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B� GIÁO D�C VÀ ĐÀO T�O BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC CÔNG NGHỆ TP HCM LÊ THỊ HỒNG NHUNG CÁC NHÂN TỐ ẢNH HƯỞNG ĐẾN TỶ LỆ CHI TRẢ CỔ TỨC CỦA CÁC CÔNG TY NIÊM YẾT TẠI THỊ TRƯỜNG CHỨNG KHOÁN VIỆT[.]
BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC CÔNG NGHỆ TP.HCM - LÊ THỊ HỒNG NHUNG CÁC NHÂN TỐ ẢNH HƯỞNG ĐẾN TỶ LỆ CHI TRẢ CỔ TỨC CỦA CÁC CÔNG TY NIÊM YẾT TẠI THỊ TRƯỜNG CHỨNG KHOÁN VIỆT NAM LUẬN VĂN THẠC SĨ Chuyên ngành: Kế toán Mã C ngành: 60340301 tháng năm 2016 BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC CÔNG NGHỆ TP.HCM - LÊ THỊ HỒNG NHUNG CÁC NHÂN TỐ ẢNH HƯỞNG ĐẾN TỶ LỆ CHI TRẢ CỔ TỨC CỦA CÁC CÔNG TY NIÊM YẾT TẠI THỊ TRƯỜNG CHỨNG KHOÁN VIỆT NAM LUẬN VĂN THẠC SĨ Chuyên ngành: Kế toán Mã ngành: 60340301 CÁN BỘ HƯ NG D N KHOA HỌC TS NGUYỄN TRẦN PHÚC C tháng năm 2016 i LỜI CAM ĐOAN ôi xin cam đoan luận văn “Các nhân tố ảnh hưởng đến Tỷ lệ chi trả cổ tức Công ty niêm yết Thị trường Chứng khốn Việt Nam”là cơng trình nghiên cứu riêng Các liệu kết nêu Luận văn trung thực chưa cơng b cơng trình khác xin cam đoan ự giúp đỡ cho việc thực Luận văn cảm ơn thơng tin trích dẫn Luận văn rõ nguồn g c Luận văn thực ự hướng dẫn khoa học S guyễn rần Phúc Học viên thực Luận văn Lê Thị Hồng Nhung ii LỜI CẢM ƠN ôi xin chân thành cảm ơn: S guyễn rần húc tận tình hướng dẫn góp ý động viên tơi u t q trình thực đề tài hững trao đổi chia ẻ hầy giúp tơi định hướng hồn thành luận văn t t nghiệp Quý hầy Cô giáo giảng viên Đại học cơng nghệ hành ph Chí inh giảng dạy từ kiến thức đến kiến thức chuyên âu để từ giúp tơi hồn thành đề tài Ban lãnh đạo nhà trường q hầy Cơ giáo vụ hịng Quản lý Khoa học Đào tạo au Đại học trường Đại học cơng nghệ hành ph Chí inh tạo điều kiện cho tơi có hội hồn thành luận văn Cu i xin gửi lời cảm ơn chân thành đến gia đình bạn bè ln động viên giúp đỡ để tự tin u t trình thực đề tài Lê Thị Hồng Nhung iii TĨM TẮT rong cịn tranh cãi ách cổ tức cơng ty thị trường v n hoàn hảo tranh cãi nhiều giới thực nơi khơng có ự tồn thị trường hồn hảo Sự diện thông tin bất đ i xứng vấn đề chi phí đại diện thuế chi phí giao dịch tất làm cho ách cổ tức trở nên quan trọng Đã có nhiều nghiên cứu lý thuyết thực nghiệm c gắng xác định yếu t định đến ách cổ tức công ty uy nhiên đến chưa có ự đồng thuận yếu t ảnh hưởng đến ách cổ tức Cơng ty Vấn đề chí cịn phức tạp đề cập đến thị trường kinh tế ghiên cứu c gắng tìm hiểu thêm ách cổ tức thị trường chứng khoán Việt am nơi mà nghiên cứu yếu t định đến ách chia cổ tức cơng ty cịn hạn chế ghiên cứu tập trung vào việc đạt hai mục tiêu ục tiêu thứ thực nghiệm kiểm tra yếu t định ách cổ tức cơng ty tìm hiểu m i tương quan cổ tức yếu t ghiên cứu phân tích ảnh hưởng đặc tính cơng ty lợi nhuận tăng trưởng địn bẩy tài quy mơ tuổi cơng ty… mơ hình chi trả cổ tức để xác định mức độ ảnh hưởng khác yếu t đ i với ách tốn cổ tức công ty Việt am ục tiêu thứ hai đề tài đề xuất định hướng giải pháp cho ách định chia cổ tức cho doanh nghiệp thị trường Việt am đồng thời đề nghị hướng nghiên cứu bổ ung cho đề tài iv ABSTRACT While there is still debate about the dividend policy of the company in the perfect capital market, the debate has also more than in the real world where there is no existence of perfect markets The presence of asymmetric information, agency costs problems, taxes and transaction costs, all the more make dividend policy becomes critical There were a lot of theoretical research and empirical try to identify the factors determining the dividend policy of the company However, to date, there is no consensus about the factors affecting the dividend policy of the Company This problem is even more complex when it comes to the emerging markets This study tried to find out more about dividend policy in Vietnam's stock market, where the study of the factors determining the dividend policy of the company is limited This rerearch focused on achieving two main objectives The first objective is to test the determinants of dividend policy of the company and find out the relationship between dividends and other factors The study analyzes the impact of the characteristics of companies such as profitability, growth, financial leverage, size and age of the company on the dividend payment model to determine the impact of