CC NHN T NG TIN CY TRONG QUYT NH TI TR

NGHIP

NGNH: TI CHNH DOANH

MC LC

CHUYN NGHIN CU: CC NHN T NG TIN CY TRONG QUYT

NH TI TR CA CC CNG TY NIM YT TI S GIAO DCH
CHNG KHON THNH PH H CH MINH GIAI ON T NM 2007
2011
TRANG

Tm tt

1.

Gii thiu

2.

Tng quan cc kt qu nghin cu trc y

3.

Phng php nghin cu

3.1 M hnh nghin cu

3.2 Cu hi nghin cu

10

4.

11

Ni dung v cc kt qu nghin cu

4.1 Thng k m t

11

4.2 Kt qu hi quy

12

4.3 Kim nh bin khng cn thit Kim nh Wald

16

4.4 ngha ca m hnh v cc h s tm c

19

5.

23

Kt lun

5.1 Cc kt qu nghin cu chnh

23

5.2 Nhng hn ch ca chuyn v hng nghin cu tip theo

24

6.

Ti liu tham kho

26

7.

Ph lc 27

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CC NHN T NG TIN CY TRONG QUYT NH TI

TR CA CC CNG TY NIM YT TI S GIAO DCH
CHNG KHON THNH PH H CH MINH GIAI ON T
NM 2007 2011

TM TT
Chuyn nghin cu v tm quan trng ca su yu t ng tin cy trong quyt
nh ti tr ca 75 cng ty nim yt ti S giao dch chng khon H Ch Minh trong giai
on t nm 2007 2011. Kt qu cho thy n by trung bnh ngnh tng quan thun
(+) vi n by cng ty, tc tng trng tng quan thun (+) vi n by, ti sn hu
hnh tng quan thun (+) vi n by, li nhun tng quan nghch () vi n by, quy
m cng ty tng quan thun (+) vi n by, v lm pht tng quan nghch () vi n
by. Kt qu nghin cu thc nghim ph hp vi l thuyt nh i cu trc vn v l
thuyt trt t phn hng.
1. Gii thiu
Nn kinh t Vit Nam gia nhp WTO c nhiu pht trin ng k. Trong phi
k n s pht trin ca th trng ti chnh c bit l th trng chng khon. Hin nay
s lng cc cng ty nim yt trn th trng chng khon ngy mt tng. Nh u t
cng c bit quan tm n knh u t ny.
Cc cng ty thuc cc ngnh, cc lnh vc kinh t khc nhau u la chn cho mnh
mt quyt nh ti tr ph hp vi quy m hot ng ca cng ty v ph hp vi xu
hng pht trin chung ca ngnh. Nghin cu cc quyt nh ti tr l mt trong cc
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CC NHN T NG TIN CY TRONG QUYT NH TI TR

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NGNH: TI CHNH DOANH

mc tiu nghin cu quan trng thuc lnh vc ti chnh. Hin nay, trn th gii c rt
nhiu nghin cu v cc yu t tc ng n cc quyt nh ti tr, c bit l ti M
c rt nhiu nghin cu thc nghim v ch ny. Vit Nam cn phi c nhiu nghin
cu hn na v lnh vc ti chnh ny.
to ra gi tr cho doanh nghip, khng nh thng hiu trn th trng l mc
tiu ca cc nh qun tr ti chnh l k vng ca cc c ng, cc nh u t mun nhn
c t sut sinh li cao. i hi cng ty hot ng phi c hiu qu, cc quyt nh ti
tr bng n vay, pht hnh vn c phn, phn b cc dng tin d kin trong tng lai
l cc quyt nh ti tr ca cng ty. Nhn thy nghin cu cc quyt nh ti tr c
ngha thc tin rt ln nn nhm 1B chn chuyn nghin cu Cc nhn t ng tin
cy trong quyt nh ti tr ca cc cng ty nim yt ti s giao dch chng khon
thnh ph H Ch Minh giai on t nm 2007 2011.
Bt u qu trnh nghin cu cn tm hiu cc l thuyt cu trc vn ni ting nh l
thuyt nh i cu trc vn, l thuyt trt t phn hng, l thuyt xc nh thi im
ng ca th trng, nh I & II ca Modigliani v Miller.
Tm hiu cc nghin cu thc nghim c trn th gii, cc tc gi nghin cu yu
t no tc ng n quyt nh ti tr, tc gi s dng m hnh no nghin cu.
Cc yu t tc ng n quyt nh ti tr hay cc yu t tc ng n n by cng
ty l yu t li nhun, ti sn hu hnh, quy m cng ty, tc tng trng, n by
trung bnh ngnh, lm pht, tnh thanh khon, c im ring ca ti sn, li sut, thu
Cc yu t tc ng ny c mi tng quan thun v tng quan nghch n n by. Cc
yu t c mi tng quan thun vi n by gm c quy m cng ty, on by trung bnh
ngnh, ti sn hu hnh. Cc yu t tng quan nghch vi n by gm c chi ph nghin
cu v pht trin, c im ring ca ti sn, chi ph bn hng v cc chi ph qun l
doanh nghip, li nhun v li sut.

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NGNH: TI CHNH DOANH

Nghin cu tp hp su yu t ct li tc ng n n by l yu t li nhun,
ti sn hu hnh, quy m cng ty, tc tng trng, n by trung bnh ngnh v lm
pht

n by trung bnh ngnh: Cc cng ty cnh tranh trong cng ngnh m n

by trung bnh ngnh cao c xu hng n by cao.

T s gi th trng/ gi tr s sch ca ti sn: Cc cng ty c tc tng trng

cao c xu hng n by cao.

Ti sn hu hnh: Cng ty c nhiu ti sn hu hnh c xu hng n by cao.

Li nhun: Cc cng ty c nhiu li nhun c xu hng n by thp.

Quy m cng ty: Cc cng ty c quy m ln c xu hng n by cao.

Lm pht: Khi lm pht d kin cao, cc cng ty c xu hng n by thp.
n by c nghin cu gm c: Tng n/gi tr ti sn theo s sch (TDA), N
di hn/ gi tr ti sn theo s sch (LDA).
Cc nghin cu thc nghim u s dng m hnh hi quy tuyn tnh. M hnh
nghin cu d kin:
TDA = + 1*D/E + 2 *TANG + 3 *GROWTH+ 4 *ROA+ 5 *SIZE+ 6 *CPI (1)
LDA = + 1*D/E + 2 *TANG + 3 *GROWTH+ 4 *ROA+ 5 *SIZE+ 6 *CPI (2)
S liu phn tch c thu thp t bo cc co ti chnh ca 75 cng ty nim yt ti
S giao dch chng khon thnh ph H Ch Minh t nm 2007 2011 vi tng s quan
st l 375. Ring yu t lm pht (ch s CPI) tham kho t ngun tng cc thng k Vit
Nam.

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NGNH: TI CHNH DOANH

S dng chng trnh eviews thc hin thng k m t cc bin gii thch v bin
ph thuc nh gi tnh hnh cu trc vn ca cc cng ty, bnh qun tng n ca cc
cng ty l 42.49%, nhn chung cc cng ty Vit Nam s dng n di hn t, bnh qun n
di hn l 9.3%, trong c cng ty tng khng s dng n di hn l 0%, li nhun bnh
qun l 9.07%, li nhun cng ty cao nht l 50.1%, tuy nhin cng c cng ty b l. Tip
theo thc hin hi quy v kt qu m hnh c dng:
TDA = 0.330450 + 0.066530*D/E + 0.045542*TANG + 0.031693*GROWTH 0.687252*ROA + 0.023225*SIZE - 0.554795*CPI

(1)

LDA = -0.836815 + 0.012299*D/E + 0.394704*TANG + 0.011492*GROWTH 0.293563*ROA + 0.033466*SIZE - 0.071479*CPI

(2)

Phng trnh (1) th hin cc yu t tc ng n n by tng n/tng ti sn cho

thy yu t n by trung bnh ngnh (D/E), ti sn hu hnh (TANG), tc tng trng
(GROWTH) v quy m cng ty (SIZE) tng quan thun vi n by; ngc li yu t
li nhun (ROA) v lm pht (CPI) tng quan nghch vi n by.
Phng trnh (2) th hin cc yu t tc ng n n by n di hn/tng ti sn
cho thy yu t n by trung bnh ngnh (D/E), ti sn hu hnh (TANG), tc tng
trng (GROWTH) v quy m cng ty (SIZE) tng quan thun vi n by; ngc li
yu t li nhun (ROA) v lm pht (CPI) tng quan nghch vi n by.
Tin hnh kim nh h s ph hp R squared (R 2) xc nh s ph hp ca m
hnh (1) v (2). Kim nh bin khng cn thit Kim nh Wald nhn bit bin
khng cn thit trong m hnh (1) v (2). Kt qu kim nh cho thy m hnh (1) v (2)
ph hp c th s dng c v khng c bin tha. Do su yu t: n by trung bnh
ngnh, ti sn hu hnh, tc tng trng, li nhun, quy m cng ty v lm pht ng
tin cy v c tc ng n n by.

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M hnh d kin TDA = + 1*D/E + 2 *TANG + 3 *GROWTH+ 4 *ROA+ 5

*SIZE+ 6 *CPI v LDA = + 1*D/E + 2 *TANG + 3 *GROWTH+ 4 *ROA+ 5
*SIZE+ 6 *CPI c th p dng ti Vit Nam.
2. Tng quan cc kt qu nghin cu trc y
Bn cnh cc l thuyt v cu trc vn. Trn th gii c nhiu tc gi nghin cu
thc nghim v cc yu t nh hng n cu trc vn nh: Murray Z.Frank v Vidhan
K.Goyal (2007); Titman, S., and R. Wessels (1988); Bayless,M., v S.Chaplinsky (1991);
Faccio, M., v R.W. Masulis (2005); Titman, S., v R. Wessels (1988); Trn Hng Sn
(2008) ...

Nghin cu ca tc gi Murray Z.Frank v Vidhan K.Goyal (2007): Cc nhn t tc

ng n n by gm c:

n by v li nhun
Cc cng ty c li nhun phi i ph vi chi ph kit qu ti chnh d kin thp v
gi tr ca tm chn thu. Nh vy, quan im ca thu v chi ph ph sn d on rng
cc cng ty c li nhun s dng n nhiu hn. Ngoi ra, quan im ca chi ph i din
d on rng cc cng ty c li nhun s vay n nhiu hn cng ty c dng tin t do
km (Jensen, 1986).
Tuy nhin, cc nghin cu gn y cho rng l thuyt nh i d on v li nhun
da vo m hnh tnh rt phc tp (Strebulaev, 2007). Trong m hnh l thuyt nh i
nng ng, n by t l nghch vi li nhun.
L thuyt trt t phn hng lp lun rng cc cng ty thch s dng ngun ti chnh
ni b hn vn t bn ngoi. Nu u t bng c tc gi li, cc cng ty c li nhun
nhiu s gim s dng n by.
n by v quy m cng ty
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Cc cng ty ln, cc cng ty kinh doanh a dng ha nhiu lnh vc (Nhiu danh
mc u t) gp ri ro khng tr tin thp hn. Ngoi ra, cc cng ty c thi gian hot
ng lu, c danh ting trong th trng vay n, chi ph ngi i din n vay thp hn.
Nh vy, l thuyt nh i d on rng cc cng ty ln, cng ty trng thnh c
tng i t n.
L thuyt trt t phn hng thng c hiu d on mt mi quan h nghch
gia n by v quy m cng ty v gia n by vi tui ca cng ty. Cc cng ty ln,
c danh ting h s ni ting nhiu hn na. H s c th d dng pht hnh vn c
phn hn cc cng ty quy m nh - cc cng ty nh c s la chn bt li hn. C mt li
cnh bo quan trng y. Cc cng ty ln c nhiu ti sn v do vy s la chn ngc
li c th quan trng hn nu c nh hng ln.
n by v tc tng trng
Tng trng lm tng chi ph kit qu ti chnh, lm gim cc vn dng tin t
do, v lm tng thm vn c lin quan n n. Cc cng ty ang pht trin to ra mt
gi tr ln hn cho cc c ng hp tc u t. V vy, l thuyt nh i d on rng
tng trng lm gim s dng n by.
Ngc li, l thuyt trt t phn hng ng rng cc cng ty c li nhun gi li c
nh nn tch ly thm n theo thi gian. V vy, tc tng trng v n by t l
thun theo l thuyt trt t phn hng.
T s gi tr th trng/gi tr s sch ca ti sn c s dng ph bin nht cho tc
tng trng Adam v Goyal (2007) cho thy rng n cng ng tin cy. Tuy nhin, t
s gi tr th trng/gi tr s sch cao cng c th b nh hng bi nh gi chng khon
sai. Nu xc nh thi im ng ca th trng c xu hng quyt nh cu trc vn, T
s gi tr th trng/gi tr s sch cao hn s gim s dng n by, cng ty khai thc
nh gi c phn sai thng qua pht hnh c phiu.

