Mối quan hệ giữa giám sát ngân hàng, tập trung quyền sở hữu quản lý và giá trị công ty Luận văn thạc sĩ 2014

B GIÁO D O I H C KINH T TP.H CHÍ MINH o0o NGUY N TH M M I QUAN H GI A GIÁM SÁT NGÂN HÀNG, T P TRUNG QUY N S H U QU N LÝ VÀGIÁ TR CÔNG TY LU C S KINH T o0o TP H Chí Minh – 2014 B GIÁO D O I H C KINH T TP.H CHÍ MINH o0o NGUY N TH M M I QUAN H GI A GIÁM SÁT NGÂN HÀNG, T P TRUNG QUY N S H UQU N LÝ VÀ GIÁ TR CÔNG TY Chuyên ngành : Tài – Ngân hàng Mã s : 60340201 LU C S KINH T ngd nkhoah c: PGS.TS TR N TH THÙY LINH o0o TP H Chí Minh - 2014 -o0o - c s “M I QUAN H GI A GIÁM SÁT NGÂN HÀNG, T P TRUNG QUY N S CÔNG TY” cơng trình nghiên c u c H U QU N LÝ VÀ GIÁ TR is ng d n c a PGS TS Tr n Th Thùy Linh D li u k t qu trình bày trung th cơng b cơng trình khác Thành Ph H i th c hi n lu Nguy n Th M c M CL C TRANG PH BÌA L M CL C DANH M C CÁC T VI T T T DANH M C B NG BI U DANH M C HÌNH V 1: 1.1 1.2 1.2.1 1.2.2 1.3 1.3.1 1.3.2 1.4 1.5 1.6 T NG QUAN CÁC NGHIÊN 2.1 N n t 2.1.1 Lý thuy t t 2.1.2 Lý thuy i di n 2.2 T ng quan k t qu nghiên c 2.2.1 T p trung quy n s h u qu n lý hi u qu ho t ng c a công ty 2.2.2 M i quan h tín d ng v i ngân hàng v chi phí i di n 13 2.2.3 M i quan h ng th i gi a n ngân hàng, t p trung quy n s h u qu n lý giá tr cơng ty 16 2.3 Tóm t t k t qu nghiên c u th c nghi m 17 19 3: 3.1 D li u nghiên c u 19 3.2 21 thuy 3.2.1 G t 22 3.2.2 G t 22 3.2.3 G t 22 3.2.4 G t 23 3.2.5 G t 23 3.2.6 G t 23 3.2.7 G t 24 3.3 Mô t bi n s d ng mơ hình 24 ng s d ng mơ hình 30 3.4 3.4.1 y ut d ns ng m i quan h ngân hàng 31 3.4.2 trình (2): xem xét y u t d nv t p trung quy n s h u qu n lý 32 3.4.3 trình (3):xem xét y u t n giá tr công ty 32 ng 34 3.5 I DUNG VÀ K T QU NGHIÊN C U 41 4.1 Phân tích th 41 4.2 44 4.3 45 4.3.1 4.3.2 Ki m tra hi 45 ng t 46 4.3.3 Ki m tra hi n 4.3.4 Bi n công c v 47 nhd ng mơ hình 48 50 4.4 4.4.1 Th o lu ng m i quan h ngânhàng 50 4.4.2 Th o lu n s h u qu n lý 52 4.4.3 Th o lu giá tr công ty 53 4.4.4 n m u b ngTobin’s Qcao th t 4.4.5 xem xét ng 57 60 5: 65 5.1 65 5.2 66 -o0o - T vi t t t Di n gi i 2SLS n 3SLS n c BV Giá tr s sách EAT Thu nh p sau thu EBIT Thu nh FEM Mơ hình c thu lãi vay ng c GLS nh t t ng quát H ng qu n tr HSX MV Giá tr th OLS ng t P Giá th REM Mơ hình ng c a c phi u ng ng u nhiên -o0o - TRANG 3.1 20 3.2 21 3.3 29 4.1 nh 41 4.2 44 4.3 45 4.4 49 4.5 50 4.6 52 4.7 53 4.8 57 4.9 59 4.10 60 4.11 63 VÀ BI -o0o - BI TÊN BI TRANG 3.4 39 4.1 43 -2013 -o0o - Bài vi t xem xét s as ng ngân hàng mà m t công ty vay, t l c ph n thu c s h u c a nhà qu n lý, hi u qu ho ng c a 104 công ty phi tài niêm y inh (HSX) v ig 2008-2013 Lu th a nghiên c u c a Yu c ng s (2012), s d ng d li u b ng v i quy (3SLS) K t qu ghi nh n r ng công ty v i ngân hàng ng giám sát t o t m i quan h tín d ng c a ng b i s ngân hàng cho công ty vay) c c lên hi u qu ho ng b ng Tobin’s Q) nhà qu n lý n m gi c ph n c a công ty, n gi ng tiêu i quan h tín d ng l i có tác d ng làm ng tiêu c c t quy n s h u c a nhà qu n lý lên