THÔNG TIN TÀI LIỆU
Oilamchi99 B G 딠 딠⤡ D 딠C VÀ ÐÀ⤡ T 딠⤡ TRƯ 딠NG Ð 딠딠 HOC K 딠 NH TE T 딠 딠 HO CHÍ M 딠 NH -ooo0ooo - NGֲ딠 EN HŨֲ THO ẢNH HƯỞNG CỦA M T SỐ TÍNH C 딠 CH ÐEN DỤ бNH ÐẦֲ TƯ CỔ 딠 H 딠 Eֲ CỦA C 딠 C NHÀ ÐẦֲ TƯ C 딠 NHÂN TRÊN TH± TRƯ 딠NG CHỨNG KH⤡딠 N V 딠 ỆT NAM: VA 딠 TRÒ TRֲNG G 딠 AN CỦA NHẬN THỨC RỦ 딠 R⤡, NHẬN THỨC KHÔNG CHAC CHAN VÀ KET QֲẢ ÐẦֲ TƯ LֲẬN 딠 N T 딠 EN S 딠 K 딠 NH TE T ؠ Ho C ؠí M ؠn – ؠNăm 2022 B G 딠 딠⤡ D 딠C VÀ ÐÀ⤡ T 딠⤡ TRƯ 딠NG Ð 딠딠 HOC K 딠 NH TE T 딠 딠 HO CHÍ M 딠 NH -ooo0ooo - NGֲ딠 EN HŨֲ THO ẢNH HƯỞNG CỦA M T SỐ TÍNH C 딠 CH ÐEN DỤ бNH ÐẦֲ TƯ CỔ 딠 H 딠 Eֲ CỦA C 딠 C NHÀ ÐẦֲ TƯ C 딠 NHÂN TRÊN TH± TRƯ 딠NG CHỨNG KH⤡딠 N V 딠 ỆT NAM: VA 딠 TRÒ TRֲNG G 딠 AN CỦA NHẬN THỨC RỦ 딠 R⤡, NHẬN THỨC KHÔNG CHAC CHAN VÀ KET QֲẢ ÐẦֲ TƯ C ⤂ؠؠên N ؠؠn ؠؠ Q ؠؠn trị K ؠn ؠ doan ؠM ؤsoؠ 9340101 LֲẬN 딠 N T 딠 EN S 딠 K 딠 NH TE N ؤƯ ؤI HƯỚN ؤDAN KHOA HOCؠ ؤؤؤؤؠ S.TS TRAN HÀ MINH Q ؤÂN TS N ؤÔ Q ؤAN ؤH ؤÂN T ؠ Ho C ؠí M ؠn – ؠNăm 2022 iii L 딠딠 CAM Ð⤡AN Tô ؠx ؠn cam đoan l ؠn án l ؠcơn ؠtrìn ؠdo c ؠín ؠtô ؠt ؠực ؠؠện dướ ؠsự ؠướn ؠdan k ؠoa ؠؠc Q ؠý T ؠầ⤂, Cô, tat c ؠn ؠữn ؠn ؠd ؠn ؠke t ؠừa, t ؠam k ؠؠo từ n ؠữn ؠt ؠ ؠl ؠệ ؠk ؠác đư ؠc tríc ؠdan đầ⤂ đủ, c ؠín ؠxác v ؠ ؠؠ ؠn ؠ ؠon cụ t ؠe tron ؠmục t ؠ ؠl ؠệ ؠt ؠam k ؠؠo v ؠcác t ؠôn ؠt ؠn, ket q ؠؠn ؠؠ ؠên ؠtron ؠl ؠn án l ؠtr ؠn ؠt ؠực Tô ؠ ؠo ؠn to ؠn c ؠị ؠtrác ؠn ؠؠệm ve p ؠáp lý tron ؠq ؠá trìn ؠn ؠ ؠ ؠên ؠk ؠoa ؠؠc l ؠn án Tp Ho C ؠí M ؠn ؠ, n ⤂ؠؠ t ؠán ؠ năm 2022 N ؠؠ ؠên ؠs ؠn ؠ N ⤂ؠ ؠen Hữ ؠT ؠؠ L 딠딠 C 딠 M QN Ðe ؠo ؠn t ؠؠn ؠl ؠn án, Tô ؠn ؠn đư ؠc n ؠؠe ؠsự ؠướn ؠdan, ؠo tr ؠt n tìn ؠ, đ n ؠv ؠên từ N ؠườ ؠ ؠướn ؠdan k ؠoa ؠؠc, T ؠầ⤂, Cô, đon ؠ n ؠؠ ؠệp, b ؠn b ؠv ؠ ؠ ؠa đìn ؠ Ðầ ؠt ؠên, Tô ؠ ؠở ؠlờ ؠc ؠm ơn đen n ؠữn ؠn ؠườ ؠ ؠướn ؠdan k ؠoa ؠؠc T ؠầ⤂ ؤؠS.TS Trần H ؠM ؠn ؠQ ؠân, T ؠầ⤂ TS N ؠô Q ؠan ؠH ؠân, đ ؤt n tìn ؠ ؠướn ؠdan, đ n ؠv ؠên, ؠo tr ؠtron ؠs ؠot t ؠờ ؠ ؠ ؠan t ؠực ؠؠện l ؠn án, Tô ؠx ؠn cám ơn Ban ؠ ؠám ؠؠệ ؠTrườn ؠÐ ؠؠ ؠ ؠc K ؠn ؠte Tp Ho C ؠí M ؠn ؠđ ؤ ؠo tr ؠv ؠt ؠo đ ؠe ؠk ؠện ve t ؠờ ؠ ؠ ؠan v ؠk ؠn ؠp ؠí ؠؠc t p t ؠ ؠtrườn ؠ Tô ؠcám ơn Cô N ⤂ؠ ؠen Q ؠan ؠT ؠؠb môn T ؠ ؠc ؠín ؠDự án K ؠoa Q ؠؠn Trị, trườn ؠÐ ؠؠ ؠ ؠc K ؠn ؠte Tp.Ho C ؠí M ؠn ؠđ ؤt n tìn ؠc ؠ ؠa sẻ, trao đổ ؠ, đe tô ؠ ؠo ؠn t ؠؠn ؠl ؠn án Tô ؠcám ơn đen t ؠầ⤂, cô ؠ ؠáo, đon ؠn ؠؠ ؠệp, b ؠn b ؠv ؠcác an ؠc ؠị k ؠoa Q ؠؠn trị, V ؠện Ð ؠo t ؠo sa ؠđ ؠؠ ؠ ؠc trườn ؠÐ ؠؠ ؠ ؠc K ؠn ؠte Tp.Ho C ؠí M ؠn ؠđ ؤc ؠؠa sẽ, đ n ؠv ؠên đe Tô ؠvư ؠt q ؠa n ؠữn ؠ k ؠó k ؠăn tron ؠؠ ؠc t p, n ؠؠ ؠên ؠv ؠTô ؠcám ơn n ؠữn ؠn ؠؠđầ ؠtư cá n ؠân đ ؤd ؠn ؠt ؠờ ؠ ؠ ؠan tr ؠlờ ؠb ؠn ؠcâ ؠ ؠỏ ؠ, l ؠn ؠ ؠon l ؠệ ؠc ؠo n ؠؠ ؠên ؠ C ؠo ؠcùn ؠ, Tô ؠ ؠử ؠlờ ؠcám ơn đen ؠ ؠa đìn ؠ, v ؠv ؠ ؠa ؠcon đ ؤt ؠa ؠؠ ؠe ؠ, đ n ؠv ؠên v ؠ ؠo tr ؠđe l ؠn án n ⤂ؠđư ؠc ؠo ؠn t ؠؠn ؠ X ؠn trân tr ؠn ؠ Tp Ho C ؠí M ؠn ؠ, n ⤂ؠؠ t ؠán ؠ năm 2022 M 딠C L 딠C L ؤI CAM ÐOAN··································································ؠ L ؤI CÁM ON····································································· ؠؠ MỤC LỤC··············································································ؠؠؠ DANH MỤC CHŨ VIẾT TẮT ·····················································ؠx DANH SÁCH CÁC BẢN ·····················································ؤx DANH SÁCH CÁC H ؠNH VẼ ···················································x ؠؠؠ TÓM TẮT L ؤẬN ÁN ·····························································x ؠv ABSTRACT···········································································xv CHƯON ؤ- TỔN ؤQ ؤAN·················································1 