Luận án Nghiên cứu tác động của xuất khẩu tới tăng trưởng của các doanh nghiệp sản xuất nhỏ và vừa tại Việt Nam

rowth: does ownership matter?’, Small Business Economics, 55(4), pp. 1019–1037. 205. Yasar, M., Nelson, C.H. and Rejesus, R. (2003) ‘Productivity and exporting status of manufacturing firms: evidence from quantile regressions. Emory University Department of Economics Working Paper 03-23’. October. 206. Yasuda, T. (2005) ‘Firm growth, size, age and behavior in Japanese manufacturing’, Small Business Economics, 24(1), pp. 1–15. 207. Zhou, L., Wu, W. and Luo, X. (2007) ‘Internationalization and the performance of born-global SMEs: the mediating role of social networks’, Journal of international business studies, 38(4), pp. 673–690. 166 PHỤ LỤC 1: XÂY DỰNG MÔ HÌNH KIỂM ĐỊNH QUY LUẬT GIBRAT Ý tưởng cơ bản trong nghiên cứu về các nhân tố ảnh hưởng tới tốc độ tăng trưởng DN xuất phát từ việc kiểm định quy luật Gibrat. Theo quy luật này, tốc độ tăng trưởng không phụ thuộc vào quy mô DN. Quy luật này cho thấy mối quan hệ giữa quy mô DN ở năm t và năm t-1 như sau: 𝐿𝐿𝐿𝐿_𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑖𝑖,𝑡𝑡 = 𝛼𝛼𝑖𝑖 + 𝛿𝛿𝑡𝑡 + 𝛽𝛽𝐿𝐿𝐿𝐿_𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑖𝑖,𝑡𝑡−1 + 𝜇𝜇𝑖𝑖,𝑡𝑡 (1) Giả sử tồn tại sự tương quan giữa các phần dư hay 𝜇𝜇𝑖𝑖,𝑡𝑡 = 𝜌𝜌𝜇𝜇𝑖𝑖,𝑡𝑡−1 + 𝜀𝜀𝑖𝑖,𝑡𝑡, trong đó 𝜀𝜀𝑖𝑖,𝑡𝑡 là thành phần nhiễu trắng không có tự tương quan, phương trình (1) có thể được viết lại như sau: 𝐿𝐿𝐿𝐿_𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑖𝑖,𝑡𝑡 − 𝐿𝐿𝐿𝐿_𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑖𝑖,𝑡𝑡−1 = 𝛼𝛼𝑖𝑖 + 𝛿𝛿𝑡𝑡 + (𝛽𝛽 − 1)𝐿𝐿𝐿𝐿_𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑖𝑖,𝑡𝑡−1 + 𝜇𝜇𝑖𝑖,𝑡𝑡 (2) Trong đó, 𝜇𝜇𝑖𝑖,𝑡𝑡 = 𝜌𝜌𝜇𝜇𝑖𝑖,𝑡𝑡−1 + 𝜀𝜀𝑖𝑖,𝑡𝑡 và 𝐿𝐿𝐿𝐿_𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑖𝑖,𝑡𝑡−1 là logarit tự nhiên của quy mô DN i ở năm t-1. Vế trái của mô hình là sự khác biệt giữa logarit tự nhiên giữa 2 năm kế tiếp, vì thế có thể coi là tốc độ tăng trưởng của DN (𝑇𝑇𝑇𝑇𝐿𝐿𝑇𝑇𝑇𝑇𝑇𝑇𝑄𝑄𝑄𝑄𝐿𝐿𝑇𝑇𝑖𝑖,𝑡𝑡). Như vậy phương trình (2) có thể được viết lại là: 𝑇𝑇𝑇𝑇𝐿𝐿𝑇𝑇𝑇𝑇𝑇𝑇𝑄𝑄𝑄𝑄𝐿𝐿𝑇𝑇𝑖𝑖,𝑡𝑡 = 𝛼𝛼𝑖𝑖 + 𝛿𝛿𝑡𝑡 + (𝛽𝛽 − 1)𝐿𝐿𝐿𝐿_𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑖𝑖,𝑡𝑡−1 + 𝜇𝜇𝑖𝑖,𝑡𝑡 (3) 𝛼𝛼𝑖𝑖 và 𝛿𝛿𝑡𝑡 cho thấy các hiệu ứng cố định theo DN và theo thời gian. 𝛽𝛽 cho thấy mối liên hệ giữa tốc độ tăng trưởng và quy mô DN. Nếu quy luật Gibrat đúng thì 𝛽𝛽=1. Ngoài ra, 𝜌𝜌 cho thấy sự tương quan giữa các phần dư 𝜇𝜇𝑖𝑖,𝑡𝑡 của phương trình (3). 𝜀𝜀𝑖𝑖,𝑡𝑡 là nhiễu ngẫu nhiên, được giả định theo phân phối chuẩn, độc lập và đồng nhất với E(𝜀𝜀𝑖𝑖,𝑡𝑡)= 0 và Var (𝜀𝜀𝑖𝑖,𝑡𝑡)= 𝜎𝜎𝜀𝜀2. Phương trình (3) có thể được viết lại là: 𝜇𝜇𝑖𝑖,𝑡𝑡−1 = 𝑇𝑇𝑇𝑇𝐿𝐿𝑇𝑇𝑇𝑇𝑇𝑇𝑄𝑄𝑄𝑄𝐿𝐿𝑇𝑇𝑖𝑖,𝑡𝑡 − 𝛼𝛼𝑖𝑖 − 𝛿𝛿𝑡𝑡−1 − (𝛽𝛽 − 1)𝐿𝐿𝐿𝐿_𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑖𝑖,𝑡𝑡−2 (4) Kết hợp hai phương trình (3) và (4) ta thu được 𝑇𝑇𝑇𝑇𝐿𝐿𝑇𝑇𝑇𝑇𝑇𝑇𝑄𝑄𝑄𝑄𝐿𝐿𝑇𝑇𝑖𝑖,𝑡𝑡 = 𝛼𝛼𝑖𝑖(1 − 𝜌𝜌)+(𝛿𝛿𝑡𝑡 − 𝜌𝜌𝛿𝛿𝑡𝑡−1) + (𝛽𝛽 − 1)𝐿𝐿𝐿𝐿_𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑖𝑖,𝑡𝑡−1 + 𝜌𝜌𝑇𝑇𝑇𝑇𝐿𝐿𝑇𝑇𝑇𝑇𝑇𝑇𝑄𝑄𝑄𝑄𝐿𝐿𝑇𝑇𝑖𝑖,𝑡𝑡−1 + 𝜃𝜃𝑖𝑖,𝑡𝑡 (5) Trong đó, 𝜃𝜃𝑖𝑖,𝑡𝑡= 𝜌𝜌(1 − 𝛽𝛽)𝐿𝐿𝐿𝐿_𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑄𝑖𝑖,𝑡𝑡−2 + 𝜀𝜀𝑖𝑖,𝑡𝑡 . Và 𝜃𝜃𝑖𝑖,𝑡𝑡 = 𝜀𝜀𝑖𝑖,𝑡𝑡 nếu 𝛽𝛽 = 1. Trong các nghiên cứu thực chứng trước đây, mô hình (5) được sử dụng để kiểm định hai giả thuyết: sự phụ thuộc của tốc độ tăng trưởng vào quy mô DN (có nghĩa 𝛽𝛽 = 1) và sự tương quan của tốc độ tăng trưởng (có nghĩa 𝜌𝜌#0). 167 PHỤ LỤC 2: KẾT QUẢ HỒI QUY MÔ HÌNH ĐO LƯỜNG TĂNG TRƯỞNG DOANH NGHIỆP SẢN XUẤT NHỎ VÀ VỪA THEO TĂNG TRƯỞNG DOANH THU _cons .4551122 .0137647 33.06 0.000 .4281335 .4820909 33 -.0202472 .0131166 -1.54 0.123 -.0459557 .0054613 32 -.0521831 .0135564 -3.85 0.000 -.0787535 -.0256127 31 -.0391309 .0105197 -3.72 0.000 -.0597494 -.0185124 30 -.0249862 .0218066 -1.15 0.252 -.067727 .0177546 29 -.0206532 .0205383 -1.01 0.315 -.060908 .0196017 28 -.026926 .012279 -2.19 0.028 -.0509927 -.0028593 27 -.0316707 .0138815 -2.28 0.023 -.0588783 -.004463 26 -.0343836 .0191312 -1.80 0.072 -.0718807 .0031135 25 -.0122592 .0072995 -1.68 0.093 -.0265661 .0020478 24 .0033039 .0147135 0.22 0.822 -.0255345 .0321423 23 -.0357618 .0087414 -4.09 0.000 -.0528949 -.0186286 22 -.0205413 .0081333 -2.53 0.012 -.0364826 -.0046 21 -.0090292 .0215957 -0.42 0.676 -.0513566 .0332981 20 -.0334026 .0097468 -3.43 0.001 -.0525062 -.0142989 19 -.0382649 .0500904 -0.76 0.445 -.1364416 .0599119 18 -.0537748 .007915 -6.79 0.000 -.0692882 -.0382615 17 .0144709 .0088965 1.63 0.104 -.0029662 .031908 16 -.0259412 .0094847 -2.74 0.006 -.0445312 -.0073512 15 -.0103111 .0135968 -0.76 0.448 -.0369607 .0163385 14 -.0381689 .0097331 -3.92 0.000 -.0572457 -.0190922 13 -.0417621 .0097807 -4.27 0.000 -.0609321 -.0225921 12 -.0846821 .1434218 -0.59 0.555 -.3657877 .1964234 11 -.0847745 .0119689 -7.08 0.000 -.1082333 -.0613156 NGANH 2019 -.0580234 .0051235 -11.33 0.000 -.0680653 -.0479814 2018 -.0324894 .0050995 -6.37 0.000 -.0424844 -.0224944 2017 -.0399514 .0053529 -7.46 0.000 -.0504431 -.0294597 Nam GIOITINH .0047987 .0041264 1.16 0.245 -.0032891 .0128865 TRUNG_NIEN -.0331846 .0040572 -8.18 0.000 -.0411368 -.0252324 TRINHDO .011045 .0037296 2.96 0.003 .003735 .018355 LOAIHINH_KYTRUOC .0307722 .0057247 5.38 0.000 .0195519 .0419925 VAYNO_KYTRUOC .0945768 .0064426 14.68 0.000 .0819494 .1072042 TUOI_DN_KYTRUOC -.072652 .0027448 -26.47 0.000 -.0780317 -.0672722 LN_DOANHTHU_KYTRUOC -.0307 .0013523 -22.70 0.000 -.0333505 -.0280495 TANGTRUONG_DOANHTHU_KYTRUOC -.0851397 .0038268 -22.25 0.000 -.0926401 -.0776392 XK_KYTRUOC .0690882 .0055646 12.42 0.000 .0581816 .0799947 TANGTRUONG_DOANHTHU Coef. Std. Err. t P>|t| [95% Conf. Interval] Robust Root MSE = .50108 R-squared = 0.0336 Prob > F = 0.0000 F(35, 86405) = 70.82 Linear regression Number of obs = 86,441 > YNO_KYTRUOC LOAIHINH_KYTRUOC TRINHDO TRUNG_NIEN GIOITINH i.Nam i.NGANH, robust . reg TANGTRUONG_DOANHTHU XK_KYTRUOC TANGTRUONG_DOANHTHU_KYTRUOC LN_DOANHTHU_KYTRUOC TUOI_DN_KYTRUOC VA 168 Difference (null H = exogenous): chi2(6) = 9.91 Prob > chi2 = 0.128 Hansen test excluding group: chi2(1) = 0.06 Prob > chi2 = 0.808 gmm(XK_KYTRUOC, lag(2 