different levels of these factors for the dividend payment policy of the company in Vietnam The second objective of this research is to propose a direction and policy solutions to the dividend decision to businesses in Vietnam at the same time market research proposal complements the next subject v MỤC LỤC LỜ CA ĐOA i LỜ CẢ Ơ ii Ó Ắ iii ABSTRACT iv ỤC LỤC v DA ỤC CÁC Ừ V Ế DA ỤC BẢ G ix DA ỤC B ỂU Đ Đ Ắ viii Ị SƠ Đ Ì Ả .x C ƯƠ G : Ổ G QUA .1 1 Lý hình thành đề tài 12 ục tiêu nghiên cứu Câu h i nghiên cứu Đ i tượng phạm vi thời gian nghiên cứu 1 Đ i tượng nghiên cứu .3 1.4.2 hạm vi nghiên cứu thời gian nghiên cứu .3 hương pháp nghiên cứu hững đóng góp nghiên cứu Kết cấu đề tài nghiên cứu: C ƯƠ G CƠ SỞ LÝ UYẾ quan lý thuyết 1 Khái niệm cổ tức ách cổ tức 2.1.1 Khái niệm cổ tức .6 1 Khái niệm ách cổ tức vi 2 Các ách chi trả cổ tức 2 Chính ách lợi nhuận giữ lại thụ động 2 Chính ách cổ tức tiền mặt ổn định 2 Các lý thuyết ách cổ tức 2 Lý thuyết odigliani & iller (1961) 2 Lý thuyết Jame E Walter (1963) 10 22 Lý thuyết yron Gordon (196 ) 11 22 Lý thuyết John Lintner (19 6) 12 quan nghiên cứu thực nghiệm 13 Đề tài nghiên cứu nước 13 2 Đề tài nghiên cứu nước 28 KẾ LUẬ C ƯƠ G 32 C ƯƠ G ƯƠ G Á G Ê CỨU .33 hiết kế nghiên cứu 33 1 Quy trình nghiên cứu .33 12 hình nghiên cứu đề xuất 35 Các giả thuyết nghiên cứu 36 1 hân t hân t Cơ hội tăng trưởng 36 hân t Quy mô doanh nghiệp .37 hân t Đòn bẩy tài 37 hân t Khả inh lời 38 hân t 3.1 hân t hu nhập hay dự kiến 36 ính khoản .39 ỷ ER 39 vii Cách thức thu thập xử lý liệu .41 1 Cách thức thu thập liệu 41 Công cụ xử lý phân tích liệu 41 hương pháp nghiên cứu 42 KẾ LUẬ C ƯƠ G 44 C ƯƠ G : KẾ QUẢ G Ê CỨU 45 h ng kê mô tả 45 hân tích hồi qui 46 hân tích tương quan biến 46 2 hương pháp nhập biến vào mơ hình 47 Đánh giá mức độ phù hợp mơ hình hồi qui .47 Kiểm định độ phù hợp mô hình hồi qui tuyến tính bội .48 Kiểm định giả thuyết ý nghĩa hệ Kiểm định giả định phương hồi quy 48 (phần dư) không đổi 49 Kiểm tra giả định phần dư có phân ph i chuẩn 50 Kiểm tra giả định khơng có m i tương quan biến độc lập ( iện tượng đa cộng tuyến) 52 Đánh giá mức độ tác động nhân t ảnh hưởng đến ách cổ tức doanh nghiệp Việt am 53 C ƯƠ G KẾ LUẬ VÀ K Ế G Ị .56 Kết nghiên cứu 56 Kiến nghị hàm ý ách 57 ạn chế hướng nghiên cứu 59 À L ỆU A K ẢO 60 viii DANH MỤC CÁC TỪ VIẾT TẮT Chữ viết tắt BCTC Nguyên nghĩa Báo cáo tài HNX Sàn giao dịch chứng khốn Hà Nội HOSE Sàn giao dịch chứng khốn thành phố Hồ Chí Minh SGDCK Sở giao dịch chứng khoán TTCK Thị trường chứng khoán UBCKNN Ủy ban chứng khoán Nhà nước PHỤ LỤC P Ụ LỤC 1: DA SÁC 100 DOA G ST T G Ệ ĐƯ C C RO G U Ê CỨU RO G G A ĐOẠ 2011-2014 Tỷ su t trả cổ tức SIZ E Thu nhập hành mong đ i Tỷ su t l i tức vốn chủ sở hữu Tính khoản Địn bẩy tài Giá thu nhập Tăng trưởng Năm Mã CK 2014 AAA HATSC 2.00% 5.8 14.00% 31.00% 18.00% 2.6 55.00% 2013 AAA HATSC 15.00% 5.4 14.00% 22.00% 1.00% 1.6 129.00% 2012 AAA HATSC 50.00% 5.5 25.00% 22.00% 15.00% 0.1 3.4 28.00% 2011 AAA HATSC 25.00% 5.5 19.00% 16.00% 23.00% 0.1 5.9 8.00% 2014 AAM HOSE 25.00% 5.6 28.00% 17.00% 35.00% 0.2 6.2 16.00% 2013 AAM HOSE 20.00% 5.5 17.00% 1.00% 21.00% 0.1 15.00% 2012 AAM HOSE 75.00% 5.7 36.00% 25.00% 22.00% 0.2 4.3 -3.00% 2011 AAM HOSE 61.00% 5.6 27.00% 7.00% 1.00% 0.1 10.00% 2014 ABT HOSE 40.00% 5.8 21.00% 21.00% 25.00% 0.4 5.3 26.00% 2011 ABT HOSE 35.00% 5.7 19.00% 21.00% 17.00% 0.2 4.5 15.00% 2013 ABT HOSE 65.00% 5.4 25.00% 34.00% 11.00% 0.4 5.2 15.00% 2012 ABT HOSE 35.00% 5.4 25.00% 32.00% 9.00% 0.3 2.9 6.00% 2013 ACC HOSE 5.00% 5.3 5.00% 46.00% 12.00% 0.8 85.00% 2014 ACC HOSE 0.00% 5.2 4.00% 42.00% 11.00% 1.7 4.9 75.00% 2012 ACC HOSE 35.00% 5.9 21.00% 39.00% 4.00% 1.7 2.9 20.00% 2011 ACC HOSE 35.00% 5.9 16.00% 26.00% 6.00% 2.2 2.6 49.00% 2014 ACL HOSE 35.00% 5.6 20.00% 51.00% 5.00% 1.7 1.4 21.00% 2013 ACL HOSE 15.00% 5.8 9.00% 28.00% 10.00% 2.5 2.6 11.00% 2011 ACL HOSE 10.00% 5.8 21.00% 46.00% 5.00% 1.4 2.3 42.00% 2012 ACL HOSE 15.00% 5.7 11.00% 25.00% 2.00% 1.7 3.4 17.00% 2014 AGD HOSE 10.00% 5.5 7.00% 17.00% 7.00% 1.4 -11.00% 2013 AGD HOSE 0.00% 5.5 14.00% 15.00% 2.00% 1.5 53.00% 2012 AGD HOSE 20.00% 6.1 8.00% 7.00% 4.00% 1.2 7.2 27.00% 2011 AGD HOSE 18.00% 6.1 1.00% 2.00% 1.00% 1.1 11.5 69.00% 2013 AGF HOSE 10.00% 6.2 11.00% 9.00% 4.00% 1.6 4.4 56.00% 2011 AGF HOSE 4.00% 6.1 1.00% 2.00% 2.00% 0.9 25.3 -36.00% 2014 