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Chi ph vn v ti sn thay i, cng l i din cho s tng trng, i din cho

dng tin i ra. Chng trc tip lm tng thm ht ti chnh (Shyam Sunder v Myers
(1999)). Do , theo l thuyt trt t phn hng cc bin ny t l thun vi n vay.

n by v cc iu kin ngnh
Nh c bit nhiu v cc t l n cho bit s khc nhau gia cc ngnh. Sch gio

khoa ti chnh doanh nghip nh Ross et al (2008) ch ra cc t l n bn trong ca cc

ngnh l khc nhau. Nhiu bi phn tch chnh thc s dng trong trng hc c
Bradley et al, 1984. trnh by. T s n by ca ngnh khc nhau c ngha hp l. C
th gii thch l cc nh qun l s dng n by trung bnh ngnh lm im chun cho
n by ca cng ty cng thi k. V vy, n by trung bnh ngnh thng c s
dng nh l mt i din cho cu trc vn mc tiu (Gilson (1997), Hull (1999),
Hovakimian et al (2001), v Faccio v Masulis (2005)). Hovakimian et al (2001) cung cp
bng chng ph hp vi cc cng ty ch ng iu chnh t l n ca h gn vi mc
trung bnh ngnh.
Gii thch khc l nh hng ca ngnh phn nh mt tp hp cc tng quan vi
nhau, nhng b qua cc yu t khc (cc yu t khc khng i). Cc doanh nghip trong
cng mt ngnh c im chung u chu nh hng bi cc quyt nh ti chnh ca
chnh doanh nghip mnh. Phn nh s tc ng ca th trng sn phm c tnh cht
cnh tranh. Phn nh tnh khng ng nht trong cng ngnh v ti sn, ri ro kinh doanh,
cng ngh, hoc s qun l. Cc yu t ngnh khng phi l s gii thch duy nht.
Chng ta xem xt hai bin s ca ngnh s tng trng ca trung bnh ngnh v
n by ca trung bnh ngnh. L thuyt nh i d on rng trung bnh ngnh tng
trng cao hn nn kt qu l n t hn, trong khi n by trung bnh ngnh cao hn
nn dn n n nhiu hn. Cui cng, chng ta xem xt cng ty ang trong giai on n
nh. Cng ty trong giai on ny c dng tin n nh v d kin chi ph kit qu ti
chnh thp. V vy, giai on n nh cng ty nn c n nhiu hn. Mt khc, nh qun
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l phi gim quyn quyt nh khi cng ty ang trong giai on n nh gim mu
thun gia nh qun l v c ng v kim sot theo quan im s dng n t.
Theo quan im ca l thuyt trt t phn hng, yu t ngnh c dng i din
cho thm ht ti chnh ca cng ty c mi lin kt gin tip. Theo l thuyt xc nh
thi im ng ca th trng, yu t ngnh ch c gi tr tng quan cho cc cng ty
trong cng ngnh.

n by v c im ring ca ti sn
Ti sn hu hnh d dng c ngi bn ngoi cng ty nh gi lm gim chi ph

kit qu d kin. Ngoi ra, ti sn hu hnh lm cho cc c ng kh nh gi thay th

cc ti sn c ri ro cao sang ti sn c tnh ri ro thp. Chi ph kit qu d kin thp v
chi ph ngi i din ca n vay t hn d on mi quan h t l thun gia ti sn hu
hnh v n by. Mt d on tng t l cc cng ty to ra chi ph ln nh chi ph hnh
chnh (SG&A) v chi ph nghin cu v pht trin (R&D) c nhiu ti sn v hnh v do
phi t n.
Theo l thuyt c ng hp tc u t cho thy rng cc cng ty sn xut cc sn
phm duy nht (v d nh hng ha lu bn) nn c n t hn trong cu trc vn ca h
(Titman, 1984). Cc cng ty trong cc ngnh duy nht c lao ng chuyn mn ho hn,
dn n chi ph ph kit qu ti chnh cao hn v do t s dng n. bo v ti sn
duy nht m do chi ph ln nh chi ph hnh chnh (SG&A) v chi ph nghin cu v pht
trin (R&D), cc cng ty s c n t hn.
L thuyt trt t phn hng d on ngc li. Thng tin bt i xng thp lin
quan n ti sn hu hnh lm cho vic pht hnh vn c phn t tn km. Nh vy, cc
cng ty c ti sn hu hnh cao c t l n thp. Tuy nhin, nu la chn bt li v ti sn
u t, ti sn hu hnh lm tng la chn bt li v dn n n nhiu hn. L thuyt
trt t phn hng khng gii thch c nguyn nhn ti sn hu hnh c th c xem
nh i din cho cc nhm kinh t khc nhau. Hn na, chi ph nghin cu v pht trin

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(R&D) lm tng thm ht ti chnh. Theo l thuyt trt t phn hng chi ph nghin cu
v pht trin (R&D) c bit d xy ra cc vn la chn bt li v t l thun vi n.

n by v thu
Mc thu sut cao lm tng li ch gim thu t n. L thuyt nh i d on

rng tn dng u im ca li ch tm chn thu, cc cng ty s vay thm n khi mc

thu sut cao hn. DeAngelo v Masulis (1980) cho rng s mt i nhng li ch do thu
mang li cho cc khon vn khc khng phi n c thay th bng nhng li ch v thu
ca ti tr bng vay n. i din l li nhun rng l c khu gim chuyn sang nm
sau, chi ph khu hao, v khu tr thu u t nn t l nghch vi n by.

n by v ri ro kinh doanh
Cc cng ty c dng tin bin ng nhiu s c chi ph kit qu ti chnh d kin

cao v nn s dng n t hn. Dng tin c nhiu bin ng lm gim li ch tm chn

thu. Ri ro gy nn s bt li cho cc c ng cng hp tc u t. V vy, theo l
thuyt nh i ri ro cao nn s dng n t hn.
Chng ta mong i vo cc cng ty c c phiu bin ng v tin chng bin ng
khng nhiu. C v nh hp l l cc cng ty gp kh khn do la chn bt li. Do , l
thuyt trt t phn hng d on rng cc cng ty ri ro kinh doanh cao hn s dng n
by cao.

n by v nhn t t pha nh cung cp

Faulkender v Petersen (2006) lp lun rng cc yu t t pha nh cung cp l rt

quan trng trong vic gii thch s thay i trong cu trc vn. Khi cc cng ty b hn ch
tip cn th trng n, tt c cc yu t khc khng i, huy ng vn thng qua th
trng chng khon. Vay n t bi v b hn ch tip cn th trng vay n. Ngi i
din tip cn cc th trng n ni m cng ty c mc i vay. Cc cng ty mong i
mc vay n cao, ceteris paribus.
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Tuy nhin, theo quan im ca l thuyt trt t phn hng, xp hng tn dng lin
quan n qu trnh thu thp thng tin ca c quan nh gi. V vy, cc cng ty c xp
hng cao hn c vn la chn bt li. Do , cc cng ty c xp hng thp nn s
dng n t hn v vn c phn nhiu hn.

n by v cc iu kin th trng chng khon

Welch (2004) lp lun rng cc cng ty khng ti cu trc vn thay i theo bin

i ca gi c phiu v do thu nhp vn c phn c xem l quan trng hn cc yu

t khc gii thch t s n/vn c phn. L thuyt xc nh thi im ng ca th
trng chng khon a ra d on tng t nhng nh hng t quyt nh ca nh
qun l trong vic xc nh thi im ng ca th trng chng khon tn dng li
th ca gi c phiu b nh gi thp. Gi c phiu bin i theo thi gian, s la chn bt
li cng c th dn n mt mi quan h tiu cc gia gi c phiu v n by. Choe et
al. (1993) cho thy rng mc tng hp, thi gian pht hnh c phn theo chu k
trong khi vay n khng theo chu k. Korajczyk et al. (1990) v Bayless v Chaplinsky
(1991) cho rng cc cng ty pht hnh c phiu gi theo thi im chun b pht hnh.
Tm li, tc ng ca gi c phiu ln n by c th phn nh (i) tc tng trng
(nh c tho lun trc ), (ii) thay i gi tng i ca cc ln ca ti sn, (iii) thi
im ng ca th trng chng khon, v (iv) chi ph la chn bt li. Gi s iu kin
th trng l hon ho kt qu gim n by ti chnh bt ngun t cc l thuyt cu trc
vn hng u.

n by v iu kin th trng cho vay

Theo Taggart (1985), gi tr thc t ca cc khon khu tr thu bi n l cao hn
khi lm pht d kin s cao. V vy, l thuyt nh i d on n by t l thun vi
lm pht d kin. Xc nh thi im ng ca th trng trong th trng n cng c kt
qu n by t l thun vi lm pht d kin nu nh qun l vay n vo lc lm pht d
kin tng so vi li sut hin hnh.
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S khc bit gia li sut ngn hn v li sut di hn (chnh lch li sut k hn)
c coi l mt tn hiu ng tin cy ca hiu qu kinh t v cc c hi tng trng d
kin. Nu s khc bit gia li sut ngn hn v li sut di hn cao hn ng l s tng
trng cao hn, cho thy rng s khc bit gia li sut ngn hn v li sut di hn t l
nghch vi n by
11 n by v cc iu kin kinh t v m
Gertler v Gilchrist (1993) cho thy rng tip theo tnh trng suy thoi l tht cht
tin t, tng pht hnh n rng tng i vi cc cng ty ln nhng vn n nh cho cc
cng ty nh. Trong giai on pht trin, gi c phiu tng, chi ph ph sn d kin gim,
thu nhp chu thu tng ln, v dng tin tng. V vy, cc doanh nghip vay nhiu hn
trong giai on pht trin. Gi tr ti sn th chp cng theo ng chu k. Nu cc cng ty
i vay da vo ti sn th chp, n by cng ng chu k.
Tuy nhin, vn i din c v nghim trng trong giai on suy thoi, ti sn ca
nh qun l b gim c mi lin quan n cc c ng. Nh qun l cng vi cc c ng
khuyn khch vay n, on by s ngc vi chu k.
Theo l thuyt trt t phn hng cho rng, tt c cc yu t khc khng i, gim s
dng n by trong giai on pht trin t lc bt u tng vn ni b tng trong giai
on pht trin. Nu li nhun cng ty cho thy s tng trng trong thi gian qua, cc
vn i din gia cc c ng v cc nh qun l t nghim trng hn. Do , cc cng
ty nn vay t n.

Kt lun ca tc gi
Tc gi s dng m hnh hi quy nghin cu cc yu t tc ng n n by.

M hnh c bn:
Lit = + Fit -1 + it
Lit

NHM 1B

: n by ca cng ty i trong nm t

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(1)

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NGHIP

NGNH: TI CHNH DOANH

: Hng s cn tm trong phng trnh hi quy

: Cc h s hi quy cn tm

Fit -1

: S quan st ti cng ty i trong nm t-1

Cc yu t ct li t qu trnh nghin cu gm su yu t l n by trung bnh

ngnh, ti sn hu hnh, tc tng trng (t s gi th trng/gi tr s sch), li nhun,
quy m cng ty v lm pht.
Mi tng quan thun vi n by c tm thy l quy m cng ty, on by trung
bnh ngnh, ti sn hu hnh.
Mi tng quan nghch c tm thy l tc tng trng (t s gi th trng/gi
tr s sch), chi ph nghin cu v pht trin, c im ring ca ti sn cng ty, chi ph
bn hng v cc chi ph qun l doanh nghip, li nhun, v li sut.
3. Phng php nghin cu
3.1 M hnh nghin cu
ti s dng m hnh hi quy d liu bng Chng trnh eviews phn tch b
su yu t ct li tc ng n quyt nh ti tr ca cc cng ty c phn nim yt trn
sn giao dch chng khon thnh ph H Ch Minh s liu thng k t nm 2007 2011.
M hnh nghin cu cc nhn t tc ng n quyt nh ti tr chi tit nh sau:
TDA = + 1*D/E + 2 *TANG + 3 *GROWTH+ 4 *ROA+ 5 *SIZE+ 6 *CPI
LDA = + 1*D/E + 2 *TANG + 3 *GROWTH+ 4 *ROA+ 5 *SIZE+ 6 *CPI
Trong :
TDA

: n by cng ty

LDA

: n by cng ty

NHM 1B

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NGHIP

NGNH: TI CHNH DOANH

D/E

: n by trung bnh ngnh.

TANG

: Ti sn hu hnh.

GROWTH

: Tc tng trng.

ROA

: Li nhun.

SIZE

: Quy m cng ty.

CPI

: Lm pht.

: Hng s cn tm trong phng trnh hi quy

1, 2, 3, 4, 5, 6 : H s co gin ca D/E, TANG, GROWTH, ROA, SIZE, CPI

La chn danh sch cng ty nim yt ti S giao dch chng khon thnh ph H
Ch Minh c ngy nim yt bt u t nm 2007 (ngoi tr cc cng ty ti chnh, ngn
hng) bao gm 75 cng ty. S liu thu thp t cc bo co ti chnh, bng cn i k ton
v bo co kt qu hot ng kinh doanh ca cc cng ty c trong danh sch. Ring s
liu lm pht (ch s CPI) c thu thp t tng cc thng k Vit Nam theo hng nm.
Tnh ton gi tr n by, gi tr cc yu t tc ng n cu trc vn theo cc cng
thc sau:

n by TDA = Tng n/tng ti sn.

n by LDA = N di hn/ tng ti sn.

n by trung bnh ngnh (D/E) = Tng n/Gi tr vn ho (gi tr ca vn c

phn theo th trng).

