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BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC KINH TẾ TP HỒ CHÍ MINH -0o0 - TRẦN PHƯƠNG THẢO MỐI QUAN HỆ GIỮA VIỆC NẮM GIỮ TIỀN MẶT VÀ KỲ HẠN NỢ TRONG TRƯỜNG HỢP HẠN CHẾ TÀI CHÍNH: NGHIÊN CỨU THỰC NGHIỆM TẠI VIỆT NAM LUẬN VĂN THẠC SĨ KINH TẾ TP HỒ CHÍ MINH - 2019 123doc BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC KINH TẾ TP HỒ CHÍ MINH -0o0 - TRẦN PHƯƠNG THẢO MỐI QUAN HỆ GIỮA VIỆC NẮM GIỮ TIỀN MẶT VÀ KỲ HẠN NỢ TRONG TRƯỜNG HỢP HẠN CHẾ TÀI CHÍNH: NGHIÊN CỨU THỰC NGHIỆM TẠI VIỆT NAM Chuyên ngành: Tài – Ngân hàng Mã ngành: 8340201 LUẬN VĂN THẠC SĨ KINH TẾ NGƯỜI HƯỚNG DẪN KHOA HỌC: PGS.TS NGUYỄN KHẮC QUỐC BẢO TP HỒ CHÍ MINH -2019 123doc LỜI CAM ĐOAN Tơi xin cam đoan cơng trình nghiên cứu khoa học riêng dựa hướng dẫn PGS.TS Nguyễn Khắc Quốc Bảo Các thông tin số liệu nghiên cứu có nguồn gốc rõ ràng, cụ thể Kết nghiên cứu trung thực chưa cơng bố cơng trình nghiên cứu Tp Hồ Chí Minh, Ngày 19 tháng 03 năm 2019 Người thực Trần Phương Thảo 123doc MỤC LỤC LỜI CAM ĐOAN DANH MỤC CÁC TỪ VIẾT TẮT DANH MỤC BẢNG TÓM TẮT CHƯƠNG GIỚI THIỆU ĐỀ TÀI 1.1 Lý chọn đề tài: 1.2 Mục tiêu nghiên cứu: 1.3 Phương pháp nghiên cứu: 1.4 Kết cấu nghiên cứu: CHƯƠNG TỔNG QUAN NGHIÊN CỨU TRƯỚC ĐÂY 2.1 Khung lý thuyết Động nắm giữ tiền mặt: Lý thuyết định nắm giữ tiền mặt: Phân loại cơng ty hạn chế tài 2.2 Nghiên cứu thực nghiệm mối quan hệ cấu trúc kì hạn nợ việc nắm giữ tiền mặt: CHƯƠNG PHƯƠNG PHÁP NGHIÊN CỨU 18 3.1 Mơ hình nghiên cứu 18 3.1.1 Mơ hình 1: Mơ hình nắm giữ tiền mặt 18 3.1.2 Mơ hình 2: Mơ hình kỳ hạn nợ 21 3.2 Dữ liệu nghiên cứu 23 3.3 Phương pháp ước lượng 31 CHƯƠNG KẾT QUẢ NGHIÊN CỨU Ở VIỆT NAM 32 4.1 Kết kiểm định mơ hình 32 4.2 Kết hồi quy mơ hình 2: 36 4.3 Kết hồi quy phương trình đồng thời: 38 4.4 Hồi quy theo phân loại cơng ty hạn chế tài 41 CHƯƠNG KẾT LUẬN VÀ KHUYẾN NGHỊ 44 TÀI LIỆU THAM KHẢO PHỤ LỤC 123doc DANH MỤC CÁC TỪ VIẾT TẮT TỪ VIẾT TẮT TÊN TIẾNG ANH ĐẦY ĐỦ TIÊN TIẾNG VIỆT ĐẦY ĐỦ EMU Euro Monetary Union Khối Liên minh Kinh tế Tiền tệ FEM Fix Effect Model Mơ hình hiệu ứng cố định REM Random Effect Model Mơ hình hiệu ứng ngẫu nhiên GMM Generalized HNX Method of Phương pháp ước lượng tổng Moments quát hóa thời điểm Ha Noi Stock Exchange Sở giao dịch chứng khoán Hà Nội HOSE Ho Chi Minh Stock Exchange Sở giao dịch chứng khoán thành phố Hồ Chí Minh KH Depreciation Khấu hao OLS Ordinary Least Squares Phương pháp bình phương nhỏ S-GMM System Generalized Method of Phương pháp ước lượng tổng Moments quát hóa thời điểm hệ thống TSCĐ Fixed assets Tài sản cố định VCSH Owners' equity Vổn chủ sở hữu 123doc C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an DANH MỤC BẢNG Bảng 3.1: Mô tả kỳ vọng biến mơ hình tiền mặt 20 Bảng 3.2: Mô tả kỳ vọng biến mơ hình kỳ hạn nợ 22 Bảng 3.3: Tóm tắt cách tính biến nguồn liệu: .24 Bảng 3.4: Thống kê mô tả biến 27 Bảng 3.5: Ma trận hệ số tương quan biến mơ hình .29 Bảng 4.1: Kết hồi quy Pooled OLS, FEM, REM mơ hình nắm giữ tiền mặt 32 Bảng 4.2: Kết hồi quy Pooled OLS, FEM, REM mơ hình kỳ hạn nợ .37 Bảng 4.3: Hồi quy ước tính hệ phương trình phương pháp System GMM .39 Bảng 4.4: Phân loại cơng ty hạn chế tài 42 Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn 123doc C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an TÓM TẮT Bài nghiên cứu “Mối quan hệ việc nắm giữ tiền mặt kỳ hạn nợ trường hợp hạn chế tài chính: nghiên cứu thực nghiệm Việt Nam” nhằm xem xét ảnh hưởng kỳ hạn nợ việc nắm giữ tiền mặt 489 cơng ty phi tài niêm yết Sở Giao Dịch Chứng Khốn thành phố Hồ Chí Minh (HOSE) Sở Giao Dịch Chứng Khoán Hà Nội (HNX) Theo nghiên cứu (Brick and Liao 2017) kết cho thấy mối quan hệ chiều đáng kể nắm giữ tiền mặt kỳ hạn nợ mối quan hệ tương quan chiều mạnh cơng ty hạn chế tài Tuy nhiên, kết phân tích mẫu nghiên cứu Việt Nam phương pháp System GMM đưa chứng cho thấy mối quan hệ việc nắm giữ tiền mặt kỳ hạn nợ doanh nghiệp mối tương quan ngược chiều tác động qua lại lẫn đặc biệt công ty bị hạn chế tài Điều cho doanh nghiệp Việt Nam tình hình cơng ty khó khăn đặc biệt sau giai đoạn khủng hoảng kinh tế tồn cầu cơng ty khó tiếp cận với nguồn tài trợ bên đặc biệt vay nợ dài hạn nên công ty ưu tiên sử dụng nguồn vốn nội từ lợi nhuận giữ lại để tăng lượng tiền mặt nắm giữ Tuy nhiên phản ứng ngắn hạn với động giao dịch động phịng ngừa rủi ro khoản Vì vậy, mà doanh nghiệp Việt Nam nên đưa mức nắm giữ tiền mặt tối ưu cân đối việc sử dụng nợ vay để giúp doanh nghiệp phịng ngừa rủi ro dài hạn Từ khóa: nắm giữ tiền mặt, kỳ hạn nợ, hạn chế tài chính, System GMM Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn 123doc C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an ABSTRACT "The relationship between cash holding and debt maturity in case of financial constraints: empirical research in Vietnam" to consider the impact of debt maturity and cash holding of 489 non-financial companies listed on Ho Chi Minh City Stock Exchange (HOSE) and Hanoi Stock Exchange (HNX) According to the study of (Brick and Liao 2017) the results show a significant positive relationship between cash holdings and debt maturity and this relationship is positively correlated between financial constraining companies However, the results of research samples in Vietnam by System GMM method provide evidence that the relationship between cash holding and debt maturity of enterprises is is negative correlation especially in financially constrained companies This suggests that for businesses in Vietnam when the company situation is difficult, especially after the global economic crisis, the company will be difficult to access external funding, especially long-term debt So the company will prioritize the use of internal capital from retained earnings to increase the holding amount However, it is only a short-term reaction to trading engine and liquidity risk prevention engine Therefore, enterprises in Vietnam should offer optimal cash holding and balance the use of debt to help businesses prevent risks in the long term Key: Cash Holding, Debt Maturity, financial constraints, System GMM Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn 123doc