Luận án Phân tích các nhân tố ảnh hưởng đến cấu trúc vốn của các doanh nghiệp sản xuất công nghiệp Việt Nam

Thực tế thì tỷ lệ tài sản dài hạn trên tổng tài sản của các doanh nghiệp khác nhau là hoàn toàn khác nhau, nhưng nguyên tắc chung cho các kịch bản hoạch định cấu trúc vốn trong trường hợp này là tài trợ tài sản ngắn hạn bằng nợ ngắn hạn, vốn dài hạn vừa đủ để tài trợ cho tài sản dài hạn. Trong tổng vốn dài hạn thì cân đối cơ cấu nợ dài hạn và vốn chủ sở hữu theo hướng giảm tỷ lệ vốn chủ, tăng tỷ lệ nợ dài hạn sao cho hợp lý với kế hoạch kinh doanh, năng lực vay dài hạn và trả nợ trong dài hạn và một số yếu tố khác của doanh nghiệp. Đồng thời, các kịch bản tái cấu trúc vốn nêu trên cũng có thể không phù hợp trong những trường hợp doanh nghiệp có nét đặc thù riêng trong hoạt động sản xuất kinh doanh.

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t ươ ng quan trong d li u nghiên c u c a mô hình. xl 6. Kt qu ưc l ưng và các ki m nh V ki m nh tính d ng c a chu i d li u, nghiên c u s d ng l nh xtunitroot theo hai ph ươ ng pháp llc (Levin, Lin và Chu, 2002) và ips (Im, Pesaran và Shin, 2003) vi gi thi t H 0 là chu i d li u không d ng. K t qu các tr th ng kê c a th ng kê z và t trong các ki m nh nghi m ơn v này u cho m c ý ngh a 1% và 5%. Do ó, có th bác b gi thi t H 0, ng ngh a v i d li u nghiên c u u là các chu i dng và phù h p cho mô hình h i quy ng ưng. S li u chi ti t v k t qu các ki m nh này ưc tác gi trình bày chi ti t trong ph n cu i ca nghiên c u v i hình ch p màn hình t ch ươ ng trình Stata m b o tính khách quan trong vi c cung c p s li u h i quy. Bng 2.4: K t qu ki m nh tính d ng ca d li u các bi n IPS (Im, Pesaran và Shin, LLC (Levin, Lin và Chu, Bi n i Nhân t 2003) 2002) di n Th ng kê z và m c ý ngh a Th ng kê t và m c ý ngh a ROA -2,5646 *** -16,5941 *** Giá tr doanh ROE -2,2570 ** -18.0431 *** nghi p TobinQ -12,2208 *** - 16,9909 *** Cu trúc v n BTDTA -3,1497 *** -17,7074 *** Quy mô SIZE -2,0886 ** -14,2768 *** Tng tr ưng GROW -8,9226 *** -16,0962 *** *** Ý ngh a th ng kê mc 1%, ** Ý ngh a th ng kê mc 5%, *Ý ngh a th ng kê mc 10% Ngu n: Tính toán t ph n m m Stata V ki m nh s t n t i c a các ng ưng , trình t ki m nh s b t u t ki m nh ng ưng ơn, n u t n t i ng ưng ơn, s ti p t c ti n hành ki m nh ng ưng ôi, nu t n t i ng ưng ôi, s ti p t c ti n hành ki m nh 3 ng ưng, và ti p t c n u ki m xli nh cho th y v n t n t i thêm các ng ưng. Gi thi t v vi c t n t i ng ưng luôn là: H0: T n t i ng ưng trong mô hình. Khi tr th ng kê p value c a F l n h ơn 0,05, gi thi t H 0 s b bác b . Vi trình t nh ư trên, k t qu cho th y không m t mô hình nào t n t i ng ưng ơ n, mô hình tác ng c a BTDTA lên ROA và TobinQ không t n t i ng ưng ôi, mô hình tác ng c a BTDTA lên ROE có t n t i ng ưng ôi. Ki m nh cu i cùng vi gi thi t H 0: T n t i tác ng 3 ng ưng c a BTDTA lên ROE, k t qu ki m nh ã bác b gi thi t này. Tóm l i, trong 3 mô hình, ch có 1 mô hình t n t i ng ưng ôi khi phân tích tác ng c a BTDTA lên ROE. Tuy nhiên, k t qu h i quy cho th y hai ng ưng này th c t l i r t g n nhau, h s h i quy c a bi n ng ưng trong kho ng gi a hai ng ưng cng không có ý ngh a th ng kê, nên có th coi mô hình ch có m t ng ưng t i kho ng 65%. Chi ti t các k t qu ki m nh v ng ưng trong các mô hình ưc t ng h p trong b ng d ưi ây. Các thông tin chi ti t h ơn v t ng ki m nh, tác gi trình bày trong ph n cu i ca ph l c này. xlii Bng 2.5: K t qu ki m nh t n t i ng ưng tác ng c a c u trúc v n lên giá tr doanh nghi p Cp bi n c u Th ng kê F Giá tr ti h n F trúc v n và giá Giá tr ng ưng F-stat P-value 1% 5% 10% tr doanh nghi p Ki m nh ng ưng ơ n BTDTA tác ng 52,47% 10,94 0,1400 12,3028 14,3632 16,7570 lên ROA BTDTA tác ng 24,6% 20,78 0,0500 16,7200 20,5401 26,8084 lên TobinQ BTDTA tác ng 52,34% 5,37 0,705 13,8848 16,5362 21,3354 lên ROE Ki m nh ng ưng ôi BTDTA tác ng 30,59% - 52,47% 4,13 0,7450 11,5240 13,1174 18,9184 lên ROA BTDTA tác ng 21,33% - 23,85% 13,76 0,0900 13,4345 14,9718 20,5927 lên TobinQ BTDTA tác ng 65,09 % - 65,42% 38,04 0,000 *** 10,5315 12,9086 16,4406 lên ROE Ki m nh ba ng ưng BTDTA tác ng 3.2 0.86 16.5357 33.0919 63.4474 lên ROE ** Ch p nh n gi thi t H0 v vi c t n t i ng ưng. Ngu n: Tính toán t ph n m m Stata Ph n m m Stata có h tr v th mô t s t n t i c a ng ưng m t cách hoàn toàn t ng. th ưc th hi n nh ư sau: xliii th 2.1: th xác nh n s t n t i ng ưng ôi trong tác ng c a nhân t BTDTA lên ROE Ngu n: V t ng t ph n m m stata V vi c ưc l ưng các h s h i quy , các k t qu ưc trình bày nh ư b ng tng h p d ưi ây. H s th ng kê l ch chu n thu ưc t câu l nh xthreg thông th ưng, h s th ng kê l ch chu n White thu ưc t câu l nh xthreg kèm thêm l a ch n robust. Thông th ưng v i d li u b ng, khi áp d ng mô hình các nh h ưng c nh, vi c thêm l a ch n robust s nh m kh c ph c hi n t ưng ph ươ ng sai sai s thay i trong mô hình. Hai k t qu h i quy khi có và không có robust u cho k t qu h s h i quy ng nh t, v i m c ý ngh a th ng kê 1%, do ó, k t qu h i quy thu ưc là áng tin c y. Bng 2.6: K t qu ưc l ưng h s h i quy tác ng c a BTDTA lên ROE lch Th ng kê t và White SE H s Giá tr twhite chu n mc ý ngh a (Robust) ** ** βββ11 0,162623 0,06388 -2,55 0,108517 -1,5 βββ12 -0,2094869 0,141001 -1,49 0,119926 - 1,75 *** *** βββ13 -0,2203837 0,057321 -3,84 0,133633 - 1,65 *** Ý ngh a th ng kê mc 1%, ** Ý ngh a th ng kê mc 5%, *Ý ngh a th ng kê mc 10% Ngu n: Tính toán t ph n m m Stata xliv 7. Phân tích k t qu ưc l ưng Tr ưc h t, kt qu th c nghi m b ng ph ươ ng pháp h i quy ng ưng ã ki m ch ng v vi c t n t i ng ưng ôi khi s d ng bi n BTDTA i di n cho c u trúc vn o l ưng nh h ưng lên nhân t ROE. Tuy nhiên, v s li u th ng kê cho th y hai ng ưng này khá sát nhau m c 65,09 – 65,42%. K t qu th ng kê này khá t ươ ng ng v i các nghiên