- CHI 14 - CÔNG TY Chuyên ngành: - Ngân hàng 60340201 TS LÊ TP KHOA NGUYÊN khác TP.HCM, ngày 30 tháng 04 Trang T NG QUAN CÁC NGHIÊN C C 2.1 Y 2.1.1 2.1.2 2.1.3 2.1.4 2.2 2.3 Tó c k t qu nghiên c u th c nghi c y D LI U NGHIÊN C U, MƠ HÌNH NGHIÊN C U, 11 3.1 C s l hình 11 11 3.3 Mô t bi n 3.3.1 12 3.3.2 C 13 3.4 Mơ hình 3.5 Ph k v ng nghiên c u 12 19 ng pháp 20 3.5.1 Phân tích th ng kê mô t 20 3.5.2 Phân tích t ng quan 20 3.5.3 Phân tích h i quy 20 3.5.4 23 3.5.5 ogistic 24 3.5.6 28 31 4.1 P 4.2 Phân 4.3 K t qu 31 34 mơ hình 35 4.3.1 Pool Model 35 4.3.2 38 4.4 47 4.4.1 Pool Model 48 4.4.2 51 4.5 Ki m 4.6 nh h i quy 56 57 : K T LU N 59 59 5.2 60 Các tài li u ti ng Vi t Các tài li u ti ng Anh website Ph l c : Danh sách m u quan sát nghiên c u : : : : : K t qu ng c a mơ hình h i quy Logit : K t qu Odds ratio) ng c a mơ hình h i quy Logit (trình bày theo : ng c a : : K t qu : K t qu 4.9 ng c a mơ hình h i quy FEM ng c a mơ hình h i quy REM : K t qu phân tích c a mơ hình Hausman Test : K t qu phân tích v i mơ hình REM : K t qu ng c a mơ hình : : K t qu ng c a mơ hình h i quy Logit : K t qu Odds ratio) ng c a mơ hình h i quy Logit : ng c a : Logit Probit : K t qu ng c a mơ hình h i quy FEM : K t qu ng c a mơ hình h i quy REM : K t qu phân tích c a mơ hình Hausman Test 20 : K t qu phân tích v i mơ hình REM 21 : K t qu 22 : 23 : ng c a mơ hình CÁC : Cơng ty : CEO : TTCK : HSX : HNX : , (BIND), Các (CEOD) 100 công ty X %, có có % , quy mơ ty có theo TTCK , quy mô công 57 B ng 4.23 : test bind= ceod= bsize= so= size= lev= sgrt= fv=0 ( ( ( ( ( ( ( ( 1) 2) 3) 4) 5) 6) 7) 8) [divid]bind - [divid]ceod = [divid]bind - [divid]bsize = [divid]bind - [divid]so = [divid]bind - [divid]size = [divid]bind - [divid]lev = [divid]bind - [divid]sgrt = [divid]bind - [divid]fv = [divid]bind = Constraint dropped chi2( 7) = Prob > chi2 = 25.11 0.0007 K 300 100 2010-2012 b > Chi2 = 0.0007 4.6 Th o lu n k t qu nghiên c u: TTCK -2012 Nghiên quan sát Logit Probit (Board Independence) chi t CEO quy mô ( ) , quy mô công ty (SIZE) TTCK (Board Size), tính khơng 58 TTCK , (BIND 241.4545 1% .T B 0.0251) 0% Các công ty 7.5301 T 59 T LU N : tác TTCK 2010- , 100 công ty phi tài khốn : , quy mơ 90 , quy mơ cơng ty 60 có 5.2 : -2012, công ty lý - - - Amarjit S Gill and John D Obradovich, 2012 Corporate Governance, Institutional Ownership, and the Decision to Pay the Amount of Dividends: Evidence from USA, International Research Journal of Finance and Economics, No 97, pp 60-71 - B Ram Baliga, R Charles Moyer and Ramesh S Rao, 1996 CEO duality and firm performance: What's the fuss?, Strategic Management Journal, Vol 17, pp 41 53 - Berkley R and S Myers, 2005 Principles of corporate finance (8th edition), Journal of Portfolio Management, No 2, pp 5-8 - CHEN Litai, LIN Chuan and Yong-cheol Kim, 2011 Financial Characteristics, Corporate Governance and the Propensity to Pay Cash Dividends of Chinese Listed Companies, International Business and Management, Vol 3, No 1, pp 176-188 - David Yermack, 1996 Higher Market Valuation of Companies with a Small Board of Directors, Journal