LUẬN VĂN THẠC SĨ ẢNH HƯỞNG CỦA VIỆC SỬ DỤNG ĐÒN BẨY TÀI CHÍNH ĐẾN QUYẾT ĐỊNH ĐẦU TƯ CỦA DOANH NGHIỆP NIÊM YẾT TRÊN THỊ TRƯỜNG CHỨNG KHOÁN VIỆT NAM.PDF

- M NGÂN VI ÒN B N QUY DOANH NGHI NIÊM Y ÊN TH VI KINH T TP - M NGÂN ÒN B DOANH NGHI ÊM Y ÊN TH CHUYÊN NGHÀNH: TÀI CHÍNH – NGÂN HÀNG MÃ S : 60340201 ng d n khoa h c: PGS TS H TP VI T TI N L ng lu vi quy th nghiên c u c a tơi Ngo i tr nh ng tài li u tham kh lu is M Ngân ài Vi ” ng d n c a TS H Vi t Ti n c trích d n lu c công b ho i th c hi n òn b cs d nh n b ng c p nh ng M CL C TRANG PH BÌA L M CL C DANH M C CH VI T T T DANH M C HÌNH DANH M C B NG TÓM T T I THI U 1.1 Lý ch tài 1.2 M c tiêu câu h i nghiên c u c tài ng ph m vi nghiên c u u: 1.5 Ý ngh tài: 1.6 C u trúc nghiên c u NG QUAN CÁC NGHIÊN C 2.1 òn b 2.2 òn b n quy ng n quy U 10 3.1 Mơ hình nghiên c u 10 3.2 M u tri n khai thu th p d li u 13 lý d li u b ng 14 3.3.1 Th ng kê mô t 15 3.3.2 Phân tích d li u b ng 15 3.3.3 H i quy ki nh v i mơ hình FEM 16 3.3.4 H i quy ki nh v i mơ hình REM 17 3.3.5 Ki nh k t qu phân tích 17 3.3.6 Ki m khuy t c a mơ hình 19 T QU NGHIÊN C U 20 4.1 Khái quát chung v hi n tr ng doanh nghi p nghiên c u 20 4.1.1 Khái quát v s ài ình quân tài s 4.1.1.1 Di n bi n t ng tài s n bình quân c a doanh nghi p 20 4.1.1.2 Di n bi n quy mô tài s n c nh bình quân c a doanh nghi p 20 4.1.2 Di n bi n l i nhu n sau thu EPS bình quân c a doanh nghi p niêm y t 21 4.1.3 Di n bi n giá th ng ch tiêu P/E c a doanh nghi p niêm y t 22 4.1.4 Di n bi n n c a doanh nghi p niêm y t 22 4.2 Mô t d li 27 nh ng c a n t i quy 29 29 ng c a n t i quy ình (1) 29 ng c a n t i quy ình (2) 32 ng c a n t i quy ình (3) 35 4.3.4 K t qu h i quy bình ph t hai n cơng c ) – TSLS…………………………………………………………………………38 T LU N VÀ KHUY N NGH V VI C S TÀI CHÍNH D NG ỊN B Y P 40 5.1 K t lu n v k t qu nghiên c u 40 5.1.1 K t lu n chung 40 5.1.2 K t lu n t k t qu 5.2 H n ch ng mơ hình 42 ng nghiên c u ti p theo 48 5.3 Khuy n ngh v vi c s d ng n p 49 TÀI LI U THAM KH O PH L C 1: DANH SÁCH CÁC DOANH NGHI P PH L C 2: N PH L C 3: H I QUY VÀ KI NH MƠ HÌNH PH L C 4: H I QUY VÀ KI NH MÔ HÌNH PH L C 5: H I QUY VÀ KI NH MƠ HÌNH PH L PH L I NG TUY N PH L C 8: T PH L C 9: K T QU H I QUY S D N CÔNG C DANH M C CH FEM: ng c h VI T T T nh ng ng u nhiên DANH M C HÌNH Hình 3.1: Mơ hình nghiên c u 10 Hình 3.2: S phân tích x lý s li tài 14 DANH M B 2.1 : T v B ng 4.1: Mô t v bi n nghiên c u 24 B B ng 4.3: K t qu B ng 4.4: Ki B ng 4.5: K t qu B ng 4.6: Ki B ng 4.7: K t qu B ng 4.8: Ki B ng 4.9.: K t qu n 27 ng mơ hình (1) theo FEM REM 30 nh Hausman Test mơ hình (1) so sánh FEM REM 31 ng mơ hình (2) theo FEM REM 32 nh Hausman Test mô hình (2) so sánh FEM REM 35 ng mơ hình (3) theo FEM REM 36 nh Hausman Test mơ hình (3) so sánh FEM REM 38 ng b n công c ………………… 39 B ng 5.1: B ng so sánh k t qu ba mơ hình ………………………………………46 TĨM T T Lu ã t ng h p, h th ng hóa v n d ng nghiên c u t v n n quy a doanh nghi ct i c bi t vi c ng d ng mơ hình k t qu nghiên c u c a tác gi tiêu bi Jensen Meckling (1976), Myers (1977), Jensen (1986), Hart (1995), McConnel Sevaes (1995), Yuan Yuan Motohashi Kazuyuki (2008), Faris Nasif AL - Shubiri (2012).