hi u qu ho công ty t l s h u c ph n c a nhà qu n lý :Q m c cao qu n lý, m i quan h ngân hàng, , 3SLS , ng [35] Turkin, A., and Sedrine, N.B (2012) Ownership Structure, Board Characteristics and Corporate Performance in Tunisia International Journal of Business and Management 7(4) [36] Vu Huu Thanh and Nguyen Minh Ha (2013) The Effect of Banking Relationship on Firm Performance in Vietnam International Journal of Economics and Finance; 5: 1916-9728 [37] Weinstein, D M., & Yafeh, Y (1998) On the costs of a bank centered financial system: Evidence from changing main bank relationships in Japan Journal of Finance, 53: 635–672 [38] Yu, H.C., Sopranzetti, B J., and Lee, C.F (2012) Multiple banking relationships, managerial ownership centration and firm value: A simultaneous equations approach.The Quarterly Review of Economics and Finance, 52: 286– 297 [39] Zellner, A., and Theil, H (1962) Three-stage least squares: simultaneous estimation of simultaneous equations Econometrica: Journal of the Econometric Society,30: 54–78 [40] Zeitun, R., and Almudehki, N 2012 Ownership Structure and Corporate Performance: Evidence from Qatar (SSRN Working Paper) -o0o - Ph l c 1: K t Qu Th ng Kê Mô T Các Bi n Ph L c 2: K t qu h i quy ph bi cl p I Bi n AGE Dependent Variable: AGE Method: Panel Least Squares Date: 08/24/14 Time: 22:52 Sample: 2008 2013 Periods included: Cross-sections included: 104 Total panel (balanced) observations: 624 Variable Coefficient Std Error t-Statistic Prob C BLOCK CAPEXTA COVERAGE COLLATERAL EBITSD LEVERAGE LOG(TA) PAYOUT RDSALES SGROWTH 18.88219 6.853859 -5.060379 -4.95E-05 1.723659 5.74E-07 -5.573573 -0.333943 -1.511425 -0.205208 -0.057750 4.919380 2.284557 4.410050 0.000112 0.801849 1.47E-06 1.713066 0.382984 2.122952 0.637029 0.596662 3.838327 3.000083 -1.147465 -0.442066 2.149605 0.389907 -3.253566 -0.871950 -0.711945 -0.322132 -0.096788 0.0001 0.0028 0.2516 0.6586 0.0320 0.6967 0.0012 0.3836 0.4768 0.7475 0.9229 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.040845 0.025199 8.982907 49464.58 -2249.750 2.610452 0.004121 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 13.35577 9.098270 7.245995 7.324197 7.276384 0.375055 II Bi n BLOCK Dependent Variable: BLOCK Method: Panel Least Squares Date: 08/24/14 Time: 22:53 Sample: 2008 2013 Periods included: Cross-sections included: 104 Total panel (balanced) observations: 624 Variable Coefficient Std Error t-Statistic Prob C AGE CAPEXTA COVERAGE COLLATERAL EBITSD LEVERAGE LOG(TA) PAYOUT RDSALES SGROWTH -0.408576 0.002111 -0.068456 -3.00E-06 0.027085 1.13E-08 -0.002869 0.039327 0.001499 0.015030 0.010177 0.085799 0.000704 0.077435 1.96E-06 0.014084 2.58E-08 0.030324 0.006536 0.037275 0.011165 0.010464 -4.762010 3.000083 -0.884046 -1.531468 1.923145 0.435850 -0.094626 6.017287 0.040228 1.346201 0.972588 0.0000 0.0028 0.3770 0.1262 0.0549 0.6631 0.9246 0.0000 0.9679 0.1787 0.3311 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.122249 