| 摘要 | 第3-4页 |
| Abstract | 第4页 |
| Introduction | 第7-10页 |
| 1. RMB present status and the reason for appreciation | 第10-18页 |
| 1.1 The present status of the RMB exchange rate | 第10-11页 |
| 1.2 The reason of RMB appreciation | 第11-14页 |
| 1.2.1 The external pressure analysis | 第11-12页 |
| 1.2.2 The internal pressure analysis | 第12-14页 |
| 1.3 RMB appreciation’s advantage and disadvantage for Chinese economy | 第14-18页 |
| 1.3.1 RMB appreciation’s advantage | 第14-15页 |
| 1.3.2 RMB appreciation’s disadvantage | 第15-18页 |
| 2. Potential impact of the RMB appreciation | 第18-39页 |
| 2.1 Potential impact of RMB appreciation at market level | 第18-20页 |
| 2.2 Potential impact of RMB appreciation at industry level | 第20-39页 |
| 2.2.1 Energy | 第20-22页 |
| 2.2.2 Materials | 第22-25页 |
| 2.2.3 Industrials | 第25-28页 |
| 2.2.4 Consumer Discretionary | 第28-31页 |
| 2.2.5 Consumer Staples | 第31-33页 |
| 2.2.6 Health Care | 第33-35页 |
| 2.2.7 Financials | 第35-37页 |
| 2.2.8 Information Technology | 第37页 |
| 2.2.9 Telecommunication Services | 第37-38页 |
| 2.2.10 Utilities | 第38-39页 |
| 3. Sensitivity analysis of the effect of foreign exchange movement on stock returns in U.S.a nd in China market at industry level | 第39-52页 |
| 3.1 Sensitivity analysis of the effect of foreign exchange movement on stock returns in US | 第39-45页 |
| 3.1.1 Data Description | 第39-41页 |
| 3.1.2 Approach | 第41-43页 |
| 3.1.3 Empirical Results | 第43-45页 |
| 3.2 Sensitivity analysis of currency risk for different industries in China market | 第45-52页 |
| 3.2.1 Data Description | 第45-48页 |
| 3.2.2 Approach | 第48-49页 |
| 3.2.3 Empirical Results | 第49-52页 |
| 4 Comparison of the different empirical results in the U.S. market and in the Chinese market | 第52-62页 |
| 4.1 The efficiency and the characteristics of the two markets | 第53-54页 |
| 4.2 Chinese monetary policy effect | 第54-57页 |
| 4.2.1 Test Approach | 第54页 |
| 4.2.2 Empirical result | 第54-57页 |
| 4.3 Time span effect and Sub period test | 第57-61页 |
| 4.3.1 Sub period tests in different market conditions | 第57-60页 |
| 4.3.2 Sub period tests during the period that RMB fluctuated dramatically | 第60-61页 |
| 4.4 Result discussion | 第61-62页 |
| Conclusion | 第62-63页 |
| Bibliography | 第63-65页 |
| Acknowledgments | 第65-67页 |