of Financial Economics, Vol 40, No 2, pp 185-211 - Dittmar A, Mahrt-Smith J and Servaes H, 2003 International corporate governance and corporate cash holdings, Journal of Financial and Quantitative Analysis, Vol 38, No 1, pp 111-134 - Elham Mansourinia, Milad Emamgholipour, Esmail Abedi Rekabdarkolaei and Mahboobeh Hozoori, 2013 The Effect of Board Size, Board Independence and CEO Duality on Dividend Policy of Companies: Evidence from Tehran Stock Exchange, International Journal of Economy, Management and Social Sciences, pp 237-241 - Godfred A Bokpin, 2011 Ownership structure, corporate governance and dividend performance on the Ghana Stock Exchange, Journal of Applied Accounting Research, Vol 12, No 1, pp 61-73 - Gordon Newlove Asamoah, 2011 Corporate Governance and Dividend Policy: An Evidence from Ghana, online access: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1845429 - Harry DeAngelo, Linda DeAngelo and Douglas J Skinner, 2004 Are dividends disappearing? Dividend concentration and the consolidation of earnings, Journal of Financial Economics, Vol 72, pp 425 456 - Jayesh Kumar, 2004 Agency theory and firm value in India, online access: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=501802 - , 1999 Agency cost, market risk, investment opportunities and dividend policy an international perspective, Managerial Finance, Vol 25, pp 35-43 - Kose John and Joseph Williams, 1985 Dividends, dilution, and taxes: A signaling equilibrium, Journal of Finance, Vol 40, pp 1053-1070 - M J Gordon, 1963 Optimal Investment and Financing Policy, The Journal of Finance, Vol 18, No 2, pp 264-272 - Merton H Miller and Franco Modigliani, 1961 Dividend Policy, Growth, and the Valuation of Shares, The Journal of Business, Vol 34, No 4, pp 411-433 - Merton H Miller and Kevin Rock, 1985 Dividend Policy under Asymmetric Information, The Journal of Finance, Vol 40, No 4, pp 1031-1051 - Michael C Jensen and William H Meckling, 1976 Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics, Vol 3, No 4, pp 305-360 - Michael C Jensen, 1986 Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers, American Economic Review, Vol 76, No 2, pp 323-329 - Michael C Jensen, 1993 The modern industrial revolution, exit and the failure of internal control Systems, The Journal of Finance, Vol 48, pp 831-880 - Michael S Rozeff, 1982 Growth, Beta and Agency Costs as Determinants of Dividend Payout Ratios, The Journal of Financial Research, Vol 5, No 3, pp 249-259 - Nirosha Wellalage, Fitriya Fauzi and Gaoxiang Wang, 2013 Corporate governance and cash dividend policy: Evidence from Chinese IPOs - Oskar Kowalewski, Ivan Stetsyuk and Oleksandr Talavera, 2007 Corporate Governance and Dividend Policy in Poland, Working Paper, German Institute for Economic Research - Rakesh Bali, 2003 An Empirical Analysis of Stock Returns around Dividend Changes, Applied Economics, Vol 35, pp 51-61 - Shahid Iqbal, 2013 The impact of corporate governance on dividend decision of firms: Evidence from Pakistan, African Journal of Business Management, Vol 7, No 