3)) Difference (null H = exogenous): chi2(3) = 1.53 Prob > chi2 = 0.676 Hansen test excluding group: chi2(4) = 8.44 Prob > chi2 = 0.077 gmm(TANGTRUONG_DOANHTHU_KYTRUOC, lag(2 2)) Difference (null H = exogenous): chi2(5) = 9.12 Prob > chi2 = 0.104 Hansen test excluding group: chi2(2) = 0.85 Prob > chi2 = 0.653 GMM instruments for levels Difference-in-Hansen tests of exogeneity of instrument subsets: (Robust, but weakened by many instruments.) Hansen test of overid. restrictions: chi2(7) = 9.97 Prob > chi2 = 0.190 (Not robust, but not weakened by many instruments.) Sargan test of overid. restrictions: chi2(7) = 5.82 Prob > chi2 = 0.561 Arellano-Bond test for AR(2) in first differences: z = 1.37 Pr > z = 0.170 Arellano-Bond test for AR(1) in first differences: z = -6.99 Pr > z = 0.000 DL.TANGTRUONG_DOANHTHU_KYTRUOC DL.XK_KYTRUOC GMM-type (missing=0, separate instruments for each period unless collapsed) _cons 27.NGANH 28.NGANH 29.NGANH 30.NGANH 31.NGANH 32.NGANH 33.NGANH 19.NGANH 20.NGANH 21.NGANH 22.NGANH 23.NGANH 24.NGANH 25.NGANH 26.NGANH 11.NGANH 12.NGANH 13.NGANH 14.NGANH 15.NGANH 16.NGANH 17.NGANH 18.NGANH TRUNG_NIEN GIOITINH 2016b.Nam 2017.Nam 2018.Nam 2019.Nam 10b.NGANH LN_DOANHTHU_KYTRUOC VAYNO_KYTRUOC TUOI_DN_KYTRUOC LOAIHINH_KYTRUOC TRINHDO Standard Instruments for levels equation L2.TANGTRUONG_DOANHTHU_KYTRUOC L(2/3).XK_KYTRUOC GMM-type (missing=0, separate instruments for each period unless collapsed) 27.NGANH 28.NGANH 29.NGANH 30.NGANH 31.NGANH 32.NGANH 33.NGANH) 19.NGANH 20.NGANH 21.NGANH 22.NGANH 23.NGANH 24.NGANH 25.NGANH 26.NGANH 11.NGANH 12.NGANH 13.NGANH 14.NGANH 15.NGANH 16.NGANH 17.NGANH 18.NGANH TRINHDO TRUNG_NIEN GIOITINH 2016b.Nam 2017.Nam 2018.Nam 2019.Nam 10b.NGANH D.(LN_DOANHTHU_KYTRUOC VAYNO_KYTRUOC TUOI_DN_KYTRUOC LOAIHINH_KYTRUOC Standard Instruments for first differences equation _cons .9684623 .0400577 24.18 0.000 .8899507 1.046974 33 -.0467726 .0147373 -3.17 0.002 -.0756572 -.0178881 32 -.1184719 .0179923 -6.58 0.000 -.1537361 -.0832077 31 -.0638108 .0116426 -5.48 0.000 -.0866298 -.0409917 30 -.0262712 .0212838 -1.23 0.217 -.0679867 .0154444 29 -.020286 .0250926 -0.81 0.419 -.0694667 .0288946 28 -.0462368 .013655 -3.39 0.001 -.0730001 -.0194735 27 -.0163888 .0162522 -1.01 0.313 -.0482426 .015465 26 -.0535454 .0220541 -2.43 0.015 -.0967706 -.0103201 25 -.0291852 .0085382 -3.42 0.001 -.0459199 -.0124506 24 .040247 .0174886 2.30 0.021 .0059699 .074524 23 -.020506 .0103828 -1.97 0.048 -.0408558 -.0001561 22 -.0128372 .0099833 -1.29 0.198 -.0324041 .0067297 21 -.0227882 .0254489 -0.90 0.371 -.0726671 .0270906 20 -.0343421 .0113595 -3.02 0.003 -.0566064 -.0120779 19 .0216586 .0568932 0.38 0.703 -.0898499 .1331671 18 -.1076872 .0112068 -9.61 0.000 -.1296522 -.0857222 17 .0447635 .0117173 3.82 0.000 .0217981 .067729 16 -.0273495 .0106939 -2.56 0.011 -.0483092 -.0063898 15 -.0247255 .0156075 -1.58 0.113 -.0553156 .0058646 14 -.0971929 .0133026 -7.31 0.000 -.1232655 -.0711203 13 -.0557298 .011576 -4.81 0.000 -.0784184 -.0330412 12 -.1471881 .1302807 -1.13 0.259 -.4025336 .1081573 11 -.2652563 .0271537 -9.77 0.000 -.3184766 -.212036 NGANH 2019 -.0660517 .0083378 -7.92 0.000 -.0823934 -.04971 2018 -.0365855 .0066533 -5.50 0.000 -.0496258 -.0235453 2017 -.0440984 .0059163 -7.45 0.000 -.0556941 -.0325026 Nam GIOITINH -.0008063 .0047241 -0.17 0.864 -.0100655 .0084528 TRUNG_NIEN -.0197224 .0058466 -3.37 0.001 -.0311815 -.0082634 TRINHDO .0329893 .0057365 5.75 0.000 .021746 .0442327 LOAIHINH_KYTRUOC .0753764 .0106012 7.11 0.000 .0545983 .0961544 VAYNO_KYTRUOC .1730302 .0134921 12.82 0.000 .1465861 .1994742 TUOI_DN_KYTRUOC -.0139429 .0249834 -0.56 0.577 -.0629093 .0350236 LN_DOANHTHU_KYTRUOC -.1172594 .0129154 -9.08 0.000 -.1425731 -.0919457 TANGTRUONG_DOANHTHU_KYTRUOC .0621062 .0877747 0.71 0.479 -.109929 .2341413 XK_KYTRUOC .354237 .0787474 4.50 0.000 .1998949 .5085791 TANGTRUONG_DOANHTHU Coef. Std. Err. z P>|z| [95% Conf. Interval] Corrected Prob > chi2 = 0.000 max = 4 Wald chi2(35) = 4861.37 avg = 2.37 Number of instruments = 43 Obs per group: min = 1 Time variable : Nam Number of groups = 36486 Group variable: Masothue Number of obs = 86441 Dynamic panel-data estimation, two-step system GMM Difference-in-Sargan/Hansen statistics may be negative. Using a generalized inverse to calculate optimal weighting matrix for two-step estimation. Warning: Two-step estimated covariance matrix of moments is singular. 10b.NGANH dropped due to collinearity 2016b.Nam dropped due to collinearity Favoring space over speed. To switch, type or click on mata: mata set matafavor speed, perm. > AIHINH_KYTRUOC TRINHDO TRUNG_NIEN GIOITINH i. Nam i.NGANH) robust twostep //done > YTRUOC, lag(2 2)) gmm (XK_KYTRUOC, lag (2 3)) iv (LN_DOANHTHU_KYTRUOC VAYNO_KYTRUOC TUOI_DN_KYTRUOC LO > OC VAYNO_KYTRUOC LOAIHINH_KYTRUOC TRINHDO TRUNG_NIEN GIOITINH i.Nam i.NGANH, gmm(TANGTRUONG_DOANHTHU_K . xtabond2 TANGTRUONG_DOANHTHU XK_KYTRUOC TANGTRUONG_DOANHTHU_KYTRUOC LN_DOANHTHU_KYTRUOC TUOI_DN_KYTRU 169 _cons .4598586 .0137496 33.45 0.000 .4329096 .4868077 33 -.0190379 .0131045 -1.45 0.146 -.0447227 .0066469 32 -.0511049 .0135125 -3.78 0.000 -.0775893 -.0246205 31 -.039501 .0105042 -3.76 0.000 -.0600892 -.0189129 30 -.023674 .0218 -1.09 0.277 -.0664019 .0190539 29 -.019277 .0204715 -0.94 0.346 -.0594009 .0208469 28 -.0265774 .0122634 -2.17 0.030 -.0506136 -.0025412 27 -.0290144 .0138465 -2.10 0.036 -.0561534 -.0018755 26 -.0345134 .0190613 -1.81 0.070 -.0718735 .0028467 25 -.011496 .0072902 -1.58 0.115 -.0257847 .0027928 24 .0027689 .0146787 0.19 0.850 -.0260013 .0315391 23 -.0345683 .0087313 -3.96 0.000 -.0516816 -.017455 22 -.0205262 .008118 -2.53 0.011 -.0364374 -.004615 21 -.0080698 .0215427 -0.37 0.708 -.0502933 .0341537 20 -.0326336 .0097369 -3.35 0.001 -.0517178 -.0135494 19 -.0366563 .050003 -0.73 0.464 -.1346617 .0613492 18 -.0525404 .0079076 -6.64 0.000 -.0680392 -.0370417 17 .0147109 .0088929 1.65 0.098 -.0027192 .0321409 16 -.0252907 .0094748 -2.67 0.008 -.0438612 -.0067203 15 -.0099378 .0135992 -0.73 0.465 -.0365921 .0167165 14 -.0375644 .0097212 -3.86 0.000 -.0566179 -.0185108 13 -.0412663 .009762 -4.23 0.000 -.0603997 -.0221328 12 -.1055753 .1456167 -0.73 0.468 -.3909828 .1798322 11 -.0845525 .0119669 -7.07 0.000 -.1080076 -.0610974 NGANH 2019 -.0592703 .0051286 -11.56 0.000 -.0693223 -.0492183 2018 -.0339025 .0050961 -6.65 0.000 -.0438907 -.0239142 2017 -.0399888 .0053442 -7.48 0.000 -.0504634 -.0295142 Nam GIOITINH .0043127 .0041235 1.05 0.296 -.0037693 .0123947 TRUNG_NIEN -.0332777 .004051 -8.21 0.000 -.0412176 -.0253378 TRINHDO .010014 .0037277 2.69 0.007 .0027076 .0173203 VAYNO_KYTRUOC .0952216 .0064393 14.79 0.000 .0826006 .1078426 TUOI_DN_KYTRUOC -.0726774 .0027405 -26.52 0.000 -.0780488 -.0673061 LOAIHINH_KYTRUOC .0303076 .0057199 5.30 0.000 .0190967 .0415185 LN_DOANHTHU_KYTRUOC -.0312245 .0013532 -23.08 0.000 -.0338767 -.0285723 TANGTRUONG_DOANHTHU_KYTRUOC -.0849377 .003823 -22.22 0.000 -.0924307 -.0774446 NGUNG_XK -.1351835 .0107896 -12.53 0.000 -.1563311 -.114036 ONDINH_XK .1068443 .0064117 16.66 0.000 .0942774 .1194113 BATDAU_XK .1112259 .0097011 11.47 0.000 .0922119 .1302399 TANGTRUONG_DOANHTHU Coef. Std. Err. t P>|t| [95% Conf. Interval] Robust Root MSE = .50051 R-squared = 0.0358 Prob > F = 0.0000 F(37, 86403) = 79.43 Linear regression Number of obs = 86,441 > LOAIHINH_KYTRUOC TUOI_DN_KYTRUOC VAYNO_KYTRUOC TRINHDO TRUNG_NIEN GIOITINH i.Nam i.NGANH, robust . reg TANGTRUONG_DOANHTHU BATDAU_XK ONDINH_XK NGUNG_XK TANGTRUONG_DOANHTHU_KYTRUOC LN_DOANHTHU_KYTRUOC 170 Difference (null H = exogenous): chi2(2) = 0.53 Prob > chi2 = 0.767 Hansen test excluding group: chi2(1) = 0.69 Prob > chi2 = 0.407 GMM instruments for levels Difference-in-Hansen tests of exogeneity of instrument subsets: (Robust, but weakened by many instruments.) Hansen test of overid. restrictions: chi2(3) = 1.22 Prob > chi2 = 0.749 (Not robust, but not weakened by many instruments.) Sargan test of overid. restrictions: chi2(3) = 1.48 Prob > chi2 = 0.687 Arellano-Bond test for AR(2) in first differences: z = 1.42 Pr > z = 0.157 Arellano-Bond test for AR(1) in first differences: z = -6.78 Pr > z = 0.000 DL.TANGTRUONG_DOANHTHU_KYTRUOC GMM-type (missing=0, separate instruments for each period unless collapsed) _cons 31.NGANH 32.NGANH 33.NGANH 23.NGANH 24.NGANH 25.NGANH 26.NGANH 27.NGANH 28.NGANH 29.NGANH 30.NGANH 15.NGANH 16.NGANH 17.NGANH 18.NGANH 19.NGANH 20.NGANH 21.NGANH 22.NGANH 2017.Nam 2018.Nam 2019.Nam 10b.NGANH 11.NGANH 12.NGANH 13.NGANH 14.NGANH TUOI_DN_KYTRUOC LOAIHINH_KYTRUOC TRINHDO TRUNG_NIEN GIOITINH 2016b.Nam ONDINH_XK BATDAU_XK NGUNG_XK LN_DOANHTHU_KYTRUOC VAYNO_KYTRUOC Standard Instruments for levels equation L2.TANGTRUONG_DOANHTHU_KYTRUOC GMM-type (missing=0, separate instruments for each period unless collapsed) 31.NGANH 32.NGANH 33.NGANH) 23.NGANH 24.NGANH 25.NGANH 26.NGANH 27.NGANH 28.NGANH 29.NGANH 30.NGANH 15.NGANH 16.NGANH 17.NGANH 18.NGANH 19.NGANH 20.NGANH 21.NGANH 22.NGANH 2017.Nam 2018.Nam 2019.Nam 10b.NGANH 11.NGANH 12.NGANH 13.NGANH 14.NGANH TUOI_DN_KYTRUOC LOAIHINH_KYTRUOC TRINHDO TRUNG_NIEN GIOITINH 2016b.Nam D.(ONDINH_XK BATDAU_XK NGUNG_XK LN_DOANHTHU_KYTRUOC VAYNO_KYTRUOC Standard Instruments for first differences equation _cons .9237502 .0301002 30.69 0.000 .8647549 .9827454 33 -.050551 .0146247 -3.46 0.001 -.0792148 -.0218871 32 -.1030396 .0161992 -6.36 0.000 -.1347894 -.0712898 31 -.0611674 .0112813 -5.42 0.000 -.0832783 -.0390565 30 -.0215925 .0211621 -1.02 0.308 -.0630695 .0198845 29 .0036878 .0226336 0.16 0.871 -.0406732 .0480487 28 -.0456054 .0135212 -3.37 0.001 -.0721065 -.0191042 27 -.0144404 .0159153 -0.91 0.364 -.0456338 .016753 26 -.041553 .021042 -1.97 0.048 -.0827945 -.0003116 25 -.0326327 .0082932 -3.93 0.000 -.0488871 -.0163783 24 .0318178 .0166747 1.91 0.056 -.0008639 .0644996 23 -.0264183 .0095522 -2.77 0.006 -.0451403 -.0076963 22 -.0113916 .0098421 -1.16 0.247 -.0306817 .0078985 21 -.0308498 .0250404 -1.23 0.218 -.0799281 .0182285 20 -.0362709 .0110823 -3.27 0.001 -.0579918 -.0145499 19 .0113573 .0564001 0.20 0.840 -.0991847 .1218994 18 -.1127887 .0112203 -10.05 0.000 -.1347801 -.0907973 17 .0371266 .0109321 3.40 0.001 .0157002 .0585531 16 -.0252789 .0105391 -2.40 0.016 -.0459352 -.0046226 15 -.0169305 .0149567 -1.13 0.258 -.046245 .012384 14 -.0892167 .0125373 -7.12 0.000 -.1137892 -.0646441 13 -.0490533 .0111566 -4.40 0.000 -.0709199 -.0271867 12 -.0525388 .1343459 -0.39 0.696 -.3158518 .2107743 11 -.263202 .027554 -9.55 0.000 -.317207 -.2091971 NGANH 2019 -.0700356 .008304 -8.43 0.000 -.086311 -.0537601 2018 -.0395234 .0065879 -6.00 0.000 -.0524355 -.0266113 2017 -.0427394 .0059968 -7.13 0.000 -.0544931 -.0309858 Nam GIOITINH .0010499 .0045098 0.23 0.816 -.0077892 .009889 TRUNG_NIEN -.0156216 .0058912 -2.65 0.008 -.0271683 -.004075 TRINHDO .0385439 .0053111 7.26 0.000 .0281344 .0489535 LOAIHINH_KYTRUOC .0805455 .0109928 7.33 0.000 .059 .102091 VAYNO_KYTRUOC .1659295 .0127227 13.04 0.000 .1409935 .1908655 TUOI_DN_KYTRUOC -.0101335 .0261455 -0.39 0.698 -.0613777 .0411108 LN_DOANHTHU_KYTRUOC -.1126361 .0126148 -8.93 0.000 -.1373607 -.0879114 TANGTRUONG_DOANHTHU_KYTRUOC .0699072 .0914343 0.76 0.445 -.1093007 .2491151 NGUNG_XK -.0281951 .0164629 -1.71 0.087 -.0604617 .0040716 BATDAU_XK .1931796 .0142814 13.53 0.000 .1651885 .2211707 ONDINH_XK .2367079 .018815 12.58 0.000 .1998312 .2735846 TANGTRUONG_DOANHTHU Coef. Std. Err. z P>|z| [95% Conf. Interval] Corrected Prob > chi2 = 0.000 max = 4 Wald chi2(37) = 5435.37 avg = 2.37 Number of instruments = 41 Obs per group: min = 1 Time variable : Nam Number of groups = 36486 Group variable: Masothue Number of obs = 86441 Dynamic panel-data estimation, two-step system GMM Difference-in-Sargan/Hansen statistics may be negative. Using a generalized inverse to calculate optimal weighting matrix for two-step estimation. Warning: Two-step estimated covariance matrix of moments is singular. 