1.1 Tổn ؠq ؠan ve t ؠị trườn ؠc ؠứn ؠk ؠoán V ؠệt Nam ························1 1.1.1 ؠؤá trị von ؠóa t ؠị trườn ···················································· ؠ1 1.1.2 C ؠỉ so c ؠứn ؠk ؠoán························································1 1.1.3 So doan ؠn ؠؠ ؠệp n ؠêm ⤂et ···················································2 1.1.4 So t ؠ ؠk ؠo ؠn ···································································2 1.2 Sự cần t ؠؠet n ؠؠ ؠên ··················································· ؠ3 1.2.1 T ؠực tr ؠn ؠn ؠؠđầ ؠtư cổ p ؠؠe ؠcủa n ؠؠđầ ؠtư cá n ؠân ·············3 1.2.2 K ؠo ؠn ؠtron ؠlý t ⤂ؠؠet q ؠa lư ؠc k ؠؠo n ؠؠ ؠên ؠt ؠực n ؠؠ ؠệm t ؠ ؠV ؠệt Nam v ؠt ؠe ؠ ؠớ ··················································· ؠ4 1.3 Mục t ؠê ؠn ؠؠ ؠên ···························································· ؠ8 1.3.1 Mục t ؠê ؠn ؠؠ ؠên ؠtổn ؠq ؠát ············································8 1.3.2 Mục t ؠê ؠn ؠؠ ؠên ؠcụ t ؠe ·················································8 1.4 Câ ؠ ؠỏ ؠn ؠؠ ؠên ····························································· ؠ9 1.5 Ðo ؠtư ؠn ؠv ؠp ؠؠm v ؠn ؠؠ ؠên ········································· ؠ9 1.6 ؠؠươn ؠp ؠáp n ؠؠ ؠên ······················································ ؠ9 1.7 Ð ؠem mớ ؠcủa l ؠn án ··························································10 1.8 Ca ؠtrúc l ؠn án···························································11 CHƯON ؤ- CO SỞ LÝ TH ؤYẾT VÀ MÔ H ؠNH N ؤHIÊN CỨ ؤ 2.1 ؠؤớ ؠt ؠؠệ ······································································· ؠ13 2.2 Lý t ⤂ؠؠet tín ؠcác ·······································································ؠ13 2.2.1 Tín ؠcở ؠmở (Openness) ·····················································14 2.2.2 Tín ؠt n tâm (Consc ؠent ؠo ؠsness) ········································15 2.2.3 Tín ؠ ؠướn ؠn ؠo ( ؠ ؠExtravers ؠon) ········································15 2.2.4 Tín ؠde c ؠị ( ؠA ؠreeableness)·················································15 2.2.5 Tín ؠn ⤂ؠؠc ؠm (Ne ؠrot ؠc ؠsm) ···········································16 2.3 Lý t ⤂ؠؠet t ؠ ؠc ؠín ·············································································ؠ16 2.3.1 Lý t ⤂ؠؠet t ؠ ؠc ؠín ؠtr ⤂ؠen t ؠon ( ؠcổ đ ؠen) ····························16 2.3.1.1 Lý t ⤂ؠؠet dan ؠmục đầ ؠtư ؠؠện đ ··································· ؠ ؠ16 2.3.1.2 Mơ ؠìn ؠCA ؠM - địn ؠ ؠ ؠá t ؠ ؠs ؠn von ······························17 2.3.2 Lý t ⤂ؠؠet t ؠ ؠc ؠín ؠ ؠؠện đ ؠ ؠ- ؠؠn ؠv ( ؠbe ؠav ؠoral f ؠnance) ····19 2.4 Lý t ⤂ؠؠet dự địn ؠؠ ؠn ؠv ··················································· ؠ24 2.5 Các k ؠá ؠn ؠệm tron ؠmô ؠìn ؠn ؠؠ ؠên ······························· ؠ25 2.5.1 N ؠn t ؠức rủ ؠro ·····························································25 2.5.2 N ؠn t ؠức k ؠôn ؠc ؠắc c ؠắn·············································27 2.5.3 Ket q ؠؠđầ ؠtư ··································································27 2.5.4 Dự địn ؠđầ ؠtư······································································28 2.6 Xâ⤂ dựn ؠ, p ؠát tr ؠen ؠؠ ؠt ؠؠet n ؠؠ ؠên ··························· ؠ28 2.6.1 Ðặc đ ؠem tín ؠcác ؠv ؠdự địn ؠđầ ؠtư ··································28 2.6.1.1 Tín ؠcở ؠmở v ؠdự địn ؠđầ ؠtư ·········································30 2.6.1.2 Tín ؠt n tâm v ؠdự địn ؠđầ ؠtư··············································31 2.6.1.3 Tín ؠ ؠướn ؠn ؠo ؠ ؠv ؠdự địn ؠđầ ؠtư ·································32 2.6.1.4 Tín