11, pp 811-817 - Sudipto Bhattacharya, 1979 Imperfect Information, Dividend Policy and Fallacy, The Bell Journal of Economics, Vol 10, No 1, pp 259-270 - Sungmin Kim and Eunjung Lee, 2008 Corporate Governance and Dividend Policy under, External Financing Constraints and Agency Problems, AsiaPacific Journal of Financial Studies, Vol 37, No 5, pp 949-981 - Todd Mitton, 2004 Corporate Governance and Dividend Policy in Emerging Markets, Emerging Market Rev, pp 409-426 website - www.cafef.vn - www.cophieu68.vn Ph l MÃ CK CII CII CII NBB NBB NBB DXG DXG DXG HAG HAG HAG PPI PPI PPI TDH TDH TDH SZL SZL SZL HDG HDG HDG VPH VPH VPH VNI VNI VNI ITA ITA ITA ELC ELC ELC 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 DIVID 1 1 1 0 0 1 1 0 1 1 1 0 0 1 1 1 phi tài BIND CEOD BSIZE SO SIZE LEV SGRT FV 0.714286 6.548815 0.5868 -0.02248 52820 0.714286 6.698945 0.749248 0.00407 272610 0.714286 6.821591 0.752158 0.369466 219790 0.857143 6.370976 0.660548 0.412436 2572.667 0.857143 6.405331 0.585583 -0.14784 63710.67 0.833333 6.463399 0.5656 0.031055 66283.33 0.4 5.837436 0.579806 3.407719 28625.33 0.5 5.947553 0.484142 -0.23478 26172.67 0.6 5.911931 0.290106 0.408948 2452.667 0.285714 7.279738 0.517685 -0.09076 1101044 0.285714 7.407841 0.595554 -0.20631 34412.33 0.285714 7.495528 0.654173 0.398324 1135457 0.6 5.831465 0.612315 0.570117 30517.67 0.6 5.885554 0.669316 -0.64209 11588.33 0.4 5.868719 0.639683 0.230563 18929.33 0.6 6.368824 0.363114 0.157687 197006.7 0.4 6.355195 0.375355 -0.04356 87435.33 0.4 6.349288 0.364761 -0.51512 109571.3 0.571429 5.90311 0.38806 0.674426 8032 0.571429 5.994282 0.523364 0.005125 1090 0.571429 6.035462 0.527436 -0.00902 6942 0.714286 6.168014 0.546072 0.200024 137614.7 0.714286 6.212778 0.529198 0.189005 13784.33 0.714286 6.289441 0.577191 0.053227 123830.3 0.4 6.179316 0.655782 -0.91075 2042 0.4 6.22984 0.69157 0.071532 758 0.4 6.253059 0.702289 0.279162 1284 0.4 5.299462 0.451327 0.084911 1612.667 0.4 5.322228 0.483938 0.057353 779.3333 0.4 5.365808 0.535549 0.156369 833.3333 0.8 6.95436 0.335604 1.089185 475976 0.8 6.972711 0.343576 -0.85324 207603 0.6 7.000462 0.411849 -0.8799 268373 0.571429 6.060694 0.520968 0.065203 42470.67 0.571429 6.057131 0.48124 -0.35909 19270.33 0.571429 5.973271 0.284741 -0.00552 23200.33 MÃ CK FPT FPT FPT KST KST KST LTC LTC LTC NHW NHW NHW ONE ONE ONE BTT BTT BTT VMD VMD VMD CMV CMV CMV DAD DAD DAD EFI EFI EFI HAX HAX HAX PAN PAN PAN SFC SFC SFC TIE TIE 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 DIVID 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 BIND CEOD BSIZE SO SIZE LEV SGRT FV 0.818182 11 7.090066 0.589632 0.087659 287239.3 0.909091 11 7.17444 0.583241 0.267416 191110.7 0.857143 7.154438 0.504155 -0.03058 96128.67 0.4 4.999104 0.432471 0.190588 3895.667 0.6 4.992496 0.404682 0.013623 3246.333 0.4 4.980372 0.366579 0.100985 649.3333 0.4 5.388076 0.659891 -0.17831 1686.333 0.4 5.390898 0.637591 -0.48273 3089.667 0.4 5.485931 0.671097 0.831485 1403.333 0.4 5.871088 0.654068 0.209256 12728.33 0.4 5.825353 0.566805 0.148275 1703.333 0.25 5.89715 