c u c a Nguy n Thành C ưng và Nguy n Th Cành (2012) cho các doanh nghi p th y s n Vi t Nam v i bi n ng ưng cho k t qu m c kho ng 59%, nghiên c u c a Cheng và c ng s (2010) cho 650 doanh nghi p niêm y t Trung Qu c v i k t qu t n t i 3 ng ưng tác ng c a c u trúc v n lên ROE và c u trúc v n ti ưu t i 70,48%, nghiên c u c a Ahmad và c ng s (2013) v i các doanh nghi p Malaysia cho k t qu c u trúc v n t i ưu kho ng 64,33%. V h s tác ng, trong mô hình tác ng c a BTDTA lên ROE: - Khi BTDTA < 65,09 %, h s tác ng c a BTDTA lên ROA là + 0,1626 v i mc ý ngh a 5%. - Kkhi 65,09 % < BTDTA< 65,42 % thì h s tác ng ca BTDTA lên ROE là – 0,209, nh ưng không có ý ngh a th ng kê - Khi BTDTA > 65,42 % thì h s tác ng c a BTDTA lên ROE là – 0,22 v i mc ý ngh a 1%. Tóm l i, k t qu này g i ý v v n t n t i m t c u trúc v n t i ưu khi BTDTA m c 65% cho các DNSXCN Vi t Nam khi nghiên c u nh h ưng c a nhân t BTDTA lên giá tr ROE. Các trang ti p theo c a ph n ph l c này là chi ti t hình ch p màn hình các ph ư ng trình h i quy và các kt qu h i quy ã ưc ti n hành trong công trình nghiên c u này. xlv Hình 2.1: K t qu ki m nh nghi m n v bng ph ư ng pháp IPS v i bi n ROA . xtunitroot ips roa Im-Pesaran-Shin unit-root test for roa Ho: All panels contain unit roots Number of panels = 95 Ha: Some panels are stationary Number of periods = 9 AR parameter: Panel-specific Asymptotics: T,N -> Infinity Panel means: Included sequentially Time trend: Not included ADF regressions: No lags included Fixed-N exact critical values Statistic p-value 1% 5% 10% t-bar -1.9412 -1.750 -1.680 -1.640 t-tilde-bar -1.4350 Z-t-tilde-bar -2.5646 0.0052 Hình 2.2: K t qu ki m nh nghi m n v bng ph ư ng pháp IPS v i bi n ROE . xtunitroot ips roe1 Im-Pesaran-Shin unit-root test for roe1 Ho: All panels contain unit roots Number of panels = 83 Ha: Some panels are stationary Number of periods = 9 AR parameter: Panel-specific Asymptotics: T,N -> Infinity Panel means: Included sequentially Time trend: Not included ADF regressions: No lags included Fixed-N exact critical values Statistic p-value 1% 5% 10% t-bar -1.9901 -1.750 -1.680 -1.640 t-tilde-bar -1.4238 Z-t-tilde-bar -2.2570 0.0120 Hình 2.3: K t qu ki m nh nghi m n v bng ph ư ng pháp IPS v i bi n TobinQ . xtunitroot ips tobinq Im-Pesaran-Shin unit-root test for tobinq Ho: All panels contain unit roots Number of panels = 95 Ha: Some panels are stationary Number of periods = 9 AR parameter: Panel-specific Asymptotics: T,N -> Infinity Panel means: Included sequentially Time trend: Not included ADF regressions: No lags included Fixed-N exact critical values Statistic p-value 1% 5% 10% t-bar -6.3940 -1.750 -1.680 -1.640 t-tilde-bar -2.1542 Z-t-tilde-bar -12.2208 0.0000 xlvi Hình 2.4: K t qu ki m nh nghi m n v bng ph ư ng pháp IPS v i bi n Btdta . xtunitroot ips btdta Im-Pesaran-Shin unit-root test for btdta Ho: All panels contain unit roots Number of panels = 95 Ha: Some panels are stationary Number of periods = 9 AR parameter: Panel-specific Asymptotics: T,N -> Infinity Panel means: Included sequentially Time trend: Not included ADF regressions: No lags included Fixed-N exact critical values Statistic p-value 1% 5% 10% t-bar -2.1015 -1.750 -1.680 -1.640 t-tilde-bar -1.4786 Z-t-tilde-bar -3.1497 0.0008 Hình 2.5: K t qu ki m nh nghi m n v bng ph ư ng pháp IPS v i bi n Size . xtunitroot ips size Im-Pesaran-Shin unit-root test for size Ho: All panels contain unit roots Number of panels = 95 Ha: Some panels are stationary Number of periods = 9 AR parameter: Panel-specific Asymptotics: T,N -> Infinity Panel means: Included sequentially Time trend: Not included ADF regressions: No lags included Fixed-N exact critical values Statistic p-value 1% 5% 10% t-bar -1.8261 -1.750 -1.680 -1.640 t-tilde-bar -1.3996 Z-t-tilde-bar -2.0886 0.0184 Hình 2.6: K t qu ki m nh nghi m n v bng ph ư ng pháp IPS v i bi n GROW . xtunitroot ips grow Im-Pesaran-Shin unit-root test for grow Ho: All panels contain unit roots Number of panels = 95 Ha: Some panels are stationary Number of periods = 9 AR parameter: Panel-specific Asymptotics: T,N -> Infinity Panel means: Included sequentially Time trend: Not included ADF regressions: No lags included Fixed-N exact critical values Statistic p-value 1% 5% 10% t-bar -2.9151 -1.750 -1.680 -1.640 t-tilde-bar -1.9086 Z-t-tilde-bar -8.9226 0.0000 xlvii Hình 2.7: K t qu ki m nh nghi m n v bng ph ư ng pháp LLC v i bi n ROA . xtunitroot llc roa Levin-Lin-Chu unit-root test for roa Ho: Panels contain unit roots Number of panels = 95 Ha: Panels are stationary Number of periods = 9 AR parameter: Common Asymptotics: N/T -> 0 Panel means: Included Time trend: Not included ADF regressions: 1 lag LR variance: Bartlett kernel, 6.00 lags average (chosen by LLC) Statistic p-value Unadjusted t -22.5569 Adjusted t* -16.5941 0.0000 Hình 2.8: K t qu ki m nh nghi m n v bng ph ư ng pháp LLC v i bi n ROE . xtunitroot llc roe1 Levin-Lin-Chu unit-root test for roe1 Ho: Panels contain unit roots Number of panels = 83 Ha: Panels are stationary Number of periods = 9 AR parameter: Common Asymptotics: N/T -> 0 Panel means: Included Time trend: Not included ADF regressions: 1 lag LR variance: Bartlett kernel, 6.00 lags average (chosen by LLC) Statistic p-value Unadjusted t -24.6689 Adjusted t* -18.0431 0.0000 Hình 2.9: K t qu ki m nh nghi m n v bng ph ư ng pháp LLC v i bi n TobinQ xlviii Hình 2.10: K t qu ki m nh nghi m n v bng ph ư ng pháp LLC v i bi n Btdta . xtunitroot llc btdta Levin-Lin-Chu unit-root test for btdta Ho: Panels contain unit roots Number of panels = 95 Ha: Panels are stationary Number of periods = 9 AR parameter: Common Asymptotics: N/T -> 0 Panel means: Included Time trend: Not included ADF regressions: 