AGF HOSE 7.00% 6.8 2.00% 5.00% 9.00% 1.7 8.7 -20.00% 2012 AGF HOSE 0.00% 7.2 2.00% 8.00% 6.00% 11.7 220.00% 2014 AGR HOSE 0.00% 2.00% 11.00% 4.00% 6.8 14.6 -46.00% 2013 AGR HOSE 0.00% 6.9 1.00% 4.00% 14.00% 7.5 109.00% Sàn 2012 AGR HOSE 12.00% 6.1 8.00% 8.00% 4.00% 0.7 10.3 -15.00% 2011 AGR HOSE 15.00% 6.2 12.00% 2.00% 3.00% 0.7 10.6 -15.00% 2012 ALP HOSE 15.00% 6.2 12.00% 11.00% 5.00% 8.3 12.00% 2014 ALP HOSE 10.00% 14.00% 5.00% 3.00% 0.4 11.6 143.00% 2013 ALP HOSE 20.00% 5.4 7.00% 5.00% 6.00% 0.3 7.2 4.00% 2011 ALP HOSE 7.00% 5.4 5.00% 3.00% 9.00% 0.3 13.2 -14.00% 10 2011 ALT HATSC 4.00% 5.4 6.00% 4.00% 12.00% 0.3 12.4 -18.00% 10 2013 ALT HATSC 4.00% 5.4 5.00% 3.00% 12.00% 0.2 10.2 23.00% 10 2012 ALT HATSC 24.00% 6.4 4.00% 6.00% 4.00% 0.7 12.7 4.00% 10 2014 ALT HATSC 9.00% 6.3 5.00% 3.00% 7.00% 0.4 6.6 23.00% 11 2011 ANV HOSE 5.00% 6.3 6.00% 5.00% 4.00% 0.3 13.1 -24.00% 11 2014 ANV HOSE 0.00% 6.3 -8.00% -9.00% 9.00% 0.5 -9 -43.00% 11 2013 ANV HOSE 25.00% 5.2 17.00% 17.00% 3.00% 0.1 5.7 9.00% 11 2012 ANV HOSE 20.00% 5.4 16.00% 22.00% 2.00% 0.8 4.7 73.00% 12 2013 APC HOSE 20.00% 5.1 24.00% 24.00% 3.00% 0.1 12.00% 12 2014 APC HOSE 20.00% 5.2 21.00% 21.00% 2.00% 0.1 0.1 11.00% 12 2012 APC HOSE 50.00% 6.1 16.00% 39.00% 8.00% 2.1 1.00% 12 2011 APC HOSE 0.00% 6.1 11.00% 10.00% 2.00% 1.1 10.2 58.00% 13 2013 ASM HOSE 0.00% 5.9 12.00% 20.00% 1.00% 1.6 95.00% 13 2014 ASM HOSE 0.00% 5.9 4.00% 9.00% 3.00% 2.5 38.00% 13 2012 ASM HOSE 15.00% 5.8 9.00% 10.00% 7.00% 1.4 6.8 13.00% 13 2011 ASM HOSE 10.00% 6.00% 2.00% 5.00% 3.3 118.5 33.00% 14 2011 ASP HOSE 7.00% 9.00% 19.00% 7.00% 2.6 7.9 10.00% 14 2013 ASP HOSE 5.00% 8.00% -6.00% 3.00% -5 21.00% 14 2012 ASP HOSE 17.00% 5.9 13.00% 30.00% 2.00% 3.8 4.8 60.00% 14 2014 ASP HOSE 16.00% 5.7 8.00% 28.00% 2.00% 2.9 6.1 14.00% 15 2013 ATA HOSE 5.00% 5.8 14.00% 12.00% 2.00% 3.4 4.2 -13.00% 15 2012 ATA HOSE 5.00% 5.6 6.00% 18.00% 1.00% 2.3 67.00% 15 2014 ATA HOSE 10.00% 6.3 11.00% 16.00% 4.00% 3.8 3.5 17.00% 15 2011 ATA HOSE 10.00% 6.1 17.00% 27.00% 2.00% 2.7 30.00% 16 2014 AVF HOSE 15.00% 11.00% 66.00% 0.00% 37.00% 16 2013 AVF HOSE 0.00% 5.8 9.00% 7.00% 0.00% 5.1 56.00% 16 2012 AVF HOSE 0.00% 5.2 -8.00% -39.00% 0.00% 1.5 -0.5 -61.00% 16 2011 AVF HOSE 0.00% 5.2 -4.00% -15.00% 1.00% -5.1 -41.00% 17 2014 BAS HOSE 0.00% 5.3 -2.00% -4.00% 3.00% 1.2 -38.1 -65.00% 17 2013 BAS HOSE 0.00% 5.3 0.00% 0.00% 5.00% 1.3 552.9 11.00% 17 2012 BAS HOSE 16.00% 5.9 10.00% 11.00% 28.00% 0.4 7.7 15.00% 17 2011 BAS HOSE 10.00% 5.9 9.00% 8.00% 8.00% 0.4 3.7 27.00% 18 2012 BBC HOSE 10.00% 5.9 7.00% 8.00% 12.00% 0.4 26.00% 18 2014 BBC HOSE 8.00% 5.8 9.00% 4.00% 5.00% 0.2 9.9 20.00% 18 2013 BBC HOSE 12.00% 5.2 13.00% 11.00% 3.00% 1.1 54.00% 18 2011 BBC HOSE 12.00% 14.00% 26.00% 8.00% 1.1 5.6 25.00% 19 2014 BBS HATSC 10.00% 4.8 17.00% 16.00% 13.00% 0.3 4.4 33.00% 19 2012 BBS HATSC 6.00% 5.1 10.00% 11.00% 5.00% 0.8 8.3 20.00% 19 2011 BBS HATSC 15.00% 5.6 13.00% 19.00% 7.00% 0.9 130.00% 19 2013 BBS HATSC 2.00% 5.8 11.00% 15.00% 4.00% 0.8 3.6 -4.00% 20 2013 BCE HOSE 5.00% 5.6 11.00% 15.00% 18.00% 0.7 15.00% 20 2014 BCE HOSE 5.00% 5.2 16.00% 18.00% 4.00% 0.5 5.00% 20 2012 BCE HOSE 35.00% 6.1 19.00% 27.00% 14.00% 1.3 2.3 28.00% 20 2011 BCE HOSE 25.00% 21.00% 29.00% 6.00% 4.1 69.00% 21 2014 BHS HOSE 10.00% 5.9 15.00% 28.00% 10.00% 1.1 4.5 51.00% 21 2013 BHS HOSE 0.00% 5.8 5.00% -13.00% 3.00% 0.8 -6.9 23.00% 21 2012 BHS HOSE 10.00% 5.3 3.00% -7.00% 6.00% -8.9 -13.00% 21 2011 BHS HOSE 10.00% 5.6 10.00% 7.00% 4.00% 4.3 3.1 -18.00% 22 2011 BLF HATSC 0.00% 5.6 9.00% 3.00% 5.00% 3.9 22.2 26.00% 22 2014 BLF HATSC 0.00% 5.5 5.00% 1.00% 3.00% 3.7 77.8 55.00% 22 2013 BLF HATSC 50.00% 5.1 39.00% 38.00% 22.00% 0.1 7.8 15.00% 22 2012 BLF HATSC 33.00% 5.4 45.00% 49.00% 17.00% 0.4 1.5 200.00% 23 2011 BMC HOSE 22.00% 5.2 18.00% 19.00% 24.00% 0.4 5.7 22.00% 23 2014 BMC HOSE 18.00% 5.2 17.00% 18.00% 13.00% 0.3 16.5 -22.00% 23 2013 BMC HOSE 15.00% 6.6 4.00% 7.00% 11.00% 0.7 4.8 12.00% 23 2012 BMC HOSE 12.00% 6.6 4.00% 6.00% 8.00% 0.6 8.3 12.00% 24 2014 BMI HOSE 12.00% 6.6 6.00% 8.00% 5.00% 0.6 9.3 0.00% 24 2013 BMI HOSE 7.00% 6.5 6.00% 8.00% 7.00% 0.5 7.3 27.00% 24 2012 BMI HOSE 25.00% 5.9 35.00% 37.00% 11.00% 0.2 4.6 39.00% 24 2011 BMI HOSE 20.00% 6.1 34.00% 28.00% 8.00% 0.1 4.1 29.00% 25 2012 BMP HOSE 20.00% 33.00% 32.00% 7.00% 0.2 25.00% 25 