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Table 2 Average monthly R, MRSH, MRSZ and INF for each year
from 09/2007 to 06/2012 
year R 
MRSH 
MRSZ 
INF 
2007 
-0.301 
0.204
-0.241 
0.001
2008 -6.627 -8.843 -8.367 -0.421 
2009 
6.319
4.897
6.232
0.062
2010 -2.269 -1.287 -0.792 0.219 
2011 -0.547 -2.036 -2.785 -0.039 
2012 
-0.327 
0.196
1.053
-0.305
Note: R, MRSH, MRSZ and INF stand for banking industry sector stock return, Shanghai stock 
exchange market return,Shenzhen stock exchange market return, inflation rate. 
Table 2 is the average monthly data of R, MRSH, MRSZ and INF. The data 
show the trend of such factor with respect to the trend of stock returns. From 2007 to 
2008, banking industry stock return decrease from -0.3% to -6.6%, and Shanghai 
exchange stock return also decrease from 0.2% to -8.8%, and Shenzhen exchange 
stock return decrease from -0.2% to -8.4%, at the same time, inflation rate also 
decrease from 0.001% to -0.421%. From 2008 to 2009, banking industry stock return 
from -6.6% increase to 6.3%, and Shanghai exchange stock return also increase from 
-8.8% to 4.9%, and Shenzhen exchange stock return increase from -8.4% to 6.2%, at 
the same period, inflation rate also increase from -0.4212% to 0.06188%. Just in 2010 
to 2011, when banking industry stock return increase, but the other three factors was 
decrease. And from 2011 to 2012, when banking industry stock return and Shanghai 
exchange stock return and Shenzhen exchange stock return increase, but the inflation 
rate was decrease. We can see the Figure 1, the trend of R, MRSH and MRSZ are 
very similar, and the other hand, the inflation rate in this period very stable, the result 
is the same with Table 1. 

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Note: R, MRSH, MRSZ and INF stand for banking industry sector stock return, Shanghai stock 
exchange market return, Shenzhen stock exchange market return, inflation rate. 
Figure 1 the trend of R, MRSH, MRSZ and inflation rate 
‐10
‐8
‐6
‐4
‐2
0
2
4
6
8
2006
2007
2008
2009
2010
2011
2012
2013
R
MRSH
MRSZ
INF

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