ؠde c ؠị ؠv ؠdự địn ؠđầ ؠtư·················································33 2.6.1.5 Tín ؠn ⤂ؠؠc ؠm v ؠdự địn ؠđầ ؠtư ······································34 2.6.2 Tín ؠcác ؠv ؠn ؠn t ؠức rủ ؠro, k ؠôn ؠc ؠắc c ؠắn ···················35 2.6.3 N ؠn t ؠức rủ ؠro, n ؠn t ؠức k ؠôn ؠc ؠắc c ؠắn vớ ؠket q ؠؠđầ ؠtư 37 2.6.4 Ket q ؠؠđầ ؠtư v ؠdự địn ؠđầ ؠtư ··········································39 2.6.5 Ản ؠ ؠưởn ؠ ؠ ؠán t ؠep ؠ ؠữa đặc đ ؠem tín ؠcác ؠđen dự địn ؠđầ ؠtư 40 2.7 Mô ؠìn ؠn ؠؠ ؠên ؠv ؠtổn ؠؠ ؠp ؠؠ ؠt ⤂ؠؠet ·························41 2.8 Tóm tắt c ؠươn ؠ2······························································42 CHƯON ؠ- ؤHƯON ؤ ؠHÁ ؠN ؤHIÊN CỨ ؤ 3.1 ؠؤớ ؠt ؠؠệ ······································································· ؠ45 3.2 T ؠؠet ke n ؠؠ ؠên ··························································· ؠ45 3.2.1 Q ⤂ؠtrìn ؠn ؠؠ ؠên ······················································· ؠ45 3.2.2 ؠؠươn ؠp ؠáp n ؠؠ ؠên ؠđịn ؠtín ؠv ؠma ؠđ ؠe ؠtra ················47 3.2.2.1 N ؠؠ ؠên ؠđịn ؠtín ···················································· ؠ47 3.2.2.2 So lư ؠn ؠma ؠc ؠo p ؠỏn ؠvan địn ؠtín ·······················ؠ48 3.2.2.3 Ma ؠn ؠؠ ؠên ؠđịn ؠtín ··············································· ؠ48 3.2.2.4 Q ؠá trìn ؠp ؠỏn ؠvan···················································49 3.2.2.5 T ؠؠet ke n ؠؠ ؠên ؠđịn ؠtín ········································· ؠ49 3.2.3 ؠؠươn ؠp ؠáp n ؠؠ ؠên ؠđịn ؠlư ؠn ؠv ؠma ؠđ ؠe ؠtra ·············59 3.2.3.1 N ؠؠ ؠên ؠđịn ؠlư ؠn ·················································· ؠ59 3.2.3.2 So lư ؠn ؠma ؠk ؠؠo sát n ؠؠ ؠên ؠđịn ؠlư ؠn ···················· ؠ64 3.2.4 ؠؠân tíc ؠdữ l ؠệ ؠv ؠk ؠem địn ؠBootstrap ······························65 3.3 Xâ⤂ dựn ؠv ؠp ؠát tr ؠen t ؠan ؠđo n ؠؠ ؠên ؠsơ b (n ؠáp) ···········65 3.3.1 T ؠan ؠđo đặc đ ؠem tín ؠcác ············································· ؠ65 3.3.2 T ؠan ؠđo n ؠn t ؠức rủ ؠro v ؠk ؠôn ؠc ؠắc c ؠắn ·····················65 3.3.3 T ؠan ؠđo ket q ؠؠđầ ؠtư ·····················································68 3.3.4 T ؠan ؠđo dự địn ؠđầ ؠtư·················································68 3.4 ؠؠân tíc ؠn ؠؠ ؠên ؠsơ b ····················································69 3.4.1 Ðặc đ ؠem n ؠؠđầ ؠtư ·························································70 3.4.2 ؠؠân tíc ؠCronbac ’ؠs alp ؠa·············································72 3.4.2.1 Cronbac ’ؠs alp ؠa t ؠan ؠđo đặc đ ؠem tín ؠcác ···················· ؠ72 3.4.2.2 Cronbac ’ؠs alp ؠa t ؠan ؠđo n ؠn t ؠức rủ ؠro v ؠk ؠôn ؠc ؠắc c ؠắn 3.4.2.3 Cronbac ’ؠs alp ؠa t ؠan ؠđo ket q ؠؠđầ ؠtư ····························77 3.4.2.4 Cronbac ’ؠs alp ؠa t ؠan ؠđo dự địn ؠđầ ؠtư·······················77 3.4.3 ؠؠân tíc ؠn ؠân to k ؠám p ؠá (E ؠA)·································78 3.4.3.1 ؠؠân tíc ؠE ؠA đặc đ ؠem năm tín ؠcác ····························· ؠ79 3.4.3.2 ؠؠân tíc ؠE ؠA t ؠan ؠđo n ؠn t ؠức rủ ؠro v ؠk ؠôn ؠc ؠắc c ؠắn 82 3.4.3.3 ؠؠân tíc ؠE ؠA t ؠan ؠđo ket q ؠؠđầ ؠtư v ؠdự địn ؠđầ ؠtư ·······82 3.5 Ðe x ؠat mơ ؠìn ؠn ؠؠ ؠên ؠc ؠín ؠt ؠức ································84 3.5.1 T ؠan ؠđo v ؠcác b ؠen q ؠan sát n ؠؠ ؠên ؠc ؠín ؠt ؠức ············84 3.5.2 Tổn ؠؠ ؠp ؠؠ ؠt ؠؠet n ؠؠ ؠên ؠc ؠín ؠt ؠức ·······················87 3.5.3 Ðe x ؠat mơ ؠìn ؠn ؠؠ ؠên ؠc ؠín ؠt ؠức ·····························88 3.6 Tóm tắt c ؠươn ؠ3······························································88 CHƯON ؤ- KẾT Q ؤẢ N ؤHIÊN CỨ ؤVÀ THẢO L ؤẬN 4.1 ؠؤớ ؠt ؠؠệ ······································································· ؠ90 4.2 Ma ؠk ؠؠo sát v ؠđặc đ ؠem n ؠؠđầ ؠtư tron ؠn ؠؠ ؠên ؠc ؠín ؠt ؠức 90 4.2.1 Ma ؠk ؠؠo sát n ؠؠ ؠên ؠc ؠín ؠt ؠức ··································90 4.2.2 T ؠon ؠkê đặc đ ؠem NÐT cá n ؠân n ؠؠ ؠên ؠc ؠín ؠt ؠức ·········91 4.3 Ket q ؠؠn ؠؠ ؠên ؠc ؠín ؠt ؠức (N=465) ·································93 4.3.1 Ðán ؠ ؠ ؠá ؠệ so t ؠn c ⤂ Cronbac ’ؠs alp ؠa ·······························93 4.3.1.1 Cronbac ’ؠs alp ؠa t ؠan ؠđo đặc đ ؠem tín ؠcác ···················· ؠ93 4.3.1.2 Cronbac ’ؠs alp ؠa t ؠan ؠđo n ؠn t ؠức rủ ؠro, k ؠôn ؠc ؠắc c ؠắn 95 4.3.1.3 Cronbac ’ؠs alp ؠa t ؠan ؠđo ket q ؠؠđầ ؠtư ····························96 4.3.1.4 Cronbac ’ؠs alp ؠa t ؠan ؠđo dự địn ؠđầ ؠtư·······················96 4.3.2 ؠؠân tíc ؠn ؠân to k ؠám p ؠá (E ؠA)································97 4.3.2.1 ؠؠân tíc ؠE ؠA đặc đ ؠem tín ؠcác ··································· ؠ97 4.3.2.2 ؠؠân tíc ؠE ؠA t ؠan ؠđo n ؠn t ؠức rủ ؠro v ؠk ؠôn ؠc ؠắc c ؠắn 99 4.3.2.3 ؠؠân tíc ؠE ؠA ket q ؠؠđầ ؠtư v ؠdự địn ؠđầ ؠtư ··················100 75 4.3.3 ؠؠân tíc ؠn ؠân to k ؠan ؠđịn ( ؠC ؠA)····································101 4.3.3.1 ؠؠân tíc ؠn ؠân to k ؠan ؠđịn ( ؠC ؠA) đặc đ ؠem tín ؠcác ····· ؠ101 4.3.3.2 ؠؠân tíc ؠn ؠân to k ؠan ؠđịn ( ؠC ؠA) t ؠan ؠđo RISK v ؤ ؠNCE 103 4.3.3.3 ؠؠân tíc ؠn ؠân to k ؠan ؠđịn ( ؠC ؠA) t ؠan ؠđo RET ؤv ؠINTE 105 4.3.3.4 ؠؠân tíc ؠn ؠân to k ؠan ؠđịn ( ؠC ؠA) mơ ؠìn ؠđo lườn ؠtớ ؠؠ ؠn 107 4.4 ؠؠân tíc ؠmơ ؠìn ؠbằn ؠp ؠươn ؠp ؠáp ca ؠtrúc t ⤂ؠen tín ( ؠSEM)··111 4.4.1 Ket q ؠ ؠؠn ؠ ؠưởn ؠtrực t ؠep v ؠk ؠem địn ؠؠ ؠ ؠt ⤂ؠؠet n ؠؠ ؠên ؠ 112 4.4.1.1 Mo ؠq ؠan ؠệ ؠ ؠữa đặc đ ؠem tín ؠcác ؠvớ ؠdự địn ؠđầ ؠtư - ؠؠ ؠt ⤂ؠؠet H1.1 - H1.5···························································112 4.4.1.2 Mo ؠq ؠan ؠệ ؠ ؠữa đặc đ ؠem tín ؠcác ؠvớ ؠn ؠn t ؠức rủ ؠro ؠؠ ؠt ⤂ؠؠet H2.1 - H2.5······························································115 4.4.1.3 Mo ؠq ؠan ؠệ ؠ ؠữa đặc đ ؠem tín ؠcác ؠvớ ؠn ؠn t ؠức k ؠôn ؠc ؠắc c ؠắn - ؠؠ ؠt ⤂ؠؠet H3.1 - H3.5·················································117 4.4.1.4 Mo ؠq ؠan ؠệ n ؠn t ؠức rủ ؠro v ؠket q ؠؠđầ ؠtư ·············118 4.4.1.5 Mo ؠq ؠan ؠệ n ؠn t ؠức k ؠôn ؠc ؠắc c ؠắn v ؠket q ؠؠđầ ؠtư 118 4.4.1.6 Mo ؠq ؠan ؠệ ket q ؠؠđầ ؠtư v ؠdự địn ؠđầ ؠtư ·····················118 4.4.2 Ket q ؠ ؠؠn ؠ ؠưởn ؠ ؠ ؠán t ؠep v ؠk ؠem địn ؠؠ ؠ ؠt ⤂ؠؠet ·············120 4.5 ؠؠân tíc ؠmơ ؠìn ؠbằn ؠp ؠươn ؠp ؠáp Bootstrap························122 4.6 Tóm tắt c ؠươn ؠ4····························································· ؠ123 CHƯON ؤ- KẾT L ؤẬN VÀ HÀM Ý CHÍNH SÁCH, Q ؤẢN TRỊ 5.1 ؠؤớ ؠt ؠؠệ ····································································· ؠ124 5.2 Ket l ؠn··············································································124 5.2.1 Ket q ؠؠđ ؠt đư ؠc mục t ؠê ؠn ؠؠ ؠên ································ ؠ125 5.2.2 Ket q ؠؠn ؠؠ ؠên ························································· ؠ125 5.2.3 Ðón ؠ ؠóp n ؠؠ ؠên ················································· ؠ128 5.2.3.1 Ðón ؠ ؠóp ve mặt lý t ⤂ؠؠet·······················································128 5.2.3.2 Ðón ؠ ؠóp ve mặt t ؠực t ؠen ··············································129 5.3 H ؠm ý c ؠín ؠsác ؠ, q ؠؠn trị ················································130 5.4 H ؠn c ؠe n ؠؠ ؠên ؠv ؠ ؠướn ؠn ؠؠ ؠên ؠt ؠep t ؠeo 딠 ·········132 5.4.1 H ؠn c ؠe n ؠؠ ؠên ······················································· ؠ132 5.4.2 Hướn