0.65191 0.175318 14431.67 0.428571 5.1776 0.650676 0.915003 3188.333 0.428571 5.132426 0.533748 0.008313 2056.667 0.428571 5.243901 0.622015 0.01117 1131.667 0.6 5.527598 0.214859 0.307223 1938.667 0.6 5.540242 0.238552 0.142614 235.3333 0.571429 5.539663 0.21602 0.045135 1703.333 0.4 6.433814 0.947598 0.178919 2004 0.4 6.605992 0.957475 0.22409 6062 0.6 6.658715 0.961114 0.220769 4058 0.6 5.620792 0.678316 0.241248 1768.333 0.6 5.64715 0.671596 0.184389 7622.667 0.4 5.68828 0.676072 0.036817 5854.333 0.75 4.869918 0.316014 0.016067 2029.333 0.75 4.891588 0.330321 0.170311 1148.333 0.75 4.941705 0.34663 0.291463 3177.667 0.6 5.256102 0.059653 0.170695 717.3333 0.6 5.222279 0.051741 2.150167 330.3333 0.6 5.202712 0.025445 -0.57057 1047.667 0.8 5.491381 0.607492 -0.18553 23495 0.6 5.478792 0.636849 -0.10395 6334 0.6 5.368105 0.631447 -0.32454 17161 0.6 5.472868 0.122743 0.275078 18036.33 0.6 5.467232 0.128125 0.194269 25352.33 0.6 5.566532 0.112149 0.178939 43388.67 0.6 5.362005 0.29167 0.318009 26794.33 0.6 5.327148 0.180765 0.228366 6972.667 0.6 5.519173 0.486274 0.167746 19821.67 0.5 5.472054 0.233182 0.100892 6541.333 0.6 5.469256 0.192019 0.189756 2590.667 MÃ CK TIE TLG TLG TLG TMC TMC TMC TNA TNA TNA CLC CLC CLC PNJ PNJ PNJ GDT GDT GDT GIL GIL GIL GMC GMC GMC GTA GTA GTA HLG HLG HLG KMR KMR KMR LIX LIX LIX NAG NAG NAG SAV 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 DIVID 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 1 1 0 BIND CEOD BSIZE SO SIZE LEV SGRT FV 0.5 5.485524 0.168354 -0.19128 3950.667 0.857143 5.876284 0.457559 0.30064 19090 0.857143 5.977671 0.496903 0.28305 4303 0.666667 5.982372 0.42478 0.16425 23393 0.6 5.574387 0.646868 0.394652 2638 0.6 5.530911 0.586875 0.250313 809 0.6 5.595516 0.528027 0.056601 1829 0.6 5.773614 0.630444 0.531708 28289 0.6 5.832444 0.657029 0.241165 14315 0.6 5.818416 0.621802 0.130126 13974 0.8 5.780206 0.665618 0.057121 8420.667 0.8 5.796691 0.638119 0.255562 10430.33 0.8 5.763477 0.589219 -0.09565 2009.667 0.4 6.391678 0.563528 0.340872 33492 0.4 6.466588 0.604835 0.306235 20782 0.571429 6.405344 0.5117 -0.62609 12710 0.6 5.284929 0.275569 0.004298 5021.333 0.6 5.31439 0.237064 0.255221 2805.667 0.571429 5.411071 0.369094 0.052798 2215.667 0.4 5.739515 0.3347 -0.26058 10984 0.666667 5.881987 0.566745 0.745709 25827 0.714286 5.947105 0.625045 0.36908 14843 0.285714 5.491503 0.566848 0.734167 11290 0.285714 5.598172 0.590548 0.410182 1169 0.285714 5.668451 0.6201 0.223299 10121 0.8 5.299675 0.211368 0.375468 274.6667 0.8 5.336232 0.282522 0.146714 694.3333 0.8 5.329957 0.260096 0.179857 419.6667 0.6 6.212351 0.659587 0.271993 14351.67 0.6 6.332104 0.726884 0.552493 24862.67 0.4 6.401953 0.794888 0.084228 39214.33 0.5 5.787707 0.295532 1.136557 29612.33 0.375 5.794902 0.289916 -0.10677 13126.67 0.375 5.790528 0.279848 -0.03759 16485.67 0.6 5.544212 0.33185 0.13593 8675.333 0.6 5.609316 0.39044 0.242083 1009.667 0.6 5.660215 0.394371 0.127717 7665.667 0.4 5.441882 0.497413 0.357553 18320.67 0.4 5.660557 0.67643 -0.09235 10321.33 0.4 5.544012 0.617654 -0.12772 