2014 BMP HOSE 10.00% 5.8 24.00% 20.00% 3.00% 0.2 2.7 22.00% 25 2013 BMP HOSE 30.00% 4.9 23.00% 14.00% 3.00% 0.2 4.2 30.00% 25 2011 BMP HOSE 15.00% 5.1 13.00% 12.00% 10.00% 0.6 5.7 18.00% 26 2011 BPC HATSC 14.00% 5.2 14.00% 11.00% 6.00% 0.8 2.8 19.00% 26 2013 BPC HATSC 10.00% 17.00% 18.00% 5.00% 0.3 5.3 11.00% 26 2014 BPC HATSC 15.00% 5.3 11.00% 11.00% 21.00% 0.5 4.1 48.00% 26 2012 BPC HATSC 10.00% 5.2 10.00% 10.00% 22.00% 0.4 50.00% 27 2014 BRC HOSE 10.00% 5.2 8.00% 7.00% 31.00% 0.2 48.00% 27 2013 BRC HOSE 10.00% 5.1 7.00% 7.00% 21.00% 0.1 45.00% 27 2012 BRC HOSE 0.00% 6.5 -7.00% -32.00% 66.00% 3.8 -2.6 -53.00% 27 2011 BCR HOSE 0.00% 6.2 1.00% 1.00% 14.00% -32.00% 28 2014 BSI HOSE 10.00% 6.6 11.00% 11.00% 4.1 11.00% 28 2013 BSI HOSE 0.00% 6.7 -10.00% 59.00% 188.00% 15.00% 17.6 82.00% 28 2012 BSI HOSE 15.00% 6.2 -31.00% -42.00% 28.00% 0.4 -1.8 -47.00% 28 2011 BSI HOSE 0.00% 6.1 -7.00% -10.00% 40.00% 0.3 -5.4 -18.00% 29 2011 BVS HATSC 0.00% 6.2 -6.00% -8.00% 18.00% 0.4 -22.3 -18.00% 29 2014 BVS HATSC 10.00% 6.2 10.00% 14.00% 27.00% 0.4 10.1 37.00% 29 2013 BVS HATSC 18.00% 9.00% 12.00% 13.00% 1.5 7.8 25.00% 29 2012 BVS HATSC 4.00% 10.00% 11.00% 5.00% 1.8 12 36.00% 30 2013 BXH HATSC 10.00% 4.9 15.00% 24.00% 5.00% 0.9 -6.00% 30 2014 BXH HATSC 10.00% 4.8 14.00% 21.00% 25.00% 0.8 40.00% 30 2012 BXH HATSC 0.00% 5.5 -74.00% 176.00% 0.00% -2.8 -0.1 -75.00% 30 2011 BXH HATSC 0.00% 6.1 5.00% -21.00% 1.00% 6.7 -2.2 13.00% 31 2014 CAD HOSE 0.00% 6.1 5.00% -3.00% 1.00% 5.6 -17.4 10.00% 31 2013 CAD HOSE 10.00% 8.00% 1.00% 1.00% 4.4 12.00% 31 2012 CAD HOSE 19.00% 5.2 16.00% 15.00% 3.00% 4.2 35.00% 31 2011 CAD HOSE 15.00% 5.4 21.00% 28.00% 6.00% 1.2 3.7 55.00% 32 2011 CAN HATSC 8.00% 5.3 13.00% 16.00% 6.00% 1.1 8.4 29.00% 32 2014 CAN HATSC 8.00% 5.2 12.00% 15.00% 7.00% 0.9 5.7 -1.00% 32 2013 CAN HATSC 10.00% 4.8 12.00% 28.00% 8.00% 3.4 4.8 21.00% 32 2012 CAN HATSC 10.00% 4.9 6.00% 5.00% 3.00% 4.8 19.3 8.00% 33 2012 CAP HATSC 10.00% 4.9 24.00% 42.00% 11.00% 1.2 1.1 48.00% 33 2011 CAP HATSC 15.00% 4.9 17.00% 38.00% 11.00% 2.4 2.4 18.00% 33 2014 CAP HATSC 10.00% 5.4 4.00% 4.00% 1.00% 2.4 13.5 -24.00% 33 2013 CAP HATSC 10.00% 5.3 5.00% 7.00% 2.00% 3.4 5.7 54.00% 34 2013 CIC HATSC 0.00% 5.4 2.00% -6.00% 0.00% -1.6 -31.00% 34 2011 CIC HATSC 0.00% 5.3 4.00% 13.00% 3.00% 2.9 6.2 41.00% 34 2014 CIC HATSC 15.00% 4.4 8.00% 9.00% 10.00% 0.6 4.3 32.00% 34 2012 CIC HATSC 13.00% 4.4 5.00% 7.00% 8.00% 0.8 22.4 -5.00% 35 2011 CID HATSC 5.00% 4.6 2.00% 4.00% 11.00% 1.6 15.2 -78.00% 35 2012 CID HATSC 2.00% 4.4 3.00% 3.00% 6.00% 0.6 24.3 5.00% 35 2014 CID HATSC 25.00% 5.8 17.00% 21.00% 11.00% 5.9 6.00% 35 2013 CID HATSC 20.00% 5.6 24.00% 31.00% 10.00% 1.4 3.7 13.00% 36 2013 CLC HOSE 18.00% 5.8 21.00% 27.00% 14.00% 1.8 2.6 26.00% 36 2011 CLC HOSE 12.00% 5.7 21.00% 27.00% 8.00% 1.5 6.5 24.00% 36 2014 CLC HOSE 10.00% 12.00% 3.00% 2.00% 4.6 13 -19.00% 36 2012 CLC HOSE 5.00% 8.00% 4.00% 1.00% 5.7 28.3 13.00% 37 2014 CMX HOSE 10.00% 5.9 9.00% 19.00% 6.00% 4.1 1.00% 37 2013 CMX HOSE 0.00% 5.7 17.00% 24.00% 9.00% 2.6 9.00% 37 2012 CMX HOSE 16.00% 5.7 7.00% 29.00% 5.00% 3.6 2.1 28.00% 37 2011 CMX HOSE 5.00% 5.9 8.00% 30.00% 5.00% 3.8 1.3 6.00% 38 2013 CSC HATSC 5.00% 5.4 6.00% 28.00% 10.00% 5.2 11.1 84.00% 38 2014 CSC HATSC 0.00% 5.1 6.00% 13.00% 5.00% 3.1 24.00% 38 2012 CSC HATSC 12.00% 5.7 5.00% 2.00% 42.00% 0.1 18 -48.00% 38 2011 CSC HATSC 6.00% 5.8 10.00% 7.00% 9.00% 0.3 6.8 45.00% 39 2014 CSG HOSE 6.00% 5.7 11.00% 0.00% 3.00% 162.5 24.00% 39 2013 CSG HOSE 4.00% 5.8 9.00% 7.00% 16.00% 0.2 10.8 -46.00% 39 2011 CSG HOSE 20.00% 6.2 10.00% 6.00% 3.00% 1.5 8.1 9.00% 39 2012 CSG HOSE 15.00% 6.1 19.00% 21.00% 5.00% 0.7 7.8 8.00% 40 2014 CSM HOSE 20.00% 6.1 35.00% 52.00% 4.00% 1.1 4.1 16.00% 40 2013 CSM HOSE 10.00% 6.1 12.00% 3.00% 8.00% 3.2 10.00% 40 2012 CSM HOSE 10.00% 5.5 8.00% 18.00% 3.00% 2.8 3.1 6.00% 40 2011 CSM HOSE 10.00% 5.4 9.00% 19.00% 2.00% 2.4 4.4 4.00% 41 2014 CT6 HATSC 0.00% 5.3 8.00% 18.00% 3.00% 4.5 57.00% 41 2013 CT6 HATSC 0.00% 5.2 8.00% 15.00% 12.00% 2.1 59.00% 41 2012 CT6 HATSC 5.00% 5.1 14.00% 10.00% 19.00% 0.3 10.4 399.00% 41 2011 CT6 HATSC 0.00% 5.2 5.00% 2.00% 1.00% 0.4 19.2 -21.00% 42 2013 CTA HATSC 0.00% 4.7 8.00% 2.00% 13.00% 0.1 281.00% 42 2014 CTA HATSC 0.00% 4.5 7.00% 2.00% 12.00% 0.1 178.00% 42 2012 CTA HATSC 23.00% 4.8 12.00% 21.00% 