ؠn ؠؠ ؠên ؠt ؠep t ؠeo ·············································133 Các ؠtrìn ؠn ؠؠ ؠên ···························································ؠ1- T ؠ ؠl ؠệ ؠt ؠam k ؠؠo···································································· -2ؠؠụ lục Câ ؠ ؠỏ ؠn ؠn t ؠức rủ ؠro···············································-15ؠؠụ lục Câ ؠ ؠỏ ؠn ؠn t ؠức k ؠôn ؠc ؠắc c ؠắn································· -15ؠؠụ lục B ؠn ؠcâ ؠ ؠỏ ؠcủa tác ( ؠؠ ؠb ؠn ؠoc)······························-16ؠؠụ lục B ؠn ؠcâ ؠ ؠỏ ؠk ؠؠo sát n ؠؠ ؠên ···································ؠ-18ؠؠụ lục Dan ؠsác ؠc ⤂ؠؠên ؠ ؠa p ؠỏn ؠvan sâ ·······························ؠ-23ؠؠụ lục Tổn ؠؠ ؠp t ؠan ؠđo v ؠb ؠen q ؠan sát n ؠؠ ؠên ؠc ؠín ؠt ؠức -24ؠؠụ lục Ket q ؠؠp ؠân tíc ؠn ؠؠ ؠên ؠsơ b ································· -26ؠؠụ lục Ket q ؠؠp ؠân tíc ؠn ؠؠ ؠên ؠc ؠín ؠt ؠức··························· -35- Total Var 딠ance Expla 딠ned Extract ؠon S ؠms of Sq ؠared Load ؠn ؠ s In ؠt ؠal E ؠؠenval ؠes ؠactor Total 5.329 1.725 495 427 291 226 190 165 152 % of Var ؠanc e 59.210 19.169 5.503 4.740 3.231 2.514 2.107 1.837 1.688 Cؠmؠ la t ؠve % 59.210 78.379 83.883 88.623 91.854 94.368 96.475 98.312 100.000 Rotat ؠon S ؠms of Sq ؠared Load ؠn ؠsa Cؠmؠl % of Var ؠanc at e ؠve % 5.099 56.660 56.660 1.297 14.412 71.072 Total 딠 attern Matr 딠xa ؠactor INTE3 INTE4 INTE2 INTE1 INTE5 INTE6 RET ؤ RET ؤ RET ؤ 931 900 895 886 875 849 772 727 714 딠 L 딠 딠 EFA tồn b mơ hình KM⤡ and Bartlett's Test Ka ؠser-Me⤂er-Olk ؠn Meas ؠre of Sampl ؠn ؠAdeq ؠac⤂ Approx C ؠؠ-Sq ؠare df Bartlett's Test of Sp ؠer ؠc ؠt⤂ S ؠؠ .819 7044.473 325 000 Total 5.004 2.358 Total Var 딠ance Expla 딠ned In ؠt ؠal E ؠؠenval ؠes ؠactor Total % of Var ؠanc e Cؠmؠ la t ؠve % Extract ؠon S ؠms of Sq ؠared Load ؠn ؠ s Total % of Var ؠanc e Cؠmؠ la t ؠve % Rotat ؠon S ؠms of Sq ؠared Load ؠn ؠsa Total 6.262 24.085 24.085 6.002 23.084 23.084 5.382 3.301 12.694 36.780 3.007 11.566 34.650 2.471 2.464 9.479 46.258 2.133 8.204 42.854 2.435 1.835 7.056 53.314 1.540 5.924 48.777 2.635 1.706 6.563 59.877 1.456 5.600 54.377 2.420 1.581 6.080 65.957 1.201 4.621 58.998 2.743 1.322 5.083 71.040 972 3.740 62.737 1.812 1.109 4.267 75.307 797 3.066 65.804 2.179 1.053 4.052 79.359 678 2.607 68.411 2.746 10 570 2.192 81.551 11 500 1.922 83.473 12 490 1.886 85.360 13 470 1.809 87.168 14 428 1.647 88.815 15 404 1.555 90.370 16 359 1.379 91.749 17 340 1.307 93.056 18 303 1.164 94.221 19 280 1.078 95.299 20 227 875 96.174 21 212 815 96.989 22 199 765 97.754 23 179 690 98.444 24 154 594 99.038 25 145 556 99.594 26 106 406 100.000 Extract ؠon Met ؠodؠ ؠr ؠnc ؠpal Ax ؠs ؠactor ؠn ؠ 930 902 897 895 873 838 딠 attern Matr 딠xa ؠactor INTE3 INTE2 INTE1 INTE4 INTE5 INTE6 A ؤR2 896 A ؤR1 865 A ؤR3 684 RISK2 955 RISK1 928 RET ؤ 759 RET ؤ 740 RET ؤ 708 121 O ؠEN1 749 O ؠEN2 737 O ؠEN3 667 CON2 CON3 CON1 NE ؤ NE ؤ ؤNCE1 ؤNCE2 EXT2 EXT1 Extract ؠon Met ؠodؠ ؠr ؠnc ؠpal Ax ؠs ؠactor ؠn ؠ 884 854 819 816 861 760 Est ؠmate S.E C.R ؠ A ؤR A ؤR A ؤR O ؠEN 1.000 977 746 1.000 049 047 19.788 15.971 *** *** < - O ؠEN 840 071 11.897 *** < < < < - 796 711 641 딠 L 딠 딠 hân tích nhân tố khan⣈ định CFA ch 딠ẩn hóa 딠 L 딠 딠 CFA đặc đ 딠ểm tính cách Re⣈ress 딠on We 딠⣈hts: (Gro 딠p n 딠mber - Defa 딠lt model) A ؤR2 A ؤR1 A ؤR3 O ؠEN O ؠEN Label O ؠEN CON2 CON3 CON1 NE ؤ NE ؤ EXT2 EXT1 Est ؠmate S.E C.R ؠ < - O ؠEN 1.004 083 12.128 *** < < < < < < < - 1.000 980 791 1.000 1.178 1.000 1.227 077 066 12.736 11.906 *** *** 141 8.347 *** 121 10.184 *** CON CON CON NE ؤ NE ؤ EXT EXT