Ti sn hu hnh (TANG) = Ti sn c nh hu hnh/Tng ti sn.

Tc tng trng = Gi th trng/ ((Tng ti sn - Ti sn c nh v hnh Tng n)/S c phn ang lu hnh).

NHM 1B

Li nhun (ROA) = Li nhun sau thu thu nhp doanh nghip/Tng ti sn.
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NGNH: TI CHNH DOANH

Quy m cng ty = Hm logarit ca tng ti sn.

Sau khi thu thp su yu t ct li, tin hnh phn tch thng k phn tch cu
trc vn cc cng ty.
3.2 Cu hi nghin cu

Trong 4 nh ngha khc nhau v n by TDM, TDA, LDM, LDA. nh ngha no

thch hp nghin cu vi iu kin th trng chng khon ti Vit Nam.

Ti sao gi l yu t ct li nh hng n n by ti chnh.

Kim nh mi tng quan thun v tng quan nghch ca tp hp 6 yu t ct li

n n by.

M hnh Lit = + Fit -1 + it p dng ti Vit Nam c ngha khng.

4. Ni dung v cc kt qu nghin cu
4.1 M t thng k
Bng 1: Kt qu thng k m t cc bin gii thch v bin ph thuc ca 75 cng
ty nim yt t nm 2007 2011

TDA

LDA

D/E

TANG

GROWTH

ROA

SIZE

CPI

Mean

0.424875 0.093030 1.452826 0.217883

1.276010

0.090692

27.45614

1.131840

Median

0.431800 0.029200 0.729600 0.173900

0.973400

0.074900

27.31090

1.091900

Maximum

0.880100 0.693000 19.39340 0.935600

9.245800

0.501000

30.54410

1.229700

NHM 1B

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NGHIP

NGNH: TI CHNH DOANH

Minimum

0.001800 0.000000 0.004800 0.002700 -8.703600

-0.187400

25.27180

1.068800

Std. Dev.

0.215408 0.144089 1.985212 0.177317

1.232792

0.084153

1.166670

0.064027

Skewness

0.043080 2.065994 3.620406 1.427170

0.560201

0.963866

0.606419

0.507623

Kurtosis

1.836604 6.720375 24.24960 5.038703

20.36876

6.165674

2.841622

1.486160

Jarque-Bera

21.26428 483.0394 7874.610 192.2432

4733.267

214.6506

23.37597

51.91304

Probability

0.000024 0.000000 0.000000 0.000000

0.000000

0.000000

0.000008

0.000000

Sum

159.3282 34.88640 544.8096 81.70600

478.5039

34.00940

10296.05

424.4400

Sum Sq. Dev. 17.35378 7.764873 1473.959 11.75904

568.3960

2.648540

509.0588

1.533214

375

375

375

375

Observations

375

375

375

375

Ngun: tnh ton t chng trnh eviews

Gii thch bng 1:

Tng n/Tng ti sn (TDA) bnh qun ca cc cng ty l 42.49%, trong cng ty
c n vay cao nht l 88.01% v thp nht l 0.18%.

T l N di hn/Tng ti sn (LDA) bnh qun ca cc cng ty l 9.3%, trong

cng ty c n vay di hn cao nht l 69.3% v thp nht l 0% ngha l c cng ty
tng khng c n di hn.

n by trung bnh ngnh (D/E) l 45.28%.

T l ti sn hu hnh (TANG) bnh qun ca cc cng ty l 21.79%.

Tc tng trng tng ti sn (GROWTH) bnh qun ca cc cng ty l 27.60%.

Li nhun (ROA) bnh qun ca cc cng ty l 9.07%, trong cng ty c ROA cao
nht l 50.1% v thp nht l -18.74%.

Quy m cng ty (SIZE) bnh qun ca cc cng ty l 27.46%, trong quy m ln

nht l 30.54% v nh nht l 25.27%.

Lm pht (CPI) bnh qun l 113.18%.

NHM 1B

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NGNH: TI CHNH DOANH

4.2 Kt qu hi quy
a) Tc ng cc bin gii thch n Tng n/Tng ti sn

M hnh hi quy d kin:

TDA = + 1*D/E + 2 *TANG + 3 *GROWTH+ 4 *ROA+ 5 *SIZE+ 6 *CPI

Dependent Variable: TDA

Method: Panel Least Squares
Date: 08/25/13 Time: 20:06
Sample: 2007 2011
Cross-sections included: 75
NHM 1B

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NGNH: TI CHNH DOANH

Total panel (balanced) observations: 375

Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
DE
TANG
GROWTH
ROA
SIZE
CPI

0.330450
0.066530
0.045542
0.031693
-0.687252
0.023225
-0.554795

0.227932
0.004341
0.044561
0.007134
0.104381
0.006738
0.126245

1.449776
15.32634
1.022033
4.442538
-6.584100
3.446868
-4.394580

0.1480
0.0000
0.3074
0.0000
0.0000
0.0006
0.0000

R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Durbin-Watson stat

0.547204
0.539821
0.146125
7.857729
192.6659
2.102706

Mean dependent var

S.D. dependent var
Akaike info criterion
Schwarz criterion
F-statistic
Prob(F-statistic)

0.424875
0.215408
-0.990218
-0.916915
74.12123
0.000000

Ngun: tnh ton t chng trnh eviews

M hnh phng trnh:
TDA = 0.330450 + 0.066530*D/E + 0.045542*TANG + 0.031693*GROWTH 0.687252*ROA + 0.023225*SIZE - 0.554795*CPI

Kim nh ngha:
Vi = 5% = 0.05
Da vo mc ngha Prob kim nh:

Prob (D/E) = 0.0000 < = 0.05 Do D/E c mc ngha 5% v D/E c nh

hng trong phng trnh hi quy.

Prob (TANG) = 0.3074 > = 0.05 TANG khng c ngha thng k mc 5%.

NHM 1B

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NGNH: TI CHNH DOANH

Prob (GROWTH) = 0.0000 < = 0.05 Do GROWTH c mc ngha 5% v

GROWTH c nh hng trong phng trnh hi quy.

Prob (ROA) = 0.0000 < = 0.05 Do ROA c mc ngha 5% v ROA c

nh hng trong phng trnh hi quy.

Prob (SIZE) = 0.0006 < = 0.05 Do SIZE c mc ngha 5% v SIZE c

nh hng trong phng trnh hi quy.

Prob (CPI) = 0.0000 < = 0.05 Do CPI c mc ngha 5% v CPI c nh

hng trong phng trnh hi quy.

Kim nh h s ph hp R squared (R2)

R squared = 0.5472: thch hp l 54.72%.
Prob (F-statistic) = 0.0000 < 5%: H s ph hp c ngha thng k m hnh

ph hp c th s dng c.
b) Tc ng cc bin gii thch n N di hn/Tng ti sn

M hnh hi quy d kin:

LDA = + 1*D/E + 2 *TANG + 3 *GROWTH+ 4 *ROA+ 5 *SIZE+ 6 *CPI

NHM 1B

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NGNH: TI CHNH DOANH

Dependent Variable: LDA

Method: Panel Least Squares
Date: 08/25/13 Time: 20:01
Sample: 2007 2011
Cross-sections included: 75
Total panel (balanced) observations: 375
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
DE
TANG
GROWTH
ROA
SIZE
CPI

-0.836815
0.012299
0.394704
0.011492
-0.293563
0.033466
-0.071479

0.159567
0.003039
0.031195
0.004994
0.073073
0.004717
0.088380

-5.244294
4.047111
12.65270
2.301063
-4.017390
7.094638
-0.808773

0.0000
0.0001
0.0000
0.0219
0.0001
0.0000
0.4192

R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Durbin-Watson stat

0.504051
0.495965
0.102297
3.850980
326.3852
1.934822

Mean dependent var

S.D. dependent var
Akaike info criterion
Schwarz criterion
F-statistic
Prob(F-statistic)

Ngun: tnh ton t chng trnh eviews

M hnh phng trnh:

NHM 1B

20

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0.093030
0.144089
-1.703388
-1.630085
62.33534
0.000000

CC NHN T NG TIN CY TRONG QUYT NH TI TR

NGHIP

NGNH: TI CHNH DOANH

LDA = -0.836815 + 0.012299*D/E + 0.394704*TANG + 0.011492*GROWTH 0.293563*ROA + 0.033466*SIZE - 0.071479*CPI

Kim nh ngha:
Vi = 5% = 0.05
Da vo mc ngha Prob kim nh:

Prob (D/E) = 0.0001 < = 0.05 Do D/E c mc ngha 5% v D/E c nh

hng trong phng trnh hi quy.

Prob (TANG) = 0.0000 < = 0.05 Do TANG c mc ngha 5% v TANG

c nh hng trong phng trnh hi quy.

Prob (GROWTH) = 0.0219 < = 0.05 Do GROWTH c mc ngha 5% v

GROWTH c nh hng trong phng trnh hi quy.

Prob (ROA) = 0.0001 < = 0.05 Do ROA c mc ngha 5% v ROA c

nh hng trong phng trnh hi quy.

Prob (SIZE) = 0.0000 < = 0.05 Do SIZE c mc ngha 5% v SIZE c

nh hng trong phng trnh hi quy.

Prob (CPI) = 0.4192 > = 0.05 CPI khng c ngha thng k mc 5%.
Kim nh h s ph hp R squared (R2)
R squared = 0.5041 : thch hp l 50.41%.
Prob (F-statistic) = 0.0000 < 5%: H s ph hp c ngha thng k m hnh

ph hp c th s dng c.
Bng 1: Tm tt mi tung quan cc yu t tc ng n cu trc vn
STT

NHM 1B

Bin gii thch

21

Du tc ng
theo l thuyt

GVHD: TS. Nguyn Th Lanh

Kt qu thc nghim
TDA

LDA

CC NHN T NG TIN CY TRONG QUYT NH TI TR

NGHIP

NGNH: TI CHNH DOANH

n by trung bnh ngnh

(D/E)

Ti sn hu hnh (TANG)

Tc tng trng
(GROWTH)

+/

Li nhun (ROA)

+/

Quy m cng ty (SIZE)

Lm pht (CPI)

Gii thch bng 1:

Nm yu t gm n by trung bnh ngnh, ti sn hu hnh, tc tng trng, li
nhun v quy m cng ty c kt qu ging vi l thuyt trt t phn hng v l thuyt
nh i cu trc vn. Ngoi tr yu t lm pht cho kt qu tng quan nghch vi n
by, theo l thuyt lm pht tng quan thun vi n by.
Hnh 1: Cc h s co gin trong phng trnh hi quy cn tm

NHM 1B

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NGNH: TI CHNH DOANH

Ngun tnh ton t chng trnh eviews

Gii thch hnh 1:
Yu t li nhun nh hng ln nht n n by tng n/tng ti sn, k n l yu
t lm pht v t nht l yu t quy m cng ty.
Yu t ti sn hu hnh nh hng ln nht n n by n di hn/tng ti sn, k
n l yu t li nhun v t nht l yu t tc tng trng.
4.3 Kim nh pht hin s c mt ca bin khng cn thit Kim nh Wald
a) n by TDA
M hnh d kin:
TDA = + 1*D/E + 2 *TANG + 3 *GROWTH+ 4 *ROA+ 5 *SIZE+ 6 *CPI
t gi thuyt H0 = 0: l bin khng cn thit.
H1 0
NHM 1B

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NGHIP

NGNH: TI CHNH DOANH

Ho: (1)= 0
Ho: (2)= 0
Ho: (3)= 0
Ho: (4)= 0
Ho: (5)= 0
Ho: (6)= 0
Kim nh mc ngha = 5%
Wald Test:
Equation: Untitled
Test Statistic

Value

F-statistic
Chi-square

76.74268
460.4561

df

Probability

(6, 368)
6

0.0000
0.0000

Value

Std. Err.

Null Hypothesis Summary:

Normalized Restriction (= 0)
C(1)
C(2)
C(3)
C(4)
C(5)
C(6)

0.330450
0.066530
0.045542
0.031693
-0.687252
0.023225

Restrictions are linear in coefficients.