0.107930 0.157659 15.23701 272.8584 8.537572 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.179066 0.166925 -0.839290 -0.761088 -0.808901 0.325500 III Bi n CAPEXTA Dependent Variable: CAPEXTA Method: Panel Least Squares Date: 08/24/14 Time: 22:53 Sample: 2008 2013 Periods included: Cross-sections included: 104 Total panel (balanced) observations: 624 Variable Coefficient Std Error t-Statistic Prob C AGE -0.033921 -0.000424 0.045523 0.000369 -0.745132 -1.147465 0.4565 0.2516 BLOCK COVERAGE COLLATERAL EBITSD LEVERAGE LOG(TA) PAYOUT RDSALES SGROWTH R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) -0.018601 4.83E-07 0.008089 -2.54E-08 -0.158340 0.011198 0.027466 0.011209 0.018999 0.219334 0.206599 0.082182 4.140140 679.3936 17.22267 0.000000 0.021040 1.02E-06 0.007356 1.34E-08 0.014456 0.003477 0.019399 0.005811 0.005405 -0.884046 0.471525 1.099650 -1.890859 -10.95353 3.220842 1.415871 1.929001 3.515388 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.3770 0.6374 0.2719 0.0591 0.0000 0.0013 0.1573 0.0542 0.0005 0.044696 0.092264 -2.142287 -2.064086 -2.111899 1.856994 IV Bi n COLLATERAL Dependent Variable: COLLATERAL Method: Panel Least Squares Date: 08/24/14 Time: 22:53 Sample: 2008 2013 Periods included: Cross-sections included: 104 Total panel (balanced) observations: 624 Variable Coefficient Std Error t-Statistic Prob C AGE BLOCK CAPEXTA COVERAGE EBITSD LEVERAGE LOG(TA) PAYOUT RDSALES SGROWTH 0.075201 0.004341 0.221421 0.243378 -1.09E-05 2.69E-08 0.259366 0.027806 -0.132671 0.037577 0.036694 0.249794 0.002019 0.115135 0.221324 5.60E-06 7.38E-08 0.086069 0.019198 0.106443 0.031934 0.029905 0.301051 2.149605 1.923145 1.099650 -1.939381 0.364438 3.013482 1.448369 -1.246411 1.176704 1.227017 0.7635 0.0320 0.0549 0.2719 0.0529 0.7157 0.0027 0.1480 0.2131 0.2398 0.2203 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.068246 0.053047 0.450778 124.5623 -382.6782 4.489927 0.000004 V Bi n COVERAGE Dependent Variable: COVERAGE Method: Panel Least Squares Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.689103 0.463232 1.261789 1.339991 1.292178 0.698703 Date: 08/24/14 Time: 22:54 Sample: 2008 2013 Periods included: Cross-sections included: 104 Total panel (balanced) observations: 624 Variable Coefficient Std Error t-Statistic Prob C AGE BLOCK CAPEXTA COLLATERAL EBITSD LEVERAGE LOG(TA) PAYOUT RDSALES SGROWTH 652.5585 -6.443061 -1269.552 751.1730 -561.6462 0.003583 -858.3812 34.32066 737.7003 -716.2779 134.9971 1796.492 14.57488 828.9767 1593.071 289.6008 0.000511 622.6215 138.3034 765.9419 228.1053 215.2768 0.363240 -0.442066 -1.531468 0.471525 -1.939381 7.012871 -1.378656 0.248155 0.963128 -3.140119 0.627086 0.7166 0.6586 0.1262 0.6374 0.0529 0.0000 0.1685 0.8041 0.3359 0.0018 0.5308 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.110663 0.096155 3242.062 6.44E+09 -5924.263 7.627747 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 276.5198 3410.157 19.02328 19.10148 19.05367 