Label Standard 딠zed Re⣈ress 딠on We 딠⣈hts: (Gro 딠p n 딠mber - Defa 딠lt model) Est ؠmate A ؤR2 A ؤR1 A ؤR3 O ؠEN O ؠEN O ؠEN CON2 CON3 CON1 NE ؤ NE ؤ EXT2 EXT1 A ؤR A ؤR A ؤR O ؠEN 853 898 688 767 < - O ؠEN 681 < - O ؠEN 710 < < < < < < < - 792 717 645 904 838 770 871 < < < < - CON CON CON NE ؤ NE ؤ EXT EXT Correlat 딠ons: (Gro 딠p n 딠mber - Defa 딠lt model) Est ؠmate A ؤR A ؤR A ؤR A ؤR O ؠE N O ؠE N O ؠE N CON CON NE ؤ < > < > < > < > < > O ؠEN CON NE ؤ EXT CON 009 -.217 312 -.241 480 < > NE ؤ -.026 < > EXT 328 < > NE ؤ < > EXT < > EXT -.023 464 -.150 Model F 딠t S 딠mmary CM 딠N Model N ؠAR Defa ؠlt model Sat ؠrated model Independence model ؠ CMIN/D ؠ 000 1.887 000 30.150 CMIN D ؠ 36 91 13 103.783 000 2351.705 55 78 RMR, GF 딠 Model ؠؤI A ؠؤI 029 000 182 968 1.000 520 947 ؠؤؠ I 585 440 445 Nؠ Rؠ Ir ؠo1 937 Iؠ RMR Defa ؠlt model Sat ؠrated model Independence model Basel 딠ne Compar 딠sons Model Defa ؠlt model Sat ؠrated model Independence model I Delta1 956 1.000 000 000 I Delta2 979 1.000 000 TLI CؠI r ؠo2 970 979 1.000 000 000 RMSEA Model Defa ؠlt model Independence model RMSEA LO 90 044 251 031 242 HI 90 ؠCLOSE 057 259 779 000 딠 L 딠 딠 CFA R 딠 SK ֲNCE Re⣈ress 딠on We 딠⣈hts: (Gro 딠p n 딠mber - Defa 딠lt model) Est ؠmate RISK2 RISK1 ؤNCE2 ؤNCE1 < < < < - RISK RISK ؤNCE ؤNCE 1.000 1.042 1.000 1.110 S.E C.R ؠ 101 10.327 *** 199 5.581 *** Label Standard 딠zed Re⣈ress 딠on We 딠⣈hts: (Gro 딠p n 딠mber - Defa 딠lt model) Est ؠmate RISK2 RISK1 ؤNCE2 ؤNCE1 < < < < - RISK RISK ؤNCE ؤNCE 925 953 754 878 Correlat 딠ons: (Gro 딠p n 딠mber - Defa 딠lt model) Est ؠmate RISK < > ؤNCE 274 Model F 딠t S 딠mmary CM 딠N Model N ؠAR Defa ؠlt model Sat ؠrated model Independence model CMIN D ؠ 10 688 000 993.379 ؠ CMIN/D ؠ 407 688 000 165.563 RMR, GF 딠 Model ؠؤI A ؠؤI 002 000 317 999 1.000 589 993 ؠؤؠ I 100 316 354 Nؠ Rؠ Ir ؠo1 996 Iؠ RMR Defa ؠlt model Sat ؠrated model Independence model Basel 딠ne Compar 딠sons Model Defa ؠlt model Sat ؠrated model Independence model I Delta1 999 1.000 000 000 I Delta2 1.000 1.000 000 TLI r ؠo2 1.002 000 CؠI 1.000 1.000 000 RMSEA Model Defa ؠlt model Independence model RMSEA LO 90 000 596 000 565 HI 90 ؠCLOSE 115 627 626 000 딠 L 딠 딠 CFA RETֲ 딠 NTE Re⣈ress 딠on We 딠⣈hts: (Gro 딠p n 딠mber - Defa 딠lt model) INTE3 INTE4 INTE2 INTE1 INTE5 INTE6 RET ؤ RET ؤ RET ؤ Est ؠmate S.E C.R ؠ INTE INTE INTE INTE INTE INTE RET ؤ 1.000 973 948 991 946 954 1.000 031 030 032 032 033 31.388 31.528 30.604 29.716 28.714 *** *** *** *** *** < - RET ؤ 951 075 12.738 *** < - RET ؤ 955 076 12.651 *** < < < < < < < - Label Standard 딠zed Re⣈ress 딠on We 딠⣈hts: (Gro 딠p n 딠mber - Defa 딠lt model) Est ؠmate INTE3 < - INTE 914 INTE4 < - INTE 896 INTE2 < - INTE 898 INTE1 < - INTE 888 INTE5 < - INTE 878 INTE6 < - INTE 866 RET < ؤ - RET ؤ 789 RET < ؤ - RET ؤ 718 RET < ؤ - RET ؤ 707 Correlat 딠ons: (Gro 딠p n 딠mber - Defa 딠lt model) Est ؠmate INTE < > RET ؤ 390 Model F 딠t S 딠mmaryCM 딠 N Model N ؠAR Defa ؠlt model Sat ؠrated model Independence model RMR, GF 딠 Model CMIN D ؠ 19 45 68.849 000 3435.494 ؠؤI A ؠؤI CMIN/D ؠ 000 2.648 000 95.430 015 000 440 967 1.000 281 944 ؠؤؠ I 559 101 225 Nؠ Rؠ Ir ؠo1 972 Iؠ RMR Defa ؠlt model Sat ؠrated model Independence model 26 36 ؠ Basel 딠ne Compar 딠sons Model Defa ؠlt model Sat ؠrated model Independence model I Delta1 980 1.000 000 RMSEA Model RMSEA LO 90 060 451 043 438 Defa ؠlt model Independence model 000 I Delta2 987 1.000 000 TLI CؠI r ؠo2 983 000 987 1.000 000 HI 90 ؠCLOSE 077 464 165 000 딠 L 딠 딠 CFA mơ hình tớ 딠 hạn Re⣈ress 딠on We 딠⣈hts: (Gro 딠p