NHM 1B

24

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0.227932
0.004341
0.044561
0.007134
0.104381
0.006738

CC NHN T NG TIN CY TRONG QUYT NH TI TR

NGHIP

NGNH: TI CHNH DOANH

Ngun: tnh ton t chng trnh eviews

Ghi ch: C(1) tng ng vi 1
C(2) tng ng vi 2
C(3) tng ng vi 3
C(4) tng ng vi 4
C(5) tng ng vi 5
C(6) tng ng vi 6
T kt qu ca kim nh Wald ta c:
Prod (F-statistic) = 0.0000 < = 5% Bc b gi thuyt H0 Khng c bin tha
Vy 1 0 Bin D/E cn thit trong m hnh n by TDA vi mc ngha 5%.
2 0 Bin TANG cn thit trong m hnh n by TDA vi mc ngha 5%.
3 0 Bin GROWTH cn thit trong m hnh n by TDA vi ngha 5%.
4 0 Bin ROA cn thit trong m hnh n by TDA vi mc ngha 5%.
5 0 Bin SIZE cn thit trong m hnh n by TDA vi mc ngha 5%.
6 0 Bin CPI cn thit trong m hnh n by TDA vi mc ngha 5%.
b) LDA
M hnh d kin:
LDA = + 1*D/E + 2 *TANG + 3 *GROWTH+ 4 *ROA+ 5 *SIZE+ 6 *CPI
t gi thuyt H0 = 0: l bin khng cn thit.
H1 0
Ho: (1)= 0
NHM 1B

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NGNH: TI CHNH DOANH

Ho: (2)= 0
Ho: (3)= 0
Ho: (4)= 0
Ho: (5)= 0
Ho: (6)= 0
Kim nh mc ngha = 5%
Wald Test:
Equation: Untitled
Test Statistic

Value

F-statistic
Chi-square

62.45071
374.7042

df

Probability

(6, 368)
6

0.0000
0.0000

Value

Std. Err.

Null Hypothesis Summary:

Normalized Restriction (= 0)
C(1)
C(2)
C(3)
C(4)
C(5)
C(6)

-0.836815
0.012299
0.394704
0.011492
-0.293563
0.033466

Restrictions are linear in coefficients.

Ngun: tnh ton t chng trnh eviews

Ghi ch: C(1) tng ng vi 1

NHM 1B

26

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0.159567
0.003039
0.031195
0.004994
0.073073
0.004717

CC NHN T NG TIN CY TRONG QUYT NH TI TR

NGHIP

NGNH: TI CHNH DOANH

C(2) tng ng vi 2
C(3) tng ng vi 3
C(4) tng ng vi 4
C(5) tng ng vi 5
C(6) tng ng vi 6
T kt qu ca kim nh Wald ta c:
Prod (F-statistic) = 0.0000 < = 5% Bc b gi thuyt H0 Khng c bin tha
Vy 1 0 Bin D/E cn thit trong m hnh n by LDA vi mc ngha 5%.
2 0 Bin TANG cn thit trong m hnh n by LDA vi mc ngha 5%.
3 0 Bin GROWTH cn thit trong m hnh n by LDA vi ngha 5%.
4 0 Bin ROA cn thit trong m hnh n by LDA vi mc ngha 5%.
5 0 Bin SIZE cn thit trong m hnh n by LDA vi mc ngha 5%.
6 0 Bin CPI cn thit trong m hnh n by LDA vi mc ngha 5%.
4.4 Ma trn h s tng quan
a) TDA
TDA

DE

TANG

GROWTH

ROA

SIZE

CPI

0.646677321

0.195970721

-0.037114511

-0.429337317

0.235821413

-0.031224907

DE

0.646677321

0.122083985

-0.301114491

-0.400854883

0.130730357

0.245553273

TANG

0.195970721

0.122083985

0.071127943

-0.162622206

0.20611499

-0.006893727

GROWTH

-0.037114511

-0.301114491

0.071127943

0.38476834

0.118120262

-0.314800009

ROA

-0.429337317

-0.400854883

-0.162622206

0.38476834

-0.015757402

-0.140804245

SIZE

0.235821413

0.130730357

0.20611499

0.118120262

-0.015757402

0.02126509

CPI

-0.031224907

0.245553273

-0.006893727

-0.314800009

-0.140804245

0.02126509

TDA

NHM 1B

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NGNH: TI CHNH DOANH

b) LDA
LDA

DE

TANG

GROWTH

ROA

SIZE

CPI

LDA

0.295490855

0.597355796

0.057884893

-0.28032927

0.406874945

0.005448665

D/E

0.295490855

0.122083985

-0.301114491

-0.400854883

0.130730357

0.245553273

TANG

0.597355796

0.122083985

0.071127943

-0.162622206

0.20611499

-0.006893727

GROWTH

0.057884893

-0.301114491

0.071127943

0.38476834

0.118120262

-0.314800009

ROA

-0.28032927

-0.400854883

-0.162622206

0.38476834

-0.015757402

-0.140804245

SIZE

0.406874945

0.130730357

0.20611499

0.118120262

-0.015757402

0.02126509

CPI

0.005448665

0.245553273

-0.006893727

-0.314800009

-0.140804245

0.02126509

4.5 ngha ca m hnh v cc h s tm c:

M hnh n by TDA:
TDA = 0.330450 + 0.066530*D/E + 0.045542*TANG + 0.031693*GROWTH 0.687252*ROA + 0.023225*SIZE - 0.554795*CPI
= 0.330450: l h s ca m hnh hi quy ca bin n by TDA theo D/E,

TANG, GROWTH, ROA, SIZE, CPI.

1 = 0.066530: l h s co gin ca TDA theo D/E hay h s co gin ca n by
tng n/tng ti sn cng ty theo n by trung bnh ngnh, khi cc yu t ti sn hu
hnh, tc tng trng, li nhun, quy m cng ty v lm pht khng i.
ngha: H s co gin ca n by tng n/tng ti sn cng ty theo n by trung
bnh ngnh l +0.066530, c ngha khi cc yu t ti sn hu hnh, tc tng trng, li
nhun, quy m cng ty v lm pht khng i, n by trung bnh ngnh tng 1% th n
by tng n/tng ti sn cng ty tng 0.066530%. V ngc li, n by trung bnh ngnh
gim 1% th n by tng n/tng ti sn cng ty gim 0.066530%. Ta thy n by tng
n/tng ti sn cng ty v n by trung bnh ngnh tng quan thun vi nhau.
NHM 1B

28

GVHD: TS. Nguyn Th Lanh

CC NHN T NG TIN CY TRONG QUYT NH TI TR

NGHIP

NGNH: TI CHNH DOANH

2 = 0.045542: l h s co gin ca TDA theo TANG hay h s co gin ca n by

tng n/tng ti sn theo ti sn hu hnh, khi cc yu t n by trung bnh ngnh, tc
tng trng, li nhun, quy m cng ty v lm pht khng i.
ngha: H s co gin ca n by tng n/tng ti sn theo ti sn hu hnh l
+0.045542, c ngha khi cc yu t n by trung bnh ngnh, tc tng trng, li
nhun, quy m cng ty v lm pht khng i, ti sn hu hnh tng 1% th n by tng
n/tng ti sn tng 0.045542%. V ngc li, ti sn hu hnh gim 1% th n by tng
n/tng ti sn gim 0.045542%. Ta thy n by tng n/tng ti sn v ti sn hu hnh
tng quan thun vi nhau.
3 = 0.031693: l h s co gin ca TDA theo GROWTH hay h s co gin ca n
by tng n/tng ti sn theo tc tng trng, khi cc yu t n by trung bnh ngnh,
ti sn hu hnh, li nhun, quy m cng ty v lm pht khng i.
ngha: H s co gin ca n by tng n/tng ti sn theo tc tng trng l
+0.031693, c ngha khi cc yu t n by trung bnh ngnh, ti sn hu hnh, li nhun,
quy m cng ty v lm pht khng i, tc tng trng tng 1% th n by tng
n/tng ti sn tng 0.031693%. V ngc li, tc tng trng gim 1% th n by
tng n/tng ti sn gim 0.031693%. Ta thy n by tng n/tng ti sn v tc tng
trng tng quan thun vi nhau.
4 = 0.687252: l h s co gin ca TDA theo ROA hay h s co gin ca n by
tng n/tng ti sn theo li nhun, khi cc yu t n by trung bnh ngnh, ti sn hu
hnh, tc tng trng, quy m cng ty v lm pht khng i.
ngha: H s co gin ca n by tng n/tng ti sn theo li nhun l
0.687252, c ngha khi cc yu t n by trung bnh ngnh, ti sn hu hnh, tc
tng trng, quy m cng ty v lm pht khng i, li nhun tng 1% th n by tng
n/tng ti sn gim 0.687252%. V ngc li, li nhun gim 1% th n by tng

NHM 1B

29

GVHD: TS. Nguyn Th Lanh

CC NHN T NG TIN CY TRONG QUYT NH TI TR

NGHIP

NGNH: TI CHNH DOANH

n/tng ti sn tng 0.687252%. Ta thy n by tng n/tng ti sn v li nhun tng

quan nghch vi nhau.
5 = 0.023225: l h s co gin ca TDA theo SIZE hay h s co gin ca n by
tng n/tng ti sn theo quy m cng ty, khi cc yu t n by trung bnh ngnh, ti sn
hu hnh, tc tng trng, li nhun v lm pht khng i.
ngha: H s co gin ca n by tng n/tng ti sn theo quy m cng ty l
+0.023225, c ngha khi cc yu t n by trung bnh ngnh, ti sn hu hnh, tc
pht trin, li nhun v lm pht khng i, quy m cng ty tng 1% th n by tng
n/tng ti sn tng 0.023225%. V ngc li, quy m cng ty gim 1% th n by tng
n/tng ti sn gim 0.023225%. Ta thy n by tng n/tng ti sn v quy m cng ty
tng quan thun vi nhau.
6 = 0.554795: l h s co gin ca TDA theo CPI hay h s co gin ca n by
tng n/tng ti sn theo lm pht, khi cc yu t n by trung bnh ngnh, ti sn hu
hnh, tc tng trng, quy m cng ty v li nhun khng i.
ngha: H s co gin ca n by tng n/tng ti sn theo lm pht l 0.554795,
c ngha khi cc yu t n by trung bnh ngnh, ti sn hu hnh, tc tng trng,
quy m cng ty v li nhun khng i, lm pht tng 1% th n by tng n/tng ti
sn gim 0.554795%. V ngc li, lm pht gim 1% th n by tng n/tng ti sn
tng 0.554795%. Ta thy n by tng n/tng ti sn v lm pht tng quan nghch vi
nhau.

M hnh n by LDA
LDA = -0.836815 + 0.012299*D/E + 0.394704*TANG + 0.011492*GROWTH 0.293563*ROA + 0.033466*SIZE - 0.071479*CPI
= -0.836815: l h s ca m hnh hi quy ca bin n by LDA theo D/E,

TANG, GROWTH, ROA, SIZE, CPI.

NHM 1B

30

GVHD: TS. Nguyn Th Lanh

CC NHN T NG TIN CY TRONG QUYT NH TI TR

NGHIP

NGNH: TI CHNH DOANH

1 = 0.012299: l h s co gin ca TDA theo D/E hay h s co gin ca n by

tng n/tng ti sn ca cng ty theo n by trung bnh ngnh, khi cc yu t ti sn hu
hnh, tc tng trng, li nhun, quy m cng ty v lm pht khng i.
ngha: H s co gin ca n by tng n/tng ti sn ca cng ty theo n by
trung bnh ngnh l +0.012299, c ngha khi cc yu t ti sn hu hnh, tc tng
trng, li nhun, quy m cng ty v lm pht khng i, n by trung bnh ngnh tng
1% th n by tng n/tng ti sn ca cng ty tng 0.012299%. V ngc li, n by
trung bnh ngnh gim 1% th n by tng n/tng ti sn ca cng ty gim 0.012299%.
Ta thy n by n di hn/tng ti sn ca cng ty v n by trung bnh ngnh tng
quan thun vi nhau.
2 = 0.394704: l h s co gin ca TDA theo TANG hay h s co gin ca n by
tng n/tng ti sn theo ti sn hu hnh, khi cc yu t n by trung bnh ngnh, tc
tng trng, li nhun, quy m cng ty v lm pht khng i.
ngha: H s co gin ca n by tng n/tng ti sn theo ti sn hu hnh l
+0.394704, c ngha khi cc yu t n by trung bnh ngnh, tc tng trng, li
nhun, quy m cng ty v lm pht khng i, ti sn hu hnh tng 1% th n by tng
n/tng ti sn tng 0.394704%. V ngc li, ti sn hu hnh gim 1% th n by tng
n/tng ti sn gim 0.394704%. Ta thy n by n di hn/tng ti sn v ti sn hu
hnh tng quan thun vi nhau.
3 = 0.011492: l h s co gin ca TDA theo GROWTH hay h s co gin ca n
by tng n/tng ti sn theo tc tng trng, khi cc yu t n by trung bnh ngnh,
ti sn hu hnh, li nhun, quy m cng ty v lm pht khng i.
ngha: H s co gin ca n by tng n/tng ti sn theo tc tng trng l
+0.011492, c ngha khi cc yu t n by trung bnh ngnh, ti sn hu hnh, li nhun,
quy m cng ty v lm pht khng i, tc tng trng tng 1% th n by tng
n/tng ti sn tng 0.011492%. V ngc li, tc tng trng gim 1% th n by