7999.333 0.857143 5.729603 0.452899 -0.0276 2735 MÃ CK SAV SAV NST NST NST DSN DSN DSN GTT GTT GTT MNC MNC MNC PET PET PET SGH SGH SGH TCT TCT TCT VNS VNS VNS AAA AAA AAA ARM ARM ARM HBD HBD HBD HDO HDO HDO CMS CMS CMS 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 DIVID 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 BIND 1 0.8 0.8 0.8 0.833333 0.833333 0.833333 0.6 0.5 0.4 0.8 0.8 0.6 0.8 0.8 0.8 0.714286 0.714286 0.714286 0.6 0.8 0.8 0.4 0.571429 0.428571 0.6 0.8 0.6 0.4 0.4 0.4 1 0.8 0.5 0.166667 0.166667 0.8 0.6 0.6 CEOD BSIZE SO SIZE LEV SGRT FV 5.800464 0.545959 0.177787 2266 5.833944 0.580199 0.186233 469 5.654831 0.727214 -0.1125 375.6667 5.593418 0.672984 0.182774 4638.667 5.69433 0.728624 0.160647 5014.333 5.068816 0.11101 0.298134 20547.33 5.192063 0.061702 0.250933 4510.667 5.237649 0.069867 0.165582 16036.67 6.138258 0.674845 1.072503 42350.67 6.146492 0.680152 0.236249 20852.33 6.189541 0.709588 -0.05866 21498.33 5.573084 0.737249 0.471764 3281 5.618846 0.755842 0.245 276 5.630986 0.758343 0.092777 3005 6.641571 0.744759 0.336135 70505 6.61388 0.6872 0.047361 85661 6.630087 0.688184 -0.01617 15156 4.59231 0.067524 0.006826 1137.667 4.659393 0.087983 0.026158 642.3333 4.688251 0.049671 -0.0589 495.3333 5.040583 0.100915 0.141217 17841.67 5.163403 0.101743 0.356949 4750.333 5.248988 0.050802 0.22599 13091.33 6.245944 0.53004 0.538173 32585.67 6.252347 0.516929 0.383667 29296.33 6.250941 0.472373 0.193017 3289.333 5.809546 0.498377 0.766597 18323.33 5.912019 0.569037 0.340518 3523.667 5.954481 0.415218 0.109154 14799.67 5.070023 0.675419 -0.04584 1691.667 5.158507 0.724148 0.333011 982.6667 5.064873 0.631336 0.465115 2674.333 4.497372 0.353907 -0.03689 64 4.540505 0.361036 0.147757 1627 4.465977 0.287756 -0.07125 1691 5.277873 0.706911 0.443777 6454 5.455884 0.634248 0.133045 961 5.479241 0.687078 -0.22501 7415 5.077495 0.727611 0.32225 3139.333 5.192534 0.751784 0.223686 1737.333 5.343647 0.679781 0.039572 4876.667 MÃ CK CTB CTB CTB HHG HHG HHG DVP DVP DVP DXP DXP DXP GLT GLT GLT APC APC APC PLC PLC PLC DPM DPM DPM DTT DTT DTT HRC HRC HRC HSI HSI HSI PHR PHR PHR CSM CSM CSM DRC DRC 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 DIVID 1 0 1 1 1 1 1 1 1 1 1 0 1 1 1 1 1 1 BIND CEOD BSIZE SO SIZE LEV SGRT FV 0.4 4.856155 0.568359 0.243082 712.3333 0.4 5.096708 0.578781 0.247961 595.6667 0.6 5.212411 0.698787 0.16518 116.6667 0.571429 5.403841 0.450253 0.315747 9129.333 0.571429 5.465088 0.5428 0.29303 987.6667 0.571429 5.4579 0.570311 0.060619 8141.667 0.666667 5.702603 0.219706 0.236946 20954 0.714286 5.844535 0.362302 0.230876 7644 0.857143 5.897232 0.307489 0.180387 28598 0.428571 5.277387 0.173514 0.223146 110.3333 0.428571 5.341268 0.135642 -0.03208 21049.33 0.428571 5.419298 0.150254 0.386738 21159.67 0.666667 5.29853 0.299987 -0.25377 4664.333 0.666667 5.292635 0.272145 -0.03897 4663.333 0.666667 5.308355 0.275863 -0.29942 9327.667 5.21842 0.11338 0.094256 641 5.440912 0.438635 0.730434 9827 5.395987 0.383903 -0.12991 10468 0.4 6.356157 0.67468 0.376357 53826.67 0.4 6.456056 0.664831 