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Relationship between growth and stock market development

增长和股票市场发展之间的关系

在最近一段时间，增长和股票市场发展之间的关系已经主导了院士和从业者的著作。一个显著的研究已经完成，研究股票市场与宏观经济变量之间的关系。研究不仅对政策制定者和投资者非常有用，但它也能测试股票市场的高效率。本研究选择投资股，是因为马来西亚发展非常迅速。

目前已有88家公司被列在了马来西亚交易所，他们在马来西亚囊的经济增长齐头并进。这些公司大多数在马来西亚的房地产发展很活跃。由于他们的快速发展，小投资者买股份已成为一种流行趋势。

研究背景

马来西亚的房地产市场在2008年，2009年受到全球经济放缓的冲击，与政治的不稳定性及糟糕的商业信心。在2009时，经通货膨胀调整后的平均房价下降了0.9%。一些开发商延期项目启动，而其他缩减。由于全球的经济衰退，马来西亚的GDP在2009年下降了3.6%，自从2008~2010年，GDP每年增长5.75%。

In recent time the relationship between growth and stock market development has dominated both academician and practitioner’s literature. A significant research has been done to investigate the relationship between stock market returns and range of macroeconomic variables. Studied not only very useful to policy makers and investors but it will also test the efficiently of the stock market. In this research property stock is being chosen because of rapid development of Malaysia.

Currently there are 88 companies that have been listed on Bursa Malaysia which growth parallel with the economic growth in Malaysia. Most of these companies are active in property development in Malaysia which having a lot of project around Malaysia. Because of the rapid development by them, it’s become popular among the small investor to buy their shares.

Background of the study

Malaysia’s housing market was hit by the global economic slowdown in 2008 and 2009, with political instability and roiling business confidence. Average property prices fell -0.9% in 2009 when adjusted for inflation. Some developers deferred project launches, while others scaled back. Malaysia’s GDP contracted 3.6% in 2009, due to the global recession, after rising 5.75% annually from 2002 to 2008.

When all the variables in the economy take place it will reflect to the company affected and their stock as well. Stock performance has become an interest topic for investors as well individuals, beside it will be useful because it will influence countries development and growth. Stock prices is generally believed to be determined by some fundamental macroeconomic variables such as money supply, country reserve, interest rate, exchange rate, inflation rates, industrial production and many more.

The purpose of the present study is to investigate the relationship between Malaysian property stock prices and macroeconomic aggregates. Because there are increasing attention to investigate the relationship between share prices and the macroeconomic variables but not many researchers tried to investigate based on the property sector. In order to analyze the interaction, four relevance economic indicators have been selected such as money supply (M3), inflation rate, interest rate and GDP.

Problem Statement

Thus this study will focuses its attention to four macroeconomic variables that may lead the stock price including money supply, inflation rate, GDP and interest rate with KLCI property indices. Those factors motivate to this study, to examine the issue for a Malaysian economy, for the period of study 1990-2010. In addition, it will make a finer point with respect to the relationship between economic growth and property stock market.

Research Question

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