NHM 1B

31

GVHD: TS. Nguyn Th Lanh

CC NHN T NG TIN CY TRONG QUYT NH TI TR

NGHIP

NGNH: TI CHNH DOANH

tng n/tng ti sn gim 0.011492%. Ta thy n by n di hn/tng ti sn v tc

tng trng tng quan thun vi nhau.
4 = 0.293563: l h s co gin ca TDA theo ROA hay h s co gin ca n by
tng n/tng ti sn theo li nhun, khi cc yu t n by trung bnh ngnh, ti sn hu
hnh, tc tng trng, quy m cng ty v lm pht khng i.
ngha: H s co gin ca n by tng n/tng ti sn theo li nhun l
0.293563, c ngha khi cc yu t n by trung bnh ngnh, ti sn hu hnh, tc
tng trng, quy m cng ty v lm pht khng i, li nhun tng 1% th n by tng
n/tng ti sn gim 0.293563%. V ngc li, li nhun gim 1% th n by tng
n/tng ti sn tng 0.293563%. Ta thy n by n di hn/tng ti sn v li nhun
tng quan nghch vi nhau.
5 = 0.033466: l h s co gin ca TDA theo SIZE hay h s co gin ca n by
tng n/tng ti sn theo quy m cng ty, khi cc yu t n by trung bnh ngnh, ti sn
hu hnh, tc tng trng, li nhun v lm pht khng i.
ngha: H s co gin ca n by tng n/tng ti sn theo quy m cng ty l
+0.033466, c ngha khi cc yu t n by trung bnh ngnh, ti sn hu hnh, tc
pht trin, li nhun v lm pht khng i, quy m cng ty tng 1% th n by tng
n/tng ti sn tng 0.033466%. V ngc li, quy m cng ty gim 1% th n by tng
n/tng ti sn gim 0.033466%. Ta thy n by n di hn/tng ti sn v quy m cng
ty tng quan thun vi nhau.
6 = 0.071479: l h s co gin ca TDA theo CPI hay h s co gin ca n by
tng n/tng ti sn theo lm pht, khi cc yu t n by trung bnh ngnh, ti sn hu
hnh, tc tng trng, quy m cng ty v li nhun khng i.
ngha: H s co gin ca n by tng n/tng ti sn theo lm pht l 0.071479,
c ngha khi cc yu t n by trung bnh ngnh, ti sn hu hnh, tc tng trng,
quy m cng ty v li nhun khng i, lm pht tng 1% th n by tng n/tng ti
NHM 1B

32

GVHD: TS. Nguyn Th Lanh

CC NHN T NG TIN CY TRONG QUYT NH TI TR

NGHIP

NGNH: TI CHNH DOANH

sn gim 0.071479%. V ngc li, lm pht gim 1% th n by tng n/tng ti sn

tng 0.071479%. Ta thy n by n di hn/tng ti sn v lm pht tng quan nghch
vi nhau
5. Kt lun
5.1 Cc kt qu nghin cu chnh
Nghin cu su yu t tc ng n n by bao gm n by trung bnh ngnh, ti
sn hu hnh, tc tng trng, li nhun, quy m cng ty v lm pht. Kt qu nghin
cu cho thy su yu t ny c tc ng n cu trc vn ca cng ty th hin qua m
hnh phng trnh:
TDA = 0.330450 + 0.066530*D/E + 0.045542*TANG + 0.031693*GROWTH 0.687252*ROA + 0.023225*SIZE - 0.554795*CPI

(1)

LDA = -0.836815 + 0.012299*D/E + 0.394704*TANG + 0.011492*GROWTH 0.293563*ROA + 0.033466*SIZE - 0.071479*CPI

(2)

Mi tng quan tc ng ca cc bin nh sau:

n by cng ty v n by trung bnh ngnh tng quan thun vi nhau.
n by v ti sn hu hnh tng quan thun vi nhau.
n by v tc tng trng tng quan thun vi nhau.
n by v li nhun tng quan nghch vi nhau.
n by v quy m cng ty tng quan thun vi nhau.
n by v lm pht tng quan nghch vi nhau.
Kt qu nghin cu cho thy mi tng quan ca su yu t tc ng n n by
theo TDA (tng n/tng ti sn) v LDA (n di hn/tng ti sn) u ging nhau.

NHM 1B

33

GVHD: TS. Nguyn Th Lanh

CC NHN T NG TIN CY TRONG QUYT NH TI TR

NGHIP

NGNH: TI CHNH DOANH

T m hnh (1) v (2) ta thy yu t li nhun nh hng ln nht n n by tng

n/tng ti sn, k n l yu t lm pht v t nht l yu t quy m cng ty.
Yu t ti sn hu hnh nh hng ln nht n n by n di hn/tng ti sn, k
n l yu t li nhun v t nht l yu t tc tng trng.
So snh kt qu nghin cu vi l thuyt c nm yu t gm n by trung bnh
ngnh, ti sn hu hnh, tc tng trng, li nhun v quy m cng ty c kt qu ging
vi l thuyt trt t phn hng v l thuyt nh i cu trc vn. Ngoi tr yu t lm
pht, kt qu nghin cu cho thy lm pht tng quan nghch vi n by v theo l
thuyt lm pht tng quan thun vi n by.
T kt qu nghin cu, tp hp su yu t nh hng n cu trc vn cung cp m
hnh c bn nh sau:

n by trung bnh ngnh: Cc cng ty cnh tranh trong cng ngnh m n

by trung bnh ngnh cao c xu hng n by cao.

T s gi th trng/ gi tr s sch ca ti sn: Cc cng ty c tc tng trng

cao c xu hng n by cao.

Ti sn hu hnh: Cng ty c nhiu ti sn hu hnh c xu hng n by cao.

Li nhun: Cc cng ty c nhiu li nhun c xu hng n by thp.

Quy m cng ty: Cc cng ty c quy m ln c xu hng n by cao.

Lm pht: Khi lm pht d kin cao, cc cng ty c xu hng n by thp.
6. Ti liu tham kho
Ti liu ting anh

NHM 1B

34

GVHD: TS. Nguyn Th Lanh

CC NHN T NG TIN CY TRONG QUYT NH TI TR

NGHIP

NGNH: TI CHNH DOANH

Murray Z.Frank v Vidhan K.Goyal (2007), Capital structure decisions: Which

factors are reliably important.
Ti liu ting vit
PGS. TS Trn Ngc Th, PGS.TS Nguyn Th Ngc Trang, PGS.TS Phan
Th Bch Nguyt, TS Nguyn Th Lin Hoa, TS Nguyn Th Uyn Uyn
(2007), Ti Chnh Doanh Nghip Hin i, Nh xut bn thng k, H
Ni.
Trn Hng Sn (2008), Cc nhn t tc ng n c cu vn ca cc
cng ty ang nim yt trn th trng chng khon Vit Nam,
saga.vn, ngy 14/01/2008.
Hong Ngc Nhm (2008), Gio trnh kinh t lng, Nh xut bn
lao ng x hi.
Trang web:

http://www.hsx.vn

http://www.saga.vn

http://www.cafef.vn

http://www.cophieu68.com

http://www.gso.gov.vn

Ph lc 1: Danh sch 75 cng ty nim yt ti S giao dch

chng khon thnh ph H Ch Minh
STT
1
2

M
CK
ABT
ACL

NHM 1B

Tn cng ty nim yt
CTCP Xut nhp khu Thy sn Bn Tre
Cng ty C phn Xut Nhp Khu Thy Sn Cu
35

GVHD: TS. Nguyn Th Lanh

Khi lng
nim yt
13,607,207
18,399,675

Ngy
nim yt
6/12/2006
8/23/2007

CC NHN T NG TIN CY TRONG QUYT NH TI TR

NGHIP
3
4
5
6
7
8
9
10
11
12
13
14

AGF
ALP
ANV
BHS
BMC
BMP
CLC
CYC
DHA
DHG
DIC
DMC

15

DPM

16
17
18
19
20

DPR
DRC
DTT
FMC
FPT

21

GIL

22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43

GMC
GTA
HAP
HMC
HPG
HRC
HSI
HT1
ICF
IFS
IMP
KDC
KHA
KHP
LAF
LGC
MCP
MPC
NAV
PAC
PET
PGC

44

PJT

45

PPC

NHM 1B

Long An Giang
CTCP Xut nhp khu Thy sn An Giang
Cng ty C phn Alphanam
Cng ty C phn Nam Vit
Cng ty C phn ng Bin Ha
Cng ty C phn Khong sn Bnh nh
Cng ty C phn Nha Bnh Minh
Cng ty C phn Ct Li
CTCP Gch men Chang Yih
Cng ty C phn Ha An
CTCP Dc Hu Giang
Cng ty C phn u t v Thng mi DIC
CTCP Xut nhp khu y t DOMESCO
Tng Cng ty Phn bn v Ha cht Du kh
CTCP
CTCP Cao su ng Ph
Cng ty C phn Cao su Nng
Cng ty C phn K ngh thnh
Cng ty C phn Thc phm Sao Ta
Cng ty C phn FPT
CTCP Sn xut Kinh doanh Xut nhp khu Bnh
Thnh
CTCP Sn xut Thng mi May Si Gn
Cng ty c phn Ch bin g Thun An
Cng ty C phn Tp on Hapaco
Cng ty C phn Kim kh Thnh ph H Ch Minh
Cng ty C phn Tp on Ha pht
Cng ty C phn Cao su Ha Bnh
CTCP Vt t Tng hp v Phn bn Ha sinh
Cng ty C phn Xi mng H Tin 1
CTCP u t Thng mi Thy sn
Cng ty C phn Thc phm Quc t
CTCP Dc phm Imexpharm
Cng ty C phn Kinh
CTCP Xut nhp khu Khnh Hi
Cng ty C phn in lc Khnh Ha
CTCP Ch bin Hng xut khu Long An
Cng ty C phn C kh - in L Gia
CTCP In v Bao b M Chu
CTCP Tp on Thy sn Minh Ph
Cng ty C phn Nam Vit
CTCP Pin c quy Min Nam
Tng CTCP Dch v Tng hp Du kh
Cng ty C phn Gas Petrolimex
Cng ty C phn Vn ti Xng du ng thy
Petrolimex
Cng ty C phn Nhit in Ph Li
36

GVHD: TS. Nguyn Th Lanh

NGNH: TI CHNH DOANH

12,859,288
64,584,413
66,000,000
29,997,580
8,261,820
34,983,552
13,103,830
1,990,530
15,119,946
65,176,429
15,000,000
17,809,336

4/26/2002
12/7/2007
11/28/2007
11/21/2006
12/12/2006
6/12/2006
10/18/2006
6/21/2006
4/12/2004
12/1/2006
11/22/2006
4/12/2006

380,000,000

10/29/2007

43,000,000
46,153,865
8,151,820
8,000,000
215,978,933

11/22/2007
11/28/2006
12/6/2006
10/20/2006
11/21/2006

13,324,588

12/28/2001

8,868,571
10,400,000
24,436,229
21,000,000
349,211,108
17,260,976
10,000,000
198,000,000
12,807,000
6,875,359
15,214,500
133,517,881
14,120,309
41,551,296
14,728,019
8,283,561
10,339,520
70,000,000
8,000,000
26,987,843
69,842,000
34,446,699

12/6/2006
7/4/2007
8/2/2000
11/28/2006
10/31/2007
11/22/2006
12/12/2007
10/31/2007
12/11/2007
9/29/2006
11/15/2006
11/18/2005
8/14/2002
12/8/2006
12/11/2000
11/29/2006
12/18/2006
12/13/2007
11/30/2006
11/9/2006
8/13/2007
10/20/2006

8,400,000

12/11/2006

326,235,000

1/17/2007

CC NHN T NG TIN CY TRONG QUYT NH TI TR

NGHIP
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75

PVD
PVT
RAL
REE
RIC
SAM
SAV
SCD
SSC
ST8
TAC
TCM
TCR
TNA
TNC
TPC
TRC
TS4
TSC
TTP
VFC
VHC
VID
VIP
VIS
VNM
VPK
VSH
VTB
VTO

Tng CTCP Khoan v Dch v Khoan du kh

Tng Cng ty C phn Vn ti Du kh
Cng ty C phn Bng n Phch nc Rng ng
Cng ty C phn C in lnh
Cng ty C phn Quc t Hong Gia
Cng ty C phn u t v Pht trin Sacom
CTCP Hp tc Kinh t v Xut nhp khu Savimex
Cng ty C phn Nc gii kht Chng Dng
Cng ty C phn Ging cy trng Min Nam
Cng ty C phn Siu Thanh
Cng ty C phn Du thc vt Tng An
CTCP Dt may - u t - Thng mi Thnh Cng
CTCP Cng nghip Gm s TAICERA
CTCP Thng mi Xut nhp khu Thin Nam
Cng ty C phn Cao su Thng nht
Cng ty C phn Nha Tn i Hng
Cng ty C phn Cao su Ty Ninh
Cng ty C phn Thy sn s 4
CTCP Vt t K thut Nng nghip Cn Th
Cng ty C phn Bao b Nha Tn Tin
Cng ty C phn Vinafco
Cng ty C Phn Vnh Hon
CTCP u t Pht trin Thng mi Vin ng
Cng ty C phn Vn ti Xng du Vipco
Cng ty C phn Thp Vit
Cng ty C phn Sa Vit Nam
Cng ty C phn Bao b Du thc vt
CTCP Thy in Vnh sn Sng hinh
Cng ty C phn Viettronics Tn Bnh
Cng ty C phn Vn ti Xng du Vitaco