4.00% 48.00% 42 2011 CTA HATSC 22.00% 4.8 11.00% 21.00% 7.00% 1.2 24.00% 43 2013 CTB HATSC 15.00% 5.1 9.00% 16.00% 9.00% 1.4 4.4 26.00% 43 2012 CTB HATSC 15.00% 4.9 14.00% 6.00% 7.00% 1.3 3.6 24.00% 43 2011 CTB HATSC 16.00% 5.3 8.00% 16.00% 3.00% 2.3 3.6 39.00% 43 2014 CTB HATSC 13.00% 5.5 7.00% 13.00% 5.00% 5.2 40.00% 44 2013 CTC HATSC 10.00% 5.1 10.00% 16.00% 4.00% 2.6 3.1 66.00% 44 2014 CTC HATSC 0.00% 5.6 9.00% 15.00% 2.00% 2.3 5.1 48.00% 44 2012 CTC HATSC 20.00% 6.3 15.00% 19.00% 14.00% 0.6 68.00% 44 2011 CTC HATSC 10.00% 6.4 12.00% 15.00% 10.00% 0.7 4.4 36.00% 45 2013 CTD HOSE 0.00% 6.2 16.00% 21.00% 21.00% 0.6 8.00% 45 2014 CTD HOSE 10.00% 6.1 15.00% 16.00% 31.00% 0.3 36.00% 45 2012 CTD HOSE 13.00% 8.7 2.00% 22.00% 1.00% 4.7 66.00% 45 2011 CTD HOSE 0.00% 8.6 1.00% 19.00% 1.00% 2.4 172.00% 46 2014 CTG HOSE 0.00% 8.4 1.00% 10.00% 1.00% 1.1 25.9 -38.00% 46 2013 CTG HOSE 0.00% 8.3 1.00% 15.00% 1.00% 0.1 54.00% 46 2012 CTG HOSE 16.00% 5.9 6.00% 4.00% 5.00% 47.6 -17.00% 46 2011 CTG HOSE 10.00% 5.7 12.00% 14.00% 2.00% 1.4 25.6 40.00% 47 2014 CTI HOSE 10.00% 5.7 16.00% 24.00% 1.00% 1.3 24.00% 47 2013 CTI HOSE 10.00% 5.6 11.00% 14.00% 1.00% 0.5 67.00% 47 2012 CTI HOSE 18.00% 4.9 8.00% 13.00% 2.00% 1.5 18.1 29.00% 47 2011 CTI HOSE 12.00% 12.00% 14.00% 5.00% 0.9 17.5 71.00% 48 2012 CTM HATSC 6.00% 4.8 9.00% 10.00% 4.00% 0.9 85.00% 48 2013 CTM HATSC 5.00% 7.00% 5.00% 1.00% 5.4 -20.00% 48 2011 CTM HATSC 18.00% 5.8 7.00% 12.00% 2.00% 4.4 5.4 -37.00% 48 2014 CTM HATSC 18.00% 5.7 5.00% 10.00% 1.00% 3.9 14 13.00% 49 2013 CTN HATSC 8.00% 5.8 7.00% 2.00% 0.00% 5.2 11.8 12.00% 49 2012 CTN HATSC 6.00% 5.6 6.00% 9.00% 4.00% 6.2 75.00% 49 2014 CTN HATSC 6.00% 3.00% 3.00% 23.00% 0.3 41.6 13.00% 49 2011 CTN HATSC 5.00% 6.2 6.00% 7.00% 74.00% 0.7 6.4 -4.00% 50 2013 CTS HATSC 5.00% 6.00% 7.00% 44.00% 0.3 24.9 -1.00% 50 2014 CTS HATSC 5.00% 1.00% 2.00% 29.00% 0.8 -68.00% 50 2012 CTS HATSC 0.00% 4.4 9.00% 4.00% 19.00% 1.1 11.4 -30.00% 50 2011 CTS HATSC 0.00% 4.4 18.00% 14.00% 22.00% 1.1 155.00% 51 2014 CTV HATSC 0.00% 0.4 22.00% 15.00% 23.00% 125.00% 51 2013 CTV HATSC 0.00% 0.3 17.00% 15.00% 21.00% 0.9 0.8 120.00% 51 2012 CTV HATSC 0.00% 5.8 7.00% 1.00% 1.00% 0.9 125.5 -55.00% 51 2011 CTV HATSC 5.00% 7.00% 5.00% 6.00% 1.5 7.1 25.00% 52 2014 CVN HATSC 5.00% 5.7 6.00% 4.00% 5.00% 1.4 22.00% 52 2013 CVN HATSC 0.00% 5.6 6.00% 3.00% 5.00% 1.3 6.8 20.00% 52 2012 CVN HATSC 13.00% 5.1 4.00% 10.00% 1.00% 4.1 12.3 -20.00% 52 2011 CVN HATSC 12.10% 5.2 3.00% 4.00% 2.00% 4.4 9.9 -41.00% 53 2013 CX8 HATSC 0.00% 5.1 5.00% 17.00% 2.00% 3.6 19.00% 53 2014 CX8 HATSC 0.00% 5.1 4.00% 14.00% 2.00% 4.3 -5.00% 53 2012 CX8 HATSC 0.00% 5.6 7.00% 1.00% 1.00% 2.6 10.00% 53 2011 CX8 HATSC 0.00% 5.5 6.00% 0.00% 6.00% 2.1 22.1 128.6 54 2014 CYC HOSE 0.00% 5.5 5.00% 2.00% 1.00% 1.9 37.8 -3.00% 54 2013 CYC HOSE 0.00% 5.5 7.00% 12.00% 2.00% 1.7 5.7 65.00% 54 2012 CYC HOSE 10.00% 5.2 26.00% 40.00% 0.00% 0.9 0.9 100.00% 54 2011 CYC HOSE 10.00% 5.1 35.00% 52.00% 9.00% -4.00% 55 2014 D11 HATSC 10.00% 5.3 24.00% 7.00% 3.6 176.00% 55 2013 D11 HATSC 0.00% 5.3 -8.00% 89.00% 187.00% 0.00% 21.1 -12.00% 55 2012 D11 HATSC 30.00% 5.9 8.00% 14.00% 5.00% 1.2 4.2 13.00% 55 2011 D11 HATSC 20.00% 5.9 17.00% 33.00% 1.00% 1.6 4.3 4.00% 56 2014 D2D HOSE 10.00% 5.9 8.00% 21.00% 4.00% 1.9 11.8 -20.00% 56 2013 D2D HOSE 10.00% 5.8 13.00% 21.00% 4.00% 1.3 5.00% 56 2012 D2D HOSE 10.00% 4.7 36.00% 59.00% 41.00% 4.5 48.00% 56 2011 D2D HOSE 10.00% 4.7 13.00% 11.00% 13.00% 0.8 5.9 1.00% 57 2012 DAC HATSC 10.00% 4.7 19.00% 27.00% 38.00% 0.9 6.4 -11.00% 57 2014 DAC HATSC 8.00% 4.5 40.00% 49.00% 38.00% 0.5 50.00% 57 2013 DAC HATSC 23.00% 4.9 21.00% 20.00% 12.00% 0.5 17.00% 57 2011 DAC HATSC 15.00% 4.9 18.00% 17.00% 7.00% 0.5 5.8 2.00% 58 2014 DAD HATSC 15.00% 4.9 15.00% 17.00% 6.00% 0.4 7.2 -7.00% 58 2013 DAD HATSC 15.00% 4.9 14.00% 16.00% 5.00% 0.5 6.9 -8.00% 58 2012 DAD HATSC 23.00% 4.6 11.00% 19.00% 2.00% 1.4 4.6 12.00% 58 2011 DAD HATSC 15.00% 4.7 52.00% 20.00% 3.00% 1.3 2.6 1.00% 59 2011 DAE HATSC 15.00% 4.7 10.00% 21.00% 4.00% 1.9 3.7 -2.00% 59 2014 DAE HATSC 14.00% 4.7 9.00% 19.00% 2.00% 1.5 6.1 10.00% 59 2013 DAE HATSC 14.00% 5.8 10.00% 10.00% 3.00% 2.8 83.00% 59 2012 DAE HATSC 14.00% 5.6 10.00% 16.00% 0.00% 2.1 9.4 52.00% 60 2014 DAG HOSE 10.00% 5.4 11.00% 15.00% 0.00% 1.3 35.00% 60 2013 DAG HOSE 