10b.NGANH dropped due to collinearity 2016b.Nam dropped due to collinearity Favoring space over speed. To switch, type or click on mata: mata set matafavor speed, perm. > UOI_DN_KYTRUOC LOAIHINH_KYTRUOC TRINHDO TRUNG_NIEN GIOITINH i. Nam i.NGANH) robust twostep > RUONG_DOANHTHU_KYTRUOC, lag(2 2)) iv(ONDINH_XK BATDAU_XK NGUNG_XK LN_DOANHTHU_KYTRUOC VAYNO_KYTRUOC T > TRUOC TUOI_DN_KYTRUOC VAYNO_KYTRUOC LOAIHINH_KYTRUOC TRINHDO TRUNG_NIEN GIOI i.Nam i.NGANH, gmm (TANGT . xtabond2 TANGTRUONG_DOANHTHU ONDINH_XK BATDAU_XK NGUNG_XK TANGTRUONG_DOANHTHU_KYTRUOC LN_DOANHTHU_KY 171 PHỤ LỤC 3: KẾT QUẢ HỒI QUY MÔ HÌNH ĐO LƯỜNG TĂNG TRƯỞNG DOANH NGHIỆP SẢN XUẤT NHỎ VÀ VỪA THEO TĂNG TRƯỞNG LAO ĐỘNG _cons .1780442 .0061844 28.79 0.000 .1659228 .1901656 33 -.0174875 .0074873 -2.34 0.020 -.0321625 -.0028126 32 -.0046106 .0083018 -0.56 0.579 -.0208821 .0116609 31 -.0154922 .0059259 -2.61 0.009 -.0271069 -.0038776 30 -.008083 .0106478 -0.76 0.448 -.0289525 .0127866 29 .0085705 .0116982 0.73 0.464 -.0143578 .0314989 28 -.0096005 .0068631 -1.40 0.162 -.0230521 .0038511 27 -.0182142 .0079764 -2.28 0.022 -.0338478 -.0025806 26 .0233864 .0116057 2.02 0.044 .0006394 .0461334 25 -.0171295 .0042247 -4.05 0.000 -.0254098 -.0088493 24 -.0155955 .008146 -1.91 0.056 -.0315616 .0003706 23 .0060789 .0049809 1.22 0.222 -.0036835 .0158413 22 -.0005701 .0049674 -0.11 0.909 -.0103061 .0091658 21 -.0046654 .0129066 -0.36 0.718 -.0299622 .0206313 20 -.0209185 .0057514 -3.64 0.000 -.0321913 -.0096458 19 -.0002286 .0256313 -0.01 0.993 -.0504656 .0500084 18 -.0261159 .0049395 -5.29 0.000 -.0357972 -.0164346 17 .0031796 .005567 0.57 0.568 -.0077317 .014091 16 -.0053313 .0052297 -1.02 0.308 -.0155815 .0049188 15 .0188834 .008918 2.12 0.034 .0014042 .0363626 14 .0094789 .0058451 1.62 0.105 -.0019774 .0209352 13 -.0085702 .0058535 -1.46 0.143 -.0200431 .0029027 12 .0421366 .028678 1.47 0.142 -.0140721 .0983452 11 -.0373733 .0066999 -5.58 0.000 -.0505051 -.0242416 NGANH 2019 -.0324531 .0027586 -11.76 0.000 -.03786 -.0270461 2018 -.0165677 .0030208 -5.48 0.000 -.0224886 -.0106469 2017 -.030458 .0029577 -10.30 0.000 -.036255 -.024661 Nam GIOITINH .0058498 .0024765 2.36 0.018 .0009959 .0107038 TRUNG_NIEN -.0067767 .0023796 -2.85 0.004 -.0114407 -.0021127 TRINHDO .012881 .0021521 5.99 0.000 .0086629 .017099 LOAIHINH_KYTRUOC .0202899 .0030564 6.64 0.000 .0142994 .0262803 VAYNO_KYTRUOC .014926 .0035219 4.24 0.000 .0080232 .0218289 TUOI_DN_KYTRUOC -.0061184 .0015487 -3.95 0.000 -.0091539 -.0030829 LN_LAODONG_KYTRUOC -.060684 .0011627 -52.19 0.000 -.0629629 -.0584051 TANGTRUONG_LAODONG_KYTRUOC -.0092778 .0035037 -2.65 0.008 -.016145 -.0024107 XK_KYTRUOC .0615749 .0037138 16.58 0.000 .0542957 .068854 TANGTRUONG_LAODONG Coef. Std. Err. t P>|t| [95% Conf. Interval] Robust Root MSE = .29343 R-squared = 0.0442 Prob > F = 0.0000 F(35, 86405) = 95.39 Linear regression Number of obs = 86,441 > KYTRUOC LOAIHINH_KYTRUOC TRINHDO TRUNG_NIEN GIOITINH i.Nam i.NGANH, robust . reg TANGTRUONG_LAODONG XK_KYTRUOC TANGTRUONG_LAODONG_KYTRUOC LN_LAODONG_KYTRUOC TUOI_DN_KYTRUOC VAYNO_ 172 Difference (null H = exogenous): chi2(4) = 3.08 Prob > chi2 = 0.545 Hansen test excluding group: chi2(0) = 0.00 Prob > chi2 = . gmm(XK_KYTRUOC, lag(3 3)) Difference (null H = exogenous): chi2(2) = 1.95 Prob > chi2 = 0.377 Hansen test excluding group: chi2(2) = 1.12 Prob > chi2 = 0.570 gmm(TANGTRUONG_LAODONG_KYTRUOC, lag(2 2)) Difference (null H = exogenous): chi2(4) = 3.08 Prob > chi2 = 0.545 Hansen test excluding group: chi2(0) = 0.00 Prob > chi2 = . GMM instruments for levels Difference-in-Hansen tests of exogeneity of instrument subsets: (Robust, but weakened by many instruments.) Hansen test of overid. restrictions: chi2(4) = 3.08 Prob > chi2 = 0.545 (Not robust, but not weakened by many instruments.) Sargan test of overid. restrictions: chi2(4) = 3.25 Prob > chi2 = 0.518 Arellano-Bond test for AR(2) in first differences: z = 0.42 Pr > z = 0.672 Arellano-Bond test for AR(1) in first differences: z = -2.80 Pr > z = 0.005 DL.TANGTRUONG_LAODONG_KYTRUOC DL2.XK_KYTRUOC GMM-type (missing=0, separate instruments for each period unless collapsed) _cons 27.NGANH 28.NGANH 29.NGANH 30.NGANH 31.NGANH 32.NGANH 33.NGANH 19.NGANH 20.NGANH 21.NGANH 22.NGANH 23.NGANH 24.NGANH 25.NGANH 26.NGANH 11.NGANH 12.NGANH 13.NGANH 14.NGANH 15.NGANH 16.NGANH 17.NGANH 18.NGANH TRUNG_NIEN GIOITINH 2016b.Nam 2017.Nam 2018.Nam 2019.Nam 10b.NGANH LN_LAODONG_KYTRUOC TUOI_DN_KYTRUOC VAYNO_KYTRUOC LOAIHINH_KYTRUOC TRINHDO Standard Instruments for levels equation L2.TANGTRUONG_LAODONG_KYTRUOC L3.XK_KYTRUOC GMM-type (missing=0, separate instruments for each period unless collapsed) 27.NGANH 28.NGANH 29.NGANH 30.NGANH 31.NGANH 32.NGANH 33.NGANH) 19.NGANH 20.NGANH 21.NGANH 22.NGANH 23.NGANH 24.NGANH 25.NGANH 26.NGANH 11.NGANH 12.NGANH 13.NGANH 14.NGANH 15.NGANH 16.NGANH 17.NGANH 18.NGANH TRINHDO TRUNG_NIEN GIOITINH 2016b.Nam 2017.Nam 2018.Nam 2019.Nam 10b.NGANH D.(LN_LAODONG_KYTRUOC TUOI_DN_KYTRUOC VAYNO_KYTRUOC LOAIHINH_KYTRUOC Standard Instruments for first differences equation _cons .2935511 .0383749 7.65 0.000 .2183376 .3687646 33 -.0187709 .0093578 -2.01 0.045 -.0371119 -.00043 32 -.0370755 .0197936 -1.87 0.061 -.0758702 .0017192 31 -.0206193 .0069459 -2.97 0.003 -.034233 -.0070057 30 .0077743 .0156038 0.50 0.618 -.0228087 .0383572 29 -.0156483 .02883 -0.54 0.587 -.072154 .0408574 28 -.0234367 .010541 -2.22 0.026 -.0440966 -.0027767 27 -.0173121 .0099478 -1.74 0.082 -.0368095 .0021853 26 .0178849 .0176695 1.01 0.311 -.0167467 .0525164 25 -.0217228 .0059133 -3.67 0.000 -.0333127 -.0101329 24 -.008048 .0104648 -0.77 0.442 -.0285586 .0124625 23 .0508922 .0253103 2.01 0.044 .0012848 .1004995 22 -.0097212 .008557 -1.14 0.256 -.0264926 .0070503 21 .0260593 .0232228 1.12 0.262 -.0194566 .0715752 20 -.0260062 .0071298 -3.65 0.000 -.0399802 -.0120321 19 .0059653 .0306705 0.19 0.846 -.0541479 .0660784 18 -.0409658 .0091438 -4.48 0.000 -.0588872 -.0230443 17 .0164339 .0102629 1.60 0.109 -.0036809 .0365488 16 -.0066506 .0059893 -1.11 0.267 -.0183893 .0050881 15 .0259856 .0108392 2.40 0.017 .0047411 .04723 14 .0157191 .0070139 2.24 0.025 .0019721 .0294661 13 -.0177107 .0090735 -1.95 0.051 -.0354944 .000073 12 -.1385303 .127189 -1.09 0.276 -.3878161 .1107555 11 -.0622924 .0137287 -4.54 0.000 -.0892001 -.0353846 NGANH 2019 -.0464356 .0050804 -9.14 0.000 -.0563931 -.0364781 2018 -.0211303 .0038245 -5.53 0.000 -.0286261 -.0136345 2017 -.0320451 .0048421 -6.62 0.000 -.0415354 -.0225548 Nam GIOITINH .0027538 .0039921 0.69 0.490 -.0050707 .0105782 TRUNG_NIEN -.0060049 .0042603 -1.41 0.159 -.0143551 .0023452 TRINHDO .0071312 .008518 0.84 0.402 -.0095637 .0238261 LOAIHINH_KYTRUOC .017033 .0064499 2.64 0.008 .0043914 .0296745 VAYNO_KYTRUOC .0369747 .0136912 2.70 0.007 .0101404 .063809 TUOI_DN_KYTRUOC .0048341 .0112878 0.43 0.668 -.0172895 .0269577 LN_LAODONG_KYTRUOC -.122914 .0267239 -4.60 0.000 -.1752918 -.0705362 TANGTRUONG_LAODONG_KYTRUOC .0729559 .2296283 0.32 0.751 -.3771074 .5230192 XK_KYTRUOC .4314728 .2291174 1.88 0.060 -.017589 .8805346 TANGTRUONG_LAODONG Coef. Std. Err. z P>|z| [95% Conf. Interval] Corrected Prob > chi2 = 0.000 max = 4 Wald chi2(35) = 4068.70 avg = 2.37 Number of instruments = 40 Obs per group: min = 1 Time variable : Nam Number of groups = 36486 Group variable: Masothue Number of obs = 86441 Dynamic panel-data estimation, two-step system GMM Difference-in-Sargan/Hansen statistics may be negative. Using a generalized inverse to calculate optimal weighting matrix for two-step estimation. Warning: Two-step estimated covariance matrix of moments is singular. 10b.NGANH dropped due to collinearity 2016b.Nam dropped due to collinearity Favoring space over speed. To switch, type or click on mata: mata set matafavor speed, perm. > RUOC TRINHDO TRUNG_NIEN GIOITINH i. Nam i.NGANH) robust twostep > ag(2 2)) gmm (XK_KYTRUOC, lag (3 3)) iv(LN_LAODONG_KYTRUOC TUOI_DN_KYTRUOC VAYNO_KYTRUOC LOAIHINH_KYT > AYNO_KYTRUOC LOAIHINH_KYTRUOC TRINHDO TRUNG_NIEN GIOI i.Nam i.NGANH, gmm(TANGTRUONG_LAODONG_KYTRUOC, l . xtabond2 TANGTRUONG_LAODONG XK_KYTRUOC TANGTRUONG_LAODONG_KYTRUOC LN_LAODONG_KYTRUOC TUOI_DN_KYTRUOC V 173 _cons .1784898 .0061759 28.90 0.000 .1663851 .1905946 33 -.0166815 .0074874 -2.23 0.026 -.0313567 -.0020062 32 -.0033178 .0082731 -0.40 0.688 -.0195329 .0128974 31 -.015613 .0059163 -2.64 0.008 -.0272088 -.0040171 30 -.0075044 .0106184 -0.71 0.480 -.0283163 .0133075 29 .0094735 .0116535 0.81 0.416 -.0133673 .0323144 28 -.0092784 .006854 -1.35 0.176 -.0227122 .0041553 27 -.0163991 .0079467 -2.06 0.039 -.0319745 -.0008237 26 .02376 .0115161 2.06 0.039 .0011884 .0463315 25 -.0167045 .004217 -3.96 0.000 -.0249697 -.0084393 24 -.0161003 .0081441 -1.98 0.048 -.0320627 -.000138 23 .0068182 .0049752 1.37 0.171 -.0029331 .0165695 22 -.0003443 .0049592 -0.07 0.945 -.0100643 .0093757 21 -.0038951 .012902 -0.30 0.763 -.0291828 .0213927 20 -.0204523 .0057366 -3.57 0.000 -.031696 -.0092086 19 .0004852 .0256919 0.02 0.985 -.0498707 .0508412 18 -.0253545 .0049323 -5.14 0.000 -.0350218 -.0156872 17 .0036136 .005564 0.65 0.516 -.0072918 .0145189 16 -.0044752 .0052222 -0.86 0.391 -.0147107 .0057603 15 .0198115 .0088687 2.23 0.025 .002429 .037194 14 .0108667 .0058355 1.86 0.063 -.0005708 .0223042 13 -.0077607 .0058437 -1.33 0.184 -.0192143 .0036928 12 .0292585 .0237427 1.23 0.218 -.017277 .075794 11 -.0368498 .0066988 -5.50 0.000 -.0499794 -.0237201 NGANH 2019 -.0326124 .0027609 -11.81 0.000 -.0380237 -.027201 2018 -.0170206 .0030191 -5.64 0.000 -.0229381 -.0111032 2017 -.0302382 .0029502 -10.25 0.000 -.0360205 -.0244558 Nam GIOITINH .0054572 .0024725 2.21 0.027 .0006111 .0103033 TRUNG_NIEN -.0068855 .002376 -2.90 0.004 -.0115425 -.0022285 TRINHDO .012316 .0021505 5.73 0.000 .008101 .0165311 VAYNO_KYTRUOC .0151178 .0035183 4.30 0.000 .0082221 .0220136 TUOI_DN_KYTRUOC -.0060944 .0015457 -3.94 0.000 -.009124 -.0030648 LOAIHINH_KYTRUOC .0200682 .003053 6.57 0.000 .0140843 .0260521 LN_LAODONG_KYTRUOC -.0607753 .0011625 -52.28 0.000 -.0630538 -.0584968 TANGTRUONG_LAODONG_KYTRUOC -.0093383 .0035004 -2.67 0.008 -.016199 -.0024776 NGUNG_XK -.095473 .00825 -11.57 0.000 -.111643 -.079303 ONDINH_XK .0925227 .0043316 21.36 0.000 .0840327 .1010127 BATDAU_XK .0593968 .0060806 9.77 0.000 .0474789 .0713148 TANGTRUONG_LAODONG Coef. Std. Err. t P>|t| [95% Conf. Interval] Robust Root MSE = .293 R-squared = 0.0471 Prob > F = 0.0000 F(37, 86403) = 99.75 Linear regression Number of obs = 86,441 > HINH_KYTRUOC TUOI_DN_KYTRUOC VAYNO_KYTRUOC TRINHDO TRUNG_NIEN GIOITINH i.Nam i.NGANH, robust . reg TANGTRUONG_LAODONG BATDAU_XK ONDINH_XK NGUNG_XK TANGTRUONG_LAODONG_KYTRUOC LN_LAODONG_KYTRUOC LOAI 174 Difference (null H = exogenous): chi2(2) = 0.88 Prob > chi2 = 0.644 Hansen test excluding group: chi2(1) = 0.06 Prob > chi2 = 0.800 GMM instruments for levels Difference-in-Hansen tests of exogeneity of instrument subsets: (Robust, but weakened by many instruments.) Hansen test of overid. restrictions: chi2(3) = 0.94 Prob > chi2 = 0.815 (Not robust, but not weakened by many instruments.) Sargan test of overid. restrictions: chi2(3) = 1.07 Prob > chi2 = 0.784 Arellano-Bond test for AR(2) in first differences: z = 1.12 Pr > z = 0.261 Arellano-Bond test for AR(1) in first differences: z = -2.92 Pr > z = 0.003 DL.TANGTRUONG_LAODONG_KYTRUOC GMM-type (missing=0, separate instruments for each period unless collapsed) _cons 31.NGANH 32.NGANH 33.NGANH 23.NGANH 24.NGANH 25.NGANH 26.NGANH 27.NGANH 28.NGANH 29.NGANH 30.NGANH 15.NGANH 16.NGANH 17.NGANH 18.NGANH 19.NGANH 20.NGANH 21.NGANH 22.NGANH 2017.Nam 2018.Nam 2019.Nam 10b.NGANH 11.NGANH 12.NGANH 13.NGANH 14.NGANH VAYNO_KYTRUOC LOAIHINH_KYTRUOC TRINHDO TRUNG_NIEN GIOITINH 2016b.Nam ONDINH_XK BATDAU_XK NGUNG_XK LN_LAODONG_KYTRUOC TUOI_DN_KYTRUOC Standard Instruments for levels equation L2.TANGTRUONG_LAODONG_KYTRUOC GMM-type (missing=0, separate instruments for each period unless collapsed) 31.NGANH 32.NGANH 33.NGANH) 23.NGANH 24.NGANH 25.NGANH 26.NGANH 27.NGANH 28.NGANH 29.NGANH 30.NGANH 15.NGANH 16.NGANH 17.NGANH 18.NGANH 19.NGANH 20.NGANH 21.NGANH 22.NGANH 2017.Nam 2018.Nam 2019.Nam 10b.NGANH 11.NGANH 12.NGANH 13.NGANH 14.NGANH VAYNO_KYTRUOC LOAIHINH_KYTRUOC TRINHDO TRUNG_NIEN GIOITINH 2016b.Nam D.