NGNH: TI CHNH DOANH

210,508,215
232,600,000
11,500,000
236,643,385
18,799,555
130,798,432
9,963,450
8,500,000
14,992,367
11,957,902
18,980,200
44,737,486
9,315,212
8,000,000
19,250,000
24,430,596
30,000,000
11,500,000
8,312,915
14,999,998
34,000,000
47,151,273
25,522,767
59,807,785
30,000,000
556,114,754
8,000,000
206,241,246
11,982,050
79,866,666

11/15/2006
11/27/2007
10/23/2006
7/18/2000
7/23/2007
7/18/2000
4/26/2002
11/12/2006
12/29/2004
12/10/2007
12/6/2006
10/5/2007
12/26/2006
5/4/2005
8/7/2007
11/20/2007
7/17/2007
7/1/2002
9/24/2007
11/9/2006
6/26/2006
12/7/2007
7/12/2006
11/9/2006
12/7/2006
12/28/2005
11/16/2006
6/28/2006
12/8/2006
10/1/2007

Ph lc 2: S liu thu thp phn tch 75 cng ty nm 2007,

2008, 2009, 2010, 2011
STT

2007

Ma CK

1
1
2
3
4
5
6
7
8
9

3
ABT
ACL
AGF
ALP
ANV
BHS
BMC

NHM 1B

BMP
CLC

37

TDA

LDA

D/E

4
0.3075
0.3950
0.2635
0.2533
0.2780
0.4318
0.1852
0.1530
0.6027

5
0.0001
0.0377
0.0008
0.0040
0.0427
0.2778
0.0871
0.0011
0.0006

6
0.5763
0.2563
0.3990
0.1700
0.1322
0.7558
0.0246
0.0879
0.8991

GVHD: TS. Nguyn Th Lanh

TANG
7
0.0613
0.1928
0.2306
0.0447
0.0482
0.3049
0.1987
0.1611
0.1844

GROWTH
8
0.7906
2.5479
0.9505
2.0073
2.9414
1.0210
9.2458
2.1413
1.8060

ROA
9
0.0944
0.1828
0.0450
0.1318
0.1580
0.0801
0.4579
0.1929
0.1301

SIZE
10
26.7530
26.1014
27.4617
27.5590
28.4829
27.2297
25.2718
26.9333
26.5823

CPI
11
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830

CC NHN T NG TIN CY TRONG QUYT NH TI TR

NGHIP
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58

NHM 1B

CYC
DHA
DHG
DIC
DMC
DPM
DPR
DRC
DTT
FMC
FPT
GIL
GMC
GTA
HAP
HMC
HPG
HRC
HSI
HT1
ICF
IFS
IMP
KDC
KHA
KHP
LAF
LGC
MCP
MPC
NAV
PAC
PET
PGC
PJT
PPC
PVD
PVT
RAL
REE
RIC
SAM
SAV
SCD
SSC
ST8
TAC
TCM
TCR

38

0.6055
0.1220
0.3085
0.6846
0.2336
0.2391
0.4106
0.6432
0.0480
0.5747
0.5777
0.1331
0.4004
0.4639
0.3059
0.5778
0.3224
0.1651
0.7756
0.5957
0.5688
0.5457
0.1247
0.1935
0.3441
0.5423
0.4455
0.6940
0.7153
0.4798
0.3724
0.5576
0.5402
0.3509
0.5757
0.6049
0.4547
0.5683
0.5155
0.2198
0.1253
0.2096
0.4625
0.2182
0.1981
0.4055
0.5682
0.7135
0.4937

0.0836
0.0069
0.0009
0.0065
0.0058
0.0000
0.0364
0.1952
0.0004
0.0013
0.0124
0.0034
0.0184
0.0000
0.1584
0.0105
0.0557
0.0090
0.0443
0.3107
0.0152
0.0017
0.0012
0.0410
0.0996
0.1622
0.0033
0.2020
0.2245
0.1017
0.0008
0.0043
0.0008
0.0748
0.0016
0.5325
0.2994
0.3112
0.0676
0.0361
0.0158
0.0020
0.0122
0.0095
0.0442
0.0003
0.1236
0.1943
0.2270

1.0386
0.1596
0.2348
1.4836
0.0992
0.0588
0.1677
0.9546
0.0418
1.1606
0.3191
0.2317
0.8798
0.3127
0.2955
0.6199
0.3017
0.0306
2.6573
0.3765
0.5834
0.4380
0.0416
0.2138
0.5097
0.8158
0.5144
5.7682
2.9719
0.2732
0.1853
0.6588
0.5367
0.3440
0.8229
0.3228
0.2043
0.2769
0.5578
0.2680
0.0496
0.2048
0.6074
0.1498
0.0882
0.3407
0.2423
0.7673
0.7645

GVHD: TS. Nguyn Th Lanh

0.4015
0.0487
0.1181
0.0828
0.1161
0.4662
0.3769
0.2399
0.1146
0.0984
0.1117
0.0425
0.2676
0.4135
0.3069
0.0313
0.1821
0.1617
0.0832
0.1459
0.1638
0.2426
0.0712
0.0982
0.0448
0.3914
0.0913
0.0166
0.0827
0.0876
0.1379
0.1491
0.0863
0.1739
0.2145
0.6239
0.4820
0.6768
0.0996
0.0061
0.2638
0.0156
0.0789
0.0780
0.1287
0.0755
0.0531
0.2426
0.3873

NGNH: TI CHNH DOANH

1.4779
0.9415
2.2661
-8.7036
3.1166
5.4365
4.1549
1.8955
1.2066
1.1722
4.3527
0.6628
0.7591
2.7676
1.5125
5.2128
1.5968
6.4918
1.3013
4.3045
2.3302
2.7421
3.4263
1.1757
1.0474
1.4540
1.6442
0.4080
0.8453
3.4037
3.2019
1.9132
2.7012
1.5781
1.6491
4.7899
4.1283
4.7547
1.9074
1.0529
3.1385
1.2954
1.4397
1.8626
3.6260
3.5046
5.7702
5.3063
1.2752

0.0132
0.1526
0.1362
0.0711
0.1065
0.2301
0.2047
0.1213
0.0387
0.0718
0.1644
0.0690
0.0788
0.0743
0.0995
0.0826
0.1354
0.3265
0.0421
0.0422
0.0629
0.0749
0.0959
0.0731
0.0370
0.0990
0.1323
0.0137
0.0462
0.0911
0.1783
0.1015
0.0445
0.0554
0.0892
0.0851
0.1331
0.0107
0.0670
0.1008
0.0709
0.0640
0.0290
0.1455
0.1409
0.1570
0.1502
0.0671
0.0628

26.3555
26.1873
27.5715
25.9857
27.1250
29.3787
27.7564
27.0939
25.3860
26.6717
29.3092
26.6748
25.9250
26.0205
27.3194
26.8604
29.1906
26.7321
27.1195
28.4961
26.5411
27.4999
27.0661
28.7519
26.6045
26.8734
25.8153
26.3222
26.1476
28.3828
25.6884
26.8154
27.7939
27.4603
25.5876
29.9013
29.0966
28.1970
27.4112
28.6927
27.3877
28.7553
27.0052
25.7722
25.7747
26.2561
27.4532
27.7324
27.7789

1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830

CC NHN T NG TIN CY TRONG QUYT NH TI TR

NGHIP
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32

2008

NHM 1B

TNA
TNC
TPC
TRC
TS4
TSC
TTP
VFC
VHC
VID
VIP
VIS
VNM
VPK
VSH
VTB
VTO
ABT
ACL
AGF
ALP
ANV
BHS
BMC
BMP
CLC
CYC
DHA
DHG
DIC
DMC
DPM
DPR
DRC
DTT
FMC
FPT
GIL
GMC
GTA
HAP
HMC
HPG
HRC
HSI
HT1
ICF
IFS
IMP

39

0.4744
0.2127
0.2144
0.4244
0.2196
0.6567
0.1980
0.5685
0.3954
0.4269
0.4925
0.7798
0.1978
0.4838
0.1777
0.3528
0.6426
0.1115
0.6266
0.5260
0.2564
0.3979
0.4466
0.0579
0.1372
0.5742
0.6304
0.0711
0.3537
0.6705
0.2237
0.0868
0.3456
0.6485
0.0494
0.5411
0.5168
0.1605
0.3938
0.1917
0.3547
0.6466
0.2295
0.1693
0.8559
0.8273
0.5900
0.8419
0.1351

0.0075
0.0013
0.0036
0.0494
0.0610
0.0002
0.0006
0.1178
0.0895
0.0905
0.4183
0.1566
0.0258
0.2286
0.1277
0.0037
0.5948
0.0000
0.1073
0.0349
0.0059
0.0287
0.2613
0.0016
0.0013
0.0004
0.3191
0.0057
0.0140
0.0322
0.0027
0.0024
0.0383
0.1551
0.0002
0.0016
0.0008
0.0035
0.0023
0.0001
0.1120
0.0008
0.0067
0.0093
0.0006
0.5308
0.0284
0.0243
0.0032

1.0039
0.1156
0.4292
0.1226
0.2199
0.5085
0.0928
0.5651
0.2154
0.4560
0.3122
1.4819
0.1229
0.5997
0.1507
0.5272
0.5068
0.5172
2.8261
6.8056
0.7737
0.9602
1.6772
0.0164
0.3217
1.5066
2.4251
0.2274
0.5905
5.0915
0.3118
0.0402
0.3307
4.8871
0.1389
3.3138
0.6470
0.7547
3.0183
0.4636
1.5423
2.7244
0.3524
0.1893
11.8104
3.4446
2.9096
4.6493
0.1148

GVHD: TS. Nguyn Th Lanh

0.0224
0.3046
0.1534
0.3261
0.2280
0.0404
0.2512
0.3154
0.0889
0.0787
0.6120
0.2241
0.1885
0.4689
0.6394
0.0140
0.7914
0.1035
0.1085
0.2903
0.0816
0.1835
0.2962
0.1480
0.3297
0.1594
0.3218
0.0424
0.0987
0.2122
0.1605
0.3241
0.3983
0.2546
0.1689
0.1858
0.1134
0.0556
0.3012
0.4254
0.3313
0.0485
0.1556
0.1333
0.0701
0.0626
0.1591
0.3498
0.0757

NGNH: TI CHNH DOANH

0.8992
2.3360
0.6359
6.0146
1.2793
3.8911
2.7330
2.6186
3.3143
2.2380
3.1165
2.3900
2.0156
1.5638
1.4346
1.0354
3.6160
0.2479
0.5938
0.1765
0.4488
0.6953
0.4932
3.7516
0.5277
0.9477
0.7033
0.3545
1.1135
0.3997
0.9686
2.3928
1.5966
0.3832
0.4856
0.3628
1.6785
0.2658
0.2362
0.5115
0.3619
1.1020
0.8999
1.0813
0.5030
1.5244
0.5064
1.1454
1.5823

0.0749
0.1209
0.0203
0.2171
0.0520
0.1517
0.1060
0.0570
0.1419
0.0523
0.0963
0.0278
0.1776
0.0657
0.1044
0.0724
0.1078
0.0585
0.1889
0.0085
0.0340
0.0367
-0.0723
0.3541
0.1695
0.1323
0.1140
0.1253
0.1202
0.0412
0.1025
0.2668
0.2239
0.0843
0.0551
0.0363
0.1716
0.0821
0.0921
0.0394
-0.1000
0.0530
0.1524
0.2271
0.0229
0.0137
0.0338
-0.1803
0.0977

25.8735
26.3448
26.7940
27.4291
25.6935
26.8633
26.9174
26.3754
27.2402
26.7898
28.0720
27.3948
29.3221
25.9263
28.5310
26.5339
28.1856
26.6795
26.6461
27.9291
27.5830
28.6093
27.1177
25.6032
27.0619
26.6404
26.5242
26.4222
27.7096
26.5014
27.1415
29.2782
27.6751
27.1441
25.3801
26.5378
29.4434
26.6497
25.9488
25.9888
27.2364
27.4253
29.3608
26.6834
27.4910
29.3623
26.7560
27.8454
27.1142

1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.0830
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297

CC NHN T NG TIN CY TRONG QUYT NH TI TR

NGHIP
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
1
2
3
4
5
6

2009

NHM 1B

KDC
KHA
KHP
LAF
LGC
MCP
MPC
NAV
PAC
PET
PGC
PJT
PPC
PVD
PVT
RAL
REE
RIC
SAM
SAV
SCD
SSC
ST8
TAC
TCM
TCR
TNA
TNC
TPC
TRC
TS4
TSC
TTP
VFC
VHC
VID
VIP
VIS
VNM
VPK
VSH
VTB
VTO
ABT
ACL
AGF
ALP
ANV
BHS