5.00% 5.3 6.00% 5.00% 2.00% 14.00% 8.00% 60 2012 DAG HOSE 35.00% 6.5 12.00% 18.00% 15.00% 1.6 2.2 57.00% 60 2011 DAG HOSE 15.00% 6.1 9.00% 13.00% 28.00% 1.3 5.7 19.00% 61 2014 DBC HATSC 15.00% 5.9 14.00% 18.00% 16.00% 1.7 2.2 51.00% 61 2012 DBC HATSC 10.00% 6.3 13.00% 23.00% 10.00% 1.8 3.5 44.00% 61 2011 DBC HATSC 40.00% 5.4 15.00% 17.00% 4.00% 2.3 6.4 16.00% 61 2013 DBC HATSC 10.00% 5.5 18.00% 17.00% 3.00% 2.6 4.5 12.00% 62 2013 DBT HATSC 10.00% 5.4 13.00% 10.00% 2.00% 2.7 15 29.00% 62 2014 DBT HATSC 10.00% 5.3 16.00% 14.00% 4.00% 11.00% 62 2012 DBT HATSC 0.00% 9.00% 10.00% 0.00% 1.7 3.2 36.00% 62 2011 DBT HATSC 10.00% 10.00% 16.00% 1.00% 1.8 4.8 49.00% 63 2014 DC2 HATSC 0.00% 4.8 13.00% 31.00% 7.00% 2.2 23.00% 63 2013 DC2 HATSC 0.00% 4.6 10.00% 22.00% 1.00% 1.8 10.00% 63 2012 DC2 HATSC 20.00% 5.2 6.00% 21.00% 30.00% 3.5 5.6 61.00% 63 2011 DC2 HATSC 15.00% 5.4 5.00% 11.00% 14.00% 2.1 3.1 13.00% 64 2012 DC4 HATSC 10.00% 4.9 19.00% 35.00% 3.00% 1.5 1.7 14.00% 64 2014 DC4 HATSC 10.00% 5.3 7.00% 13.00% 22.00% 1.7 3.8 65.00% 64 2011 DC4 HATSC 16.00% 5.6 11.00% 6.00% 6.00% 0.9 8.1 26.00% 64 2013 DC4 HATSC 8.00% 5.6 6.00% 11.00% 6.00% 0.8 12.1 -14.00% 65 2011 DCC HOSE 5.00% 5.6 -2.00% -10.00% 8.00% 1.4 -16.3 -20.00% 65 2012 DCC HOSE 0.00% 5.6 0.00% -3.00% 2.00% 1.1 -19.1 -9.00% 65 2013 DCC HOSE 25.00% 5.9 7.00% 4.00% 3.00% 1.8 29.3 -3.00% 65 2014 DCC HOSE 20.00% 5.8 13.00% 19.00% 4.00% 1.2 10.2 21.00% 66 2013 DCL HOSE 10.00% 5.9 6.00% -13.00% 2.00% 2.7 -5 13.00% 66 2012 DCL HOSE 10.00% 5.7 13.00% 17.00% 2.00% 6.2 33.00% 66 2014 DCL HOSE 0.00% 5.7 7.00% 4.00% 1.00% 0.3 4.8 33.00% 66 2011 DCL HOSE 0.00% 5.5 9.00% 8.00% 2.00% 0.7 7.1 185.00% 67 2014 DCS HATSC 0.00% 13.00% 21.00% 2.00% 1.6 6.6 111.00% 67 2013 DCS HATSC 0.00% 4.8 6.00% 2.00% 2.00% 1.1 35.3 87.00% 67 2012 DCS HATSC 23.00% 5.5 13.00% 13.00% 1.00% 0.2 4.9 25.00% 67 2011 DCS HATSC 15.00% 6.00% 7.00% 1.00% 1.4 7.4 8.00% 68 2011 DCT HOSE 7.00% 5.9 7.00% 11.00% 5.00% 1.3 9.5 59.00% 68 2013 DCT HOSE 0.00% 6.1 6.00% 8.00% 0.00% 2.1 3.5 -8.00% 68 2012 DCT HOSE 10.00% 6.1 8.00% 2.00% 6.9 8.7 34.00% 68 2014 DCT HOSE 5.00% 6.1 8.00% 9.00% 103.00% 2.00% 17.6 -1.1 8.00% 69 2011 DDM HOSE 4.00% 6.2 5.00% 1.00% 0.00% 11 210.9 2.00% 69 2013 DDM HOSE 0.00% 6.1 10.00% 1.00% 2.00% 41.8 159.8 19.00% 69 2012 DDM HOSE 30.00% 4.7 2.00% 27.00% 11.00% 0.9 5.7 178.00% 69 2014 DDM HOSE 20.00% 4.8 7.00% 19.00% 10.00% 1.3 2.3 52.00% 70 2013 DHA HOSE 20.00% 4.8 1.00% 16.00% 3.00% 2.9 114.00% 70 2014 DHA HOSE 20.00% 4.7 1.00% 17.00% 3.00% 2.8 111.00% 70 2012 DHA HOSE 9.00% 5.8 8.00% 2.00% 1.00% 2.1 278.7 28.00% 70 2011 DHA HOSE 6.00% 5.7 10.00% 13.00% 2.00% 1.5 4.7 77.00% 71 2014 DHC HOSE 0.00% 5.6 6.00% 11.00% 2.00% 1.6 8.6 12.00% 71 2013 DHC HOSE 2.00% 5.4 5.00% 11.00% 2.00% 1.5 8.7 11.00% 71 2012 DHC HOSE 40.00% 6.3 25.00% 30.00% 23.00% 0.4 5.8 22.00% 71 2011 DHC HOSE 35.00% 17.00% 19.00% 20.00% 0.5 18.5 17.00% 72 2014 DHG HOSE 25.00% 6.3 24.00% 30.00% 35.00% 0.4 8.4 17.00% 72 2011 DHG HOSE 15.00% 6.2 28.00% 36.00% 38.00% 0.5 6.7 18.00% 72 2013 DHG HOSE 11.00% 4.5 6.00% 6.00% 10.00% 0.7 14.4 -19.00% 72 2012 DHG HOSE 8.00% 4.5 4.00% 5.00% 11.00% 0.8 20.7 -7.00% 73 2011 DHI HATSC 3.00% 4.4 4.00% 3.00% 6.00% 0.7 24.1 -13.00% 73 2012 DHI HATSC 2.00% 4.4 -15.00% -17.00% 9.00% 0.1 -1.4 -38.00% 73 2013 DHI HATSC 20.00% 5.5 15.00% 14.00% 8.00% 1.5 8.7 16.00% 73 2014 DHI HATSC 20.00% 5.4 11.00% 16.00% 9.00% 1.8 5.7 0.00% 74 2014 DHT HATSC 20.00% 5.4 13.00% 14.00% 6.00% 1.8 6.2 8.00% 74 2012 DHT HATSC 10.00% 5.4 13.00% 15.00% 8.00% 1.6 7.4 -7.00% 74 2011 DHT HATSC 19.00% 5.5 13.00% 14.00% 8.00% 2.3 4.5 12.00% 74 2013 DHT HATSC 15.00% 5.7 15.00% 15.00% 4.00% 1.9 8.1 53.00% 75 2011 DIC HOSE 12.00% 5.8 12.00% 8.00% 11.00% 1.9 5.7 -8.00% 75 2013 DIC HOSE 10.00% 5.6 8.00% 15.00% 6.00% 2.2 8.8 10.00% 75 2014 DIC HOSE 30.00% 6.6 21.00% 26.00% 29.00% 0.6 8.7 149.00% 75 2012 DIC HOSE 10.00% 6.6 15.00% 19.00% 10.00% 0.7 8.9 -27.00% 76 2012 DIG HOSE 5.00% 6.7 5.00% 5.00% 5.00% 8.1 -36.00% 76 2013 DIG HOSE 5.00% 6.4 14.00% 40.00% 11.00% 3.1 90.00% 76 2014 DIG HOSE 0.00% 6.3 6.00% 7.00% 0.00% 3.3 21.8 -11.00% 76 2011 DIG HOSE 0.00% 6.2 7.00% 18.00% 1.00% 2.4 12.8 86.00% 77 2014 DLG HOSE 0.00% 5.9 6.00% 7.00% 2.00% 1.6 193.00% 77 2013 DLG HOSE 0.00% 5.8 3.00% 0.00% 4.00% 0.9 245.00% 77 2012 DLG HOSE 22.00% 5.9 