1 lag LR variance: Bartlett kernel, 6.00 lags average (chosen by LLC) Statistic p-value Unadjusted t -22.9195 Adjusted t* -17.7074 0.0000 Hình 2.11: K t qu ki m nh nghi m n v bng ph ư ng pháp LLC v i bi n Size . xtunitroot llc size Levin-Lin-Chu unit-root test for size Ho: Panels contain unit roots Number of panels = 95 Ha: Panels are stationary Number of periods = 9 AR parameter: Common Asymptotics: N/T -> 0 Panel means: Included Time trend: Not included ADF regressions: 1 lag LR variance: Bartlett kernel, 6.00 lags average (chosen by LLC) Statistic p-value Unadjusted t -16.9633 Adjusted t* -14.2768 0.0000 Hình 2.12: K t qu ki m nh nghi m n v bng ph ư ng pháp LLC v i bi n Grow . xtunitroot llc grow Levin-Lin-Chu unit-root test for grow Ho: Panels contain unit roots Number of panels = 95 Ha: Panels are stationary Number of periods = 9 AR parameter: Common Asymptotics: N/T -> 0 Panel means: Included Time trend: Not included ADF regressions: 1 lag LR variance: Bartlett kernel, 6.00 lags average (chosen by LLC) Statistic p-value Unadjusted t -26.5046 Adjusted t* -16.0962 0.0000 xlix Hình 2.13: K t qu ưc l ưng nh h ưng n ng ưng c a btdta lên roa . xthreg roa size grow, rx(btdta) qx(btdta) thnum(1) trim(0.05) bs(200) Estimating the threshold parameters: 1st ...... Done Boostrap for single threshold .................................................. + 50 .................................................. + 100 .................................................. + 150 .................................................. + 200 Threshold estimator (level = 95): model Threshold Lower Upper Th-1 0.5247 0.5091 0.5269 Threshold effect test (bootstrap = 200): Threshold RSS MSE Fstat Prob Crit10 Crit5 Crit1 Single 3.0502 0.0036 10.94 0.1400 12.3028 14.3632 16.7570 Fixed-effects (within) regression Number of obs = 855 Group variable: firmcode Number of groups = 95 R-sq: within = 0.1688 Obs per group: min = 9 between = 0.3249 avg = 9.0 overall = 0.2322 max = 9 F(4,756) = 38.38 corr(u_i, Xb) = -0.2001 Prob > F = 0.0000 roa Coef. Std. Err. t P>|t| [95% Conf. Interval] size .0092166 .005673 1.62 0.105 -.0019201 .0203533 grow .0423538 .0072325 5.86 0.000 .0281557 .056552 _cat#c.btdta 0 -.1695121 .030942 -5.48 0.000 -.2302546 -.1087695 1 -.222097 .0232645 -9.55 0.000 -.2677677 -.1764262 _cons -.0861411 .1507068 -0.57 0.568 -.3819946 .2097124 sigma_u .04893964 sigma_e .06351926 rho .37249904 (fraction of variance due to u_i) F test that all u_i=0: F(94, 756) = 5.07 Prob > F = 0.0000 l Hình 2.14: K t qu ưc l ưng nh h ưng n ng ưng c a btdta lên tobinq . xthreg tobinq size grow, rx(btdta) qx(btdta) thnum(1) trim(0.01) bs(200) Estimating the threshold parameters: 1st ...... Done Boostrap for single threshold .................................................. + 50 .................................................. + 100 .................................................. + 150 .................................................. + 200 Threshold estimator (level = 95): model Threshold Lower Upper Th-1 0.2406 0.2368 0.2463 Threshold effect test (bootstrap = 200): Threshold RSS MSE Fstat Prob Crit10 Crit5 Crit1 Single 459.3264 0.5429 20.78 0.0500 16.7200 20.5401 26.8084 Fixed-effects (within) regression Number of obs = 855 Group variable: firmcode Number of groups = 95 R-sq: within = 0.0528 Obs per group: min = 9 between = 0.0881 avg = 9.0 overall = 0.0041 max = 9 F(4,756) = 10.53 corr(u_i, Xb) = -0.7006 Prob > F = 0.0000 tobinq Coef. Std. Err. t P>|t| [95% Conf. Interval] size -.2927299 .0695806 -4.21 0.000 -.4293241 -.1561357 grow .2612604 .0888757 2.94 0.003 .0867878 .435733 _cat#c.btdta 0 3.085729 .7468247 4.13 0.000 1.619632 4.551826 1 .6144605 .3051984 2.01 0.044 .0153235 1.213598 _cons 8.671024 1.847104 4.69 0.000 5.044962 12.29709 sigma_u .69551669 sigma_e .7794707 rho .44326534 (fraction of variance due to u_i) F test that all u_i=0: F(94, 756) = 2.74 Prob > F = 0.0000 . li Hình 2.15: K t qu ưc l ưng nh h ưng n ng ưng c a btdta lên roe . xthreg roe2 size grow, rx(btdta) qx(btdta) thnum(1) trim(0.05) bs(200) nobslog Estimating the threshold parameters: 1st ...... Done Boostrapping for threshold effect test: 1st ...... Done Threshold estimator (level = 95): model Threshold Lower Upper Th-1 0.5234 0.5228 0.5260 Threshold effect test (bootstrap = 200): Threshold RSS MSE Fstat Prob Crit10 Crit5 Crit1 Single 12.9670 0.0176 5.37 0.7050 13.8848 16.5362 21.3354 Fixed-effects (within) regression Number of obs = 747 Group variable: firmcode Number of groups = 83 R-sq: within = 0.0561 Obs per group: min = 9 between = 0.0602 avg = 9.0 overall = 0.0434 max = 9 F(4,660) = 9.80 corr(u_i, Xb) = -0.4436 Prob > F = 0.0000 roe2 Coef. Std. Err. t P>|t| [95% Conf. Interval] size .0544331 .0136133 4.00 0.000 .0277024 .0811637 grow .0529679 .0175963 3.01 0.003 .0184164 .0875195 _cat#c.btdta 0 -.1010106 .0769776 -1.31 0.190 -.2521612 .05014 1 -.1890912 .0581318 -3.25 0.001 -.3032369 -.0749456 _cons -1.199379 .3603593 -3.33 0.001 -1.906968 -.4917903 sigma_u .11492667 sigma_e .14016526 rho .40201991 (fraction of variance due to u_i) F test that all u_i=0: F(82, 660) = 4.39 Prob > F = 0.0000 lii Hình 2.16: K t qu ưc l ưng nh h ưng ng ưng ôi c a btdta lên roa . xthreg roa size grow, rx(btdta) qx(btdta) thnum(2) trim(0.05 0.05) bs(200 200) Estimating the threshold parameters: 1st ...... 