40

0.4451
0.3540
0.7051
0.5850
0.5913
0.2319
0.1398
0.0237
0.0029
0.0341
0.3202
0.0018
0.6817
0.6960
0.7300
0.5340
0.1951
0.1821
0.0309
0.4953
0.2592
0.1790
0.3246
0.5498
0.7112
0.4787
0.5240
0.1669
0.2015
0.2364
0.3564
0.8004
0.1368
0.1921
0.6583
0.4593
0.4525
0.6493
0.1660
0.6418
0.1373
0.2360
0.7716
0.1798
0.7105
0.4818
0.3930
0.3303
0.5156

0.2225
0.0123
0.5346
0.0016
0.4270
0.2240
0.0945
0.0000
0.0029
0.0066
0.1240
0.0014
0.5886
0.2452
0.3210
0.0493
0.0404
0.0178
0.0002
0.0215
0.0023
0.0279
0.0004
0.1142
0.2308
0.1517
0.0141
0.0012
0.0076
0.0441
0.1948
0.0001
0.0004
0.0431
0.1753
0.1023
0.3381
0.3145
0.0030
0.2050
0.0906
0.0289
0.6930
0.0000
0.0528
0.0068
0.0083
0.0254
0.1406

1.5374
1.1467
5.8787
4.2119
3.6979
1.4061
0.4439
0.0594
0.0048
0.0860
1.3134
0.0060
1.2936
0.7440
2.0040
3.1251
0.7303
0.2727
0.1544
2.4684
0.4668
0.2949
0.8546
0.9755
6.5221
2.5075
3.8081
0.3604
0.6278
0.2491
1.5139
3.1582
0.3371
0.4788
1.9462
1.5809
1.3829
4.0230
0.2191
1.9569
0.1758
0.6854
4.0637
0.3679
3.6997
1.7778
1.0429
0.6923
1.5882

GVHD: TS. Nguyn Th Lanh

0.1169
0.0356
0.6142
0.0852
0.0075
0.4313
0.1094
0.1435
0.1153
0.0614
0.1823
0.3839
0.4737
0.2331
0.4315
0.1974
0.0076
0.3277
0.0497
0.1048
0.0503
0.1250
0.0841
0.1969
0.2935
0.4028
0.0100
0.3390
0.1710
0.3881
0.1298
0.0347
0.2130
0.1583
0.3713
0.0755
0.6081
0.1453
0.2563
0.6047
0.5726
0.0136
0.9356
0.0833
0.2069
0.2979
0.0796
0.1965
0.2675

NGNH: TI CHNH DOANH

0.5644
0.4865
0.4072
0.3744
0.3913
0.2147
0.3680
0.4086
0.6057
0.4403
0.3610
0.3065
1.6774
3.2595
1.3494
0.3707
0.3339
0.8767
0.2079
0.4053
0.7503
0.9305
0.8795
1.3417
0.6851
0.3663
0.2891
0.5559
0.4019
1.2429
0.3658
1.4919
0.4815
0.5143
1.0815
0.7116
0.6013
0.4601
0.9182
1.0470
0.9049
0.5187
0.8439
0.6063
0.6633
0.5561
0.6300
0.7212
0.6852

-0.0203
0.1108
0.0560
0.0184
0.0405
0.0897
0.0023
0.1129
0.1537
0.0455
0.0026
0.0335
-0.0236
0.1081
0.0144
0.0546
-0.0590
0.0071
-0.0333
0.0243
0.1494
0.1788
0.2046
0.0172
0.0039
0.0319
0.0705
0.0315
-0.1874
0.3000
0.0417
0.0772
0.1386
0.0352
0.0677
0.0503
0.0520
0.1283
0.2095
-0.1696
0.1494
0.0932
0.0105
0.1693
0.0775
0.0119
0.0420
-0.0580
0.1357

28.7241
26.5720
27.4057
26.1037
26.5509
26.0452
28.4494
25.6957
26.9497
28.0996
27.3415
25.9205
30.0103
29.7866
29.4017
27.5203
28.5897
27.5732
28.4548
27.0790
25.8649
25.8566
26.2995
27.2555
27.8994
27.7756
26.0407
26.3069
26.5187
27.2165
26.2231
27.5021
26.9061
26.5492
27.8259
26.9420
28.0081
27.6532
29.4173
25.7978
28.5406
26.2953
28.8586
27.0093
27.1432
27.8216
27.8097
28.4195
27.5086

1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.2297
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688

CC NHN T NG TIN CY TRONG QUYT NH TI TR

NGHIP
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55

NHM 1B

BMC
BMP
CLC
CYC
DHA
DHG
DIC
DMC
DPM
DPR
DRC
DTT
FMC
FPT
GIL
GMC
GTA
HAP
HMC
HPG
HRC
HSI
HT1
ICF
IFS
IMP
KDC
KHA
KHP
LAF
LGC
MCP
MPC
NAV
PAC
PET
PGC
PJT
PPC
PVD
PVT
RAL
REE
RIC
SAM
SAV
SCD
SSC
ST8

41

0.2075
0.1781
0.5910
0.6573
0.0821
0.3260
0.6858
0.2931
0.1251
0.2899
0.2886
0.0802
0.7561
0.6341
0.2243
0.4206
0.2880
0.2940
0.6694
0.4983
0.1550
0.8265
0.8392
0.4793
0.8056
0.2573
0.4161
0.2457
0.6940
0.5101
0.6295
0.3931
0.4895
0.4163
0.3793
0.7233
0.4421
0.3050
0.6322
0.6568
0.6655
0.5896
0.2643
0.2116
0.0875
0.4909
0.2645
0.2718
0.2148

0.0722
0.0013
0.0004
0.0875
0.0051
0.0094
0.0006
0.0213
0.0360
0.0255
0.0552
0.0000
0.0009
0.1839
0.0030
0.0021
0.0003
0.0838
0.0528
0.0527
0.0247
0.0007
0.6548
0.0170
0.2498
0.0148
0.0317
0.0088
0.3502
0.0022
0.3815
0.1794
0.1080
0.0000
0.0358
0.0165
0.1172
0.0944
0.5554
0.4550
0.4221
0.0427
0.0304
0.0570
0.0001
0.0133
0.0030
0.0156
0.0000

0.0673
0.1408
1.0807
2.8436
0.1186
0.4359
2.2001
0.2322
0.0713
0.1724
0.3636
0.1725
6.1762
0.8092
0.5116
0.4811
0.5656
0.6507
1.9776
0.7241
0.1225
10.4102
3.9327
1.1083
2.2299
0.2347
0.5151
0.3439
2.1521
1.0409
1.0608
0.9707
0.4696
0.6950
0.2354
1.9194
1.0537
0.5594
1.3047
0.7940
1.8823
2.4908
0.6412
0.1295
0.2384
0.8017
0.2642
0.1993
0.3203

GVHD: TS. Nguyn Th Lanh

0.3754
0.2832
0.0750
0.2986
0.0397
0.0781
0.0733
0.1837
0.1470
0.3072
0.2646
0.1625
0.1076
0.0985
0.0745
0.2813
0.3420
0.3019
0.0411
0.0856
0.0907
0.0863
0.1908
0.2000
0.5510
0.0571
0.1112
0.0525
0.4801
0.0913
0.1694
0.3796
0.1329
0.1236
0.1380
0.0447
0.2131
0.4585
0.3602
0.7466
0.5801
0.2395
0.0053
0.3327
0.0363
0.1034
0.0419
0.0976
0.0750

NGNH: TI CHNH DOANH

3.8907
1.6156
1.3988
0.6744
0.7866
1.2467
0.9920
1.9318
2.0365
2.3684
1.1222
0.6284
0.5117
2.2800
0.5903
1.5088
0.7153
0.6482
1.6184
1.4494
1.5035
0.4574
1.4316
0.8474
1.8588
1.6422
1.4410
0.9474
1.0539
1.1013
1.6026
0.6672
2.0611
1.2019
2.6029
1.5471
0.7779
0.7845
1.3290
2.4956
1.0571
0.5831
0.5635
2.2077
0.4040
1.2241
1.3615
2.2778
1.1361

0.1423
0.3032
0.1081
0.0061
0.1950
0.2381
0.0456
0.1076
0.2128
0.1691
0.5010
0.0097
0.0224
0.1352
0.1279
0.1650
0.0421
0.0671
0.0298
0.1241
0.1499
0.0211
0.0221
0.0787
-0.0009
0.0898
0.1231
0.1234
0.0593
0.0997
0.0694
0.0605
0.1093
0.0727
0.2206
0.0367
0.0702
0.0566
0.0760
0.0661
-0.0026
0.0347
0.1283
0.0332
0.0873
0.0287
0.1778
0.2099
0.2159

25.7467
27.4377
26.8753
26.5764
26.5763
28.0510
26.7339
27.2885
29.4797
27.8512
27.3890
25.5533
27.1585
29.9724
26.8097
26.0748
26.1115
27.2627
27.5523
29.9576
26.8026
27.3560
29.6141
26.6292
27.3542
27.3183
29.0774
26.6722
27.4669
26.0956
26.7504
26.0314
28.4296
25.8083
27.2304
28.7604
27.6351
25.6664
30.0944
30.1462
29.4854
27.6792
28.8495
27.7050
28.6093
27.0958
25.9996
26.2091
26.5080

1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688

CC NHN T NG TIN CY TRONG QUYT NH TI TR

NGHIP
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29

2010

NHM 1B

TAC
TCM
TCR
TNA
TNC
TPC
TRC
TS4
TSC
TTP
VFC
VHC
VID
VIP
VIS
VNM
VPK
VSH
VTB
VTO
ABT
ACL
AGF
ALP
ANV
BHS
BMC
BMP
CLC
CYC
DHA
DHG
DIC
DMC
DPM
DPR
DRC
DTT
FMC
FPT
GIL
GMC
GTA
HAP
HMC
HPG
HRC
HSI
HT1

42

0.5432
0.6706
0.4941
0.6390
0.0921
0.1095
0.2057
0.5297
0.7926
0.1463
0.2283
0.5478
0.4955
0.6285
0.7069
0.2133
0.5726
0.1226
0.3294
0.7605
0.2619
0.6856
0.5396
0.4482
0.2153
0.5108
0.2870
0.1320
0.6656
0.6678
0.1479
0.2916
0.6000
0.2873
0.1602
0.2514
0.3125
0.1741
0.6689
0.5897
0.3347
0.5670
0.2114
0.1599
0.7215
0.5479
0.1826
0.7582
0.8453

0.1195
0.2588
0.0938
0.0065
0.0022
0.0063
0.0531
0.3888
0.0001
0.0000
0.0236
0.1391
0.1354
0.4833
0.3625
0.0302
0.0484
0.0966
0.0038
0.5653
0.0000
0.0270
0.0079
0.0803
0.0197
0.1134
0.0629
0.0014
0.0004
0.3537
0.0047
0.0325
0.0375
0.0330
0.0356
0.0324
0.0399
0.0333
0.0011
0.1659
0.0024
0.0019
0.0007
0.0016
0.0657
0.1362
0.0182
0.0007
0.5755

0.8112
1.9386
1.9774
2.2251
0.1053
0.2146
0.1063
0.7545
2.9178
0.1460
0.3513
0.6939
1.1809
0.9848
1.7687
0.1103
1.2759
0.1162
0.8684
3.3545
0.3448
3.1425
2.8855
1.1580
0.4806
1.4649
0.2678
0.0830
1.8013
3.6568
0.2138
0.4194
1.3944
0.4732
0.0884
0.1522
0.4033
0.3331
4.6063
0.5977
0.7902
1.3049
0.4953
0.4672
2.7434
0.6887
0.0964
6.3820
4.7128

GVHD: TS. Nguyn Th Lanh

0.3455
0.4133
0.4167
0.0066
0.3126
0.1392
0.3285
0.0813
0.0818
0.2132
0.1082
0.3395
0.0769
0.7479
0.0928
0.2164
0.6182
0.4957
0.1708
0.8901
0.0714
0.1868
0.3628
0.0580
0.1830
0.2172
0.3109
0.2324
0.0254
0.3459
0.0411
0.0922
0.0490
0.2364
0.1376
0.2189
0.1737
0.3830
0.1397
0.1165
0.1518
0.2008
0.3467
0.2131
0.0465
0.2670
0.0649
0.0981
0.6644

NGNH: TI CHNH DOANH

1.5697
1.4964
0.4940
0.7956
0.9633
0.5729
2.4355
1.4931
1.5114
1.1998
0.8697
1.8393
1.0922
1.7298
1.3634
2.4725
1.1879
1.2021
0.6439
0.9608
1.0465
0.8650
0.4602
0.7098
0.5777
0.7327
1.5031
1.9028
1.1515
0.5498
0.8445
1.0897
1.0757
0.9159
2.1917
2.2073
1.1312
0.7820
0.4463
2.5259
0.6623
1.0035
0.5412
0.4118
1.3523
1.7922
2.3246
0.4912
1.2381

0.0427
0.0278
0.0035
0.0552
0.1101
0.1717
0.1938
0.0732
0.0315
0.1567
0.0534
0.1372
0.0532
0.0233
0.1505
0.2801
0.0660
0.1451
0.0872
0.0104
0.1560
0.0821
0.0311
0.0524
0.0339
0.1437
0.1371
0.2803
0.0711
-0.0315
0.1362
0.2107
0.0515
0.1080
0.2301
0.2354
0.1843
0.0059
0.0534
0.1375
0.0670
0.1127
0.0614
0.0833
0.0324
0.0923
0.1896
0.0323
0.0046