17.00% 14.00% 7.00% 0.4 4.6 7.00% 77 2011 DLG HOSE 20.00% 5.9 17.00% 15.00% 5.00% 0.4 6.6 4.00% 78 2014 DMC HOSE 20.00% 5.9 17.00% 15.00% 3.00% 0.4 13.9 14.00% 78 2013 DMC HOSE 20.00% 5.8 17.00% 13.00% 5.00% 0.3 8.4 16.00% 78 2012 DMC HOSE 21.00% 5.4 14.00% 15.00% 5.00% 1.8 50.00% 78 2011 DMC HOSE 15.00% 5.1 13.00% 11.00% 1.00% 1.1 3.7 29.00% 79 2014 DNP HATSC 10.00% 5.3 12.00% 11.00% 5.00% 1.9 5.7 24.00% 79 2011 DNP HATSC 5.00% 5.2 11.00% 14.00% 1.00% 1.4 7.9 0.00% 79 2013 DNP HATSC 15.00% 4.8 16.00% 13.00% 3.00% 0.5 4.1 6.00% 79 2012 DNP HATSC 12.00% 4.7 18.00% 16.00% 5.00% 0.3 6.1 30.00% 80 2014 DPC HATSC 10.00% 4.7 21.00% 20.00% 6.00% 0.3 6.1 0.00% 80 2013 DPC HATSC 10.00% 4.6 14.00% 11.00% 9.00% 0.1 4.5 12.00% 80 2012 DPC HATSC 25.00% 6.7 30.00% 30.00% 18.00% 0.1 9.5 300.00% 80 2011 DPC HATSC 23.00% 6.9 27.00% 28.00% 51.00% 0.2 8.5 0.00% 81 2011 DPM HOSE 12.00% 6.8 25.00% 25.00% 46.00% 0.2 9.6 2.00% 81 2013 DPM HOSE 10.00% 39.00% 38.00% 44.00% 0.1 2.9 39.00% 81 2012 DPM HOSE 50.00% 25.00% 34.00% 4.00% 0.5 5.2 4.00% 81 2014 DPM HOSE 35.00% 6.2 27.00% 32.00% 30.00% 0.3 59.00% 82 2011 DPR HOSE 25.00% 6.4 36.00% 42.00% 34.00% 0.3 2.5 79.00% 82 2013 DPR HOSE 10.00% 6.1 18.00% 24.00% 22.00% 0.4 11 -11.00% 82 2014 DPR HOSE 22.00% 6.3 8.00% 5.00% 10.00% 1.3 6.8 5.00% 82 2012 DPR HOSE 10.00% 6.2 7.00% 6.00% 3.00% 1.2 10.6 24.00% 83 2014 DQC HOSE 5.00% 6.2 5.00% 0.00% 1.00% 1.1 148.2 -65.00% 83 2013 DQC HOSE 4.00% 6.2 4.00% 1.00% 3.00% 1.2 115 23.00% 83 2011 DQC HOSE 34.00% 5.9 56.00% 70.00% 10.00% 0.4 4.8 41.00% 83 2012 DQC HOSE 30.00% 5.8 19.00% 24.00% 2.00% 1.8 4.6 11.00% 84 2012 DRC HOSE 10.00% 6.2 20.00% 23.00% 5.00% 0.8 3.4 22.00% 84 2011 DRC HOSE 10.00% 28.00% 27.00% 10.00% 0.5 4.8 20.00% 84 2014 DRC HOSE 0.00% 5.4 5.00% -2.00% 1.00% 0.4 -13.3 65.00% 84 2013 DRC HOSE 0.00% 5.4 10.00% 9.00% 2.00% 0.1 9.9 213.00% 85 2014 DRH HOSE 0.00% 5.3 9.00% 8.00% 4.00% 0.2 409.00% 85 2013 DRH HOSE 0.00% 5.2 5.00% 1.00% 3.00% 0.3 -46.00% 85 2012 DRH HOSE 24.00% 5.2 49.00% 39.00% 46.00% 0.1 3.4 25.00% 85 2011 DRH HOSE 20.00% 30.00% 22.00% 17.00% 0 -18.00% 86 2014 DSN HOSE 15.00% 5.1 45.00% 36.00% 18.00% 0.1 5.1 62.00% 86 2012 DSN HOSE 0.00% 40.00% 28.00% 20.00% 0.1 20.00% 86 2013 DSN HOSE 30.00% 6.3 17.00% 21.00% 3.00% 1.4 4.4 2.00% 86 2011 DSN HOSE 10.00% 6.3 17.00% 24.00% 0.00% 1.5 18.00% 87 2014 DTL HOSE 0.00% 6.2 12.00% 20.00% 1.00% 1.2 28.00% 87 2013 DTL HOSE 0.00% 5.9 24.00% 28.00% 3.00% 1.2 134.00% 87 2012 DTL HOSE 12.00% 9.00% 6.00% 18.00% 8.8 105.00% 87 2011 DTL HOSE 5.00% 5.1 1.00% 1.00% 26.00% 0.1 41.9 -36.00% 88 2011 DTT HOSE 2.00% 5.1 2.00% -1.00% 3.00% 0.1 -77.6 -29.00% 88 2012 DTT HOSE 0.00% 5.1 1.00% 1.00% 4.00% 0.2 88 93.00% 88 2014 DTT HOSE 50.00% 5.8 26.00% 34.00% 21.00% 0.6 4.9 23.00% 88 2013 DTT HOSE 15.00% 5.7 22.00% 28.00% 11.00% 0.5 9.7 73.00% 89 2014 DVP HOSE 10.00% 5.7 31.00% 35.00% 16.00% 0.3 24.00% 89 2012 DVP HOSE 10.00% 5.5 16.00% 19.00% 13.00% 0.5 179.00% 89 2013 DVP HOSE 35.00% 5.8 16.00% 32.00% 23.00% 1.6 4.8 352.00% 89 2011 DVP HOSE 30.00% 5.9 11.00% 8.00% 12.00% 1.1 4.6 -25.00% 90 2013 DXG HOSE 0.00% 5.7 9.00% 8.00% 14.00% 3.2 6.3 197.00% 90 2014 DXG HOSE 0.00% 5.5 3.00% 8.00% 13.00% 2.1 0.00% 90 2012 DXG HOSE 8.00% 5.8 2.00% 8.00% 5.00% 5.8 4.6 -3.00% 90 2011 DXG HOSE 8.00% 5.8 6.00% 22.00% 11.00% 4.6 5.8 -20.00% 91 2014 DXV HOSE 7.00% 5.7 3.00% 9.00% 9.00% 11.4 -12.00% 91 2013 DXV HOSE 5.00% 5.6 5.00% 8.00% 5.00% 2.6 9.1 -19.00% 91 2012 DXV HOSE 25.00% 6.1 15.00% 19.00% 37.00% 0.9 6.4 -36.00% 91 2011 DXV HOSE 9.00% 6.1 19.00% 31.00% 15.00% 1.1 4.8 7.00% 92 2014 ELC HOSE 5.00% 5.8 18.00% 46.00% 6.00% 2.6 119.00% 92 2013 ELC HOSE 0.00% 5.6 14.00% 30.00% 8.00% 2.6 19.00% 92 2012 ELC HOSE 20.00% 5.9 24.00% 22.00% 14.00% 0.2 2.1 42.00% 92 2011 ELC HOSE 10.00% 5.8 22.00% 18.00% 29.00% 0.2 6.8 33.00% 93 2014 EVE HOSE 10.00% 5.6 28.00% 25.00% 31.00% 0.2 27.00% 93 2013 EVE HOSE 10.00% 5.4 30.00% 32.00% 9.00% 0.4 39.00% 93 2012 EVE HOSE 13.00% 5.9 1.00% 2.00% 3.00% 1.2 30.9 123.00% 93 2011 EVE HOSE 7.00% 5.4 10.00% 6.00% 0.00% 1.4 8.6 -51.00% 94 2011 FBT HOSE 0.00% 5.4 -8.00% -59.00% 1.00% 2.1 -2.2 -49.00% 94 2014 FBT HOSE 0.00% 5.8 -15.00% -37.00% 4.00% 1.5 -1.9 0.00% 94 2013 FBT HOSE 35.00% 5.8 14.00% 7.00% 1.00% 0.8 16.2 -17.00% 94 2012 FBT HOSE 10.00% 5.9 15.00% 23.00% 4.00% 1.5 6.3 67.00% 95 2014 FDC