Luận văn thạc sĩ Mối tương quan giữa cấu trúc sở hữu và quyết định chia cổ tức của các Công ty cổ phần miêm yết trên thị trường chứng khoán Việt Nam

TR B GIÁO D O I H C KINH T THÀNH PH H oOo CHÍ MINH CÁC CƠNG TY TR B GIÁO D O I H C KINH T THÀNH PH H oOo - Chuyên ngành Mã ngành CHÍ MINH : Tài ngân hàng : 60340201 PGS TS cơng trinh Các ngu L I D N 1 Ch ng 1: Gi i thi u 1.1 Lý ch tài 1.2 M c tiêu nghiên c u 1.3 Câu h i nghiên c u 1.4 Ph ng pháp d li u nghiên c u 1.5 C u trúc nghiên c u Ch ng 2: T ng quan lý thuy t nghiên c c 2.1 T ng quan lý thuy t 2.1.1 T ng quan c t c 2.1.2 T ng quan sách c t c 2.2 T ng quan nghiên c u tr 2.2.1 Chính sách c t c 2.2.2 C u trúc s h u 10 2.2.3 Dòng ti n t 14 2.2.4 C h u t t ng lai 16 2.2.5 Quy mô công ty 17 b y tài 18 Ch ng 3: D li u 21 3.1 M u nghiên c u 21 3.2 Mơ hình nghiên c u 21 3.3 Ph ng pháp h i quy 22 3.4 Mô t bi n gi thi t nghiên c u 23 3.4.1 Bi n ph thu c 23 3.4.2 Các bi c l p 23 3.4.3 Các bi n ki m soát 25 Ch ng 4: N i dung k t qu nghiên c u 30 4.1 Tình hình chi tr c t 2008 2012 30 4.1.1 T l c t c công b 30 4.1.2 T l toán c t c 32 4.1.3 T su t c t c 33 4.1.4 Giá tr trung bình c a TLTTCT TSCT 34 4.2 Th ng kê mô t 35 4.2.1 Giá tr trung bình bi n 35 4.3 K t qu h i quy 36 4.3.1 Ki m nh mơ hình 36 4.3.2 Gi i thích h i quy 40 Ch ng 5: K t lu n h n ch lu mm tài 46 5.2 H n ch lu nh h 46 47 ng nghiên c u ti p theo 48 TTCT TSCT Pooled Fixed effects Fixed effects phân Pooled, Random effects nhiên) Fixed effects phát c - - có 1.1 L y TTCK nào?Chính 2009 GMC 0.00 10.02 5.32 0.00 1.82 0.51 2009 GMD 0.00 22.52 6.65 0.23 1.14 0.21 2009 GTA 0.00 44.30 5.34 0.00 0.79 0.26 2009 HAI 1.00 49.96 5.74 0.00 1.28 0.15 2009 HAS 0.00 28.37 5.38 0.00 0.70 0.07 2009 HBC 0.00 17.89 6.13 0.01 0.28 0.09 2009 HDC 0.00 15.00 5.89 0.16 1.23 0.16 2009 HMC 1.00 55.67 5.97 0.05 1.35 0.08 2009 HPG 0.00 5.20 7.01 0.05 1.14 0.23 2009 HRC 1.00 55.06 5.64 0.02 1.76 0.25 2009 HSI 0.00 9.44 5.88 0.00 0.85 0.14 2009 HT1 1.00 78.82 6.86 0.15 1.44 0.51 2009 HTV 1.00 55.08 5.34 0.00 1.03 0.29 2009 ICF 0.00 5.04 5.56 0.02 0.98 0.20 2009 IMP 0.00 41.03 5.86 0.01 1.42 0.23 2009 KDC 0.00 0.00 6.63 0.03 1.31 0.19 2009 KHA 0.00 22.77 5.58 0.01 1.22 0.15 2009 KHP 1.00 54.62 5.93 0.35 1.22 0.84 2009 L10 1.00 51.00 5.69 0.10 1.41 0.25 2009 LAF 0.00 23.74 5.33 0.00 0.97 0.29 2009 LBM 0.00 21.99 5.30 0.12 1.01 0.42 2009 LGC 1.00 74.96 5.62 0.38 1.49 0.09 2009 LSS 0.00 41.36 6.00 0.02 1.85 0.44 2009 MCP 1.00 38.66 5.31 0.18 0.90 0.62 2009 NAV 0.00 20.00 5.21 - 1.23 0.26 2009 NSC 0.00 63.57 5.39 0.00 1.45 0.18 khoán MAJ INT SIZE LEV Q FCF 2009 NTL 0.00 1.73 6.07 0.04 1.04 0.45 2009 PAC 1.00 51.11 5.83 0.04 2.74 0.66 2009 