27.2032
28.1649
27.7880
26.8657
26.3162
26.6268
27.3964
26.6279
27.5587
27.0099
26.6335
28.0473
27.0368
28.4347
28.0348
29.7690
25.7323
28.5792
26.4813
28.8194
27.1234
27.3109
27.9345
28.0701
28.2901
27.6461
25.8567
27.6130
27.1249
26.5130
26.6940
28.2297
27.0047
27.3655
29.6350
28.1475
27.6932
25.6676
26.9418
30.1410
27.0312
26.4602
26.0185
27.1814
27.7135
30.3326
26.9421
27.1326
30.0999

1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0688
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919

CC NHN T NG TIN CY TRONG QUYT NH TI TR

NGHIP
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
1
2
3

2011

NHM 1B

ICF
IFS
IMP
KDC
KHA
KHP
LAF
LGC
MCP
MPC
NAV
PAC
PET
PGC
PJT
PPC
PVD
PVT
RAL
REE
RIC
SAM
SAV
SCD
SSC
ST8
TAC
TCM
TCR
TNA
TNC
TPC
TRC
TS4
TSC
TTP
VFC
VHC
VID
VIP
VIS
VNM
VPK
VSH
VTB
VTO
ABT
ACL
AGF

43

0.5247
0.8021
0.2154
0.2352
0.2899
0.5316
0.2947
0.5966
0.4286
0.6379
0.3638
0.5643
0.7448
0.5368
0.3213
0.6770
0.6526
0.5980
0.6248
0.4097
0.1985
0.0650
0.4529
0.2490
0.2011
0.2519
0.6084
0.6429
0.4270
0.6305
0.1161
0.1046
0.2726
0.5588
0.7743
0.2376
0.4673
0.4593
0.6285
0.6020
0.6493
0.2607
0.5168
0.1971
0.2374
0.6638
0.1795
0.6278
0.6183

0.0110
0.1528
0.0023
0.0301
0.0327
0.2920
0.0016
0.3138
0.1127
0.1928
0.0012
0.0416
0.0117
0.1127
0.0714
0.5988
0.3830
0.4114
0.0563
0.0173
0.0365
0.0002
0.0502
0.0008
0.0086
0.0039
0.0599
0.1939
0.0310
0.0078
0.0024
0.0065
0.0225
0.2284
0.0001
0.0004
0.3239
0.0497
0.1621
0.4623
0.0032
0.0152
0.0214
0.0962
0.0066
0.5158
0.0002
0.0091
0.0117

1.8400
1.8989
0.2359
0.2438
0.5710
1.4959
0.3750
0.9299
1.4575
1.1873
0.7078
0.6392
3.0067
2.2291
0.8278
2.0666
0.9205
1.9578
3.6231
0.7338
0.2541
0.2585
0.7421
0.2172
0.1524
0.3850
1.2011
1.3145
1.4499
1.9024
0.1232
0.2046
0.1511
1.3758
4.4996
0.3404
0.6220
0.6250
1.8560
2.2007
1.2372
0.1415
1.1159
0.2948
0.6453
3.0707
0.2358
1.7516
4.0719

GVHD: TS. Nguyn Th Lanh

0.1745
0.6163
0.1928
0.1536
0.0477
0.4168
0.0540
0.1832
0.3478
0.0902
0.1207
0.1023
0.0347
0.1871
0.4635
0.2977
0.6217
0.5789
0.2239
0.0032
0.3222
0.0406
0.1045
0.0350
0.0938
0.1795
0.2402
0.3358
0.4085
0.0123
0.2445
0.1127
0.2443
0.3946
0.0817
0.1640
0.0582
0.2896
0.0936
0.7513
0.0732
0.2404
0.5535
0.3770
0.1678
0.8653
0.0831
0.1561
0.2096

NGNH: TI CHNH DOANH

0.6117
2.1348
1.2852
1.3018
0.7149
0.7590
1.1550
1.6749
0.5146
1.5074
0.9432
2.1598
1.0857
0.5379
0.5719
1.0233
2.1009
0.7600
0.4643
0.9501
1.0305
0.2691
1.1346
1.5265
1.9421
1.1503
1.3613
1.5529
0.5140
0.8971
1.0665
0.5708
2.4802
0.9983
0.8810
0.9335
1.4520
1.4293
1.1729
0.7002
1.4962
2.5469
1.0615
0.8327
0.5435
0.6503
0.9446
1.1799
0.4409

0.0536
0.0112
0.1071
0.1148
0.1059
0.0837
0.2368
0.0975
0.0810
0.0802
0.0772
0.1180
0.0426
0.0413
0.0750
0.0004
0.0588
0.0026
0.0313
0.0727
0.0308
0.0435
0.0224
0.1284
0.1915
0.1395
0.0928
0.1037
0.0562
0.1173
0.1682
0.1023
0.2603
0.0485
0.0179
0.1303
0.0312
0.1254
0.0187
0.0356
0.0666
0.3357
0.0714
0.1009
0.0825
0.0271
0.2087
0.1420
0.0361

26.6563
27.1979
27.3447
29.2484
26.7898
27.6930
26.5936
26.6759
26.1530
28.9909
25.7404
27.7295
29.1083
27.8310
25.7294
30.0770
30.3430
29.6810
27.7855
29.2328
27.7702
28.5902
27.0174
26.0384
26.2844
26.5892
27.5736
28.2801
27.7361
27.1097
26.4546
26.6489
27.6845
27.0319
27.4458
27.2085
27.0483
28.2310
27.3875
28.4031
28.1365
30.0081
25.7697
28.7379
26.4055
28.7516
26.8931
27.4025
28.1716

1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.0919
1.1858
1.1858
1.1858

CC NHN T NG TIN CY TRONG QUYT NH TI TR

NGHIP
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52

NHM 1B

ALP
ANV
BHS
BMC
BMP
CLC
CYC
DHA
DHG
DIC
DMC
DPM
DPR
DRC
DTT
FMC
FPT
GIL
GMC
GTA
HAP
HMC
HPG
HRC
HSI
HT1
ICF
IFS
IMP
KDC
KHA
KHP
LAF
LGC
MCP
MPC
NAV
PAC
PET
PGC
PJT
PPC
PVD
PVT
RAL
REE
RIC
SAM
SAV

44

0.3893
0.3022
0.5721
0.2704
0.1004
0.6381
0.7213
0.1683
0.3018
0.6398
0.3100
0.0950
0.2021
0.4587
0.1135
0.7793
0.5834
0.5667
0.5906
0.2804
0.2236
0.7123
0.5456
0.2637
0.8218
0.8628
0.5694
0.8801
0.2819
0.3373
0.2623
0.4947
0.6787
0.5921
0.4428
0.7443
0.4278
0.5385
0.6872
0.4888
0.2671
0.7401
0.6631
0.6243
0.6782
0.2701
0.1903
0.1365
0.5460

0.0429
0.0098
0.0820
0.0331
0.0015
0.0006
0.2954
0.0053
0.0292
0.0346
0.0165
0.0020
0.0651
0.1164
0.0372
0.0007
0.0162
0.0144
0.0044
0.0006
0.0414
0.0533
0.1663
0.0566
0.0005
0.5058
0.0034
0.1561
0.1409
0.0303
0.0085
0.2440
0.0003
0.3990
0.0749
0.1807
0.0055
0.0105
0.0208
0.1354
0.0015
0.6434
0.4022
0.4404
0.0272
0.0344
0.0260
0.0002
0.0799

1.2625
1.3407
1.4048
0.3282
0.0960
2.5201
9.6718
0.5017
0.1650
3.8078
0.7296
0.0983
0.2467
0.9425
0.2872
8.4792
0.8122
1.3058
1.9376
0.9506
1.9193
4.6206
1.8936
0.2074
9.3149
19.3934
3.6794
4.5151
0.3962
0.6641
0.9464
1.7870
2.3164
1.1022
1.0734
4.6065
1.2421
1.5768
3.4088
3.3076
0.7990
3.9657
1.7549
6.9434
4.0634
0.5948
0.6726
0.6402
1.8514

GVHD: TS. Nguyn Th Lanh

0.0217
0.2118
0.1569
0.1752
0.2174
0.0922
0.2873
0.1143
0.1279
0.0391
0.2637
0.1310
0.1602
0.0951
0.4555
0.0938
0.0976
0.1237
0.1876
0.2926
0.2042
0.0513
0.2506
0.0513
0.0942
0.5742
0.1413
0.5649
0.1817
0.1429
0.0502
0.5241
0.0397
0.1862
0.3479
0.2092
0.0988
0.2402
0.0561
0.2159
0.3121
0.2327
0.7560
0.5178
0.1862
0.0027
0.3009
0.0366
0.0833

NGNH: TI CHNH DOANH

0.5079
0.3288
0.9734
1.1294
1.1982
0.7245
0.2676
0.5928
2.9523
0.4664
0.6591
1.1677
1.0268
0.9014
0.5507
0.4231
1.8016
1.0143
0.7444
0.4100
0.1516
0.7093
0.6474
1.7320
-0.1372
0.3471
0.3662
1.6254
1.0976
0.8690
0.3758
0.5479
0.9441
1.3832
0.7403
0.6549
0.7083
0.7813
0.7096
0.2951
0.4561
0.7242
1.1512
0.2400
0.5237
0.6241
0.3668
0.2471
0.6614

0.0131
0.0215
0.1149
0.3546
0.2525
0.0960
0.0034
0.1010
0.2103
0.0299
0.0960
0.3379
0.3304
0.1219
-0.0051
0.0365
0.1391
0.0881
0.1085
0.0532
0.0143
0.0684
0.0740
0.2065
0.0240
-0.0007
0.0281
-0.0810
0.0938
0.0480
0.0641
0.0738
0.0146
0.0136
0.1131
0.0449
0.0706
0.0793
0.0712
0.0291
0.0925
0.0000
0.0573
0.0067
0.0435
0.0968
0.0186
-0.0686
0.0119

28.0825
28.3981
27.8792
26.2751
27.7850
27.1629
26.6529
26.6678
28.3220
27.1021
27.4495
29.8605
28.5189
28.1144
25.5746
27.3801
30.3353
27.3593
26.7058
26.1013
27.2566
27.8123
30.4946
27.1537
27.4437
30.1885
26.7077
27.2782
27.4419
29.3905
26.7005
27.6271
27.3078
26.6937
26.4438
29.4756
25.8564
27.8010
29.0445
27.7639
25.6337
30.1104
30.5441
29.7129
27.9617
29.2982
27.8780
28.6010
27.1716

1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858

CC NHN T NG TIN CY TRONG QUYT NH TI TR

NGHIP
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75

NHM 1B

SCD
SSC
ST8
TAC
TCM
TCR
TNA
TNC
TPC
TRC
TS4
TSC
TTP
VFC
VHC
VID
VIP
VIS
VNM
VPK
VSH
VTB
VTO

45

0.2712
0.2726
0.1587
0.6584
0.6454
0.5545
0.6570
0.1022
0.6509
0.1931
0.6568
0.7518
0.1935
0.2064
0.4658
0.6548
0.5963
0.6029
0.1993
0.3516
0.2948
0.2172
0.6374

0.0007
0.0043
0.0087
0.0321
0.2111
0.1321
0.0069
0.0018
0.1493
0.0097
0.0790
0.0296
0.0002
0.0541
0.0260
0.1302
0.4088
0.0008
0.0102
0.0003
0.0771
0.0063
0.4660

0.6180
0.2154
0.4179
1.6712
3.5343
4.1288
2.7920
0.1520
4.4614
0.2964
5.2956
6.9517
0.2978
0.5204
0.8487
5.1977
5.1241
2.3039
0.0646
1.0532
0.5869
0.9417
5.3353

GVHD: TS. Nguyn Th Lanh

0.0238
0.1028
0.1744
0.2110
0.2988
0.2584
0.0242
0.2244
0.0353
0.1758
0.3286
0.1401
0.2007
0.2301
0.2043
0.1205
0.6431
0.0661
0.2242
0.5054
0.3167
0.1603
0.8348

NGNH: TI CHNH DOANH

0.6024
2.0857
0.5869
1.2468
0.5783
0.3015
0.7695
0.7488
0.4179
0.8074
0.3849
0.6024
0.8202
0.5765
1.0788
0.4721
0.2936
0.6817
3.9353
0.5529
0.7125
0.3325
0.3332

0.0982
0.1822
0.1123
0.0245
0.0550
0.0513
0.0597
0.2097
0.0379
0.3422
0.0357
0.0324
0.1012
0.0388
0.1606
-0.0095
0.0253
0.0206
0.2707
0.1662
0.1033
0.0562
0.0230

26.1693
26.4777
26.5095
27.6616
28.3505
28.0881
27.2452
26.5628
27.6223
28.0177
27.2846
27.5935
27.1950
27.1051
28.4973
27.4208
28.3922
27.9075
30.3772
25.7716
28.8374
26.3530
28.6869

1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858
1.1858