… Nghiên c u s d ng d li u th c c thu th p tính toán t báo cáo tài n 2007 - 2012 c a 200 doanh nghi p niêm y t t i S giao d ch ch ng khốn H Chí Minh Hà N ng v i 1200 quan sát) ng c a vi c s d òn b y tài t i quy nghi p theo ba mơ hình nghiên c u v i ng c ti n hành phân nh a doanh i quy d li u b ng v ng ng u nhiên (REM) th c hi n b ng ph n m m Eview 6.0 K t qu nghiên c u cho th y: Th , ln t ên c Th ịn b ài dịng ti Th ùng chi Th ịn b , ài doanh nghi th Hay nói cách khác ịn b ài có tác d ph h òn b nghi Th quy , ph ác d c khơng có ý ngh Ngồi ra, xem xét di n bi n c a t qu cho th ng tích c c t i quy ng tiêu c c t i quy nghiên c lu t u t s k t lu n mang tính khoa h c ki n ngh v s d ng ịn b y tài T thi p ịn b y tài chính, tài doanh nghi p Mơ hình FEM => Khơng có ph thay Ho: Mơ hình khơng có ph i i H1: Mơ hình có ph i Tiêu chu n ki nh : LM = n*R2 ( n*R2 = 5.7012 (k) => Bác b Ho (5) = 11.0705) Dependent Variable: E3^2 Method: Panel Least Squares Date: 12/27/13 Time: 06:52 Sample (adjusted): 2008 2012 Periods included: Cross-sections included: 200 Total panel (balanced) observations: 1000 Variable Coefficient Std Error t-Statistic Prob C 0.183034 0.061336 2.984107 0.0029 LEV(-1) -0.181201 0.096619 -1.875420 0.0610 CASHFLOW(-1) -0.006698 0.006168 -1.085950 0.2778 TOBINSQ(-1) -0.012784 0.019204 -0.665713 0.5057 HQ_PE(-1) 4.26E-05 0.000642 0.066400 0.9471 LQ_PE(-1) -3.38E-05 0.000124 -0.272541 0.7853 R-squared Adjusted R-squared 0.004751 Mean dependent var 0.077219 -0.000255 S.D dependent var 0.622487 S.E of regression 0.622567 Akaike info criterion 1.896050 Sum squared resid 385.2638 Schwarz criterion 1.925497 Hannan-Quinn criter 1.907242 Durbin-Watson stat 1.824121 Log likelihood -942.0251 F-statistic 0.948991 Prob(F-statistic) 0.448325 PH Mơ hình FEM ng n Do VIF = 1/ (1+R2) < 10 Dependent Variable: LEV(-1) Method: Panel Least Squares Sample (adjusted): 2008 2012 Periods included: Cross-sections included: 200 Total panel (balanced) observations: 1000 Variable Coefficient Std Error t-Statistic Prob CASHFLOW(-1) -0.001566 0.002022 -0.774214 0.4390 TOBINSQ(-1) -0.034147 0.006081 -5.614929 0.0000 C 0.550311 0.009987 55.10133 0.0000 R-squared 0.030854 Mean dependent var 0.508062 Adjusted R-squared 0.028910 S.D dependent var 0.207204 S.E of regression 0.204186 Akaike info criterion -0.336571 Sum squared resid 41.56703 Schwarz criterion -0.321848 Log likelihood 171.2854 Hannan-Quinn criter -0.330975 F-statistic 15.87028 Durbin-Watson stat Prob(F-statistic) 0.000000 Dependent Variable: CASHFLOW(-1) Method: Panel Least Squares Sample (adjusted): 2008 2012 Periods included: Cross-sections included: 200 0.282378 Total panel (balanced) observations: 1000 Variable Coefficient Std Error t-Statistic Prob LEV(-1) -0.383776 0.495698 -0.774214 0.4390 TOBINSQ(-1) -0.180788 0.096538 -1.872718 0.0614 C 0.060676 0.314491 0.192935 0.8470 R-squared 0.003712 Mean dependent var -0.360983 Adjusted R-squared 0.001713 S.D dependent var 3.199590 S.E of regression 3.196848 Akaike info criterion 5.165203 Sum squared resid 10189.18 Schwarz criterion 5.179927 Hannan-Quinn