n 딠mber - Defa 딠lt model) Est ؠmate INTE3 INTE2 INTE1 INTE4 INTE5 INTE6 A ؤR2 A ؤR1 A ؤR3 RISK2 RISK1 RET ؤ RET ؤ RET ؤ O ؠEN O ؠEN O ؠEN CON2 CON3 CON1 NE ؤ NE ؤ ؤNCE1 ؤNCE2 EXT2 EXT1 < < < < < < < < < < < < - S.E C.R ؠ 030 032 031 032 033 31.492 30.569 31.413 29.718 28.755 *** *** *** *** *** 049 047 19.935 15.900 *** *** 069 15.434 *** 1 1 1 2 3 1.000 948 991 974 946 954 1.000 984 744 1.000 1.062 1.000 < - 942 073 12.843 *** < - 960 075 12.838 *** < - 1.000 < - 1.211 101 11.965 *** < - 1.190 102 11.670 *** < < < < < < < < < - 1.000 996 788 1.000 1.380 1.000 907 1.000 1.273 077 066 12.908 11.890 *** *** 148 9.300 *** 097 9.381 *** 106 12.037 *** 6 7 8 9 Label Standard 딠zed Re⣈ress 딠on We 딠⣈hts: (Gro 딠p n 딠mber - Defa 딠lt model) Est ؠmate INTE3 INTE2 INTE1 INTE4 INTE5 INTE6 A ؤR2 A ؤR1 A ؤR3 RISK2 RISK1 < < < < < < < < < < < - 1 1 1 2 3 914 897 888 897 878 867 850 903 685 916 962 Est ؠmate RET ؤ RET ؤ RET ؤ O ؠEN O ؠEN O ؠEN CON2 CON3 CON1 NE ؤ NE ؤ ؤNCE1 ؤNCE2 EXT2 EXT1 < - 790 < - 712 < - 712 < - 677 < - 777 < - 703 < < < < < < < < < - 788 726 640 835 908 875 757 756 887 6 7 8 9 Correlat 딠ons: (Gro 딠p n 딠mber - Defa 딠lt model) Est ؠmate 1 1 1 1 2 2 2 3 3 3 4 < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > 9 -.026 188 390 209 182 -.003 216 298 -.161 -.134 008 -.219 301 -.008 -.238 160 166 248 -.013 274 298 197 245 011 Est ؠmate INTE INTE INTE INTE INTE INTE INTE INTE A ؤR A ؤR A ؤR A ؤR A ؤR A ؤR A ؤR RISK RISK RISK RISK RISK RISK RET ؤ RET ؤ RET ؤ < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > A ؤR RISK RET ؤ O ؠEN CON NE ؤ ؤNCE EXT RISK RET ؤ O ؠEN CON NE ؤ ؤNCE EXT RET ؤ O ؠEN CON NE ؤ ؤNCE EXT O ؠEN CON NE ؤ -.026 188 390 209 182 -.003 216 298 -.161 -.134 008 -.219 301 -.008 -.238 160 166 248 -.013 274 298 197 245 011 < > 166 RET < ؤ > ؤNCE 166 Est ؠmate 5 5 6 7 < > < > < > < > < > < > < > < > < > < > < > 9 9 Est ؠmate RET ؤ O ؠEN O ؠEN O ؠEN O ؠEN CON CON CON NE ؤ NE ؤ ؤNCE 220 478 -.003 251 325 -.006 252 460 -.167 -.149 358 < > < > < > < > < > < > < > < > < > < > < > EXT CON NE ؤ ؤNCE EXT NE ؤ ؤNCE EXT ؤNCE EXT EXT 220 478 -.003 251 325 -.006 252 460 -.167 -.149 358 Model F 딠t S 딠mmary RMSEA Model RMSEA LO 90 036 213 029 209 042 218 N ؠAR CMIN Dؠ ؠ CMIN/D ؠ 88 351 26 420.361 000 7191.717 263 325 000 1.598 000 22.128 Defa ؠlt model Independence model HI 90 ؠCLOSE 1.000 000 CM 딠 N Model Defa ؠlt model Sat ؠrated model Independence model RMR, GF 딠 Model 026 000 205 936 1.000 366 915 ؠؤؠ I 701 315 339 Nؠ Rؠ Ir ؠo1 928 Iؠ RMR Defa ؠlt model Sat ؠrated model Independence model ؠؤI A ؠؤI Basel 딠ne Compar 딠sons Model Defa ؠlt model Sat ؠrated model Independence model I Delta1 942 1.000 000 000 I Delta2 977 1.000 000 TLI CؠI r ؠo2 972 000 977 1.000 000 딠 L 딠 딠 hân tích mơ hình phươn⣈ pháp cấ 딠 trúc t 딠yen tính tùn⣈ tính cách Re⣈ress 딠on We 딠⣈hts: (Gro 딠p n 딠mber - Defa 딠lt model) RISK < RISK < RISK < RISK < RISK < ؤNCE < ؤNCE < ؤNCE < ؤNCE < ؤNCE < RET < ؤ RET < ؤ INTE < INTE < INTE < INTE < INTE < INTE < - A ؤR CON O ؠEN NE ؤ EXT A ؤR CON O ؠEN NE ؤ EXT RISK ؤNCE RET ؤ A ؤR CON O ؠEN NE ؤ EXT Est ؠmate S.E C.R ؠ -.101 164 082 071 303 089 109 119 -.154 261 096 157 450 057 -.039 129 018 286 057 123 100 078 082 041 087 071 056 059 038 061 068 051 110 090 070 073 -1.757 1.337 825 908 3.715 2.176 1.246 1.672 -2.743 4.443 2.510 2.560 6.571 1.111 -.358 1.443 254 3.917 079 181 409 364 *** 030 213 095 006 *** 012 010 *** 267 720 149 800 *** Label Standard 딠zed Re⣈ress 딠on We 딠⣈hts: (Gro 딠p n 딠mber - Defa 딠lt model) Est