2.064834 VI Bi n LEVERAGE Dependent Variable: LEVERAGE Method: Panel Least Squares Date: 08/24/14 Time: 22:58 Sample: 2008 2013 Periods included: Cross-sections included: 104 Total panel (balanced) observations: 624 Variable Coefficient Std Error t-Statistic Prob C AGE BLOCK CAPEXTA COVERAGE COLLATERAL EBITSD LOG(TA) PAYOUT RDSALES SGROWTH -0.255929 -0.003046 -0.005090 -1.033774 -3.60E-06 0.056283 -1.45E-07 0.063126 -0.231128 -0.006639 0.010000 0.115911 0.000936 0.053795 0.094378 2.61E-06 0.018677 3.39E-08 0.008588 0.048762 0.014890 0.013942 -2.207972 -3.253566 -0.094626 -10.95353 -1.378656 3.013482 -4.276832 7.350563 -4.739915 -0.445829 0.717276 0.0276 0.0012 0.9246 0.0000 0.1685 0.0027 0.0000 0.0000 0.0000 0.6559 0.4735 R-squared Adjusted R-squared S.E of regression Sum squared resid 0.301966 0.290578 0.209988 27.03024 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion 0.510075 0.249312 -0.266061 -0.187859 Log likelihood F-statistic Prob(F-statistic) VII 94.01088 26.51803 0.000000 Hannan-Quinn criter Durbin-Watson stat -0.235672 0.807663 Bi n LOG(TA) Dependent Variable: LOG(TA) Method: Panel Least Squares Date: 08/24/14 Time: 23:01 Sample: 2008 2013 Periods included: Cross-sections included: 104 Total panel (balanced) observations: 624 Variable Coefficient Std Error t-Statistic Prob C AGE BLOCK CAPEXTA COVERAGE COLLATERAL EBITSD LEVERAGE PAYOUT RDSALES SGROWTH 12.50415 -0.003709 1.418162 1.486122 2.93E-06 0.122654 1.38E-06 1.283186 0.362513 0.172118 0.025247 0.142185 0.004254 0.235681 0.461408 1.18E-05 0.084684 1.45E-07 0.174570 0.223361 0.066784 0.062877 87.94254 -0.871950 6.017287 3.220842 0.248155 1.448369 9.545814 7.350563 1.622990 2.577216 0.401521 0.0000 0.3836 0.0000 0.0013 0.8041 0.1480 0.0000 0.0000 0.1051 0.0102 0.6882 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.320627 0.309544 0.946753 549.4568 -845.7249 28.93025 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 13.72381 1.139380 2.745913 2.824115 2.776302 0.616506 VIII Bi n EBITSD Dependent Variable: EBITSD Method: Panel Least Squares Date: 08/24/14 Time: 22:54 Sample: 2008 2013 Periods included: Cross-sections included: 104 Total panel (balanced) observations: 624 Variable Coefficient Std Error t-Statistic Prob C AGE BLOCK CAPEXTA COVERAGE COLLATERAL -1147185 432.2154 27527.04 -228469.8 20.72652 8050.507 128548.5 1108.508 63157.21 120828.6 2.955497 22090.20 -8.924139 0.389907 0.435850 -1.890859 7.012871 0.364438 0.0000 0.6967 0.6631 0.0591 0.0000 0.7157 LEVERAGE LOG(TA) PAYOUT RDSALES SGROWTH -199872.3 93689.80 -55030.15 135660.6 25401.43 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.348259 0.337627 246569.9 3.73E+13 -8627.079 32.75570 0.000000 46733.72 9814.752 58254.16 16606.56 16345.61 -4.276832 9.545814 -0.944656 8.169096 1.554021 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.0000 0.0000 0.3452 0.0000 0.1207 74356.62 302962.3 27.68615 27.76435 27.71654 2.001411 IX Bi n PAYOUT Dependent Variable: PAYOUT Method: Panel Least Squares Date: 08/24/14 Time: 22:54 Sample: 2008 2013 Periods included: Cross-sections included: 104 Total panel (balanced) observations: 624 Variable Coefficient Std Error t-Statistic Prob C AGE BLOCK CAPEXTA COVERAGE COLLATERAL EBITSD LEVERAGE LOG(TA) RDSALES SGROWTH 0.101054 -0.000547 0.001761 0.118679 2.05E-06 -0.019054 -2.64E-08 -0.152967 0.011803 -0.002112 0.023435 0.094583 0.000768 0.043764 0.083821 2.13E-06 0.015287 2.80E-08 0.032272 0.007272 0.012115 0.011307 1.068418 -0.711945 0.040228 1.415871 0.963128 -1.246411 -0.944656 -4.739915 1.622990 -0.174350 2.072524 0.2858 0.4768 0.9679 0.1573 0.3359 0.2131 0.3452 0.0000 0.1051 0.8616 0.0386 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.076844 0.061784 0.170831 17.88934 222.7893 5.102636 0.000000 X Bi n RDSALES Dependent Variable: RDSALES Method: Panel Least Squares Date: 08/24/14 Time: 22:56 Sample: 2008 2013 Periods included: Cross-sections included: 104 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.172756 0.176366 -0.678812 -0.600610 -0.648423 1.389146 Total panel (balanced) observations: 624 Variable Coefficient Std Error t-Statistic Prob C AGE BLOCK CAPEXTA COVERAGE COLLATERAL EBITSD LEVERAGE LOG(TA) PAYOUT SGROWTH -0.759635 -0.000825 0.196114 0.538272 -2.21E-05 0.059976 7.24E-07 -0.048827 0.062278 -0.023475 0.119441 0.314108 0.002560 0.145680 0.279042 7.04E-06 0.050969 8.86E-08 0.109520 0.024165 0.134643 0.037518 -2.418387 -0.322132 1.346201 1.929001 -3.140119 1.176704 8.169096 -0.445829 2.577216 -0.174350 3.183518 0.0159 0.7475 0.1787 0.0542 0.0018 0.2398 0.0000 0.6559 0.0102 0.8616 0.0015 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.216099 0.203311 0.569496 198.8116 -528.5544 16.89864 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.225878 0.638038 1.729341 1.807542 1.759730 1.592262 XI Bi n SGROWTH Dependent Variable: SGROWTH Method: Panel Least Squares Date: 08/24/14 Time: 22:57 Sample: 2008 2013 Periods included: Cross-sections included: 104 Total panel (balanced) observations: 624 Variable Coefficient Std Error t-Statistic Prob C AGE BLOCK CAPEXTA COVERAGE COLLATERAL EBITSD LEVERAGE LOG(TA) PAYOUT RDSALES -0.207463 -0.000265 0.151391 1.040127 4.75E-06 0.066770 1.54E-07 0.083856 0.010415 0.296921 0.136170 0.336877 0.002734 0.155658 0.295878 7.57E-06 0.054416 9.94E-08 0.116909 0.025938 0.143265 0.042773 -0.615842 -0.096788 0.972588 3.515388 0.627086 1.227017 1.554021 0.717276 0.401521 2.072524 3.183518 0.5382 0.9229 0.3311 0.0005 0.5308 0.2203 0.1207 0.4735 0.6882 0.0386 0.0015 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.084827 0.069898 0.608072 226.6574 -569.4519 5.681884 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.189165 0.630506 1.860423 1.938624 1.890811 2.298693 Ph L c 3: Ki nh tính n ng th i c a h I Bi n n i sinh LOG(NB) Dependent Variable: LOG(NB) Method: Panel Least Squares Date: 08/24/14 Time: 23:11 Sample: 2008 2013 Periods included: Cross-sections