2nd ...... Done Boostrap for single threshold .................................................. + 50 .................................................. + 100 .................................................. + 150 .................................................. + 200 Boostrap for double threshold model: .................................................. + 50 .................................................. + 100 .................................................. + 150 .................................................. + 200 Threshold estimator (level = 95): model Threshold Lower Upper Th-1 0.5247 0.5091 0.5269 Th-21 0.5247 0.5091 0.5269 Th-22 0.3059 0.3045 0.3075 Threshold effect test (bootstrap = 200 200): Threshold RSS MSE Fstat Prob Crit10 Crit5 Crit1 Single 3.0502 0.0036 10.94 0.1700 13.1809 16.1868 20.1279 Double 3.0354 0.0036 4.13 0.7450 11.5240 13.1174 18.9184 Fixed-effects (within) regression Number of obs = 855 Group variable: firmcode Number of groups = 95 R-sq: within = 0.1722 Obs per group: min = 9 between = 0.3268 avg = 9.0 overall = 0.2348 max = 9 F(5,755) = 31.40 corr(u_i, Xb) = -0.2020 Prob > F = 0.0000 roa Coef. Std. Err. t P>|t| [95% Conf. Interval] size .0087654 .0056712 1.55 0.123 -.0023677 .0198986 grow .0424201 .0072228 5.87 0.000 .028241 .0565992 _cat#c.btdta 0 -.0837828 .0579667 -1.45 0.149 -.1975779 .0300123 1 -.1461616 .0336639 -4.34 0.000 -.2122476 -.0800755 2 -.2031048 .025648 -7.92 0.000 -.2534547 -.1527549 _cons -.0868645 .1505029 -0.58 0.564 -.3823183 .2085894 sigma_u .04890283 sigma_e .06343308 rho .37278198 (fraction of variance due to u_i) F test that all u_i=0: F(94, 755) = 5.06 Prob > F = 0.0000 liii Hình 2.17: K t qu ưc l ưng nh h ưng ng ưng ôi c a btdta lên TobinQ . xthreg tobinq size grow, rx(btdta) qx(btdta) thnum(2) trim(0.05 0.05) bs(200 200 > ) nobslog Estimating the threshold parameters: 1st ...... 2nd ...... Done Boostrapping for threshold effect test: 1st ...... 2nd ...... Done Threshold estimator (level = 95): model Threshold Lower Upper Th-1 0.2385 0.2367 0.2406 Th-21 0.2385 0.1879 0.2406 Th-22 0.2144 0.2045 0.2765 Threshold effect test (bootstrap = 200 200): Threshold RSS MSE Fstat Prob Crit10 Crit5 Crit1 Single 903.1100 1.2237 12.74 0.1850 15.0564 18.7964 24.9165 Double 886.3722 1.2010 13.94 0.0900 13.2613 15.4685 17.5748 Fixed-effects (within) regression Number of obs = 747 Group variable: firmcode Number of groups = 83 R-sq: within = 0.0617 Obs per group: min = 9 between = 0.1891 avg = 9.0 overall = 0.0129 max = 9 F(5,659) = 8.67 corr(u_i, Xb) = -0.7638 Prob > F = 0.0000 tobinq Coef. Std. Err. t P>|t| [95% Conf. Interval] size -.4853269 .113315 -4.28 0.000 -.7078289 -.2628249 grow .4770278 .1463026 3.26 0.001 .1897523 .7643032 _cat#c.btdta 0 .9822586 1.449043 0.68 0.498 -1.86304 3.827557 1 4.770776 1.3038 3.66 0.000 2.210674 7.330878 2 .5779537 .517054 1.12 0.264 -.4373182 1.593226 _cons 14.02837 3.001357 4.67 0.000 8.134998 19.92175 sigma_u 1.101559 sigma_e 1.166553 rho .47136794 (fraction of variance due to u_i) F test that all u_i=0: F(82, 659) = 2.65 Prob > F = 0.0000 . liv Hình 2.18: K t qu ưc l ưng nh h ưng ng ưng ôi c a btdta lên ROE lv Hình 2.19: K t qu ưc l ưng nh h ưng 3 ng ưng c a btdta lên ROE . xthreg roe2 size grow, rx(btdta) qx(btdta) thnum(3) trim(0.05 0.05 0.05) bs(200 > 200 200) nobslog Estimating the threshold parameters: 1st ...... 2nd ...... 3rd ...... Done Boostrapping for threshold effect test: 1st ...... 2nd ...... 3rd ...... Done Threshold estimator (level = 95): model Threshold Lower Upper Th-1 0.5234 0.5228 0.5260 Th-21 0.6542 0.6523 0.6573 Th-22 0.6509 0.6496 0.6523 Th-3 0.5234 0.5228 0.5260 Threshold effect test (bootstrap = 200 200 200): Threshold RSS MSE Fstat Prob Crit10 Crit5 Crit1 Single 12.9670 0.0176 5.37 0.6450 13.4284 16.5434 21.3670 Double 12.3314 0.0167 38.04 0.0000 10.6792 13.0909 18.9507 Triple 12.2782 0.0166 3.20 0.8600 16.5357 33.0919 63.4474 Fixed-effects (within) regression Number of obs = 747 Group variable: firmcode Number of groups = 83 R-sq: within = 0.0596 Obs per group: min = 9 between = 0.0645 avg = 9.0 overall = 0.0463 max = 9 F(6,658) = 6.95 corr(u_i, Xb) = -0.4560 Prob > F = 0.0000 roe2 Coef. Std. Err. t P>|t| [95% Conf. Interval] size .0562562 .0136591 4.12 0.000 .0294356 .0830768 grow .0532116 .0175956 3.02 0.003 .0186614 .0877619 _cat#c.btdta 0 -.0660143 .0801449 -0.82 0.410 -.2233848 .0913562 1 -.1463742 .0642591 -2.28 0.023 -.2725518 -.0201965 2 -.1781986 .141563 -1.26 0.209 -.4561682 .099771 3 -.1964749 .0584433 -3.36 0.001 -.3112328 -.0817169 _cons -1.259731 .3623074 -3.48 0.001 -1.97115 -.5483134 sigma_u .11562171 sigma_e .140118 rho .40508481 (fraction of variance due to u_i) F test that all u_i=0: F(82, 658) = 4.39 Prob > F = 0.0000 lvi Ph l c 3: Các th mô t tình hình di n bi n các ch s kinh t v mô c a Vi t Nam giai on 2005 - 2015 th 1.1: GDP Vi t Nam giai on 2005 – 2015 GDP (Hiện giá, tỷ USD) 250.00 199,00 200.00 186,20 171,22 155,82 150.00 135,53 115,93 99,13 106,04 100.00 77,41 57,63 55,36 50.00 - 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 n v : T USD - Ngu n: C s d li u ngân hàng th gi i www.databank.worldbank.org và t ng c c th ng kê th 1.2: T ng tr ưng GDP Vi t Nam giai on 2005 – 2015 Tăng trưởng GDP (%) 8.00 7,55 6,98 7,13 7.00 6,68 6,42 6,24 5,98 6.00 5,66 5,40 5,25 5,42 5.00 4.00 3.00 2.00 1.00 0.00 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 n v : % - Ngu n: C s d li u ngân hàng th gi i www.databank.worldbank.org và t ng c c th ng kê lvii th 1.3: Di n bi n l m phát Vi t Nam giai on 2005 – 2015 25.00 23,12 20.00 18,68 15.00 9,09 10.00 8,28 8,30 8,86 7,39 7,05 6,59 4,09 5.00 0,63 0.00 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 n v : % - Ngu n: C s d li u ngân hàng th gi i www.databank.worldbank.org th 1.4: Di n bi n m t bng lãi su t trong n n kinh t Vi t Nam giai on 2007 – 2015 18.00 16,95 15,78 16.00 13,99 13,47 14.00 12,73 13,14 11,18 11,19 12.00 10,07 10,50 10,37 10.00 8,67 9,30 7,49 7,91 Lãi su ất huy độ ng (%) 8.00 7,14 5,76 5,83 6.00 Lãi suất cho vay (%) 4.00 2.00 0.00 2007 2008 2009 2010 2011 2012 2013 2014 2015 n v : %. Ngu n: C s d li u ngân hàng th gi i www.databank.worldbank.org và báo cáo c a Ngân hàng Nhà n ưc Vi t Nam lviii Ph lc 4: K t qu hi quy nh h ưng c a các nhân t “kinh doanh” c a doanh nghi p lên c u trúc v n c a doanh nghi p Hình 4.1: K t qu hi quy nh h ưng c a các nhân t “kinh doanh” c a doanh nghi p lên t l tng n theo GTSS c a doanh nghi p . xtabond2 btdta l.btdta roa tobinq size grow tang volatility liquidity interest d > umyear, gmm(l.btdta roa tobinq volatility, lag(1 1)) iv(size grow tang liquidity > interest dumyear) robust Favoring space over speed. To switch, type or click on mata: mata set matafavor sp > eed, perm. Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test > . Difference-in-Sargan/Hansen statistics may be negative. Dynamic panel-data estimation, one-step system GMM Group variable: firmcode Number of obs = 760 Time variable : year Number of groups = 95 Number of instruments = 66 Obs per group: min = 8 Wald chi2(10) = 1088.97 avg = 8.00 Prob > chi2 = 0.000 max = 8 Robust btdta Coef. Std. Err. z P>|z| [95% Conf. Interval] btdta L1. .7037402 .0623572 11.29 0.000 .5815223 .8259581 roa -.3999236 .0626768 -6.38 0.000 -.5227679 -.2770793 tobinq .0021825 .0142721 0.15 0.878 -.0257902 .0301552 size .0076597 .0038446 1.99 0.046 .0001243 .0151951 grow .0370542 .0121116 3.06 0.002 .0133158 .0607926 tang -.0150985 .0263255 -0.57 0.566 -.0666954 .0364985 volatility -.0001147 .0058031 -0.02 0.984 -.0114886 .0112593 liquidity -.0175809 .0044781 -3.93 0.000 -.0263577 -.008804 interest -.6849051 .1650193 -4.15 0.000 -1.008337 -.3614732 dumyear .0093171 .0090614 1.03 0.304 -.0084429 .027077 _cons .0228098 .08407 0.27 0.786 -.1419645 .1875841 Instruments for first differences equation Standard D.(size grow tang liquidity interest dumyear) GMM-type (missing=0, separate instruments for each period unless collapsed) L.(L.btdta roa tobinq volatility) Instruments for levels equation Standard size grow tang liquidity interest dumyear _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.(L.btdta roa tobinq volatility) Arellano-Bond test for AR(1) in first differences: z = -5.49 Pr > z = 0.000 Arellano-Bond test for AR(2) in first differences: z = 1.13 Pr > z = 0.258 Sargan test of overid. restrictions: chi2(55) = 113.10 Prob > chi2 = 0.000 (Not robust, but not weakened by many instruments.) Hansen test of overid. restrictions: chi2(55) = 67.93 Prob > chi2 = 0.113 (Robust, but weakened by many instruments.) Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(24) = 24.77 Prob > chi2 = 0.418 Difference (null H = exogenous): chi2(31) = 43.16 Prob > chi2 = 0.072 iv(size grow tang liquidity interest dumyear) Hansen test excluding group: chi2(49) = 60.37 Prob > chi2 = 0.128 Difference (null H = exogenous): chi2(6) = 7.56 Prob > chi2 = 0.272 lix Hình 4.2: K t qu hi quy nh h ưng c a các nhân t “kinh doanh” c a doanh nghi p lên t l n ng n h n theo GTSS c a doanh nghi p . xtabond2 bsdta l.bsdta roa tobinq size tang volatility liquidity interest dumyea > r, gmm(l.bsdta roa tobinq volatility, lag(1 1)) iv(size tang liquidity interest > dumyear) robust Favoring space over speed. To switch, type or click on mata: mata set matafavor sp > eed, perm. Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test > . Difference-in-Sargan/Hansen statistics may be negative. Dynamic panel-data estimation, one-step system GMM Group variable: firmcode Number of obs = 760 Time variable : year Number of groups = 95 Number of instruments = 65 Obs per group: min = 8 Wald chi2(9) = 574.26 avg = 8.00 Prob > chi2 = 0.000 max = 8 Robust bsdta Coef. Std. Err. z P>|z| [95% Conf. Interval] bsdta L1. .6527692 .0623079 10.48 0.000 .530648 .7748904 roa -.2739539 .0452427 -6.06 0.000 -.3626279 -.1852799 tobinq -.0010375 .0107869 -0.10 0.923 -.0221795 .0201044 size .0066477 .0036417 1.83 0.068 -.0004899 .0137854 tang -.0609016 .0251327 -2.42 0.015 -.1101608 -.0116423 volatility -.0014159 .0059926 -0.24 0.813 -.0131611 .0103293 liquidity -.0194818 .0034153 -5.70 0.000 -.0261757 -.0127879 interest -.4233113 .1437969 -2.94 0.003 -.7051481 -.1414744 dumyear -.0036797 .0080881 -0.45 0.649 -.0195321 .0121727 _cons .0513498 .0892797 0.58 0.565 -.1236352 .2263348 Instruments for first differences equation Standard D.(size tang liquidity interest dumyear) GMM-type (missing=0, separate instruments for each period unless collapsed) L.(L.bsdta roa tobinq volatility) Instruments for levels equation Standard size tang liquidity interest dumyear _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.(L.bsdta roa tobinq volatility) Arellano-Bond test for AR(1) in first differences: z = -5.69 Pr > z = 0.000 Arellano-Bond test for AR(2) in first differences: z = 1.28 Pr > z = 0.200 Sargan test of overid. restrictions: chi2(55) = 118.48 Prob > chi2 = 0.000 (Not robust, but not weakened by many instruments.) Hansen test of overid. restrictions: chi2(55) = 66.05 Prob > chi2 = 0.146 (Robust, but weakened by many instruments.) Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(24) = 26.90 Prob > chi2 = 0.309 Difference (null H = exogenous): chi2(31) = 39.15 Prob > chi2 = 0.149 iv(size tang liquidity interest dumyear) Hansen test excluding group: chi2(50) = 56.14 Prob > chi2 = 0.256 Difference (null H = exogenous): chi2(5) = 9.91 Prob > chi2 = 0.078 . lx Hình 4.3: K t qu hi quy nh h ưng c a các nhân t “kinh doanh” c a doanh nghi p lên t l n dài h n theo GTSS c a doanh nghi p . xtabond2 bldta l.bldta roa tobinq size tang volatility liquidity interest dumyea > r, gmm(l.bldta roa tobinq volatility, lag(1 1)) iv(size tang liquidity interest > dumyear) robust Favoring space over speed. To switch, type or click on mata: mata set matafavor sp > eed, perm. Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test > . Difference-in-Sargan/Hansen statistics may be negative. Dynamic panel-data estimation, one-step system GMM Group variable: firmcode Number of obs = 760 Time variable : year Number of groups = 95 Number of instruments = 65 Obs per group: min = 8 Wald chi2(9) = 1273.64 avg = 8.00 Prob > chi2 = 0.000 max = 8 Robust bldta Coef. Std. Err. z P>|z| [95% Conf. Interval] bldta L1. .904559 .0733667 12.33 0.000 .7607629 1.048355 roa -.0825518 .0292931 -2.82 0.005 -.1399653 -.0251383 tobinq .0079651 .0062051 1.28 0.199 -.0041966 .0201268 size .0011785 .0017211 0.68 0.494 -.0021948 .0045518 tang -.0286402 .0318054 -0.90 0.368 -.0909775 .0336972 volatility .0009357 .0038641 0.24 0.809 -.0066378 .0085093 liquidity .0016523 .0012986 1.27 0.203 -.0008928 .0041974 interest -.1633863 .0604698 -2.70 0.007 -.2819049 -.0448677 dumyear .0152891 .005609 2.73 0.006 .0042956 .0262826 _cons -.0220582 .0428601 -0.51 0.607 -.1060624 .0619461 Instruments for first differences equation Standard D.(size tang liquidity interest dumyear) GMM-type (missing=0, separate instruments for each period unless collapsed) L.(L.bldta roa tobinq volatility) Instruments for levels equation Standard size tang liquidity interest dumyear _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.(L.bldta roa tobinq volatility) Arellano-Bond test for AR(1) in first differences: z = -3.90 Pr > z = 0.000 Arellano-Bond test for AR(2) in first differences: z = 0.57 Pr > z = 0.569 Sargan test of overid. restrictions: chi2(55) = 86.37 Prob > chi2 = 0.004 (Not robust, but not weakened by many instruments.) Hansen test of overid. restrictions: chi2(55) = 61.53 Prob > chi2 = 0.254 (Robust, but weakened by many instruments.) Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(24) = 31.05 Prob > chi2 = 0.152 Difference (null H = exogenous): chi2(31) = 30.49 Prob > chi2 = 0.492 iv(size tang liquidity interest dumyear) Hansen test excluding group: chi2(50) = 58.43 Prob > chi2 = 0.193 Difference (null H = exogenous): chi2(5) = 3.10 Prob > chi2 = 0.685 lxi Hình 4.4: K t qu hi quy nh h ưng c a các nhân t “kinh doanh” c a doanh nghi p lên t l tng n theo GTTT c a doanh nghi p . xtabond2 mtdta l.mtdta roa tobinq size tang volatility liquidity interest dumyea > r, gmm(l.mtdta roa tobinq volatility liquidity , lag(1 1)) iv(size tang interest > dumyear) robust Favoring space over speed. To switch, type or click on mata: mata set matafavor sp > eed, perm. Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test > . Difference-in-Sargan/Hansen statistics may be negative. Dynamic panel-data estimation, one-step system GMM Group variable: firmcode Number of obs = 760 Time variable : year Number of groups = 95 Number of instruments = 79 Obs per group: min = 8 Wald chi2(9) = 702.42 avg = 8.00 Prob > chi2 = 0.000 max = 8 Robust mtdta Coef. Std. Err. z P>|z| [95% Conf. Interval] mtdta L1. .395599 .0431903 9.16 0.000 .3109475 .4802504 roa -.538992 .0704746 -7.65 0.000 -.6771197 -.4008643 tobinq -.1322759 .0342523 -3.86 0.000 -.1994091 -.0651427 size .0229479 .0056046 4.09 0.000 .011963 .0339328 tang .0311317 .0368933 0.84 0.399 -.0411778 .1034411 volatility -.0109803 .0077165 -1.42 0.155 -.0261045 .0041438 liquidity -.0242624 .0048463 -5.01 0.000 -.033761 -.0147638 interest -.3160591 .1903657 -1.66 0.097 -.6891691 .0570509 dumyear .1026624 .0120971 8.49 0.000 .0789526 .1263723 _cons -.1010093 .1468387 -0.69 0.492 -.3888078 .1867892 Instruments for first differences equation Standard D.(size tang interest dumyear) GMM-type (missing=0, separate instruments for each period unless collapsed) L.(L.mtdta roa tobinq volatility liquidity) Instruments for levels equation Standard size tang interest dumyear _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.(L.mtdta roa tobinq volatility liquidity) Arellano-Bond test for AR(1) in first differences: z = -4.83 Pr > z = 0.000 Arellano-Bond test for AR(2) in first differences: z = 0.85 Pr > z = 0.394 Sargan test of overid. restrictions: chi2(69) = 273.88 Prob > chi2 = 0.000 (Not robust, but not weakened by many instruments.) Hansen test of overid. restrictions: chi2(69) = 80.91 Prob > chi2 = 0.155 (Robust, but weakened by many instruments.) Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(30) = 39.27 Prob > chi2 = 0.120 Difference (null H = exogenous): chi2(39) = 41.64 Prob > chi2 = 0.357 iv(size tang interest dumyear) Hansen test excluding group: chi2(65) = 80.72 Prob > chi2 = 0.090 Difference (null H = exogenous): chi2(4) = 0.20 Prob > chi2 = 0.996 . lxii Hình 4.5: K t qu hi quy nh h ưng c a các nhân t “kinh doanh” c a doanh nghi p lên t l n ng n h n theo GTTT c a doanh nghi p . xtabond2 msdta l.msdta roa tobinq size grow tang volatility liquidity dumyear, g > mm(l.msdta roa tobinq volatility liquidity , lag(1 1)) iv(size grow tang dumyear > ) robust Favoring space over speed. To switch, type or click on mata: mata set matafavor sp > eed, perm. Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test > . Difference-in-Sargan/Hansen statistics may be negative. Dynamic panel-data estimation, one-step system GMM Group variable: firmcode Number of obs = 760 Time variable : year Number of groups = 95 Number of instruments = 79 Obs per group: min = 8 Wald chi2(9) = 407.01 avg = 8.00 Prob > chi2 = 0.000 max = 8 Robust msdta Coef. Std. Err. z P>|z| [95% Conf. Interval] msdta L1. .4033223 .0449537 8.97 0.000 .3152146 .4914299 roa -.4133196 .0557848 -7.41 0.000 -.5226558 -.3039833 tobinq -.0993005 .0290897 -3.41 0.001 -.1563152 -.0422858 size .0120236 .0052655 2.28 0.022 .0017034 .0223438 grow .0240201 .013188 1.82 0.069 -.0018279 .049868 tang -.1275214 .0300663 -4.24 0.000 -.1864503 -.0685926 volatility -.0136372 .0071567 -1.91 0.057 -.0276641 .0003897 liquidity -.0234209 .0034188 -6.85 0.000 -.0301216 -.0167202 dumyear .0606212 .0114889 5.28 0.000 .0381033 .083139 _cons .1228607 .1360818 0.90 0.367 -.1438547 .389576 Instruments for first differences equation Standard D.