(ONDINH_XK BATDAU_XK NGUNG_XK LN_LAODONG_KYTRUOC TUOI_DN_KYTRUOC Standard Instruments for first differences equation _cons .2435173 .0075872 32.10 0.000 .2286466 .2583881 33 -.0314414 .0102489 -3.07 0.002 -.0515289 -.0113539 32 -.0180187 .0102118 -1.76 0.078 -.0380335 .0019961 31 -.0156891 .0065399 -2.40 0.016 -.028507 -.0028711 30 .0136764 .0150817 0.91 0.365 -.0158832 .0432361 29 .0296475 .0141103 2.10 0.036 .0019917 .0573033 28 -.0234442 .009363 -2.50 0.012 -.0417954 -.005093 27 -.015642 .0091236 -1.71 0.086 -.033524 .00224 26 .0366568 .012629 2.90 0.004 .0119045 .0614091 25 -.031222 .0072636 -4.30 0.000 -.0454583 -.0169856 24 -.0212611 .0099516 -2.14 0.033 -.0407658 -.0017564 23 .0372173 .0134802 2.76 0.006 .0107966 .0636381 22 -.0074787 .0066378 -1.13 0.260 -.0204887 .0055312 21 .0054689 .0137736 0.40 0.691 -.0215269 .0324648 20 -.0313292 .0071932 -4.36 0.000 -.0454276 -.0172308 19 -.0084118 .0260598 -0.32 0.747 -.0594881 .0426645 18 -.0579948 .0132512 -4.38 0.000 -.0839668 -.0320229 17 .0063283 .0061554 1.03 0.304 -.0057361 .0183926 16 -.0044624 .0054986 -0.81 0.417 -.0152394 .0063146 15 .0348705 .0109259 3.19 0.001 .0134563 .0562848 14 .022172 .0071408 3.10 0.002 .0081763 .0361677 13 -.0082842 .0062829 -1.32 0.187 -.0205985 .00403 12 .0717599 .0550313 1.30 0.192 -.0360995 .1796193 11 -.0778137 .0175523 -4.43 0.000 -.1122156 -.0434118 NGANH 2019 -.0495714 .0056535 -8.77 0.000 -.060652 -.0384908 2018 -.0216128 .0036434 -5.93 0.000 -.0287537 -.0144719 2017 -.0327506 .0049314 -6.64 0.000 -.0424161 -.0230852 Nam GIOITINH .0055977 .0025391 2.20 0.027 .0006212 .0105742 TRUNG_NIEN .0039937 .0061407 0.65 0.515 -.0080418 .0160292 TRINHDO .0201346 .0024129 8.34 0.000 .0154055 .0248638 LOAIHINH_KYTRUOC .0318554 .00624 5.11 0.000 .0196253 .0440855 VAYNO_KYTRUOC .0370056 .0112564 3.29 0.001 .0149435 .0590677 TUOI_DN_KYTRUOC .0174811 .0146308 1.19 0.232 -.0111947 .0461569 LN_LAODONG_KYTRUOC -.1155864 .0178982 -6.46 0.000 -.1506663 -.0805065 TANGTRUONG_LAODONG_KYTRUOC .2628834 .2716141 0.97 0.333 -.2694705 .7952373 NGUNG_XK -.040953 .0181712 -2.25 0.024 -.0765678 -.0053382 BATDAU_XK .1047031 .0175924 5.95 0.000 .0702227 .1391835 ONDINH_XK .1653415 .0197074 8.39 0.000 .1267158 .2039672 TANGTRUONG_LAODONG Coef. Std. Err. z P>|z| [95% Conf. Interval] Corrected Prob > chi2 = 0.000 max = 4 Wald chi2(37) = 4027.77 avg = 2.37 Number of instruments = 41 Obs per group: min = 1 Time variable : Nam Number of groups = 36486 Group variable: Masothue Number of obs = 86441 Dynamic panel-data estimation, two-step system GMM Difference-in-Sargan/Hansen statistics may be negative. Using a generalized inverse to calculate optimal weighting matrix for two-step estimation. Warning: Two-step estimated covariance matrix of moments is singular. 10b.NGANH dropped due to collinearity 2016b.Nam dropped due to collinearity Favoring space over speed. To switch, type or click on mata: mata set matafavor speed, perm. > TRUOC LOAIHINH_KYTRUOC TRINHDO TRUNG_NIEN GIOITINH i. Nam i.NGANH) robust twostep > LAODONG_KYTRUOC, lag(2 2)) iv(ONDINH_XK BATDAU_XK NGUNG_XK LN_LAODONG_KYTRUOC TUOI_DN_KYTRUOC VAYNO_KY > TUOI_DN_KYTRUOC VAYNO_KYTRUOC LOAIHINH_KYTRUOC TRINHDO TRUNG_NIEN GIOI i.Nam i.NGANH, gmm(TANGTRUONG_ . xtabond2 TANGTRUONG_LAODONG ONDINH_XK BATDAU_XK NGUNG_XK TANGTRUONG_LAODONG_KYTRUOC LN_LAODONG_KYTRUOC 175 PHỤ LỤC 4: KẾT QUẢ HỒI QUY MÔ HÌNH ĐO LƯỜNG TĂNG TRƯỞNG DOANH NGHIỆP SẢN XUẤT NHỎ VÀ VỪA THEO TĂNG TRƯỞNG TỔNG TÀI SẢN Phương pháp Pooled OLS _cons .2948895 .0119719 24.63 0.000 .2714246 .3183543 33 .0042108 .009272 0.45 0.650 -.0139622 .0223838 32 -.0016545 .0100066 -0.17 0.869 -.0212673 .0179583 31 -.005711 .0071182 -0.80 0.422 -.0196627 .0082406 30 .0353951 .0142166 2.49 0.013 .0075308 .0632594 29 -.0161222 .0144157 -1.12 0.263 -.0443769 .0121325 28 .0128676 .0084914 1.52 0.130 -.0037755 .0295106 27 -.0005337 .0102428 -0.05 0.958 -.0206095 .0195421 26 -.009174 .0128143 -0.72 0.474 -.03429 .015942 25 .0178167 .0052912 3.37 0.001 .0074459 .0281875 24 .0006034 .0111731 0.05 0.957 -.0212959 .0225026 23 .0216942 .0060953 3.56 0.000 .0097474 .033641 22 .0017056 .0062917 0.27 0.786 -.0106261 .0140373 21 .0091089 .0164449 0.55 0.580 -.0231229 .0413408 20 .0049227 .0072245 0.68 0.496 -.0092372 .0190827 19 .0143677 .0328703 0.44 0.662 -.0500577 .0787931 18 -.0374795 .006187 -6.06 0.000 -.0496059 -.0253531 17 .0077532 .0075704 1.02 0.306 -.0070848 .0225912 16 .0236803 .0067639 3.50 0.000 .010423 .0369376 15 .0192533 .0110985 1.73 0.083 -.0024996 .0410062 14 -.0081986 .0073883 -1.11 0.267 -.0226796 .0062823 13 -.0078597 .0074222 -1.06 0.290 -.0224072 .0066878 12 -.0726109 .0485888 -1.49 0.135 -.1678445 .0226228 11 -.0992984 .0087082 -11.40 0.000 -.1163664 -.0822304 NGANH 2019 .0456187 .0047471 9.61 0.000 .0363146 .0549229 2018 .0381359 .0047202 8.08 0.000 .0288844 .0473875 2017 .0212325 .0049448 4.29 0.000 .0115407 .0309242 Nam GIOITINH .0024833 .0031917 0.78 0.437 -.0037724 .008739 TRUNG_NIEN -.0186114 .0030013 -6.20 0.000 -.0244938 -.0127289 TRINHDO .0026174 .0027301 0.96 0.338 -.0027336 .0079684 LOAIHINH_KYTRUOC .0241739 .0042484 5.69 0.000 .015847 .0325008 VAYNO_KYTRUOC .0726549 .0044917 16.18 0.000 .0638513 .0814586 TUOI_DN_KYTRUOC -.031489 .0019621 -16.05 0.000 -.0353348 -.0276433 LN_TAISAN_KYTRUOC -.0247022 .0012387 -19.94 0.000 -.0271301 -.0222743 TANGTRUONG_TAISAN_KYTRUOC -.1244017 .0035174 -35.37 0.000 -.1312959 -.1175076 XK_KYTRUOC .0355843 .0045801 7.77 0.000 .0266074 .0445612 TANGTRUONG_TAISAN Coef. Std. Err. t P>|t| [95% Conf. Interval] Robust Root MSE = .36793 R-squared = 0.0465 Prob > F = 0.0000 F(35, 86405) = 85.78 Linear regression Number of obs = 86,441 > RUOC LOAIHINH_KYTRUOC TRINHDO TRUNG_NIEN GIOITINH i.Nam i.NGANH, robust . reg TANGTRUONG_TAISAN XK_KYTRUOC TANGTRUONG_TAISAN_KYTRUOC LN_TAISAN_KYTRUOC TUOI_DN_KYTRUOC VAYNO_KYT 176 Difference (null H = exogenous): chi2(1) = 0.04 Prob > chi2 = 0.834 Hansen test excluding group: chi2(3) = 2.15 Prob > chi2 = 0.542 gmm(TANGTRUONG_TAISAN_KYTRUOC, lag(3 3)) Difference (null