0.1798 26102.33 0.4 6.391939 0.599012 -0.00253 27724.33 6.870321 0.160187 -0.0017 1069669 0.8 6.968257 0.095018 0.393992 518929.3 0.8 7.024507 0.133738 0.443863 550739.3 0.571429 5.147305 0.173942 0.932278 2088.333 0.285714 5.106911 0.113344 -0.28897 361.3333 0.571429 5.113087 0.1523 -0.35223 2449.667 0.6 5.700802 0.18258 1.03213 13338.33 0.6 5.792708 0.263717 0.671708 22686.67 0.6 5.817456 0.262599 -0.28171 9348.333 0.6 5.78352 0.758168 -0.05504 7265 0.6 5.918664 0.821769 0.16459 6558 0.4 5.918612 0.835912 0.075045 13823 0.4 6.362737 0.435843 0.901119 144479 0.6 6.489726 0.422015 0.272443 197332 0.6 6.49152 0.339502 -0.14302 52853 0.5 6.072355 0.428185 0.081458 5963 0.6 6.182667 0.593581 0.083042 140046 0.6 6.266421 0.476522 0.041034 146009 0.428571 6.02702 0.312483 0.190132 52920.67 0.428571 6.209941 0.458711 0.225083 50255.67 MÃ CK DRC ADC ADC ADC ALT ALT ALT EID EID EID BMC BMC BMC BVG BVG BVG HPG HPG HPG DHC DHC DHC DNY DNY DNY HAP HAP HAP HSG HSG HSG ACL ACL ACL AGF AGF AGF ATA ATA ATA BBC 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 DIVID 1 1 1 1 1 1 0 1 1 0 1 0 1 1 1 1 1 1 1 BIND CEOD BSIZE SO SIZE LEV SGRT FV 0.428571 6.395719 0.529604 0.052368 103176.3 0.2 4.41898 0.517282 1.280221 885.6667 0.4 4.411754 0.477178 0.915769 205.6667 0.4 4.605197 0.599255 0.477541 1091.333 0.6 5.428724 0.223808 -0.13732 5462.333 0.6 5.391523 0.170136 0.229938 3763.333 0.6 5.36282 0.16606 -0.18051 9225.667 0.4 5.376818 0.264496 0.17399 4123.333 0.4 5.383901 0.291455 0.152488 1556.667 0.4 5.477153 0.335469 0.159936 2566.667 0.4 5.229418 0.286998 0.206261 55880.67 0.4 5.41087 0.269989 1.93521 29679.33 0.2 5.433056 0.248744 0.071542 26201.33 0.333333 5.668893 0.72044 0.439253 13839.33 0.2 5.6733 0.722289 0.198034 12853.33 0.2 5.682863 0.810984 -0.28276 26692.67 0.333333 7.173293 0.547846 0.756296 144624.3 0.333333 7.24365 0.545423 0.251265 69616.33 0.3 10 7.277762 0.547516 -0.05569 214240.7 0.6 5.738506 0.590656 0.773376 24333 0.6 5.815143 0.640445 0.282239 9236 0.4 5.638171 0.543127 -0.31806 15097 0.4 5.886326 0.560709 0.189186 34765 0.4 6.192262 0.775497 0.392547 4738 0.4 6.200501 0.77306 0.168858 39503 0.25 5.808301 0.174906 0.264438 28050.33 0.428571 5.837381 0.223636 -0.00449 13932.67 0.285714 5.879026 0.289875 0.001324 14117.67 0.571429 6.657926 0.623772 0.730292 38255 0.6 6.77201 0.698648 0.666807 121681 0.6 6.726789 0.617465 0.256346 159936 0.6 5.860987 0.685439 0.497547 5411.667 0.6 5.89948 0.623723 0.194357 54163.33 0.6 5.919011 0.668173 -0.19863 48751.67 0.6 6.13182 0.539619 0.273638 6027.333 0.4 6.234754 0.618273 0.565394 19748.67 0.4 6.193775 0.577437 0.051279 13721.33 0.6 5.867359 0.791844 0.619552 26532.67 0.6 5.837888 0.774039 -0.13296 6725.333 0.4 5.843689 0.774752 -0.31982 19807.33 0.571429 5.880151 0.282361 0.256609 819 MÃ CK BBC BBC BHS BHS BHS HAD HAD HAD CAN CAN CAN CMX CMX CMX NIS NIS NIS CDC CDC CDC B82 B82 B82 BCC BCC BCC BCE BCE BCE CMC CMC CMC CNT CNT CNT BT6 BT6 BT6 CCM CCM CCM 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 DIVID BIND CEOD BSIZE SO SIZE LEV SGRT FV 0.571429 5.895532 