HOSE 7.00% 5.9 14.00% 20.00% 2.00% 1.9 11.00% 95 2013 FDC HOSE 5.00% 5.9 9.00% 5.00% 1.00% 2.4 13.00% 95 2012 FDC HOSE 35.00% 6.1 15.00% 18.00% 5.00% 4.7 5.4 51.00% 95 2011 FDC HOSE 35.00% 13.00% 26.00% 20.00% 3.6 17.00% 96 2014 FDG HOSE 25.00% 5.9 13.00% 27.00% 10.00% 3.1 -14.00% 96 2013 FDG HOSE 20.00% 5.8 32.00% 63.00% 4.00% 2.4 205.00% 96 2012 FDG HOSE 23.00% 5.9 11.00% 17.00% 17.00% 3.5 2.5 29.00% 96 2011 FDG HOSE 18.00% 5.5 14.00% 8.00% 0.00% 1.2 7.3 2.00% 97 2014 FMC HOSE 17.00% 5.7 11.00% 16.00% 8.00% 3.5 56.00% 97 2011 FMC HOSE 12.00% 5.8 7.00% 45.00% 3.2 8.5 -8.00% 97 2013 FMC HOSE 0.00% 5.7 -30.00% 9.00% 135.00% 4.00% 1.7 -0.2 -42.00% 97 2012 FMC HOSE 0.00% 5.8 -15.00% -41.00% 1.00% 0.9 -1.6 -61.00% 98 2014 FPC HOSE 0.00% 5.9 -31.00% -57.00% 3.00% 0.7 -1.1 -46.00% 98 2013 FPC HOSE 0.00% 6.1 -5.00% -10.00% 1.00% 0.5 -8.1 -27.00% 98 2012 FPC HOSE 36.00% 6.8 28.00% 43.00% 20.00% 1.3 22.00% 98 2011 FPC HOSE 25.00% 21.00% 46.00% 22.00% 2.1 10.6 12.00% 99 2011 FPT HOSE 15.00% 7.2 21.00% 38.00% 19.00% 1.6 5.9 27.00% 99 2012 FPT HOSE 10.00% 7.1 21.00% 42.00% 12.00% 1.8 8.6 9.00% 99 2014 FPT HOSE 20.00% 5.3 25.00% 27.00% 19.00% 0.3 4.2 25.00% 99 2013 FPT HOSE 13.00% 5.3 21.00% 26.00% 19.00% 0.6 8.8 8.00% 100 2014 GDT HOSE 10.00% 5.3 24.00% 24.00% 24.00% 0.4 6.2 1.00% 100 2012 GDT HOSE 10.00% 5.2 16.00% 17.00% 3.00% 0.4 21.00% 100 2013 GDT HOSE 10% 5.3 24% 24% 24% 0.4 6.2 1% 100 2011 GDT HOSE 0% 5.2 16% 17% 3% 0.4 0.0 21% Ụ LỤC 2: Â C SÔ L ỆU Thống kê mô tả Descriptive Statistics N TCT SIZE EARNING PROF LIQD LEV PER GROWTH Valid N (listwise) Minimum 397 397 397 397 397 397 397 397 397 0.000% 300% -74.000% -188.000% 0.000% 2.800% -128.600% 78.000% Maximum Mean 105.000% 8.700% 56.000% 176.000% 74.000% 41.800% 552.900% 409.000% Std Deviation 12.398% 5.622% 11.657% 13.627% 9.365% 1.762% 9.986% 29.894% 12.289% 724% 11.310% 24.768% 10.619% 2.907% 38.189% 60.844% Phân tích tư ng quan biến TCT SIZE EARNING PROF LIQD LEV PER GROWTH Pearson TCT 1.000 043 485 316 223 -.160 -.071 003 Correlation SIZE 043 1.000 -.070 -.021 034 114 036 -.062 485 -.070 1.000 442 259 -.154 -.068 204 PROF 316 -.021 442 1.000 111 -.367 -.055 155 LIQD 223 034 259 111 1.000 -.169 -.073 010 LEV -.160 114 -.154 -.367 -.169 1.000 166 -.020 PER -.071 036 -.068 -.055 -.073 166 1.000 -.042 003 -.062 204 155 010 -.020 -.042 1.000 EARNING GROWTH Phư ng pháp nhập biến vào mô h nh Variables Entered/Removeda Model Variables Entered GROWTH, LIQD, SIZE, PER, PROF, LEV, EARNINGb a Dependent Variable: TCT Variables Removed Method Enter b All requested variables entered Đánh giá mức độ phù h p mơ h nh hồi qui tuyến tính bội Model Summaryb Change Statistics Model R R Adjusted Std Error of R Square Square R Square the Estimate Change 525a 275 262 10.55081% F Change df1 275 21.177 df2 Sig F Durbin- Change Watson 000 1.498 390 a Predictors: (Constant), GROWTH, LIQD, SIZE, PER, PROF, LEV, EARNING b Dependent Variable: TCT Kiểm định tính phù h p mơ h nh hồi quy tuyến tính bội ANOVAa Model Sum of Squares df Mean Square Regression 16502.226 2357.461 Residual 43414.674 390 111.320 Total 59916.900 397 F Sig .000b 21.177 a Dependent Variable: TCT b Predictors: (Constant), GROWTH, LIQD, SIZE, PER, PROF, LEV, EARNING Bảng kết trọng số hồi qui Coefficients a Unstandardized Standardized Coefficients Collinearity Coefficients Correlations Std Model B Error Statistics ZeroBeta t Sig order Partial Part Tolerance VIF (Constant) -.636 4.251 -.150 881 SIZE 1.217 742 072 2.277 002 043 083 071 974 1.027 EARNING 465 055 427 8.498 000 485 395 366 734 1.362 PROF 058 026 117 1.641 877 316 115 098 703 1.422 LIQD 103 052 089 1.956 185 223 099 084 906 1.104 -.176 202 -.042 -.872 384 -.160 814 1.228 LEV -.044 038 PER GROWTH -.009 014 -.029 2.275 004 -.071 -.033 -.020 009 -.101 -.659 900 003 -.114 028 098 967 1.034 947 1.056 a Dependent Variable: TCT Bảng kiểm định giả định phư ng sai sai số Residuals Statistics Minimum Predicted Value Maximum a Mean Std Deviation N -16.0960% 36.7154% 12.3721% 6.44727% 398 -27.29441% 76.74815% 0.00000% 10.45738% 398 Std Predicted Value -4.416 3.776 000 1.000 398 Std Residual -2.587 7.274 000 991 398 Residual a Dependent Variable: TCT Biểu đồ phân tán giá trị dự đoán phần dư từ hồi qui Kiểm tra giả định phần dư có phân phối chuẩn 10 Đồ thị Histogram phần dư – chuẩn hóa