criter 5.170799 Durbin-Watson stat 1.881094 Log likelihood -2579.602 F-statistic 1.857200 Prob(F-statistic) 0.156649 Dependent Variable: TOBINSQ(-1) Method: Panel Least Squares Sample (adjusted): 2008 2012 Periods included: Cross-sections included: 200 Total panel (balanced) observations: 1000 Variable Coefficient Std Error t-Statistic Prob LEV(-1) -0.897687 0.159875 -5.614929 0.0000 CASHFLOW(-1) -0.019389 0.010353 -1.872718 0.0614 C 1.702914 0.087744 19.40774 0.0000 R-squared 0.033670 Mean dependent var 1.253832 Adjusted R-squared 0.031732 S.D dependent var 1.063941 S.E of regression 1.046924 Akaike info criterion 2.932586 Sum squared resid 1092.763 Schwarz criterion 2.947309 Hannan-Quinn criter 2.938182 Durbin-Watson stat 1.006431 Log likelihood -1463.293 F-statistic 17.36950 Prob(F-statistic) 0.000000 Mơ hình FEM ng n Do VIF = 1/ (1+R2) < 10 Dependent Variable: LEV(-1) Method: Panel Least Squares Sample (adjusted): 2008 2012 Periods included: Cross-sections included: 200 Total panel (balanced) observations: 1000 Variable Coefficient Std Error t-Statistic Prob CASHFLOW(-1) -0.000247 0.001048 -0.235182 0.8141 TOBINSQ(-1) -0.012048 0.003387 -3.556770 0.0004 HQ_LEV(-1) 0.814852 0.016762 48.61434 0.0000 LQ_LEV(-1) 0.941273 0.019963 47.15000 0.0000 C 0.126905 0.009806 12.94153 0.0000 R-squared 0.740160 Mean dependent var 0.508062 Adjusted R-squared 0.739115 S.D dependent var 0.207204 S.E of regression 0.105833 Akaike info criterion -1.648918 Sum squared resid 11.14465 Schwarz criterion -1.624380 Log likelihood 829.4592 Hannan-Quinn criter -1.639592 F-statistic 708.5681 Durbin-Watson stat Prob(F-statistic) 0.000000 0.848029 Dependent Variable: CASHFLOW(-1) Method: Panel Least Squares Sample (adjusted): 2008 2012 Periods included: Cross-sections included: 200 Total panel (balanced) observations: 1000 Variable Coefficient Std Error t-Statistic Prob LEV(-1) -0.225429 0.958527 -0.235182 0.8141 TOBINSQ(-1) -0.180794 0.102908 -1.756847 0.0793 HQ_LEV(-1) -0.172968 0.931079 -0.185772 0.8527 LQ_LEV(-1) -0.208295 1.085535 -0.191883 0.8479 C 0.066144 0.320475 0.206394 0.8365 R-squared Adjusted R-squared 0.003749 Mean dependent var -0.360983 -0.000256 S.D dependent var 3.199590 S.E of regression 3.199999 Akaike info criterion 5.169166 Sum squared resid 10188.79 Schwarz criterion 5.193704 Hannan-Quinn criter 5.178492 Durbin-Watson stat 1.881178 Log likelihood -2579.583 F-statistic 0.936175 Prob(F-statistic) 0.442130 Dependent Variable: TOBINSQ(-1) Method: Panel Least Squares Date: 12/12/13 Time: 19:45 Sample (adjusted): 2008 2012 Periods included: Cross-sections included: 200 Total panel (balanced) observations: 1000 Variable Coefficient Std Error t-Statistic Prob LEV(-1) -1.042063 0.292980 -3.556770 0.0004 CASHFLOW(-1) -0.017105 0.009736 -1.756847 0.0793 HQ_LEV(-1) 0.884435 0.285015 3.103117 0.0020 LQ_LEV(-1) -0.531289 0.333475 -1.593188 0.1114 C 1.678934 0.082971 20.23524 0.0000 R-squared 0.147583 Mean dependent var 1.253832 Adjusted R-squared 0.144156 S.D dependent var 1.063941 S.E of regression 0.984271 Akaike info criterion 2.811157 Sum squared resid 963.9463 