C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an CHƯƠNG GIỚI THIỆU ĐỀ TÀI 1.1 Lý chọn đề tài: Tiền mặt yếu tố quan trọng ảnh hưởng đến hoạt động kinh doanh doanh nghiệp Trong bảng cân đối kế tốn tiền mặt tài sản ngắn hạn có tính khoản cao tác động trực tiếp đến việc hoạch định tài doanh nghiệp Trước thực định liên quan đến đầu tư hay phân phối, nhà quản trị cố gắng gia tăng việc nắm giữ tiền mặt khoản tương đương tiền Dòng tiền doanh nghiệp chủ yếu đến từ hoạt động sản xuất kinh doanh, hoạt động tài (huy động vốn nợ vốn cổ phần) phần hoạt động đầu tư Theo lý thuyết trật tự phân hạng (Myers and Majluf 1984), thứ tự nguồn vốn mà doanh nghiệp ưu tiên sử dụng lợi nhuận giữ lại, tiếp đến vốn vay cuối phát hành vốn cổ phần Hiện nay, với việc thị trường chứng khoán Việt Nam chưa thật phát triển thị trường trái phiếu khơng phổ biến vốn vay ngân hàng nguồn tài trợ tương đối lý tưởng với doanh nghiệp Tuy nhiên, xu hướng chung doanh nghiệp ưa thích sử dụng nợ ngắn hơn nợ dài hạn Nguyên nhân dẫn đến tình trạng xếp hạng tín dụng hầu hết doanh nghiệp thấp rủi ro biến động lãi suất dài hạn quốc gia phát triển Việt Nam tương đối cao Bên cạnh đó, việc sử dụng cơng cụ nợ địi hỏi doanh nghiệp cần phải có lực tốt việc quản trị dịng tiền để hồn thành nghĩa vụ lãi vay nợ gốc Thông thường có khoản nợ đáo hạn, doanh nghiệp để nguồn tiền riêng dùng cho việc thực nghĩa vụ toán tương lai Tuy vậy, điều phần khiến cho việc sử dụng nguồn vốn doanh nghiệp thiếu hiệu Trên giới có nhiều nghiên cứu thực nghiệm tìm hiểu mối quan hệ nắm giữ tiền mặt kỳ đáo hạn việc vay nợ Cụ thể (Harford, Klasa et al 2014) dựa quan điểm giả sử công ty không tái tài trợ cách vay nợ, lượng tiền mặt nắm giữ lớn giúp doanh nghiệp tăng khả khoản bán tài sản sẵn có Chính vậy, lượng nợ đáo hạn lớn Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn 123doc C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an doanh nghiệp có xu hướng năm giữ nhiều tiền mặt ngược lại Nghiên cứu cho thấy mối quan hệ khoản vay dài hạn tới hạn trả (đại diện cho kỳ hạn nợ) nắm giữ tiền mặt tác động lẫn Bài nghiên cứu gần (Brick and Liao 2017) sử dụng phương pháp ước lượng GMM đưa kết tương tự mối quan hệ kỳ hạn nợ nắm giữ tiền mặt đặc biệt công ty hạn chế tài Việt Nam thị trường có tốc độ tăng trưởng kinh tế tương đối mạnh mẽ nhiều năm trở lại với số lượng doanh nghiệp tăng lên đáng kể Như đề cập trên, với việc thị trường vốn Việt Nam chưa thật phát triển kênh tín dụng ngân hàng đóng vai trị quan trọng hoạt động doanh nghiệp Hiện có nhiều nghiên cứu Việt Nam xem xét chủ đề hành vi nắm giữ tiền mặt doanh nghiệp Tuy nhiên chưa có nhiều nghiên cứu xem xét kỳ hạn nợ mối quan hệ yếu tố với việc nắm giữ tiền Thêm vào đó, việc xem xét mối quan hệ hành vi nắm giữ tiền mặt doanh nghiệp với kỳ hạn nợ, đặc biệt sau giai đoạn khủng hoảng tài tồn cầu, có đóng góp định vào sở lý thuyết Việt Nam Trên sở đó, tác giả tiến hành thực nghiên cứu: “Mối quan hệ việc nắm giữ tiền mặt kỳ hạn nợ trường hợp hạn chế tài chính: nghiên cứu thực nghiệm Việt Nam” nhằm xem xét ảnh hưởng kỳ hạn nợ việc nắm giữ tiền mặt cơng ty phi tài Sở Giao Dịch Chứng Khốn thành phố Hồ Chí Minh (HOSE) Sở Giao Dịch Chứng Khoán Hà Nội (HNX) từ năm 2008 đến năm 2017 1.2 Mục tiêu nghiên cứu: - Thứ nhất, nghiên cứu mối quan hệ kỳ han nợ lượng tiền mặt nắm giữ doanh nghiệp - Thứ hai, trường hợp hạn chế tài chính, kỳ hạn nợ lượng tiền mặt nắm giữ doanh nghiệp tác động qua lại lẫn Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn 123doc C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an reg logcash Debtmaturity1 PB size leverage dividend capex sigmastdevocf, robust Linear regression Number of obs F(7, 2837) Prob > F R-squared Root MSE logcash Coef Debtmaturity1 PB size leverage dividend capex sigmastdevocf _cons -1.079372 1848794 0090782 -.9069741 4.608916 -.9891056 -5.91327 -2.247161 Robust Std Err .1356404 0421227 0184613 1118257 9162091 4166227 1.400086 5058147 t -7.96 4.39 0.49 -8.11 5.03 -2.37 -4.22 -4.44 P>|t| 0.000 0.000 0.623 0.000 0.000 0.018 0.000 0.000 = = = = = 2,845 43.16 0.0000 0.1476 1.3124 [95% Conf Interval] -1.345336 1022852 -.0271207 -1.126242 2.812412 -1.80602 -8.658559 -3.238962 -.8134085 2674737 0452771 -.6877062 6.405419 -.1721916 -3.167981 -1.255359 xtreg logcash Debtmaturity1 PB size leverage dividend capex sigmastdevocf, fe Fixed-effects (within) regression Group variable: Identify Number of obs Number of groups R-sq: Obs per group: within = 0.0203 between = 0.0840 overall = 0.0716 corr(u_i, Xb) F(7,2349) Prob > F = 0.0913 logcash Coef Std Err t Debtmaturity1 PB size leverage dividend capex sigmastdevocf _cons -.6190235 0618397 -.1000474 -.1227541 8716192 -.9910385 -1.215398 -.0369802 1697396 0310264 0579226 0957649 5894658 3184066 1.465012 1.59438 sigma_u sigma_e rho 1.1476381 82828206 65750945 (fraction of variance due to u_i) -3.65 1.99 -1.73 -1.28 1.48 -3.11 -0.83 -0.02 P>|t| 0.000 0.046 0.084 0.200 0.139 0.002 0.407 0.981 F test that all u_i=0: F(488, 2349) = 9.78 Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn 123doc = = 2,845 489 = avg = max = 5.8 = = 6.96 0.0000 [95% Conf Interval] -.9518785 0009978 -.2136323 -.3105467 -.2843082 -1.615426 -4.08825 -3.163518 -.2861685 1226816 0135374 0650385 2.027547 -.3666513 1.657454 3.089558 Prob > F = 0.0000 C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an xtreg logcash Debtmaturity1 PB size leverage dividend capex sigmastdevocf, re Random-effects GLS regression Group variable: Identify Number of obs Number of groups R-sq: Obs per group: within = 0.0174 between = 0.1679 overall = 0.1300 corr(u_i, X) Wald chi2(7) Prob > chi2 = (assumed) logcash Coef Debtmaturity1 PB size leverage dividend capex sigmastdevocf _cons -.7486778 1020782 -.0397732 -.3332362 2.104715 -.9647148 -2.100036 -1.519811 147222 0285674 0308689 0907025 5417183 3073279 1.324332 8488637 sigma_u sigma_e rho 1.0081802 82828206 59702798 (fraction of variance due to u_i) Std Err z P>|z| -5.09 3.57 -1.29 -3.67 3.89 -3.14 -1.59 -1.79 0.000 0.000 0.198 0.000 0.000 0.002 0.113 0.073 = = 2,845 489 = avg = max = 5.8 = = 117.69 0.0000 [95% Conf Interval] -1.037228 0460871 -.1002751 -.51101 1.042967 -1.567066 -4.695678 -3.183553 -.460128 1580693 0207287 -.1554625 3.166464 -.3623631 4956065 1439311 hausman fem2 rem2 Coefficients (b) (B) fem2 rem2 Debtmaturi~1 PB size leverage dividend capex sigmastdev~f -.6190235 0618397 -.1000474 -.1227541 8716192 -.9910385 -1.215398 -.7486778 1020782 -.0397732 -.3332362 2.104715 -.9647148 -2.100036 (b-B) Difference 1296543 -.0402385 -.0602743 2104821 -1.233096 -.0263238 884638 sqrt(diag(V_b-V_B)) S.E .084482 0121053 0490117 0307241 2324033 0832606 6264245 b = consistent under Ho and Ha; obtained from xtreg B = inconsistent under Ha, efficient under Ho; obtained from xtreg Test: Ho: difference in coefficients not systematic chi2(7) = (b-B)'[(V_b-V_B)^(-1)](b-B) = 67.01 Prob>chi2 = 0.0000 Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn 123doc C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an reg Dcash lcash ldcash Debtmaturity1 PB size leverage dividend capex sigmastdevocf Source SS df MS Model Residual 2.24613468 18.4795186 2,835 24957052 006518349 Total 20.7256533 2,844 007287501 Dcash Coef lcash ldcash Debtmaturity1 PB size leverage dividend capex sigmastdevocf _cons -.1994942 -.1011804 -.0210444 0100306 -.0004614 -.0222997 -.046973 -.0942988 -.2171265 0715439 Std Err t 015465 0194041 0082471 0019544 0011537 0064248 0383362 0231836 0847309 0317529 -12.90 -5.21 -2.55 5.13 -0.40 -3.47 -1.23 -4.07 -2.56 2.25 Number of obs F(9, 2835) Prob > F R-squared Adj R-squared Root MSE P>|t| 0.000 0.000 0.011 0.000 0.689 0.001 0.221 0.000 0.010 0.024 = = = = = = 2,845 38.29 0.0000 0.1084 0.1055 08074 [95% Conf Interval] -.229818 -.139228 -.0372155 0061983 -.0027235 -.0348974 -.1221427 -.1397572 -.383267 0092827 -.1691705 -.0631328 -.0048734 0138628 0018007 -.0097021 0281968 -.0488404 -.0509861 133805 hettest Breusch-Pagan / Cook-Weisberg test for heteroskedasticity Ho: Constant variance Variables: fitted values of Dcash chi2(1) Prob > chi2 = = 604.54 0.0000 reg Dcash lcash ldcash Debtmaturity1 PB size leverage dividend capex sigmastdevocf, robust Linear regression Number of obs F(9, 2835) Prob > F R-squared Root MSE Dcash Coef lcash ldcash Debtmaturity1 PB size leverage dividend capex sigmastdevocf _cons -.1994942 -.1011804 -.0210444 0100306 -.0004614 -.0222997 -.046973 -.0942988 -.2171265 0715439 Robust Std Err .0254698 0328756 0078636 002603 0011816 0075749 0577314 0214858 1025605 0322535 t -7.83 -3.08 -2.68 3.85 -0.39 -2.94 -0.81 -4.39 -2.12 2.22 P>|t| 0.000 0.002 0.007 0.000 0.696 0.003 0.416 0.000 0.034 0.027 = = = = = [95% Conf Interval] -.2494355 -.165643 -.0364634 0049265 -.0027782 -.0371525 -.1601728 -.1364282 -.4182274 0083011 Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn 123doc 2,845 18.70 0.0000 0.1084 08074 -.149553 -.0367179 -.0056255 0151346 0018554 -.007447 0662269 -.0521694 -.0160257 1347866 C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an xtreg Dcash lcash ldcash Debtmaturity1 PB size leverage dividend capex sigmastdevocf, fe Fixed-effects (within) regression Group variable: Identify Number of obs Number of groups R-sq: Obs per group: within = 0.3200 between = 0.0019 overall = 0.0706 corr(u_i, Xb) = = 2,845 489 = avg = max = 5.8 = = 122.71 0.0000 F(9,2347) Prob > F = -0.8129 Dcash Coef Std Err t P>|t| lcash ldcash Debtmaturity1 PB size leverage dividend capex sigmastdevocf _cons -.7528922 0831288 -.050549 0033514 0141115 -.007609 -.1053089 -.1175546 1053115 -.2917793 0279194 0217744 0151939 0027743 0051876 0085629 0529254 0288321 1309549 1428767 sigma_u sigma_e rho 08191117 07401032 55054216 (fraction of variance due to u_i) -26.97 3.82 -3.33 1.21 2.72 -0.89 -1.99 -4.08 0.80 -2.04 0.000 0.000 0.001 0.227 0.007 0.374 0.047 0.000 0.421 0.041 [95% Conf Interval] -.8076414 0404298 -.0803438 -.002089 0039387 -.0244007 -.2090943 -.1740936 -.1514878 -.5719569 F test that all u_i=0: F(488, 2347) = 2.10 -.698143 1258279 -.0207542 0087918 0242842 0091827 -.0015235 -.0610156 3621108 -.0116017 Prob > F = 0.0000 xtreg Dcash lcash ldcash Debtmaturity1 PB size leverage dividend capex sigmastdevocf, re Random-effects GLS regression Group variable: Identify Number of obs Number of groups R-sq: Obs per group: within = 0.2347 between = 0.0021 overall = 0.1084 corr(u_i, X) = = 2,845 489 = avg = max = 5.8 = = 344.59 0.0000 Wald chi2(9) Prob > chi2 = (assumed) Dcash Coef Std Err z lcash ldcash Debtmaturity1 PB size leverage dividend capex sigmastdevocf _cons -.1994942 -.1011804 -.0210444 0100306 -.0004614 -.0222997 -.046973 -.0942988 -.2171265 0715439 015465 0194041 0082471 0019544 0011537 0064248 0383362 0231836 0847309 0317529 sigma_u sigma_e rho 07401032 (fraction of variance due to u_i) -12.90 -5.21 -2.55 5.13 -0.40 -3.47 -1.23 -4.07 -2.56 2.25 P>|z| 0.000 0.000 0.011 0.000 0.689 0.001 0.220 0.000 0.010 0.024 [95% Conf Interval] -.229805 -.1392118 -.0372086 0062 -.0027225 -.034892 -.1221106 -.1397378 -.383196 0093093 Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn 123doc -.1691835 -.0631491 -.0048803 0138612 0017997 -.0097075 0281647 -.0488598 -.051057 1337784 C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an hausman fem3 rem3 Coefficients (b) (B) fem3 rem3 lcash ldcash Debtmaturi~1 PB size leverage dividend capex sigmastdev~f -.7528922 0831288 -.050549 0033514 0141115 -.007609 -.1053089 -.1175546 1053115 (b-B) Difference -.1994942 -.1011804 -.0210444 0100306 -.0004614 -.0222997 -.046973 -.0942988 -.2171265 sqrt(diag(V_b-V_B)) S.E -.553398 1843093 -.0295045 -.0066792 0145729 0146907 -.0583359 -.0232558 3224381 0232449 0098795 0127608 001969 0050577 005661 0364888 0171409 0998492 b = consistent under Ho and Ha; obtained from xtreg B = inconsistent under Ha, efficient under Ho; obtained from xtreg Test: Ho: difference in coefficients not systematic chi2(9) = (b-B)'[(V_b-V_B)^(-1)](b-B) = 494.53 Prob>chi2 = 0.0000 (V_b-V_B is not positive definite) Phụ lục 5: Mơ hình kỳ hạn nợ reg Debtmaturity1 leverage cashholding PB assetmatu size size2 vostdevocf capex Source SS df MS Model Residual 28.2991454 83.0257937 2,430 3.53739317 034166993 Total 111.324939 2,438 045662403 Debtmaturi~1 Coef leverage cashholding PB assetmatu size size2 vostdevocf capex _cons -.0216136 -.188777 -.0245538 2.64e-06 -.2824488 0060799 -.2703946 864662 3.374634 Std Err .0158628 0346513 0043156 9.64e-06 0675346 0012333 0505635 0543528 9228208 t -1.36 -5.45 -5.69 0.27 -4.18 4.93 -5.35 15.91 3.66 Number of obs F(8, 2430) Prob > F R-squared Adj R-squared Root MSE P>|t| 0.173 0.000 0.000 0.784 0.000 0.000 0.000 0.000 0.000 -.0527196 -.2567262 -.0330163 -.0000163 -.4148802 0036614 -.3695467 7580794 1.565037 Breusch-Pagan / Cook-Weisberg test for heteroskedasticity Ho: Constant variance Variables: fitted values of Debtmaturity1 = = 156.65 0.0000 Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn 123doc 2,439 103.53 0.0000 0.2542 0.2517 18484 [95% Conf Interval] hettest chi2(1) Prob > chi2 = = = = = = 0094925 -.1208278 -.0160913 0000215 -.1500173 0084984 -.1712426 9712446 5.184231 C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an reg Debtmaturity1 leverage cashholding PB assetmatu size size2 vostdevocf capex, robust Linear regression Number of obs F(8, 2430) Prob > F R-squared Root MSE Debtmaturi~1 Coef leverage cashholding PB assetmatu size size2 vostdevocf capex _cons -.0216136 -.188777 -.0245538 2.64e-06 -.2824488 0060799 -.2703946 864662 3.374634 Robust Std Err .0143185 0332316 0042507 3.59e-06 0711085 0013089 0428742 0627593 9634012 t -1.51 -5.68 -5.78 0.74 -3.97 4.65 -6.31 13.78 3.50 P>|t| 0.131 0.000 0.000 0.462 0.000 0.000 0.000 0.000 0.000 = = = = = 2,439 85.34 0.0000 0.2542 18484 [95% Conf Interval] -.0496913 -.2539421 -.0328892 -4.41e-06 -.4218884 0035132 -.3544684 7415947 1.485461 0064642 -.1236119 -.0162184 9.69e-06 -.1430091 0086466 -.1863209 9877293 5.263806 xtreg Debtmaturity1 leverage cashholding PB assetmatu size size2 vostdevocf capex, fe Fixed-effects (within) regression Group variable: Identify Number of obs Number of groups R-sq: Obs per group: within = 0.1130 between = 0.1930 overall = 0.1726 corr(u_i, Xb) = = 2,439 483 = avg = max = 5.0 = = 31.03 0.0000 F(8,1948) Prob > F = -0.3095 Debtmaturi~1 Coef Std Err t leverage cashholding PB assetmatu size size2 vostdevocf capex _cons -.0002711 -.0964983 -.0146823 -5.16e-07 0399531 0010637 0582545 2529376 -1.704227 0137821 0331257 0040371 6.09e-06 1428888 0026375 048105 0414527 1.934802 sigma_u sigma_e rho 18702486 09918501 78048745 (fraction of variance due to u_i) -0.02 -2.91 -3.64 -0.08 0.28 0.40 1.21 6.10 -0.88 F test that all u_i=0: F(482, 1948) = 13.47 P>|t| 0.984 0.004 0.000 0.932 0.780 0.687 0.226 0.000 0.379 [95% Conf Interval] -.0273004 -.1614639 -.0225997 -.0000125 -.240278 -.0041089 -.0360882 1716413 -5.498726 Prob > F = 0.0000 Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn 123doc 0267581 -.0315327 -.0067649 0000114 3201842 0062364 1525971 3342339 2.090271 C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an xtreg Debtmaturity1 leverage cashholding PB assetmatu size size2 vostdevocf capex, re Random-effects GLS regression Group variable: Identify Number of obs Number of groups R-sq: Obs per group: within = 0.1027 between = 0.2288 overall = 0.2040 corr(u_i, X) = = 2,439 483 = avg = max = 5.0 = = 372.15 0.0000 Wald chi2(8) Prob > chi2 = (assumed) Debtmaturi~1 Coef Std Err z leverage cashholding PB assetmatu size size2 vostdevocf capex _cons -.0010281 -.1142657 -.0141815 -3.83e-07 -.0966261 0030125 -.0165102 3481715 5733434 0131601 0311696 0037513 6.09e-06 0998775 0018346 0452708 040539 1.357696 sigma_u sigma_e rho 15619804 09918501 71264716 (fraction of variance due to u_i) -0.08 -3.67 -3.78 -0.06 -0.97 1.64 -0.36 8.59 0.42 P>|z| 0.938 0.000 0.000 0.950 0.333 0.101 0.715 0.000 0.673 [95% Conf Interval] -.0268214 -.1753569 -.0215339 -.0000123 -.2923824 -.0005833 -.1052393 2687164 -2.087692 0247651 -.0531744 -.0068291 0000116 0991302 0066082 0722188 4276266 3.234379 hausman fem4 rem4 Note: the rank of the differenced variance matrix (7) does not equal the number of coefficients being tested (8); be sure this is what you expect, or there may be problems computing the test Examine the output of your estimators for anything unexpected and possibly consider scaling your variables so that the coefficients are on a similar scale Coefficients (b) (B) fem4 rem4 leverage cashholding PB assetmatu size size2 vostdevocf capex -.0002711 -.0964983 -.0146823 -5.16e-07 0399531 0010637 0582545 2529376 -.0010281 -.1142657 -.0141815 -3.83e-07 -.0966261 0030125 -.0165102 3481715 (b-B) Difference sqrt(diag(V_b-V_B)) S.E .000757 0177673 -.0005008 -1.33e-07 1365792 -.0019487 0747647 -.0952339 0040938 0112148 0014918 1021847 0018949 016268 0086552 b = consistent under Ho and Ha; obtained from xtreg B = inconsistent under Ha, efficient under Ho; obtained from xtreg Test: Ho: difference in coefficients not systematic chi2(7) = (b-B)'[(V_b-V_B)^(-1)](b-B) = 163.35 Prob>chi2 = 0.0000 (V_b-V_B is not positive definite) Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn 123doc C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an Phụ lục 6: Mơ hình hồi quy tiền mặt chạy phương pháp two-step System GMM xtabond2 Debtmaturity1 l.Debtmaturity1 cashholding sigmastdevocf PB size size2 capex leverage, gmm(l.Debtmaturity1, lag(2 1)) iv(l.cas > hholding l.sigmastdevocf l.PB l.size l.size2 l.capex l.leverage) small two Favoring speed over space To switch, type or click on mata: mata set matafavor space, perm Warning: Two-step estimated covariance matrix of moments is singular Using a generalized inverse to calculate optimal weighting matrix for two-step estimation Difference-in-Sargan/Hansen statistics may be negative Dynamic panel-data estimation, two-step system GMM Group variable: Identify Time variable : year Number of instruments = 21 F(8, 480) = 169.62 Prob > F = 0.000 Number of obs Number of groups Obs per group: avg max Debtmaturity1 Coef Debtmaturity1 L1 .6074075 0516394 cashholding sigmastdevocf PB size size2 capex leverage _cons -.3732384 -.6100107 -.0444625 -.1448441 0030358 1.799847 -.2075842 1.928162 1215586 3134014 0110535 0934269 0017271 4754989 0319898 1.26613 Std Err t = = = = = 2356 481 4.90 P>|t| [95% Conf Interval] 11.76 0.000 5059402 7088747 -3.07 -1.95 -4.02 -1.55 1.76 3.79 -6.49 1.52 0.002 0.052 0.000 0.122 0.079 0.000 0.000 0.128 -.6120911 -1.225819 -.0661818 -.3284203 -.0003578 8655307 -.2704416 -.5596802 -.1343857 0057975 -.0227432 0387322 0064294 2.734164 -.1447268 4.416005 Warning: Uncorrected two-step standard errors are unreliable Instruments for first differences equation Standard D.