included: 104 Total panel (balanced) observations: 624 LOG(NB)=C(1)+C(2)*MOF+C(3)*TOBINQF+C(4)*LOG(TA)+C(5)*AGE+C(6) *LEVERAGE+C(7)*COVERAGE+C(8)*COLLATERAL+C(28)*RESIDMO +C(29)*RESIDTOBINQ Coefficient Std Error t-Statistic Prob C(1) C(2) C(3) C(4) C(5) C(6) C(7) C(8) C(28) C(29) -2.616020 2.160482 -1.153659 0.333977 -0.008634 0.515884 -5.49E-06 0.129960 0.436507 0.013582 0.239632 0.378766 0.077728 0.020969 0.002126 0.090923 5.76E-06 0.042373 0.148559 0.027773 -10.91684 5.704007 -14.84227 15.92698 -4.061068 5.673870 -0.952550 3.067065 2.938279 0.489026 0.0000 0.0000 0.0000 0.0000 0.0001 0.0000 0.3412 0.0023 0.0034 0.6250 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.545477 0.538815 0.471643 136.5824 -411.4202 81.87421 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 1.082203 0.694505 1.350706 1.421798 1.378332 0.640128 II Bi n n Dependent Variable: MO Method: Panel Least Squares Date: 08/24/14 Time: 23:31 Sample: 2008 2013 Periods included: Cross-sections included: 104 Total panel (balanced) observations: 624 MO=C(9)+C(10)*LOGNBF+C(11)*TOBINQF+C(12)*LOG(TA)+C(13)*AGE +C(14)*LEVERAGE+C(15)*EBITSD+C(16)*PAYOUT+C(17)*BLOCK +C(30)*RESIDLOGNB+C(31)*RESIDTOBINQ Coefficient C(9) C(10) C(11) C(12) C(13) Std Error t-Statistic Prob 0.978695 0.456704 0.148996 -0.103450 0.004270 0.123505 0.052349 0.022793 0.011718 0.000757 7.924327 8.724256 6.537018 -8.828486 5.644201 0.0000 0.0000 0.0000 0.0000 0.0000 C(14) C(15) C(16) C(17) C(30) C(31) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) -0.436086 -2.45E-08 -0.024602 0.221126 0.019747 0.030421 0.269520 0.257603 0.121232 9.009452 436.7997 22.61740 0.000000 0.061797 1.90E-08 0.028635 0.032318 0.010279 0.007425 -7.056718 -1.291955 -0.859136 6.842233 1.921107 4.097237 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.0000 0.1969 0.3906 0.0000 0.0552 0.0000 0.091706 0.140702 -1.364743 -1.286541 -1.334354 1.484589 III Bi n n Dependent Variable: TOBINQ Method: Panel Least Squares Date: 08/24/14 Time: 23:15 Sample: 2008 2013 Periods included: Cross-sections included: 104 Total panel (balanced) observations: 624 TOBINQ=C(18)+C(19)*MOF+C(20)*MOF^2+C(21)*LOGNBF+C(22) *LOGNBF*MOF+C(23)*AGE+C(24)*LOG(TA)+C(25)*SGROWTH+C(26) *CAPEXTA + C(27)*RDSALES+C(32)*RESIDLOGNB+C(33)*RESIDMO Coefficient Std Error t-Statistic Prob C(18) C(19) C(20) C(21) C(22) C(23) C(24) C(25) C(26) C(27) C(32) C(33) -4.175075 22.01065 -49.84448 -0.945478 -4.299892 -0.016559 0.401587 0.071904 -0.025209 0.137637 -0.050296 0.419804 0.441821 2.412213 7.025695 0.127861 1.105879 0.003142 0.033886 0.042014 0.308241 0.043393 0.047400 0.199551 -9.449704 9.124670 -7.094598 -7.394578 -3.888212 -5.269784 11.85112 1.711420 -0.081784 3.171904 -1.061099 2.103740 0.0000 0.0000 0.0000 0.0000 0.0001 0.0000 0.0000 0.0875 0.9348 0.0016 0.2891 0.0358 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.368396 0.357043 0.634469 246.3615 -595.4603 32.45101 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 