Schwarz criterion 2.835696 Hannan-Quinn criter 2.820484 Durbin-Watson stat 1.060564 Log likelihood -1400.579 F-statistic 43.06716 Prob(F-statistic) 0.000000 Dependent Variable: HQ_LEV(-1) Method: Panel Least Squares Sample (adjusted): 2008 2012 Periods included: Cross-sections included: 200 Total panel (balanced) observations: 1000 Variable Coefficient Std Error t-Statistic Prob LEV(-1) 0.863622 0.017765 48.61434 0.0000 CASHFLOW(-1) -0.000201 0.001079 -0.185772 0.8527 TOBINSQ(-1) 0.010837 0.003492 3.103117 0.0020 LQ_LEV(-1) -1.056516 0.015630 -67.59553 0.0000 C 0.012681 0.010904 1.162895 0.2452 R-squared 0.856082 Mean dependent var 0.239348 Adjusted R-squared 0.855504 S.D dependent var 0.286626 S.E of regression 0.108954 Akaike info criterion -1.590790 Sum squared resid 11.81167 Schwarz criterion -1.566251 Log likelihood 800.3950 Hannan-Quinn criter -1.581464 F-statistic 1479.667 Durbin-Watson stat Prob(F-statistic) 0.000000 1.205332 Dependent Variable: LQ_LEV(-1) Method: Panel Least Squares Sample (adjusted): 2008 2012 Periods included: Cross-sections included: 200 Total panel (balanced) observations: 1000 Variable Coefficient Std Error t-Statistic Prob LEV(-1) 0.733914 0.015566 47.15000 0.0000 CASHFLOW(-1) -0.000178 0.000926 -0.191883 0.8479 TOBINSQ(-1) -0.004789 0.003006 -1.593188 0.1114 HQ_LEV(-1) -0.777250 0.011499 -67.59553 0.0000 C 0.032790 0.009301 3.525318 0.0004 R-squared 0.859880 Mean dependent var 0.213690 Adjusted R-squared 0.859317 S.D dependent var 0.249153 S.E of regression 0.093452 Akaike info criterion -1.897760 Sum squared resid 8.689524 Schwarz criterion -1.873221 Log likelihood 953.8800 Hannan-Quinn criter -1.888434 F-statistic 1526.516 Durbin-Watson stat Prob(F-statistic) 0.000000 1.008230 Mơ hình FEM => ng n Do VIF = 1/ (1+R2) < 10 Dependent Variable: LEV(-1) Method: Panel Least Squares Sample (adjusted): 2008 2012 Periods included: Cross-sections included: 200 Total panel (balanced) observations: 1000 Variable Coefficient Std Error t-Statistic Prob CASHFLOW(-1) -0.001545 0.002023 -0.763488 0.4454 TOBINSQ(-1) -0.035428 0.006200 -5.713957 0.0000 HQ_PE(-1) 0.000221 0.000210 1.050343 0.2938 LQ_PE(-1) -8.15E-06 4.07E-05 -0.200413 0.8412 C 0.550280 0.010035 54.83648 0.0000 R-squared 0.031973 Mean dependent var 0.508062 Adjusted R-squared 0.028081 S.D dependent var 0.207204 S.E of regression 0.204274 Akaike info criterion -0.333726 Sum squared resid 41.51905 Schwarz criterion -0.309187 Log likelihood 171.8630 Hannan-Quinn criter -0.324399 F-statistic 8.215862 Durbin-Watson stat Prob(F-statistic) 0.000002 Dependent Variable: CASHFLOW(-1) Method: Panel Least Squares Sample (adjusted): 2008 2012 0.284743 Periods included: Cross-sections included: 200 Total panel (balanced) observations: 1000 Variable Coefficient Std Error t-Statistic Prob LEV(-1) -0.379046 0.496467 -0.763488 0.4454 TOBINSQ(-1) -0.175392 0.098551 -1.779715 0.0754 HQ_PE(-1) -0.000892 0.003298 -0.270350 0.7869 LQ_PE(-1) 4.09E-05 0.000637 0.064217 0.9488 C 0.058032 0.315257 0.184077 0.8540 R-squared Adjusted R-squared 0.003790 Mean dependent var -0.360983 -0.000215 S.D