H = exogenous): chi2(4) = 2.19 Prob > chi2 = 0.700 Hansen test excluding group: chi2(0) = 0.00 Prob > chi2 = . GMM instruments for levels Difference-in-Hansen tests of exogeneity of instrument subsets: (Robust, but weakened by many instruments.) Hansen test of overid. restrictions: chi2(4) = 2.19 Prob > chi2 = 0.700 (Not robust, but not weakened by many instruments.) Sargan test of overid. restrictions: chi2(4) = 1.71 Prob > chi2 = 0.788 Arellano-Bond test for AR(2) in first differences: z = -1.45 Pr > z = 0.148 Arellano-Bond test for AR(1) in first differences: z = -7.08 Pr > z = 0.000 DL2.TANGTRUONG_TAISAN_KYTRUOC DL.XK_KYTRUOC GMM-type (missing=0, separate instruments for each period unless collapsed) _cons 27.NGANH 28.NGANH 29.NGANH 30.NGANH 31.NGANH 32.NGANH 33.NGANH 19.NGANH 20.NGANH 21.NGANH 22.NGANH 23.NGANH 24.NGANH 25.NGANH 26.NGANH 11.NGANH 12.NGANH 13.NGANH 14.NGANH 15.NGANH 16.NGANH 17.NGANH 18.NGANH TRUNG_NIEN GIOITINH 2016b.Nam 2017.Nam 2018.Nam 2019.Nam 10b.NGANH LN_TAISAN_KYTRUOC VAYNO_KYTRUOC TUOI_DN_KYTRUOC LOAIHINH_KYTRUOC TRINHDO Standard Instruments for levels equation L3.TANGTRUONG_TAISAN_KYTRUOC L2.XK_KYTRUOC GMM-type (missing=0, separate instruments for each period unless collapsed) 27.NGANH 28.NGANH 29.NGANH 30.NGANH 31.NGANH 32.NGANH 33.NGANH) 19.NGANH 20.NGANH 21.NGANH 22.NGANH 23.NGANH 24.NGANH 25.NGANH 26.NGANH 11.NGANH 12.NGANH 13.NGANH 14.NGANH 15.NGANH 16.NGANH 17.NGANH 18.NGANH TRINHDO TRUNG_NIEN GIOITINH 2016b.Nam 2017.Nam 2018.Nam 2019.Nam 10b.NGANH D.(LN_TAISAN_KYTRUOC VAYNO_KYTRUOC TUOI_DN_KYTRUOC LOAIHINH_KYTRUOC Standard Instruments for first differences equation _cons .6513465 .0556118 11.71 0.000 .5423493 .7603437 33 -.0133401 .011116 -1.20 0.230 -.0351271 .0084468 32 -.0211862 .0122995 -1.72 0.085 -.0452927 .0029204 31 .0020105 .0085013 0.24 0.813 -.0146518 .0186728 30 .0561313 .0163375 3.44 0.001 .0241105 .0881522 29 -.0107487 .0182218 -0.59 0.555 -.0464628 .0249654 28 .020641 .0095616 2.16 0.031 .0019007 .0393813 27 .0195663 .0119903 1.63 0.103 -.0039343 .0430669 26 -.0049035 .015707 -0.31 0.755 -.0356886 .0258817 25 .0212716 .0062403 3.41 0.001 .0090407 .0335024 24 .0342821 .0127664 2.69 0.007 .0092604 .0593039 23 .05629 .008169 6.89 0.000 .0402792 .0723009 22 .0141302 .0076014 1.86 0.063 -.0007682 .0290286 21 .0267449 .0207202 1.29 0.197 -.0138659 .0673557 20 .0146766 .0085946 1.71 0.088 -.0021685 .0315218 19 .0790562 .0345506 2.29 0.022 .0113383 .1467742 18 -.066207 .008472 -7.81 0.000 -.0828119 -.0496022 17 .0293935 .0093509 3.14 0.002 .011066 .047721 16 .0305028 .0077077 3.96 0.000 .015396 .0456096 15 .0051908 .0123447 0.42 0.674 -.0190044 .0293861 14 -.0322753 .0088136 -3.66 0.000 -.0495497 -.0150009 13 -.0107257 .008679 -1.24 0.217 -.0277363 .0062849 12 -.121032 .0519064 -2.33 0.020 -.2227666 -.0192974 11 -.1665427 .0130124 -12.80 0.000 -.1920465 -.1410389 NGANH 2019 .0515858 .0073031 7.06 0.000 .037272 .0658996 2018 .0471506 .0088648 5.32 0.000 .029776 .0645252 2017 .0375582 .0061975 6.06 0.000 .0254114 .049705 Nam GIOITINH .0016963 .0035979 0.47 0.637 -.0053554 .008748 TRUNG_NIEN -.0130437 .0040306 -3.24 0.001 -.0209435 -.0051439 TRINHDO .014194 .0049427 2.87 0.004 .0045065 .0238815 LOAIHINH_KYTRUOC .0581583 .0076348 7.62 0.000 .0431944 .0731222 VAYNO_KYTRUOC .0283045 .0118939 2.38 0.017 .0049929 .051616 TUOI_DN_KYTRUOC -.0077647 .005324 -1.46 0.145 -.0181996 .0026702 LN_TAISAN_KYTRUOC -.0745665 .0075001 -9.94 0.000 -.0892664 -.0598665 TANGTRUONG_TAISAN_KYTRUOC -.1250535 .0459794 -2.72 0.007 -.2151714 -.0349355 XK_KYTRUOC .1852932 .0543395 3.41 0.001 .0787896 .2917967 TANGTRUONG_TAISAN Coef. Std. Err. z P>|z| [95% Conf. Interval] Corrected Prob > chi2 = 0.000 max = 4 Wald chi2(35) = 9084.20 avg = 2.37 Number of instruments = 40 Obs per group: min = 1 Time variable : Nam Number of groups = 36486 Group variable: Masothue Number of obs = 86441 Dynamic panel-data estimation, two-step system GMM Difference-in-Sargan/Hansen statistics may be negative. Using a generalized inverse to calculate optimal weighting matrix for two-step estimation. Warning: Two-step estimated covariance matrix of moments is singular. 10b.NGANH dropped due to collinearity 2016b.Nam dropped due to collinearity Favoring space over speed. To switch, type or click on mata: mata set matafavor speed, perm. > UOC TRINHDO TRUNG_NIEN GIOITINH i.Nam i.NGANH) robust twostep //done > lag(3 3)) gmm (XK_KYTRUOC, lag(2 2)) iv(LN_TAISAN_KYTRUOC VAYNO_KYTRUOC TUOI_DN_KYTRUOC LOAIHINH_KYTR > O_KYTRUOC LOAIHINH_KYTRUOC TRINHDO TRUNG_NIEN GIOITINH i.Nam i.NGANH, gmm(TANGTRUONG_TAISAN_KYTRUOC, . xtabond2 TANGTRUONG_TAISAN XK_KYTRUOC TANGTRUONG_TAISAN_KYTRUOC LN_TAISAN_KYTRUOC TUOI_DN_KYTRUOC VAYN 177 _cons .298572 .0119335 25.02 0.000 .2751825 .3219616 33 .0049026 .0092625 0.53 0.597 -.0132517 .023057 32 -.0006627 .0099823 -0.07 0.947 -.0202279 .0189024 31 -.0055765 .0070993 -0.79 0.432 -.019491 .008338 30 .0358435 .0142244 2.52 0.012 .0079639 .0637231 29 -.0149294 .0144546 -1.03 0.302 -.0432603 .0134015 28 .0132388 .0084745 1.56 0.118 -.0033712 .0298488 27 .0015405 .0102191 0.15 0.880 -.0184888 .0215699 26 -.0089248 .0127671 -0.70 0.485 -.0339483 .0160986 25 .0183305 .0052852 3.47 0.001 .0079715 .0286894 24 .0004391 .0111712 0.04 0.969 -.0214564 .0223346 23 .0227545 .0060873 3.74 0.000 .0108234 .0346856 22 .002043 .0062793 0.33 0.745 -.0102644 .0143504 21 .0099537 .0164059 0.61 0.544 -.0222017 .0421091 20 .0055706 .0072194 0.77 0.440 -.0085794 .0197205 19 .015345 .0328368 0.47 0.640 -.0490149 .0797049 18 -.036752 .0061818 -5.95 0.000 -.0488684 -.0246357 17 .0084749 .0075608 1.12 0.262 -.0063442 .0232939 16 .0245022 .0067568 3.63 0.000 .011259 .0377454 15 .0197783 .0111109 1.78 0.075 -.001999 .0415556 14 -.0072513 .0073776 -0.98 0.326 -.0217113 .0072086 13 -.0073523 .00741 -0.99 0.321 -.0218759 .0071712 12 -.0901739 .0455096 -1.98 0.048 -.1793722 -.0009756 11 -.0989677 .0087074 -11.37 0.000 -.1160342 -.0819012 NGANH 2019 .0449988 .0047479 9.48 0.000 .0356929 .0543046 2018 .0372863 .0047168 7.90 