0.269512 0.269691 11023 0.8 5.885575 0.24621 -0.07063 11842 0.7 10 6.006548 0.510758 0.685251 1739.333 0.7 10 6.107799 0.572067 0.279421 3909.667 0.7 10 6.323854 0.728299 0.187015 2170.333 0.4 5.087561 0.177361 -0.00826 1434.667 0.4 5.134384 0.226764 -0.06497 4680.333 0.6 5.15256 0.133409 0.010452 3245.667 1 5.294224 0.522835 0.285118 5093.333 0.8 5.406893 0.548508 0.550569 15159.67 0.8 5.36125 0.565618 -0.18648 10066.33 0.571429 6.015031 0.850632 0.131069 746 0.4 5.95216 0.822244 -0.19464 503 0.8 5.85473 0.76879 -0.13285 243 0.6 4.906852 0.565009 0.251424 3244.667 0.6 4.799795 0.47463 -0.09648 937.3333 0.6 4.697796 0.329189 0.035071 2307.333 0.4 5.859007 0.659083 0.225738 16304 0.2 5.833534 0.630996 -0.29539 1189 0.4 5.89522 0.677385 -0.11185 17493 0.5 5.38994 0.808949 0.34225 1706 0.4 5.467738 0.847119 0.05428 463 0.6 5.520811 0.863448 0.218961 1243 0.2 6.756629 0.825148 0.123107 7681.333 0.6 6.781955 0.829021 0.208154 7909.333 0.4 6.757544 0.800591 0.069744 15590.67 0.8 5.638743 0.475212 1.296502 6959.333 0.8 5.836475 0.451906 -0.03747 8155.667 0.8 5.86626 0.491208 0.191487 1196.333 0.6 4.908592 0.326006 -0.16027 5622.333 0.6 4.809075 0.14829 -0.22175 2962.667 0.6 4.849598 0.214693 -0.19197 2659.667 0.5 6.274022 0.864642 0.208949 18415 0.6 6.285213 0.874658 0.222177 4155 0.4 6.239506 0.867908 -0.37946 22570 0.6 6.093686 0.588841 0.412204 57310.67 0.6 6.25314 0.728555 0.206201 30193.33 0.6 6.232487 0.703259 -0.03415 27117.33 1 5.318896 0.477392 -0.06457 5036.667 0.4 5.341068 0.493231 0.023529 3987.333 0.4 5.347652 0.452487 -0.22098 1049.333 MÃ CK DBT DBT DBT DCL DCL DCL TRA TRA TRA DMC DMC DMC OPC OPC OPC PMC PMC PMC 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 DIVID 1 1 0 1 1 1 1 1 1 BIND CEOD BSIZE SO SIZE LEV SGRT FV 0.6 5.408818 0.672245 0.168025 851.6667 0.6 5.466111 0.70186 0.116942 816.3333 0.6 5.534416 0.726158 0.064831 35.33333 0.2 5.898811 0.646705 -0.02797 11332.67 0.428571 5.925194 0.727342 0.129863 31157.33 0.2 5.823461 0.622478 -0.01545 19824.67 5.76258 0.396861 0.15089 38420.67 0.6 5.923474 0.481137 0.236148 5601.667 0.6 5.986092 0.471226 0.317946 44022.33 0.6 5.884687 0.287317 -0.0229 4163 0.714286 5.921164 0.310047 0.084928 560 0.285714 5.916136 0.306942 0.113488 3603 0.285714 5.603155 0.26638 -0.04494 2239 0.333333 5.66924 0.344592 0.153104 4787 0.333333 5.697363 0.317123 0.231356 7026 0.555556 5.094719 0.153894 0.154032 9150.667 0.555556 5.180874 0.215777 0.178373 758.3333 0.555556 5.227138 0.246786 0.148734 8392.333 ... d li u g m 100 công ty niêm , giai o t n m 2010 2012 chia thành công ty : công ty 37% 63% - Cơng ty có v n ch s h u c c: 63 công ty chi m t l 63% t ng s m u - Công ty : 37 công ty m u 3.3 k v... a công ty ng kho ng t 4.411754 n 7.495528 Nhìn mơ c a công ty niêm y t TTCK Vi t Nam v n i nh Quy mô l n nh t c a công ty Vi t Nam hi n t i v n c5t 30 t USD S a công ty l n khu v ng cơng ty. .. Eunjung Lee (2008) 4.434 công ty 1993, 1995, 1998, 2000, 2002 2004 Trong quan sát 1.056 công ty 2001 quy mô công ty tính khác có ý Gordon Newlove Asamoah (2011) công ty TTCK Ghana Ghana 2003