dependent var 3.199590 S.E of regression 3.199934 Akaike info criterion 5.169125 Sum squared resid 10188.38 Schwarz criterion 5.193664 Hannan-Quinn criter 5.178452 Durbin-Watson stat 1.881384 Log likelihood -2579.563 F-statistic 0.946246 Prob(F-statistic) 0.436370 Dependent Variable: TOBINSQ(-1) Method: Panel Least Squares Sample (adjusted): 2008 2012 Periods included: Cross-sections included: 200 Total panel (balanced) observations: 1000 Variable Coefficient Std Error t-Statistic Prob LEV(-1) -0.896771 0.156944 -5.713957 0.0000 CASHFLOW(-1) -0.018092 0.010166 -1.779715 0.0754 HQ_PE(-1) 0.006380 0.001040 6.136377 0.0000 LQ_PE(-1) -0.000256 0.000204 -1.250387 0.2115 C 1.655706 0.086586 19.12207 0.0000 R-squared 0.070647 Mean dependent var 1.253832 Adjusted R-squared 0.066910 S.D dependent var 1.063941 S.E of regression 1.027730 Akaike info criterion 2.897570 Sum squared resid 1050.949 Schwarz criterion 2.922109 Hannan-Quinn criter 2.906897 Durbin-Watson stat 1.041369 Log likelihood -1443.785 F-statistic 18.90921 Prob(F-statistic) 0.000000 Dependent Variable: HQ_PE(-1) Method: Panel Least Squares Sample (adjusted): 2008 2012 Periods included: Cross-sections included: 200 Total panel (balanced) observations: 1000 Variable Coefficient Std Error t-Statistic Prob LEV(-1) 5.011281 4.771089 1.050343 0.2938 CASHFLOW(-1) -0.082384 0.304729 -0.270350 0.7869 TOBINSQ(-1) 5.715274 0.931376 6.136377 0.0000 LQ_PE(-1) -0.002848 0.006122 -0.465223 0.6419 C -1.730731 3.029995 -0.571199 0.5680 R-squared 0.037342 Mean dependent var 7.970462 Adjusted R-squared 0.033472 S.D dependent var 31.28777 S.E of regression 30.75968 Akaike info criterion 9.695274 Sum squared resid 941427.3 Schwarz criterion 9.719813 Log likelihood -4842.637 F-statistic 9.649037 Prob(F-statistic) Hannan-Quinn criter 9.704601 Durbin-Watson stat 2.414841 0.000000 Dependent Variable: LQ_PE(-1) Method: Panel Least Squares Sample (adjusted): 2008 2012 Periods included: Cross-sections included: 200 Total panel (balanced) observations: 1000 Variable Coefficient Std Error t-Statistic Prob LEV(-1) -4.953455 24.71621 -0.200413 0.8412 CASHFLOW(-1) 0.101324 1.577832 0.064217 0.9488 TOBINSQ(-1) -6.138001 4.908882 -1.250387 0.2115 HQ_PE(-1) -0.076355 0.164125 -0.465223 0.6419 C 25.10660 15.67062 1.602145 0.1094 R-squared Adjusted R-squared 0.002108 Mean dependent var 14.24875 -0.001903 S.D dependent var 159.1114 S.E of regression 159.2628 Akaike info criterion 12.98398 Sum squared resid 25237805 Schwarz criterion 13.00851 Log likelihood -6486.988 Hannan-Quinn criter 12.99330 F-statistic 0.525525 Prob(F-statistic) 0.717007 Durbin-Watson stat 1.699088 PH Theo ki T nh Durbin – Watson: Khơng có t Mơ hình FEM 3: d = 2.708983 => Khơng có t PH L :K PHÁP BI Mơ hình (FEM): Dependent Variable: INVESTMENT Method: Panel Two-Stage Least Squares Date: 02/20/14 Time: 07:28 Sample (adjusted): 2008 2012 Periods included: Cross-sections included: 200 Total panel (balanced) observations: 1000 Instrument list: IV(-1) C INVESTMENT CASHFLOW(-1) TOBINSQ(-1) Variable C IV(-1) CASHFLOW(-1) TOBINSQ(-1) Coefficient Std Error t-Statistic 