(L.cashholding L.sigmastdevocf L.PB L.size L.size2 L.capex L.leverage) GMM-type (missing=0, separate instruments for each period unless collapsed) L(1/2).L.Debtmaturity1 Instruments for levels equation Standard L.cashholding L.sigmastdevocf L.PB L.size L.size2 L.capex L.leverage _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.L.Debtmaturity1 Arellano-Bond test for AR(1) in first differences: z = -6.26 Pr > z = 0.000 Arellano-Bond test for AR(2) in first differences: z = -1.52 Pr > z = 0.129 Sargan test of (Not robust, Hansen test of (Robust, but overid restrictions: chi2(12) = 27.30 Prob > chi2 = 0.007 but not weakened by many instruments.) overid restrictions: chi2(12) = 15.55 Prob > chi2 = 0.213 weakened by many instruments.) Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(7) = 11.44 Prob > chi2 = 0.120 Difference (null H = exogenous): chi2(5) = 4.10 Prob > chi2 = 0.535 iv(L.cashholding L.sigmastdevocf L.PB L.size L.size2 L.capex L.leverage) Hansen test excluding group: chi2(5) = 4.98 Prob > chi2 = 0.418 Difference (null H = exogenous): chi2(7) = 10.56 Prob > chi2 = 0.159 Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn 123doc C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an xtabond2 Debtmaturity1 l.Debtmaturity1 cashholding sigmastdevocf PB size size2 capex levera > hholding l.sigmastdevocf l.PB l.size l.size2 l.capex l.leverage) small two Favoring speed over space To switch, type or click on mata: mata set matafavor space, perm Warning: Two-step estimated covariance matrix of moments is singular Using a generalized inverse to calculate optimal weighting matrix for two-step estimation Difference-in-Sargan/Hansen statistics may be negative Dynamic panel-data estimation, two-step system GMM Group variable: Identify Time variable : year Number of instruments = 21 F(8, 480) = 169.62 Prob > F = 0.000 Number of obs Number of groups Obs per group: avg max Debtmaturity1 Coef Debtmaturity1 L1 .6074075 0516394 cashholding sigmastdevocf PB size size2 capex leverage _cons -.3732384 -.6100107 -.0444625 -.1448441 0030358 1.799847 -.2075842 1.928162 1215586 3134014 0110535 0934269 0017271 4754989 0319898 1.26613 Std Err t = = = = = 2356 481 4.90 P>|t| [95% Conf Interval] 11.76 0.000 5059402 7088747 -3.07 -1.95 -4.02 -1.55 1.76 3.79 -6.49 1.52 0.002 0.052 0.000 0.122 0.079 0.000 0.000 0.128 -.6120911 -1.225819 -.0661818 -.3284203 -.0003578 8655307 -.2704416 -.5596802 -.1343857 0057975 -.0227432 0387322 0064294 2.734164 -.1447268 4.416005 Warning: Uncorrected two-step standard errors are unreliable Instruments for first differences equation Standard D.(L.cashholding L.sigmastdevocf L.PB L.size L.size2 L.capex L.leverage) GMM-type (missing=0, separate instruments for each period unless collapsed) L(1/2).L.Debtmaturity1 Instruments for levels equation Standard L.cashholding L.sigmastdevocf L.PB L.size L.size2 L.capex L.leverage _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.L.Debtmaturity1 Arellano-Bond test for AR(1) in first differences: z = Arellano-Bond test for AR(2) in first differences: z = Sargan test of (Not robust, Hansen test of (Robust, but -6.26 -1.52 overid restrictions: chi2(12) = 27.30 but not weakened by many instruments.) overid restrictions: chi2(12) = 15.55 weakened by many instruments.) Pr > z = Pr > z = 0.000 0.129 Prob > chi2 = 0.007 Prob > chi2 = 0.213 Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(7) = 11.44 Prob > chi2 = 0.120 Difference (null H = exogenous): chi2(5) = 4.10 Prob > chi2 = 0.535 iv(L.cashholding L.sigmastdevocf L.PB L.size L.size2 L.capex L.leverage) Hansen test excluding group: chi2(5) = 4.98 Prob > chi2 = 0.418 Difference (null H = exogenous): chi2(7) = 10.56 Prob > chi2 = 0.159 Phụ lục 7: Mơ hình hồi quy kỳ hạn nợ chạy phương pháp two-step System GMM Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn 123doc C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an xtabond2 cashholding lcash Debtmaturity1 PB size leverage dividend capex sigmastdevocf , gmm(lcash Debtmaturity1 , lag(2 2)) iv( l.PB > l.size l.dividend l.capex l.sigmastdevocf leverage ) small two Favoring speed overcashholding space To switch, lcash type or click on mata: mata set PB matafavor space, perm xtabond2 Debtmaturity1 size leverage dividend capex sigmastdevocf , g > l.size l.dividend l.capex Warning: Two-step estimated covariance matrix l.sigmastdevocf of moments is singular leverage ) small two Favoring speedinverse overto space To switch, typefor or click on mata: mata set matafavor space, perm Using a generalized calculate optimal weighting matrix two-step estimation Warning: Two-step estimated covariance matrix of moments is singular Difference-in-Sargan/Hansen statistics may be negative Using a generalized inverse to calculate optimal weighting matrix for two-step estimation Difference-in-Sargan/Hansen statistics may be negative Dynamic panel-data estimation, two-step system GMM Dynamic panel-data estimation, two-step system GMM Group variable: Identify Time variable : year Group variable: Identify Number instruments =:25 year Time ofvariable Number = 25 F(8, 480) of= instruments 23.76 F(8, = 23.76 Prob > F 480)= 0.000 Prob > F cashholding = Number of obs Number of groups Obs per group: avg max = = = = = 2356 481Number of obs 0Number of groups 4.90Obs per group: avg = = = = max = 0.000 Coef cashholding lcash lcash 4838498 Debtmaturity1 -.1037229 Debtmaturity1 PB -.0124636 PB size size 0012411 leverage leverage -.0255486 dividend dividend 4072826 capex capex 6138474 sigmastdevocf sigmastdevocf -.0733518 _cons _cons 0270458 Std Err Coef t 0961778 48384985.03 0477226 -2.17 -.1037229 0136365 -0.91 -.0124636 00124110.41 0030599 -.0255486 0126022 -2.03 40728260.89 4564043 6138474 2870672 2.14 -.0733518 2526302 -0.29 0270458 0901276 0.30 P>|t| [95% Conf Interval] Std Err t P>|t| [95% Conf Interval] 0.000 2948682 5.03 6728314 0.000 0961778 0.030 -.197494-2.17 -.0099518 0.030 0477226 0.361 -.0392583-0.91 0143311 0.361 0136365 0030599 0.685 -.0047714 0.41 0072536 0.685 0126022 0.043 -.0503108-2.03 -.0007864 0.043 4564043 0.373 -.4895146 0.89 1.30408 0.373 2870672 0.033 0497838 2.14 1.177911 0.033 2526302 -0.29 0.772 0.772 -.5697496 4230459 0901276 0.30 0.764 0.764 -.1500476 2356 481 4.90 2948682 -.197494 -.0392583 -.0047714 -.0503108 -.4895146 0497838 -.5697496 -.1500476 2041392 6728314 -.0099518 0143311 0072536 -.0007864 1.30408 1.177911 4230459 2041392 Warning: Uncorrected two-step standard errors are unreliable Warning: Uncorrected two-step standard errors are unreliable Instruments for first differences equation Standard Instruments for first differences equation D.