1.052697
3.081667 
Note: R, MRSH, MRSZ and INT stand for banking industry sector stock return, Shanghai stock 
exchange market return, Shenzhen stock exchange market return, interest rate. 
Table 5 is the average of the monthly data of R, MRSH, MRSZ and INT. The 
data shows the potential relationship between these four factors. From 2007 to 2008, 
the average interest rate is decrease, stock returns also show the decrease trend. But 
from 2008 to 2009, when INT shows the decrease trend, the R, MRSH and MRSZ 
show the increase trend. When INT shows the increase trend, the R, MRSH and 
MRSZ show the decrease trend which according to the result from 2009 to 2010, 
2010 to 2011 and 2011 to 2012, it always show the opposite trend with stock returns 
which includes R, MRSH and MRSZ. Like the Figure 4: 

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39 
Note: R, MRSH, MRSZ and INT stand for banking industry sector stock return, Shanghai stock 
exchange market return, Shenzhen stock exchange market return, interest rate.