0.467309 -0.759436 0.008752 0.004018 0.040264 0.127408 0.003241 0.013134 Prob 11.60605 -5.960659 2.700079 0.305912 0.0000 0.0000 0.0071 0.7598 Mean dependent var S.D dependent var Sum squared resid Durbin-Watson stat Second-Stage SSR 0.260184 0.355682 74.42791 2.762315 74.42791 Effects Specification Cross-section fixed (dummy variables) Period fixed (dummy variables) R-squared Adjusted R-squared S.E of regression F-statistic Prob(F-statistic) Instrument rank 0.411093 0.258110 0.306359 2.687191 0.000000 208.000000 Mơ hình (FEM): Dependent Variable: INVESTMENT Method: Panel Two-Stage Least Squares Date: 02/21/14 Time: 06:13 Sample (adjusted): 2008 2012 Periods included: Cross-sections included: 200 Total panel (balanced) observations: 1000 Instrument list: IV(-1) C INVESTMENT CASHFLOW(-1) TOBINSQ(-1) HQ_LEV(-1) LQ_LEV(-1) Variable C IV(-1) CASHFLOW(-1) TOBINSQ(-1) HQ_IV(-1) LQ_IV(-1) Coefficient Std Error t-Statistic 0.465876 -0.758234 0.008569 0.001809 0.037678 -0.024393 0.060819 0.127465 0.003246 0.013283 0.093727 0.113421 7.660063 -5.948586 2.639531 0.136196 0.401998 -0.215063 Prob 0.0000 0.0000 0.0085 0.8917 0.6878 0.8298 Effects Specification Cross-section fixed (dummy variables) Period fixed (dummy variables) R-squared Adjusted R-squared S.E of regression F-statistic Prob(F-statistic) Instrument rank 0.412101 0.257508 0.306484 2.665713 0.000000 210.000000 Mean dependent var 0.260184 S.D dependent var 0.355682 Sum squared resid 74.30051 Durbin-Watson stat 2.769243 Second-Stage SSR 74.30051 Mơ hình (FEM): Dependent Variable: INVESTMENT Method: Panel Two-Stage Least Squares Date: 02/21/14 Time: 06:26 Sample (adjusted): 2008 2012 Periods included: Cross-sections included: 200 Total panel (balanced) observations: 1000 Instrument list: IV(-1) C INVESTMENT CASHFLOW(-1) TOBINSQ(-1) HQ_P_E(-1) LQ_P_E(-1) Variable C IV(-1) CASHFLOW(-1) TOBINSQ(-1) HQ_P_E(-1) LQ_P_E(-1) Coefficient Std Error t-Statistic 0.467539 -0.760802 0.008762 0.004141 -3.41E-05 1.86E-05 0.040450 0.127802 0.003245 0.013211 0.000356 6.90E-05 11.55845 -5.952972 2.699699 0.313489 -0.095673 0.269686 Prob 0.0000 0.0000 0.0071 0.7540 0.9238 0.7875 Effects Specification Cross-section fixed (dummy variables) Period fixed (dummy variables) R-squared Adjusted R-squared S.E of regression F-statistic Prob(F-statistic) Instrument rank 0.411154 0.256312 0.306731 2.655314 0.000000 210.000000 Mean dependent var 0.260184 S.D dependent var 0.355682 Sum squared resid 74.42015 Durbin-Watson stat 2.763056 Second-Stage SSR 74.42015 ... ịn b y tài T thi p ịn b y tài chính, tài doanh nghi p 1.1 Lý ch ài hai ba quy vi c ho nh chi c tài ln quan tâm c u hành nh doanh nghi p Trong th c t , vi c nghiên c u m i quan h c a n quy doanh. .. ki n tài chính, h n ch i gian thu th p s li u; tác gi ã xác nh quy mô m u 200 doanh nghi p niêm y t HOSE HNX (trên t ng s 746 mã niêm y t tính t i 10/10/2013) chi m t l 26.81%, danh sách doanh. .. ng doanh nghi p nghiên c u 20 4.1.1 Khái quát v s ài ình quân tài s 4.1.1.1 Di n bi n t ng tài s n bình quân c a doanh nghi p 20 4.1.1.2 Di n bi n quy mô tài s n c nh bình quân c a doanh