(L.PB L.size L.dividend L.capex L.sigmastdevocf leverage) Standard GMM-type for each period unless collapsed) D.(L.PB L.size(missing=0, L.dividend L.capex separate L.sigmastdevocfinstruments leverage) L2.(lcash Debtmaturity1) GMM-type (missing=0, separate instruments for each period unless collapsed) Instruments for levels equation L2.(lcash Debtmaturity1) Standard Instruments forL.size levels equation L.PB L.dividend L.capex L.sigmastdevocf leverage Standard _cons L.PB L.size L.dividend L.capex L.sigmastdevocf GMM-type (missing=0, separate leverage instruments for each period unless collapsed) _cons DL.(lcash Debtmaturity1) GMM-type (missing=0, separate instruments for each period unless collapsed) Arellano-Bond test for AR(1) in first differences: z = -5.98 Pr > z = 0.000 DL.(lcash Debtmaturity1) Arellano-Bond test for AR(2) in first differences: z = -0.57 Arellano-Bond test for AR(1) in first differences: z = -5.98 Pr > z = 0.000 Sargan test of overid restrictions: chi2(16) = Arellano-Bond test for AR(2) in first differences: z = -0.57 Pr > z = 0.569 18.34 (Not robust, but not weakened by many instruments.) Hansen test of overid restrictions: chi2(16) = 16.28 Sargan test of overid = 18.34 Prob > chi2 = 0.304 (Robust, but restrictions: weakenedchi2(16) by many instruments.) Pr > z = 0.569 Prob > chi2 = 0.304 Prob > chi2 = 0.434 (Not robust, but not weakened by many instruments.) Difference-in-Hansen tests of =exogeneity of = instrument subsets: Hansen test of overid restrictions: chi2(16) 16.28 Prob > chi2 0.434 GMM instruments for levels (Robust, but weakened by many instruments.) Hansen test excluding group: chi2(6) = Difference (null H = exogenous): chi2(10) = Difference-in-Hansen tests of exogeneity of instrument subsets: iv(L.PB L.size L.dividend L.capex L.sigmastdevocf GMM instruments for levels Hansen test excluding group: chi2(10) = Hansen test excluding group: chi2(6) = 11.20 Prob > chi2 = 0.082= Difference (null H = exogenous): chi2(6) Difference (null H = exogenous): chi2(10) = 5.07 Prob > chi2 = 0.886 iv(L.PB L.size L.dividend L.capex L.sigmastdevocf leverage) Hansen test excluding group: chi2(10) = 6.83 Prob > chi2 = 0.741 Difference (null H = exogenous): chi2(6) = 9.44 Prob > chi2 = 0.150 11.20 Prob 5.07 Prob leverage) 6.83 Prob 9.44 Prob Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn 123doc > chi2 = > chi2 = 0.082 0.886 > chi2 = > chi2 = 0.741 0.150 C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an Kết hồi quy với mẫu công ty bị hạn chế tài xtabond2 cashholding lcash Debtmaturity1 dividend PB leverage capex sigmastdevocf, gmm(lcash Debtmaturity1,lag(3 3)) iv( l.PB leverage xtabond2 cashholding > l.capex l.sigmastdevocf dividend ) lcash small twoDebtmaturity1 dividend PB leverage capex sigmastdevocf, gmm(lcash Favoring speed over space To switch, type or click on mata: set matafavor space, perm > l.capex l.sigmastdevocf dividend ) mata small two Warning: Two-step estimated covariance matrix moments is singular Favoring speed over space Toof switch, type or click on mata: mata set matafavor space, perm Using a generalized inverse to calculate optimal weighting matrix for two-step estimation Warning: Two-step estimated covariance matrix of moments is singular Difference-in-Sargan/Hansen statistics may be negative Using a generalized inverse to calculate optimal weighting matrix for two-step estimation may be negative Difference-in-Sargan/Hansen statistics Dynamic panel-data estimation, two-step system GMM Group variable: Identify of obs = 735 Dynamic panel-data estimation,Number two-step system GMM Time variable : year Number of groups = 147 Number of instruments = 24 Obs per group: = Group F(7, 146) variable: = 11.10 Identify avg = 5.00Number Time : year Prob > F variable = 0.000 max = 5Number Number of instruments = 24 cashholding Coef Std.11.10 Err F(7, 146) = Prob > F = 0.000 lcash 5345522 Debtmaturity1 -.1107373 cashholding dividend 0601702 PB 0167308 leverage -.0313649 lcash capex -.217431 Debtmaturity1 sigmastdevocf -.066567 dividend _cons 0746242 PB t 114392 4.67 061464 -1.80 Coef.0.57 106173 0110181 1.52 0119269 -2.63 5345522 176646 -1.23 -.1107373 2795425 -0.24 0601702 0344727 2.16 0167308 P>|t| of obs of groups Obs per group: [95% Conf Interval] avg max 0.000 3084741 7606303 0.074 -.2322114 0107369 Std t P>|t| 0.572 Err -.1496643 2700048 0.131 -.0050447 0385064 0.009 -.0549367 -.0077932 114392 4.67 0.000 0.220 -.5665446 1316826 061464 -1.80 0.074 0.812 -.6190397 4859056 106173 0.032 0064941 0.57 1427543 0.572 0110181 Warning: leverage Uncorrected two-step standard errors are unreliable -.0313649 0119269 capex -.217431 176646 1.52 -2.63 -1.23 -0.24 2.16 0.131 0.009 0.220 0.812 0.032 L3.(lcash Debtmaturity1) -3.67 0.95 Pr > z = Pr > z = 735 147 5.00 [95% Conf Interval] 3084741 -.2322114 -.1496643 -.0050447 -.0549367 -.5665446 -.6190397 0064941 Instruments for first differences equation sigmastdevocf -.066567 2795425 Standard _consL.capex L.sigmastdevocf 0746242 0344727 D.(L.PB leverage dividend) GMM-type (missing=0, separate instruments for each period unless collapsed) L3.(lcash Debtmaturity1) Warning: Uncorrected two-step standard errors are unreliable Instruments for levels equation Standard Instruments for first differences equation L.PB leverage L.capex L.sigmastdevocf dividend Standard _cons GMM-type (missing=0, separate instruments forL.sigmastdevocf each period unless collapsed) D.