Các nhân tố ảnh hưởng đến việc giữ tiền của công ty khảo sát trên thị trường chứng khoán việt nam

Mã số: …………… Đ BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐH KINH TẾ TP.HỒ CHÍ MINH i T B V D C TP HCM HOSE HNX M T V G N N S -2013 G C H N ợ d P R S E F Đ E ợ L d Pagan, 1980) ki H M H LM B K ợ Nợ B T ii T i G M 2.1 C 2.2 C 10 2.2.1 M i 10 2.2.2 L 12 2.2.3 L 13 D 15 3.1 D 15 3.2 P 16 3.2.1 B 16 3.2.2 B 17 K 21 4.1 K 21 4.2 K 23 K T 27 29 iii B T B T 15 B T 19 B T 20 B K 20 B M 21 B K 22 B K 24 H T 17 1 T ng n m gi m ợng ti n m t nh N ợ B V ợ N B T V N T ợ V ợ C T ợ ợ Lợ ợ C T M M ợ M ợ ợ L ợ ợ ợ C J ợ T ợ ợ 2.1 N T N M ợ K ợ ợ C B N M OLS O M C - H T C ợ C ợ T O N M cô ợ F M O O P M ợ ợ Đ H ợ H ợ C S ợ D S d ợ ợ B ợ ợ H ợ K T ợ D M ợ P W M Đ N H N G ợ ợ T O O ợ ợ ợ Ferreira V d H H K T T T EMU K ty T ợ F V N T Q ợ ợ N Z H K ợ T ợ P Saddour - s d P ợ C ợ ợ M P H d H H D G T S d Q C H D G CEO Đ CEO H III d M REIT Q OLS ợ N K lai cho công ty M W T ợ Nợ ợ Q Q 18 Đ ợ ợ O 1999) Tôi công ty Tôi D ợ ợ Nợ ợ O ợ ợ ợ 1999) Q ợ ợ D ợ ợ ợ B 16,66% B B T ợ 19 3: BI N STT CÁCH T NH T (CASH) T C (DIV) B C (MTB) T TS, TS-VCSH+T (LEV) Quy mô công ty (REALSIZE) D T L TS- ợ TS- TS LNST KH T TS- (CASHFLOW) Nợ (DEBTMA) Nợ (BANKDEBT) T Vay ợ VCP T T S TS (NWCASS) Đ T T ợ- ợ ợ ợ 20 4: ố CASH CASH MTB NWCASS LEV FLOW BANK DEBTMA REAL DEBT SIZE DIV Mean 0.166608 1.202550 0.497252 0.463219 0.047434 0.224093 0.252274 11.82018 0.346429 Median 0.085937 0.978003 0.497851 0.486391 0.025089 0.073947 0.186209 11.80748 0.000000 Maximum 2.038480 5.466380 1.238497 1.240015 1.146135 0.990967 0.999508 12.75791 1.000000 Minimum 0.000017 0.337172 0.000115 0.012115 -1.181376 0.000000 0.000000 10.68825 0.000000 Std Dev 0.244361 0.816998 0.240648 0.271298 0.123848 0.287005 0.257065 0.561361 0.476257 Skewness 3.538978 2.722666 0.002803 0.170681 1.021761 1.244621 0.824211 0.003037 0.645486 Kurtosis 19.89169 11.78070 2.040181 2.014246 46.65961 3.256655 2.601664 2.410221 1.416653 Obs 560 560 560 560 560 560 560 560 5: B ADF - Fisher Chi-square S Statistic p-value Cross-sections CASH 117.945 0.0000 20 520 MTB 113.454 0.0000 20 520 NWCASS 68.3970 0.0034 20 520 LEV 84.7388 0.0000 20 520 CASHFLOW 115.472 0.0000 20 520 DEBTMA 78.7723 0.0002 20 468 BANKDEBT 83.6778 0.0001 18 468 DIV 219.606 0.0000 16 416 560 21 ố 6: Correlation CASH MTB CASH 0.333787 CASH FLOW LEV DEBTMA BANKDEBT REALSIZE DIV MTB NWCASS NWCASS -0.156937 -0.152859 LEV -0.150642 -0.165691 0.332789 CASHFLOW 0.226298 0.176234 0.011623 -0.057637 DEBTMA -0.182130 -0.013856 -0.201922 0.424197 -0.087391 BANKDEBT -0.254500 -0.244896 0.279228 0.250821 -0.104121 -0.243912 REALSIZE -0.363521 -0.118549 -0.019552 0.309542 -0.172231 0.340636 0.106484 0.082099 0.060308 0.035588 -0.068919 0.134744 -0.100116 -0.005775 -0.069461 DIV Multicollinearity test Mean VIF = 1.3458 Q L LEV BANKDEBT DEBTM DIV -0.005775 Do h s c p bi u không l n, ki t qu 1,3458 nên v ng ng g quan gi a VIF nh n k t qu mơ hình 4.1 C SH = α β1 X ε (1) ε Tôi ợ X ợ MTB NWC SS LEV C SHFLOW DEBTM 22 B NKDEBT RE LSIZE DIV B 7: ố ố β p-value MTB 0.046552 0.099834 0.011936 8.364425 0.0000 NWCASS 0.245849 -0.159358 0.042454 -3.753680 0.0002 LEV 0.229460 -0.135684 0.037695 -3.599535 