(size grow tang dumyear) GMM-type (missing=0, separate instruments for each period unless collapsed) L.(L.msdta roa tobinq volatility liquidity) Instruments for levels equation Standard size grow tang dumyear _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.(L.msdta roa tobinq volatility liquidity) Arellano-Bond test for AR(1) in first differences: z = -4.82 Pr > z = 0.000 Arellano-Bond test for AR(2) in first differences: z = 0.66 Pr > z = 0.510 Sargan test of overid. restrictions: chi2(69) = 243.73 Prob > chi2 = 0.000 (Not robust, but not weakened by many instruments.) Hansen test of overid. restrictions: chi2(69) = 82.53 Prob > chi2 = 0.127 (Robust, but weakened by many instruments.) Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(30) = 34.73 Prob > chi2 = 0.253 Difference (null H = exogenous): chi2(39) = 47.80 Prob > chi2 = 0.158 iv(size grow tang dumyear) Hansen test excluding group: chi2(65) = 80.34 Prob > chi2 = 0.095 Difference (null H = exogenous): chi2(4) = 2.19 Prob > chi2 = 0.702 . lxiii Hình 4.6: K t qu hi quy nh h ưng c a các nhân t “kinh doanh” c a doanh nghi p lên t l n dài h n theo GTTT c a doanh nghi p . xtabond2 mldta l.mldta roa tobinq size tang volatility liquidity interest dumyea > r, gmm(l.mldta roa tobinq volatility, lag(1 1)) iv(size tang liquidity interest > dumyear) robust Favoring space over speed. To switch, type or click on mata: mata set matafavor sp > eed, perm. Warning: Two-step estimated covariance matrix of moments is singular. Using a generalized inverse to calculate robust weighting matrix for Hansen test > . Difference-in-Sargan/Hansen statistics may be negative. Dynamic panel-data estimation, one-step system GMM Group variable: firmcode Number of obs = 760 Time variable : year Number of groups = 95 Number of instruments = 65 Obs per group: min = 8 Wald chi2(9) = 876.12 avg = 8.00 Prob > chi2 = 0.000 max = 8 Robust mldta Coef. Std. Err. z P>|z| [95% Conf. Interval] mldta L1. .7519035 .0665217 11.30 0.000 .6215235 .8822836 roa -.1534897 .0468362 -3.28 0.001 -.245287 -.0616923 tobinq -.0117845 .0071434 -1.65 0.099 -.0257852 .0022163 size .0045702 .0024823 1.84 0.066 -.000295 .0094355 tang .031818 .0300761 1.06 0.290 -.02713 .0907661 volatility .0037132 .0043823 0.85 0.397 -.0048761 .0123024 liquidity .0016509 .0016754 0.99 0.324 -.0016329 .0049347 interest -.2662929 .0940463 -2.83 0.005 -.4506203 -.0819654 dumyear .0435485 .0081232 5.36 0.000 .0276273 .0594697 _cons -.0892626 .0649504 -1.37 0.169 -.2165631 .0380378 Instruments for first differences equation Standard D.(size tang liquidity interest dumyear) GMM-type (missing=0, separate instruments for each period unless collapsed) L.(L.mldta roa tobinq volatility) Instruments for levels equation Standard size tang liquidity interest dumyear _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.(L.mldta roa tobinq volatility) Arellano-Bond test for AR(1) in first differences: z = -4.16 Pr > z = 0.000 Arellano-Bond test for AR(2) in first differences: z = 0.81 Pr > z = 0.418 Sargan test of overid. restrictions: chi2(55) = 140.04 Prob > chi2 = 0.000 (Not robust, but not weakened by many instruments.) Hansen test of overid. restrictions: chi2(55) = 71.12 Prob > chi2 = 0.071 (Robust, but weakened by many instruments.) Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(24) = 41.38 Prob > chi2 = 0.015 Difference (null H = exogenous): chi2(31) = 29.74 Prob > chi2 = 0.531 iv(size tang liquidity interest dumyear) Hansen test excluding group: chi2(50) = 70.54 Prob > chi2 = 0.029 Difference (null H = exogenous): chi2(5) = 0.58 Prob > chi2 = 0.989 lxiv Ph lc 5: K t qu hi quy nh h ưng c a các nhân t qu n tr doanh nghi p lên cu trúc v n c a doanh nghi p Hình 5.1: nh h ưng c a các nhân t qu n tr doanh nghi p lên t l tng n theo GTSS c a doanh nghi p . xtgls btdta size grow state b_size ceo_dual ceo_gen ceo_age, panel(hetero) corr( > psar1) Cross-sectional time-series FGLS regression Coefficients: generalized least squares Panels: heteroskedastic Correlation: panel-specific AR(1) Estimated covariances = 92 Number of obs = 828 Estimated autocorrelations = 92 Number of groups = 92 Estimated coefficients = 8 Time periods = 9 Wald chi2(7) = 76.74 Prob > chi2 = 0.0000 btdta Coef. Std. Err. z P>|z| [95% Conf. Interval] size .0274846 .0062142 4.42 0.000 .0153051 .0396642 grow .0144228 .006446 2.24 0.025 .0017889 .0270567 state .0372789 .0187065 1.99 0.046 .0006149 .0739429 b_size -.0003927 .018596 -0.02 0.983 -.0368403 .0360549 ceo_dual -.007339 .0083681 -0.88 0.380 -.0237403 .0090623 ceo_gen .0697283 .014358 4.86 0.000 .0415872 .0978694 ceo_age .0000919 .0006219 0.15 0.882 -.001127 .0013109 _cons -.3856108 .162838 -2.37 0.018 -.7047674 -.0664541 lxv Hình 5.2: nh h ưng c a các nhân t qu n tr doanh nghi p lên t l n ng n h n theo GTSS c a doanh nghi p . xtgls bsdta size grow state b_size ceo_dual ceo_gen ceo_age, panel(hetero) corr( > psar1) Cross-sectional time-series FGLS regression Coefficients: generalized least squares Panels: heteroskedastic Correlation: panel-specific AR(1) Estimated covariances = 92 Number of obs = 828 Estimated autocorrelations = 92 Number of groups = 92 Estimated coefficients = 8 Time periods = 9 Wald chi2(7) = 105.85 Prob > chi2 = 0.0000 bsdta Coef. Std. Err. z P>|z| [95% Conf. Interval] size .0373927 .0052 7.19 0.000 .0272009 .0475844 grow .0028656 .0059523 0.48 0.630 -.0088006 .0145318 state -.0508204 .0176537 -2.88 0.004 -.0854209 -.0162198 b_size -.0124354 .0184362 -0.67 0.500 -.0485697 .0236989 ceo_dual .010773 .0087063 1.24 0.216 -.0062911 .027837 ceo_gen .0618438 .0183708 3.37 0.001 .0258377 .0978498 ceo_age .0006168 .0006288 0.98 0.327 -.0006156 .0018492 _cons -.7276487 .1307315 -5.57 0.000 -.9838778 -.4714196 lxvi Hình 5.3: nh h ưng c a các nhân t qu n tr doanh nghi p lên t l n dài h n theo GTSS c a doanh nghi p . xtgls bldta size grow state b_size ceo_dual ceo_gen ceo_age, panel(hetero) corr( > psar1) Cross-sectional time-series FGLS regression Coefficients: generalized least squares Panels: heteroskedastic Correlation: panel-specific AR(1) Estimated covariances = 92 Number of obs = 828 Estimated autocorrelations = 92 Number of groups = 92 Estimated coefficients = 8 Time periods = 9 Wald chi2(7) = 13.16 Prob > chi2 = 0.0684 bldta Coef. Std. Err. z P>|z| [95% Conf. Interval] size .0022197 .0017248 1.29 0.198 -.0011609 .0056003 grow .0003235 .0013998 0.23 0.817 -.0024201 .0030671 state .0454325 .015617 2.91 0.004 .0148237 .0760413 b_size -.0030889 .0054145 -0.57 0.568 -.0137012 .0075234 ceo_dual -.0014948 .001638 -0.91 0.361 -.0047052 .0017157 ceo_gen .0017184 .0031482 0.55 0.585 -.004452 .0078889 ceo_age -7.60e-06 .0001164 -0.07 0.948 -.0002357 .0002205 _cons -.0143375 .0454528 -0.32 0.752 -.1034233 .0747483 lxvii Hình 5.4: nh h ưng c a các nhân t qu n tr doanh nghi p lên t l tng n theo GTTT ca doanh nghi p lxviii Hình 5.5: nh h ưng c a các nhân t qu n tr doanh nghi p lên t l n ng n h n theo GTTT ca doanh nghi p lxix Hình 5.6: nh h ưng c a các nhân t qu n tr doanh nghi p lên t l n dài h n theo GTTT ca doanh nghi p . xtgls mldta size grow state b_size ceo_dual ceo_gen ceo_age, panel(hetero) corr( > psar1) Cross-sectional time-series FGLS regression Coefficients: generalized least squares Panels: heteroskedastic Correlation: panel-specific AR(1) Estimated covariances = 92 Number of obs = 828 Estimated autocorrelations = 92 Number of groups = 92 Estimated coefficients = 8 Time periods = 9 Wald chi2(7) = 20.18 Prob > chi2 = 0.0052 mldta Coef. Std. Err. z P>|z| [95% Conf. Interval] size .0038705 .0016394 2.36 0.018 .0006573 .0070837 grow -.0013195 .0013874 -0.95 0.342 -.0040388 .0013997 state .0436558 .0127429 3.43 0.001 .0186802 .0686314 b_size -.0024121 .0053423 -0.45 0.652 -.0128827 .0080586 ceo_dual -.0007996 .001333 -0.60 0.549 -.0034122 .001813 ceo_gen .0017425 .0034314 0.51 0.612 -.004983 .0084679 ceo_age .0000272 .0001102 0.25 0.805 -.0001887 .0002432 _cons -.0651597 .0430156 -1.51 0.130 -.1494687 .0191492 lxx Ph lc 6: Danh sách các công ty trong m u nghiên c u MÃ CH NG STT TÊN CÔNG TY KHOÁN 1 CTCP XNK TH Y SN B N TRE ABT 2 CTCP CH BI N TH Y S N C U LONG AN GIANG ACL 3 CTCP XNK TH Y S N AN GIANG AGF 4 CTCP NAM VI T ANV 5 CTCP BIBICA BBC 6 CTCP BAO BÌ XI M NG BÚT S N BBS 7 CTCP XI M NG B M S N BCC 8 CTCP ƯNG BIÊN HÒA BHS 9 CTCP NH A BÌNH MINH BMP 10 CTCP KHOÁNG S N BÌNH NH BMC 11 CTCP BAO BÌ B M S N BPC 12 CTCP BÊ TÔNG 6 BT6 13 CTCP XI M NG VICEM BÚT S N BTS 14 CTCP H P H LONG CAN 15 CTCP CÁT L I CLC 16 CTCP CH T O B M H I D Ư NG CTB 17 CTCP VIGLACERA ÔNG ANH DAC CTCP T M L P VÀ VT LI U XÂY D NG NG 18 NAI DCT 19 CTCP D ƯC H U GIANG DHG 20 CTCP XU T NH P KH U Y T DOMESCO DMC 21 CTCP NH A NG NAI DNP 22 CTCP NH A À N NG DPC 23 CTCP PHÂN BÓN VÀ HÓA CH T D U KHÍ DPM 24 CTCP CAO SU À N NG DRC 25 CTCP VIGLACERA ÔNG TRI U DTC 26 CTCP K NGH Ô THÀNH DTT 27 CTCP TH C PH M SAO TA FMC 28 CTCP MAY SÀI GÒN GMC 29 CTCP G THU N AN GTA 30 CTCP NÔNG D ƯC HAI HAI 31 CTCP T P OÀN HAPACO HAP 32 CTCP BAO BÌ PP BÌNH D Ư NG HBD 33 CTCP BÊ TÔNG HÒA C M INTIMEX HCC lxxi 34 CTCP BÁNH K O HI HÀ HHC 35 CTCP TH Y IN N M MU HJS 36 CTCP VIGLACERA 1 HLY 37 CTCP S A HÀ N I HNM 38 CTCP T P OÀN HÒA PHÁT HPG 39 CTCO T P OÀN HOA SEN HSG 40 CÔNG TY C PH N XI M NG HÀ TIÊN HT1 41 CTCP IN SÁCH GIÁO KHOA HÒA PHÁT HTP 42 CTCP U T Ư TH Ư NG MI TH Y S N ICF 43 CTCP D ƯC PH M QU C T IMP 44 CTCP KINH Ô KDC 45 CTCP IN L C KHÁNH HÒA KHP 46 CTCP LILAMA 10 L10 47 CTCP CH BI N HÀNG XU T KH U LONG AN LAF 48 CTCP KHOÁNG S N LÂM NG LBM 49 CTCP MÍA ƯNG LAM S N LSS 50 CTCP BAO BÌ M CHÂU MCP 51 CTCP K NGH KHOÁNG S N QU NG NAM MIC 52 CTCP TH Y H I S N MINH PHÚ MPC 53 CTCP NAM VI T NAV 54 CTCP THAN NÚI BÉO VINACOMIN NBC 55 CTCP G CH NGÓI NH HI P NHC 56 CTCP TH Y IN NÀ L I NLC 57 CTCP MAY PHÚ TH NH NHÀ BÈ NPS 58 CTCP NGÂN S N NST 59 CTCP NH A THI U NIÊN TI N PHONG NTP 60 CTCP PIN C QUY MI N NAM PAC 61 CTCP C KHÍ X NG D U PMS 62 CTCP THI T B B ƯU IN POT 63 CTCP NHI T IN PH L I PPC 64 CTCP KHOAN VÀ HÓA PH M D U KHÍ PVC 65 CTCP BÓNG ÈN VÀ PHÍCH N ƯC R NG ÔNG RAL 66 CTCP C IN L NH REE 67 CTCP TH C PH M SAFOCO SAF 68 CTCT U T Ư VÀ PHÁT TRI N SACOM SAM 69 CTCP N ƯC GI I KHÁT CH Ư NG D Ư NG SCD 70 CTCP XI M NG SÀI GÒN SCJ 71 CTCP S N NG NAI SDN lxxii 72 CTCP NHIÊN LI U SÀI GÒN SFC 73 CTCP XNK SA GIANG SGC 74 CTCP TH Y S N 1 SJ1 75 CTCP TH Y IN C N N SJD 76 CTCP TH Ư NG M I CÔNG NGHI P SÔNG À STP 77 CTCP D U TH C V T T ƯNG AN TAC 78 CTCP TH Y IN THÁC BÀ TBC 79 CTCP D T MAY THÀNH CÔNG TCM 80 CTCP T P OÀN THÉP TI N LÊN TLC 81 CTCP CAO SU TH NG NH T TNC 82 CTCP NH A TÂN I H ƯNG TPC 83 CTCP TH Y S N 4 TS4 84 CTCP G CH MEN THANH THANH TTC 85 CTCP NH A TÂN TI N TTP 86 CTCP TH CH CAO XI M NG TXM 87 CTCP IN T BÌNH HÒA VBH 88 CTCP Á P LÁT VINACONEX VCS 89 CTCP TH C PH M LÂM NG VDL 90 CTCP SA VI T NAM VNM 91 CTCP BAO BÌ D U TH C V T VPK 92 CTCP TH Y IN VINH S N SÔNG HINH VSH 93 CTCP VIETTRONICS TÂN BÌNH VTB 94 CTCP VANG TH NG LONG VTL 95 CTCP G M S T S N VIGLACERA VTS

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