1.143499 0.791261 1.946988 2.032299 1.980139 1.228756 Ph L c 4: K t qu ng h ng th i System: LUANVAN Estimation Method: Three-Stage Least Squares Date: 09/07/14 Time: 22:32 Sample: 2008 2013 Included observations: 624 Total system (balanced) observations 1872 Linear estimation after one-step weighting matrix Coefficient C(1) C(2) C(3) C(4) C(5) C(6) C(7) C(8) C(9) C(10) C(11) C(12) C(13) C(14) C(15) C(16) C(17) C(18) C(19) C(20) C(21) C(22) C(23) C(24) C(25) C(26) C(27) Std Error t-Statistic Prob -2.046181 0.548591 -0.193662 0.208764 -0.010581 0.938276 -1.30E-05 0.146278 0.078102 0.021422 0.040456 -0.007650 0.000169 0.004986 -3.42E-08 -0.038957 0.299417 -1.338109 4.643208 -2.455714 -0.317431 -1.475324 -0.004837 0.188398 0.090027 1.048287 0.190016 0.271552 0.163252 0.032287 0.020744 0.002457 0.098365 6.55E-06 0.048451 0.074981 0.010158 0.007678 0.005934 0.000591 0.025921 1.99E-08 0.030360 0.033146 0.392582 0.930037 1.145819 0.059314 0.375098 0.003352 0.029919 0.047283 0.319469 0.048354 -7.535124 3.360389 -5.998230 10.06404 -4.305852 9.538749 -1.980064 3.019080 1.041632 2.108926 5.268931 -1.289129 0.285864 0.192350 -1.719825 -1.283176 9.033330 -3.408486 4.992499 -2.143196 -5.351672 -3.933171 -1.442935 6.296898 1.904011 3.281343 3.929664 0.0000 0.0008 0.0000 0.0000 0.0000 0.0000 0.0478 0.0026 0.2977 0.0351 0.0000 0.1975 0.7750 0.8475 0.0856 0.1996 0.0000 0.0007 0.0000 0.0322 0.0000 0.0001 0.1492 0.0000 0.0571 0.0011 0.0001 Determinant residual covariance 0.002067 Equation: LOG(NB)=C(1)+C(2)*MO+C(3)*TOBINQ+C(4)*LOG(TA)+C(5) *AGE+C(6)*LEVERAGE+C(7)*COVERAGE+C(8)*COLLATERAL Instruments: C AGE BLOCK LEVERAGE COVERAGE COLLATERAL EBITSD PAYOUT LOG(NB)*MO SGROWTH CAPEXTA LOG(TA) RDSALES LOG(NB)^2 TOBINQ^2 MO^2 MO^4 Observations: 624 R-squared 0.345621 Mean dependent var 1.082203 Adjusted R-squared 0.338185 S.D dependent var 0.694505 S.E of regression 0.564994 Sum squared resid 196.6385 Durbin-Watson stat 0.542641 Equation: MO=C(9)+C(10)*LOG(NB)+C(11)*TOBINQ+C(12)*LOG(TA) +C(13)*AGE+C(14)*LEVERAGE+C(15)*EBITSD+C(16)*PAYOUT+C(17) *BLOCK Instruments: C AGE BLOCK LEVERAGE COVERAGE COLLATERAL EBITSD PAYOUT LOG(NB)*MO SGROWTH CAPEXTA LOG(TA) RDSALES LOG(NB)^2 TOBINQ^2 MO^2 MO^4 Observations: 624 R-squared 0.130853 Mean dependent var Adjusted R-squared 0.119547 S.D dependent var S.E of regression 0.132024 Sum squared resid Durbin-Watson stat 1.517764 0.091706 0.140702 10.71971 Equation: TOBINQ=C(18)+C(19)*MO+C(20)*MO^2+C(21)*LOG(NB)+C(22) *LOG(NB)*MO+C(23)*AGE+C(24)*LOG(TA)+C(25)*SGROWTH+C(26) *CAPEXTA + C(27)*RDSALES Instruments: C AGE BLOCK LEVERAGE COVERAGE COLLATERAL EBITSD PAYOUT LOG(NB)*MO SGROWTH CAPEXTA LOG(TA) RDSALES LOG(NB)^2 TOBINQ^2 MO^2 MO^4 Observations: 624 R-squared 0.105952 Mean dependent var 1.143499 Adjusted R-squared 0.092847 S.D dependent var 0.791261 S.E of regression 0.753633 Sum squared resid 348.7295 Durbin-Watson stat 1.251689 Ph L c 5: K t qu ng h v i TOBINQ l c b ng System: LV_HIGHTOBINQ Estimation Method: Three-Stage Least Squares Date: 09/07/14 Time: 22:32 Sample: 2008 2013 IF TOBINQ>=1 Included observations: 259 Total system (balanced) observations 777 Linear estimation after one-step weighting matrix Coefficient C(1) C(2) C(3) C(4) C(5) C(6) C(7) C(8) C(9) C(10) C(11) C(12) C(13) C(14) C(15) C(16) C(17) C(18) C(19) C(20) C(21) C(22) C(23) C(24) Std Error t-Statistic Prob -1.471791 0.323574 -0.334485 0.189530 -0.001773 0.914803 -8.05E-06 0.119344 0.181157 0.012879 0.019850 -0.012159 0.000420 0.070873 -1.59E-08 -0.063099 0.173873 -0.616188 3.433944 -3.081566 -0.671234 -0.784065 -0.003431 0.206426 0.380682 0.226438 0.040998 0.028061 0.003877 0.164293 7.36E-06 0.080157 0.128708 0.018882 0.012132 0.010163 0.001089 0.051473 2.60E-08 0.064240 0.063910 0.592827 1.467529 1.986838 0.098116 0.479490 0.005724 0.044255 -3.866196 1.428971 -8.158596 6.754244 -0.457306 5.568132 -1.093077 1.488882 1.407507 0.682096 1.636083 -1.196394 0.386043 1.376913 -0.611829 -0.982235 2.720596 -1.039405 2.339950 -1.550990 -6.841230 -1.635206 -0.599340 4.664428 0.0001 0.1534 0.0000 0.0000 0.6476 0.0000 0.2747 0.1369 0.1597 0.4954 0.1022 0.2319 0.6996 0.1690 0.5408 0.3263 0.0067 0.2990 0.0195 0.1213 0.0000 0.1024 0.5491 0.0000 C(25) C(26) C(27) 0.086041 0.264479 0.126036 Determinant residual covariance 0.074218 0.569341 0.059155 1.159303 0.464535 2.130628 0.2467 0.6424 0.0334 0.003240 Equation: LOG(NB)=C(1)+C(2)*MO+C(3)*TOBINQ+C(4)*LOG(TA)+C(5) *AGE+C(6)*LEVERAGE+C(7)*COVERAGE+C(8)*COLLATERAL Instruments: C AGE BLOCK LEVERAGE COVERAGE COLLATERAL EBITSD PAYOUT LOG(NB)*MO SGROWTH CAPEXTA LOG(TA) RDSALES LOG(NB)^2 TOBINQ^2 MO^2 MO^4 Observations: 259 R-squared 0.306386 Mean dependent var 1.071683 Adjusted R-squared 0.287042 S.D dependent var 0.713443 S.E of regression 0.602409 Sum squared resid 91.08694 Durbin-Watson stat 0.822396 Equation: MO=C(9)+C(10)*LOG(NB)+C(11)*TOBINQ+C(12)*LOG(TA) +C(13)*AGE+C(14)*LEVERAGE+C(15)*EBITSD+C(16)*PAYOUT+C(17) *BLOCK Instruments: C AGE BLOCK LEVERAGE COVERAGE COLLATERAL EBITSD PAYOUT LOG(NB)*MO SGROWTH CAPEXTA LOG(TA) RDSALES LOG(NB)^2 TOBINQ^2 MO^2 MO^4 Observations: 259 R-squared 0.050202 Mean dependent var 0.113136 Adjusted R-squared 0.019808 S.D dependent var 0.163646 S.E of regression 0.162017 Sum squared resid 6.562365 Durbin-Watson stat 0.805963 Equation: TOBINQ=C(18)+C(19)*MO+C(20)*MO^2+C(21)*LOG(NB)+C(22) *LOG(NB)*MO+C(23)*AGE+C(24)*LOG(TA)+C(25)*SGROWTH+C(26) *CAPEXTA + C(27)*RDSALES Instruments: C AGE BLOCK LEVERAGE COVERAGE COLLATERAL EBITSD PAYOUT LOG(NB)*MO SGROWTH CAPEXTA LOG(TA) RDSALES LOG(NB)^2 TOBINQ^2 MO^2 MO^4 Observations: 259 R-squared 0.095252 Mean dependent var 1.746757 Adjusted R-squared 0.062551 S.D dependent var 0.912986 S.E of regression 0.883971 Sum squared resid 194.5699 Durbin-Watson stat 1.402731 Ph L c 6: K t qu ng h v i TOBINQ nh System: LV_LOWTOBINQ Estimation Method: Three-Stage Least Squares Date: 08/31/14 Time: 23:27 Sample: 2008 2013 IF TOBINQ