0.0003 CASHFLOW 0.145428 0.446502 0.081360 5.487989 0.0000 DEBTMA 0.201358 -0.155069 0.035441 -4.375462 0.0000 BANKDEBT 0.227639 -0.241923 0.038916 -6.216497 0.0000 REALSIZE 2.037044 -0.158241 0.017167 -9.217713 0.0000 DIV 0.152015 0.042124 0.021647 1.945910 0.0522 Q DIV T ng MTB Đ C T H CASHFLOW D ợ D 23 C ợ T T 4.2 C SH = α β6B NKDEBT β1MTB + β2NWCASS + β3LEV + β4CASHFLOW + β5DEBTMA β7RE LSIZE β8DIV ε (2) Đ F Pooling, Random effec ε Đ ợ L d Breusch Pagan, 1980) ki LM M H ợ ợ K Đ ợ F ợ K Đ V T ợc quy F B W C nh Hausman (Hausman, 1978) Qua h C i2 sai LM ợ 24 8: Pooling 0.042075*** (1.833216) (3.358357) -0.237207*** -0.240573*** (-4.113614) (-4.877431) 0.183458*** 0.401669*** 0.306809*** (4.252611) (7.061573) (6.133867) 0.205012*** 0.120274* 0.152839** (2.806617) (1.735267) (2.232713) -0.213544*** -0.223240*** -0.223305*** (-5.286631) (-3.972238) (-4.626053) -0.207370*** -0.175758*** -0.198858*** (-5.252328) BANKDEBT 0.025250* (-4.503745) DEBTMA (5.316464) -0.189889*** CASHFLOW (3.678493) (6.107922) LEV 1.892103*** 0.068620*** NWCASS 0.157461*** (7.891561) MTB Random effect 1.590687*** C Fixed effect (-3.895105) (-4.776303) -0.119453*** REALSIZE (-6.956246) - -0.144366*** (-4.771969) 0.015148 -0.001921 0.002308 (0.817383) (-0.111260) (0.134516) 0.3021 DIV 0.4403 0.2752 R2 LM test Chi2 (1) = 82.99*** Hausman test Chi2 (7) =31.30*** dụ ợ ợc sử dụ ng phù hợp gi a hai mơ hình pooling random effect Ki hợp gi a mơ hình random fixed effect * óý ** ó ý *** ó ý ĩ ng kê mức 10% ĩ ng kê mức 5% ĩ ng kê mức 1% ki phù 25 M C T B ợ ợ ợc : H MTB LEV C SHFLOW ợ ợ H NWC SS ợ (DEBTM ợ B NKDEBT ợ ợ chi ợ N M O O O T T N GDP C - V L ợ ợ N V N 26 D ợ ợ K ợ ợ C ợ D M D B ợ d Đ D C N Q d ợ V C ợ ợ ợ ợ ợ H ợ ợ ợ ợ K P W N V C B N N 27 V ợ N ợ B TTCK V N -2013 Tôi s d G ợc tr O O O ợ ợ ợ T ợ M ợ n N T ợ C ợ D T ợ V ợ H ợ 28 ợ T ợ ợ ợ Đ hay không 29 H C M W M „C ‟ W king Paper (New York University, 2002) Afza, T., & Adnan, S.M (2007) Determinants of corporate cash holdings: A case study of Pakistan Proceedings of Singapore Economic Review Conference (SERC) 2007, August 01-04, Organized by Singapore Economics Review and The University of Manchester (Brooks World Poverty Institute), Singapore 164-165 HM L R C M “T P ” E Journal of Economics, Finance & Administrative Sciences, vol 32, 2011 viewed on 17 October, 2011 Adetifa S.B (2005) Corporate Finance and Investment Strategy Lagos, The Chartered Institute of Bankers of Nigeria 1st edition Bates, T., Kahle, K and Stulz R (2009) Why Do U.S Firms Hold So Much More Cash than They Used To? 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Some F V –60 ... t i thi ng v n t T nm l c c a công ty v i vi c s d ng v ợ h nh mc v vi c n m gi ti n m c n m gi ti n m gi a ngu n C D ng nv nh công ty 11 Chi trả cổ tức M t công ty hi c t c có th N th p b ng... ợ ợ O 1999) Tôi công ty Tôi D ợ ợ Nợ ợ O ợ ợ ợ 1999) Q ợ ợ D ợ ợ ợ B 16,66% B B T ợ 19 3: BI N STT CÁCH T NH T (CASH) T C (DIV) B C (MTB) T TS, TS-VCSH+T (LEV) Quy mô công ty (REALSIZE) D T... Đ V ợ Đòn bẩ C Đ V Quy mô công ty C V ợ n nh n T ợ y V ợ B ợ T W P N ợ H ợ V B ợ ợ ợ 15 2: T B M LT C (DIV) C (MTB) T (NWCASS) Đ LT + + - - - + + C (LEV) Quy mô công ty (REALSIZE) - D + D (CASHFLOW)