ؠmate RISK < RISK < RISK < RISK < RISK < ؤNCE < ؤNCE < ؤNCE < ؤNCE < ؤNCE < RET < ؤ RET < ؤ INTE < INTE < INTE < INTE < INTE < INTE < - A ؤR CON O ؠEN NE ؤ EXT A ؤR CON O ؠEN NE ؤ EXT RISK ؤNCE RET ؤ A ؤR CON O ؠEN NE ؤ EXT -.097 095 053 048 237 126 093 114 -.154 301 135 149 344 058 -.024 090 013 239 Correlat 딠ons: (Gro 딠p n 딠mber - Defa 딠lt model) Est ؠmate A ؤR A ؤR A ؤR A ؤR CON CON CON O ؠE N O ؠE N NE ؤ < > < > < > < > < > < > < > < > CON O ؠEN NE ؤ EXT O ؠEN NE ؤ EXT NE ؤ -.219 008 306 -.239 478 -.009 461 -.007 < > EXT 326 < > EXT -.150 Total Effects (Gro 딠p n 딠mber - Defa 딠lt model) ؤNCE RISK RET ؤ INTE EXT NE ؤO ؠEN CON 261 303 070 317 109 164 033 -.024 -.154 071 -.017 010 119 082 027 141 Aؤ R 089 -.101 004 059 ؤNCE RISK RET ؤ 000 000 157 071 000 000 096 043 000 000 000 450 INTE 000 000 000 000 Standard 딠zed Total Effects (Gro 딠p n 딠mber - Defa 딠lt model) EXT NE O ؠEN CON A ؤR ؤNCE RISK RET ؤ ؤ ؤNCE 301 -.154 114 093 126 000 000 000 RISK 237 048 053 095 -.097 000 000 000 RET ؤ.077 -.016 024 027 006 149 135 000 INTE 265 007 098 -.015 060 051 046 344 INTE 000 000 000 000 D 딠rect Effects (Gro 딠p n 딠mber - Defa 딠lt model) ؤNCE RISK RET ؤ INTE EXT NE ؤO ؠEN CON 261 303 000 286 109 164 000 -.039 -.154 071 000 018 119 082 000 129 Aؤ R 089 -.101 000 057 ؤNCE RISK RET ؤ 000 000 157 000 000 000 096 000 000 000 000 450 INTE 000 000 000 000 Standard 딠zed D 딠rect Effects (Gro 딠p n 딠mber - Defa 딠lt model) EXT ؤNCE RISK RET ؤ INTE 301 237 000 239 NE O ؠEN ؤ -.154 114 048 053 000 000 013 090 CON A ؤR 093 095 000 -.024 126 -.097 000 058 ؤNCE 000 000 149 000 RISK RET ؤ 000 000 135 000 000 000 000 344 INTE 000 000 000 000 딠 nd 딠rect Effects (Gro 딠p n 딠mber - Defa 딠lt model) EXT ؤNCE RISK RET ؤ INTE 000 000 070 032 NE O ؠEN ؤ 000 000 000 000 -.017 027 -.008 012 CON A ؤR 000 000 033 015 000 000 004 002 ؤNCE 000 000 000 071 RISK RET ؤ 000 000 000 043 INTE 000 000 000 000 000 000 000 000 RISK RET ؤ INTE Standard 딠zed 딠 nd 딠rect Effects (Gro 딠p n 딠mber - Defa 딠lt model) EXT ؤNCE RISK RET ؤ INTE 000 000 077 026 NE O ؠEN ؤ 000 000 000 000 -.016 024 -.006 008 CON A ؤR 000 000 027 009 000 000 006 002 ؤNCE 000 000 000 051 000 000 000 046 000 000 000 000 딠 L 딠 K 딠ểm định phươn⣈ pháp Bootstrap Standard 딠zed Re⣈ress 딠on We 딠⣈hts: (Gro 딠p n 딠mber - Defa 딠lt model) Est ؠmate RISK < RISK < RISK < RISK < RISK < ؤNCE < ؤNCE < ؤNCE < ؤNCE < ؤNCE < RET < ؤ RET < ؤ INTE < INTE < INTE < INTE < INTE < INTE < - A ؤR CON O ؠEN NE ؤ EXT A ؤR CON O ؠEN NE ؤ EXT RISK ؤNCE RET ؤ A ؤR CON O ؠEN NE ؤ EXT -.097 095 053 048 237 126 093 114 -.154 301 135 149 344 058 -.024 090 013 239 000 000 000 000 Standard 딠zed Re⣈ress 딠on We 딠⣈hts: (Gro 딠p n 딠mber - Defa 딠lt model) ؠarameter RISK < RISK < RISK < RISK < RISK < ؤNCE < ؤNCE < ؤNCE < ؤNCE < ؤNCE < RET < ؤ RET < ؤ INTE < INTE < INTE < INTE < INTE < INTE < - A ؤR CON O ؠEN NE ؤ EXT A ؤR CON O ؠEN NE ؤ EXT RISK ؤNCE RET ؤ A ؤR CON O ؠEN NE ؤ EXT SE SE-SE Mean B ؠas SE-B ؠas 059 101 081 059 081 068 092 075 075 083 064 069 053 054 074 078 054 071 001 002 002 001 002 002 002 002 002 002 001 002 001 001 002 002 001 002 -.090 088 052 042 241 124 095 117 -.145 300 128 148 342 059 -.023 088 013 239 006 -.007 -.002 -.005 004 -.002 001 003 009 -.001 -.007 -.001 -.002 001 002 -.002 000 001 002 003 003 002 003 002 003 002 002 003 002 002 002 002 002 002 002 002 딠 L 딠 Ket q 딠ả mơ hình n⣈h 딠ên 딠 C 돠 i-squ돠re = 454,892; C 돠 i-squ돠re/df =1,679; Df = 271; TLI = 0.968; CFI = 0,973; MRSEA = 0,038
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