(L.PB leverage L.capex dividend) DL2.(lcash Debtmaturity1) GMM-type (missing=0, separate instruments for each period unless Arellano-Bond test for AR(1) in first differences: z = Instruments for levels Arellano-Bond test for AR(2) in first equation differences: z = = = = = = 7606303 0107369 2700048 0385064 -.0077932 1316826 4859056 1427543 collapsed) 0.000 0.342 Standard Sargan L.PB test of leverage overid restrictions: chi2(16) = 31.76 Prob > chi2 = 0.011 L.capex L.sigmastdevocf dividend (Not _cons robust, but not weakened by many instruments.) Hansen test of overid restrictions: chi2(16) = 9.58 Prob > chi2 = 0.888 GMM-type (missing=0, separate instruments for each (Robust, but weakened by many instruments.) period unless collapsed) DL2.(lcash Debtmaturity1) Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Arellano-Bond test for AR(1) in first differences: z = -3.67 Hansen test excluding group: = 7.74 Probdifferences: > chi2 = 0.258 Arellano-Bond test for chi2(6) AR(2) in first z = 0.95 Difference (null H = exogenous): chi2(10) = 1.84 Prob > chi2 = 0.997 iv(L.PB leverage L.capex L.sigmastdevocf dividend) Sargan test of overid restrictions: chi2(16) 31.76 Prob Hansen test excluding group: chi2(11) = 2.33 Prob > chi2 = 0.997= (Not robust, not chi2(5) weakened by Difference (null H = but exogenous): = 7.25 many Prob > instruments.) chi2 = 0.202 Hansen test of overid restrictions: chi2(16) (Robust, but weakened by many instruments.) = 9.58 Pr > z = Pr > z = 0.000 0.342 > chi2 = 0.011 Prob > chi2 = 0.888 Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(6) = 7.74 Prob > Difference (null H = exogenous): chi2(10) = 1.84 Prob > iv(L.PB leverage L.capex L.sigmastdevocf dividend) Hansen test excluding group: chi2(11) = 2.33 Prob > Difference (null H = exogenous): chi2(5) = 7.25 Prob > Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn 123doc chi2 = chi2 = 0.258 0.997 chi2 = chi2 = 0.997 0.202 C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an xtabond2 Debtmaturity1 l.Debtmaturity1 cashholding sigmastdevocf PB capex leverage, gmm(l.Debtmaturity1, lag(3 3)) iv(l.cashholding l > sigmastdevocf l.PB l.capex leverage) small two Favoring speed over space To switch, type or click on mata: mata set matafavor space, perm xtabond2 Debtmaturity1 l.Debtmaturity1 cashholding sigmastdevocf PB capex leverage, gmm(l.De Warning: Two-step estimated covariance matrix of moments is singular > sigmastdevocf l.PB l.capex leverage) small two Using a generalized inverse to calculate optimal weighting matrix for two-step estimation Favoring speed over space To switch, type or click on mata: mata set matafavor space, perm Difference-in-Sargan/Hansen statistics may be negative Warning: Two-step estimated covariance matrix of moments is singular Using a generalized inverse to calculate optimal weighting matrix for two-step estimation Difference-in-Sargan/Hansen statistics may be negative Dynamic panel-data estimation, two-step system GMM Dynamic panel-data estimation, two-step system GMM Group variable: Identify Group variable: Identify Time variable : year : year Time variable Number of instruments = 15 Number of instruments = 15 F(6, 146) = 9.76 F(6, 146) = 9.76 Prob > F = 0.000 Prob > F = 0.000 Debtmaturity1 Debtmaturity1 Debtmaturity1Coef L1 Debtmaturity1 cashholding L1 .4825824 sigmastdevocf PB capex Number of obs Number of groups Obs per group: avg max Coef Std Err Std Err t 4825824 -.1700816 0750272 28868056.43 -.0064672 9371879 0965169 -1.76 -.0494658 01271570.81 3575318 P>|t| = = = = = 735 Number of obs 147Number of groups 5Obs per group: avg 5.00 max t = = = = = 735 147 5.00 P>|t| [95% Conf Interval] 0.000 3343027 6308621 0.080 0.421 0.633 0.010 0.000 0.767 -.3608324 -.4179259 -.0332165 2319723 -.0743735 -.0718073 0206691 9952868 0202822 1.642403 -.0245582 0972386 [95% Conf Interval] 0750272 6.43 0965169 -1.76 0.000 3343027 0.81 6308621 3575318 0135347 -0.48 356828 2.63 0.080 -.3608324-3.92 0206691 0126029 0427673 0.421 -.4179259 0.30 9952868 cashholding -.1700816 leverage sigmastdevocf _cons 2886805 PB -.0064672 0135347 -0.48 0.633 -.0332165 0202822 Warning: Uncorrected two-step standard errors are capex 9371879 356828 2.63 0.010 2319723 1.642403 Instruments for first leverage -.0494658 0126029differences -3.92 0.000 equation -.0743735 -.0245582 Standard _cons 0127157 0427673 0.30 0.767 -.0718073 0972386 D.(L.cashholding L.sigmastdevocf L.PB L.capex unreliable leverage) GMM-type (missing=0, separate instruments for each period unless collapsed) Warning:L3.L.Debtmaturity1 Uncorrected two-step standard errors are unreliable Instruments for levels equation Standard L.cashholding L.sigmastdevocf L.PB L.capex leverage Instruments for first differences equation _cons Standard GMM-type (missing=0, separate instruments for each period unless collapsed) D.(L.cashholding L.sigmastdevocf L.PB L.capex leverage) DL2.L.Debtmaturity1 GMM-type (missing=0, separate instruments for each period unless collapsed) Arellano-Bond test for AR(1) in first differences: z = L3.L.Debtmaturity1 Arellano-Bond test for AR(2) in first differences: z = -2.90 -0.59 Pr > z = Pr > z = Instruments for levels equation Sargan test of overid restrictions: chi2(8) = 32.98 Prob > Standard (Not robust, but not weakened by many instruments.) L.cashholding L.PBrestrictions: L.capex leverage Hansen testL.sigmastdevocf of overid chi2(8) = 9.61 Prob > (Robust, but weakened by many instruments.) _cons GMM-type (missing=0, separate instruments for each period unless collapsed) Difference-in-Hansen tests of exogeneity of instrument subsets: DL2.L.Debtmaturity1 GMM instruments for levels Hansen test excluding group: chi2(3) = 4.87 Difference (null H = exogenous): chi2(5) = 4.74 Arellano-Bond test for AR(1) inL.sigmastdevocf first differences: z = -2.90 > z = 0.004leverage) iv(L.cashholding L.PBPr L.capex Hansen excluding group: 5.83 Arellano-Bond testtest for AR(2) in first differences: z = -0.59chi2(3) Pr > z = 0.554= Difference (null H = exogenous): chi2(5) = 3.78 Sargan test of (Not robust, Hansen test of (Robust, but overid restrictions: chi2(8) = 32.98 Prob > chi2 = 0.000 but not weakened by many instruments.) overid restrictions: chi2(8) = 9.61 Prob > chi2 = 0.294 weakened by many instruments.) Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(3) = 4.87 Prob > chi2 = 0.182 Difference (null H = exogenous): chi2(5) = 4.74 Prob > chi2 = 0.448 iv(L.cashholding L.sigmastdevocf L.PB L.capex leverage) Hansen test excluding group: chi2(3) = 5.83 Prob > chi2 = 0.120 Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn 123doc 0.004 0.554 chi2 = 0.000 chi2 = 0.294 Prob > chi2 = Prob > chi2 = 0.182 0.448 Prob > chi2 = Prob > chi2 = 0.120 0.581 C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn 123doc C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an Kết hồi quy với mẫu công ty khơng bị hạn chế tài xtabond2 cashholding lcash Debtmaturity1 PB leverage dividend capex sigmastdevocf, gmm(lcash Debtmaturity1 , lag(2 2)) iv( l.PB levera > ge l.dividend l.capex l.sigmastdevocf ) small two Favoring speed over space To switch, type or click on mata: mata set matafavor space, perm Warning: Two-step estimated covariance matrix of moments is singular xtabond2 cashholding lcash Debtmaturity1 PB leverage dividend capex sigmastdevocf, gmm(lcas generalized inverse to calculate optimal weighting matrix two-steptwo estimation > Using ge al.dividend l.capex l.sigmastdevocf ) for small Favoring speed over space switch, type or click on mata: mata set matafavor space, perm Difference-in-Sargan/Hansen statistics may To be negative Warning: Two-step estimated covariance matrix of moments is singular Using a generalized inverse to calculate optimal weighting matrix for two-step estimation Dynamic panel-data estimation, two-step system GMMstatistics may be negative Difference-in-Sargan/Hansen Dynamic panel-data estimation, two-step system GMM Group variable: Identify Time variable : year Group variable: Identify Time ofvariable Number instruments = :24 year Number of instruments = 24 F(7, 146) = 27.75 F(7, 146) = 27.75 Prob > F> F = 0.000 Prob = 0.000 cashholding cashholding Coef lcash Debtmaturity1 lcash 7853674 PB Debtmaturity1 -.0440371 leverage dividend PB 0009264 leverage capex -.0269788 sigmastdevocf dividend _cons -.250547 Coef Std Err Number of obs Number of groups Obs per group: avg max t 7853674 -.0440371 0872753 9.00 0009264 0374885 -1.17 -.0269788 -.2505470.24 0038085 0810045 0163839 -1.65 -.0004697 1591276 -1.57 0424859 = = = = = Std Err P>|t| 735 147 Number of obs Number of groups Obs per group: 5.00 avg max t [95% Conf Interval] 0872753 9.00 0374885 0.000 6128813 -1.17 9578536 0038085 0.24 0.242 -.1181274 -1.65 0300532 0163839 1591276 0.808 -.0066006 -1.57 0084533 1283456 0.102 -.059359 0.63 0054015 1884799 -0.00 0.118 -.5650382 1.35 0639442 0314108 capex 0810045 1283456 0.63 0.529 -.1726507 3346598 Warning: Uncorrected two-step standard errors are sigmastdevocf -.0004697 1884799 -0.00 0.998 -.3729712 3720318 _cons 0424859 0314108differences 1.35 0.178 equation -.0195928 1045646 Instruments for first P>|t| 0.000 0.242 0.808 0.102 0.118 0.529 0.998 0.178 = = = = = 735 147 5.00 [95% Conf Interval] 6128813 -.1181274 -.0066006 -.059359 -.5650382 -.1726507 -.3729712 -.0195928 9578536 0300532 0084533 0054015 0639442 3346598 3720318 1045646 unreliable Standard D.(L.PB leverage L.dividend L.capex L.sigmastdevocf) for each period unless collapsed) L2.(lcash Debtmaturity1) Instruments levels equation Instruments for firstfor differences equation Standard Standard L.PB leverage L.dividend L.capex L.sigmastdevocf _cons D.(L.PB leverage L.dividend L.capex L.sigmastdevocf) GMM-type (missing=0, separate instruments for each period unless collapsed) GMM-type (missing=0, separate instruments for each period unless collapsed) DL.(lcash Debtmaturity1) Warning: Uncorrected two-step standard errors are unreliable GMM-type (missing=0, separate instruments L2.(lcash Debtmaturity1) Arellano-Bond test for AR(1) in first differences: z = -4.95 Instruments for levels equation Arellano-Bond test for AR(2) in first differences: z = 1.13 Standard L.PB leverage L.capex L.sigmastdevocf Sargan testL.dividend of overid restrictions: chi2(16) = 16.07 Prob (Not _cons robust, but not weakened by many instruments.) Hansen test of overid restrictions: chi2(16) = 21.62 Prob GMM-type (missing=0, separate instruments for each period unless collapsed) (Robust, but weakened by many instruments.) DL.(lcash Debtmaturity1) Pr > z = Pr > z = 0.000 0.259 > chi2 = 0.448 > chi2 = 0.156 Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Arellano-Bond test for AR(1) in first differences: z = -4.95chi2(6) Pr > z = 0.000 = Hansen test excluding group: 5.98 Prob > Arellano-Bond test for AR(2) in first differences: z = 1.13chi2(10) Pr > z = 0.259 = 15.64 Prob > Difference (null H = exogenous): iv(L.PB leverage L.dividend L.capex L.sigmastdevocf) Hansen test excluding group: chi2(11) = 6.86 Prob > Sargan Difference test of overid restrictions: = 16.07 Probchi2(5) > chi2 = 0.448 = 14.76 Prob > (null H chi2(16) = exogenous): (Not robust, but not weakened by many instruments.) Hansen test of overid restrictions: chi2(16) = 21.62 Prob > chi2 = 0.156 (Robust, but weakened by many instruments.) Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(6) = 5.98 Prob > Difference (null H = exogenous): chi2(10) = 15.64 Prob > iv(L.PB leverage L.dividend L.capex L.sigmastdevocf) Hansen test excluding group: chi2(11) = 6.86 Prob > Difference (null H = exogenous): chi2(5) = 14.76 Prob > chi2 = 0.425 chi2 = 0.110 chi2 = 0.810 chi2 = 0.011 Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn 123doc chi2 = chi2 = 0.425 0.110 chi2 = chi2 = 0.810 0.011 C.33.44.55.54.78.65.5.43.22.2.4 22.Tai lieu Luan 66.55.77.99 van Luan an.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.C.33.44.55.54.78.655.43.22.2.4.55.22 Do an.Tai lieu Luan van Luan an Do an.Tai lieu Luan van Luan an Do an Stt.010.Mssv.BKD002ac.email.ninhd 77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77.77.99.44.45.67.22.55.77.C.37.99.44.45.67.22.55.77t@edu.gmail.com.vn.bkc19134.hmu.edu.vn.Stt.010.Mssv.BKD002ac.email.ninhddtt@edu.gmail.com.vn.bkc19134.hmu.edu.vn