0.000 .0280414 .0465312 2017 .0209861 .0049396 4.25 0.000 .0113044 .0306678 Nam GIOITINH .0020947 .0031874 0.66 0.511 -.0041525 .008342 TRUNG_NIEN -.0187492 .0029967 -6.26 0.000 -.0246227 -.0128757 TRINHDO .002037 .0027281 0.75 0.455 -.0033102 .0073841 VAYNO_KYTRUOC .0732041 .0044868 16.32 0.000 .0644099 .0819982 TUOI_DN_KYTRUOC -.031359 .0019599 -16.00 0.000 -.0352003 -.0275176 LOAIHINH_KYTRUOC .0239906 .0042448 5.65 0.000 .0156708 .0323103 LN_TAISAN_KYTRUOC -.02513 .0012364 -20.33 0.000 -.0275534 -.0227067 TANGTRUONG_TAISAN_KYTRUOC -.1241377 .003513 -35.34 0.000 -.1310232 -.1172521 NGUNG_XK -.1321632 .0112546 -11.74 0.000 -.1542221 -.1101043 ONDINH_XK .0662645 .0051749 12.81 0.000 .0561218 .0764072 BATDAU_XK .0573925 .0074749 7.68 0.000 .0427417 .0720432 TANGTRUONG_TAISAN Coef. Std. Err. t P>|t| [95% Conf. Interval] Robust Root MSE = .36749 R-squared = 0.0488 Prob > F = 0.0000 F(37, 86403) = 88.55 Linear regression Number of obs = 86,441 > H_KYTRUOC TUOI_DN_KYTRUOC VAYNO_KYTRUOC TRINHDO TRUNG_NIEN GIOITINH i.Nam i.NGANH, robust . reg TANGTRUONG_TAISAN BATDAU_XK ONDINH_XK NGUNG_XK TANGTRUONG_TAISAN_KYTRUOC LN_TAISAN_KYTRUOC LOAIHIN 178 Difference (null H = exogenous): chi2(1) = 0.04 Prob > chi2 = 0.835 Hansen test excluding group: chi2(0) = 0.00 Prob > chi2 = . GMM instruments for levels Difference-in-Hansen tests of exogeneity of instrument subsets: (Robust, but weakened by many instruments.) Hansen test of overid. restrictions: chi2(1) = 0.04 Prob > chi2 = 0.835 (Not robust, but not weakened by many instruments.) Sargan test of overid. restrictions: chi2(1) = 0.04 Prob > chi2 = 0.839 Arellano-Bond test for AR(2) in first differences: z = -0.40 Pr > z = 0.692 Arellano-Bond test for AR(1) in first differences: z = -1.50 Pr > z = 0.132 DL2.TANGTRUONG_TAISAN_KYTRUOC GMM-type (missing=0, separate instruments for each period unless collapsed) _cons 31.NGANH 32.NGANH 33.NGANH 23.NGANH 24.NGANH 25.NGANH 26.NGANH 27.NGANH 28.NGANH 29.NGANH 30.NGANH 15.NGANH 16.NGANH 17.NGANH 18.NGANH 19.NGANH 20.NGANH 21.NGANH 22.NGANH 2017.Nam 2018.Nam 2019.Nam 10b.NGANH 11.NGANH 12.NGANH 13.NGANH 14.NGANH TUOI_DN_KYTRUOC LOAIHINH_KYTRUOC TRINHDO TRUNG_NIEN GIOITINH 2016b.Nam ONDINH_XK BATDAU_XK NGUNG_XK LN_TAISAN_KYTRUOC VAYNO_KYTRUOC Standard Instruments for levels equation L3.TANGTRUONG_TAISAN_KYTRUOC GMM-type (missing=0, separate instruments for each period unless collapsed) 31.NGANH 32.NGANH 33.NGANH) 23.NGANH 24.NGANH 25.NGANH 26.NGANH 27.NGANH 28.NGANH 29.NGANH 30.NGANH 15.NGANH 16.NGANH 17.NGANH 18.NGANH 19.NGANH 20.NGANH 21.NGANH 22.NGANH 2017.Nam 2018.Nam 2019.Nam 10b.NGANH 11.NGANH 12.NGANH 13.NGANH 14.NGANH TUOI_DN_KYTRUOC LOAIHINH_KYTRUOC TRINHDO TRUNG_NIEN GIOITINH 2016b.Nam D.(ONDINH_XK BATDAU_XK NGUNG_XK LN_TAISAN_KYTRUOC VAYNO_KYTRUOC Standard Instruments for first differences equation _cons .6032296 .2645424 2.28 0.023 .0847359 1.121723 33 -.0147158 .0176262 -0.83 0.404 -.0492624 .0198309 32 -.0126133 .0165181 -0.76 0.445 -.0449881 .0197615 31 .0021932 .0141278 0.16 0.877 -.0254967 .0298831 30 .0567298 .0200767 2.83 0.005 .0173803 .0960794 29 .000934 .0286884 0.03 0.974 -.0552943 .0571623 28 .0205269 .0097236 2.11 0.035 .001469 .0395849 27 .0191983 .0169161 1.13 0.256 -.0139567 .0523534 26 .0010402 .016742 0.06 0.950 -.0317735 .0338539 25 .0189191 .005955 3.18 0.001 .0072475 .0305907 24 .0280976 .023834 1.18 0.238 -.0186161 .0748114 23 .0499185 .0171724 2.91 0.004 .0162611 .0835759 22 .0143328 .013361 1.07 0.283 -.0118542 .0405198 21 .0194628 .027218 0.72 0.475 -.0338834 .072809 20 .01234 .0096275 1.28 0.200 -.0065295 .0312096 19 .0709236 .040172 1.77 0.077 -.0078121 .1496593 18 -.0674885 .0191238 -3.53 0.000 -.1049705 -.0300065 17 .024849 .0168601 1.47 0.141 -.0081962 .0578942 16 .0317426 .0078238 4.06 0.000 .0164081 .047077 15 .0117965 .0155413 0.76 0.448 -.0186638 .0422568 14 -.0261469 .0147957 -1.77 0.077 -.0551459 .0028522 13 -.0071684 .0091303 -0.79 0.432 -.0250635 .0107266 12 -.0740335 .0369897 -2.00 0.045 -.146532 -.001535 11 -.1648626 .0383711 -4.30 0.000 -.2400685 -.0896567 NGANH 2019 .0511023 .0266287 1.92 0.055 -.0010889 .1032935 2018 .0473359 .0366477 1.29 0.196 -.0244923 .1191642 2017 .0372984 .0223094 1.67 0.095 -.0064273 .0810241 Nam GIOITINH .0024452 .0035206 0.69 0.487 -.004455 .0093453 TRUNG_NIEN -.0115506 .0087074 -1.33 0.185 -.0286168 .0055157 TRINHDO .0166442 .0128575 1.29 0.195 -.008556 .0418443 LOAIHINH_KYTRUOC .0586337 .0264909 2.21 0.027 .0067126 .1105549 VAYNO_KYTRUOC .025559 .0429426 0.60 0.552 -.058607 .1097251 TUOI_DN_KYTRUOC -.0082208 .0224898 -0.37 0.715 -.0523 .0358584 LN_TAISAN_KYTRUOC -.0684519 .0361433 -1.89 0.058 -.1392916 .0023877 TANGTRUONG_TAISAN_KYTRUOC -.135124 .2178251 -0.62 0.535 -.5620534 .2918054 NGUNG_XK -.069046 .022552 -3.06 0.002 -.113247 -.0248449 BATDAU_XK .0862739 .0260492 3.31 0.001 .0352185 .1373294 ONDINH_XK .1223408 .0292118 4.19 0.000 .0650868 .1795948 TANGTRUONG_TAISAN Coef. Std. Err. z P>|z| [95% Conf. Interval] Corrected Prob > chi2 = 0.000 max = 4 Wald chi2(37) = 9631.77 avg = 2.37 Number of instruments = 39 Obs per group: min = 1 Time variable : Nam Number of groups = 36486 Group variable: Masothue Number of obs = 86441 Dynamic panel-data estimation, two-step system GMM Difference-in-Sargan/Hansen statistics may be negative. Using a generalized inverse to calculate optimal weighting matrix for two-step estimation. Warning: Two-step estimated covariance matrix of moments is singular. 10b.NGANH dropped due to collinearity 2016b.Nam dropped due to collinearity Favoring space over speed. To switch, type or click on mata: mata set matafavor speed, perm. > TRUOC LOAIHINH_KYTRUOC TRINHDO TRUNG_NIEN GIOITINH i.Nam i.NGANH) robust twostep //done > _TAISAN_KYTRUOC, lag(3 3)) iv (ONDINH_XK BATDAU_XK NGUNG_XK LN_TAISAN_KYTRUOC VAYNO_KYTRUOC TUOI_DN_KY > OI_DN_KYTRUOC VAYNO_KYTRUOC LOAIHINH_KYTRUOC TRINHDO TRUNG_NIEN GIOITINH i.Nam i.NGANH, gmm(TANGTRUONG . xtabond2 TANGTRUONG_TAISAN ONDINH_XK BATDAU_XK NGUNG_XK TANGTRUONG_TAISAN_KYTRUOC LN_TAISAN_KYTRUOC TU