PAN 0.00 0.00 5.37 0.00 0.81 0.09 2009 PET 1.00 62.15 6.49 0.02 1.74 0.11 2009 PGC 1.00 52.36 6.00 0.12 0.49 0.25 2009 PJT 1.00 51.21 5.15 0.09 0.91 0.27 2009 PNC 0.00 34.76 5.49 0.06 0.62 0.14 2009 PTC 0.00 30.00 5.64 0.00 0.42 0.15 2009 PVD 1.00 94.85 7.09 0.16 2.52 0.15 2009 PVT 1.00 66.36 6.81 0.42 2.41 0.20 2009 RAL 0.00 41.22 6.02 0.04 0.78 0.28 2009 REE 0.00 4.85 6.53 0.03 0.66 0.14 2009 RIC 1.00 65.77 6.03 0.06 1.96 0.17 2009 SAM 0.00 31.36 6.42 0.00 0.38 0.13 2009 SAV 1.00 78.14 5.77 0.01 1.40 0.13 2009 SBT 1.00 73.40 6.27 0.02 0.96 0.56 2009 SC5 0.00 14.04 6.15 0.08 1.86 0.04 2009 SCD 1.00 51.00 5.29 0.00 1.59 0.37 2009 SFC 0.00 71.62 5.38 0.00 2.08 0.30 2009 SJD 1.00 83.88 6.03 0.31 1.06 0.51 2009 SJS 1.00 51.00 6.48 0.17 3.62 0.25 2009 SMC 0.00 0.00 6.19 0.02 1.11 0.09 2009 SSC 0.00 33.80 5.38 0.02 2.16 0.33 2009 ST8 1.00 0.12 5.51 - 1.45 0.27 2009 SVC 1.00 49.18 6.25 0.35 1.27 0.09 2009 TAC 0.00 51.00 5.81 0.12 1.56 0.35 khoán MAJ INT SIZE LEV Q FCF 2009 TBC 1.00 75.00 5.94 0.04 1.58 0.96 2009 TCR 0.00 10.79 6.07 0.09 0.33 0.47 2009 TDH 0.00 21.70 6.26 0.14 1.37 0.17 2009 TMS 0.00 7.93 5.66 0.18 0.96 0.27 2009 TNA 0.00 20.68 5.67 0.01 0.98 0.08 2009 TNC 1.00 66.79 5.43 0.00 1.13 0.29 2009 TPC 0.00 7.23 5.56 0.01 0.66 0.24 2009 TRC 1.00 38.17 5.90 0.05 2.82 0.42 2009 TS4 1.00 15.54 5.56 0.39 1.56 0.11 2009 TSC 1.00 53.37 5.97 0.00 1.53 0.13 2009 TTP 0.00 27.31 5.73 - 1.38 0.71 2009 UIC 1.00 51.00 5.66 0.04 1.35 0.16 2009 VHC 1.00 35.56 6.18 0.14 1.48 0.21 2009 VIC 1.00 3.95 7.16 0.04 3.25 0.10 2009 VID 0.00 7.91 5.74 0.14 0.83 0.23 2009 VIP 1.00 56.79 6.35 0.18 1.92 0.35 2009 VIS 1.00 51.00 6.18 0.36 1.49 0.29 2009 VNE 0.00 29.53 6.29 0.15 0.75 0.14 2009 VNM 1.00 57.60 6.93 0.03 1.79 0.46 2009 VPK 1.00 61.92 5.18 0.05 1.05 0.33 2009 VSH 1.00 85.46 6.41 0.10 1.52 0.78 2009 VTB 1.00 55.54 5.50 0.00 0.85 0.23 2009 VTO 0.00 59.04 6.52 0.27 1.32 0.33 2010 ABT 1.00 32.56 5.78 - 1.32 0.25 2010 ACL 0.00 5.00 5.86 0.03 0.72 0.20 2010 AGF 1.00 66.31 6.13 0.01 0.48 0.21 khoán MAJ INT SIZE LEV Q FCF 2010 ALP 1.00 78.69 6.19 0.08 0.77 0.15 2010 ANV 1.00 6.68 6.29 0.02 0.64 0.23 2010 ASP 0.00 21.64 6.04 0.26 0.80 0.10 2010 BBC 1.00 56.51 5.88 0.04 0.61 0.31 2010 BHS 1.00 43.47 6.01 0.11 0.70 0.46 2010 BMC 1.00 51.98 5.23 0.06 1.10 0.34 2010 BMP 0.00 83.16 5.99 0.00 1.46 0.59 2010 BT6 1.00 69.56 6.09 0.04 0.56 0.23 2010 CDC 1.00 43.32 5.86 0.08 1.03 0.11 2010 CII 0.00 22.61 6.55 0.43 1.28 0.37 2010 CLC 1.00 62.36 5.78 0.00 1.26 0.72 2010 COM 1.00 55.01 5.67 0.01 1.48 0.17 2010 DCT 0.00 12.50 5.97 0.39 0.67 0.15 2010 DHG 1.00 43.83 6.26 0.03 1.05 0.29 2010 DIC 0.00 22.50 5.74 0.04 1.10 0.19 2010 DMC 1.00 85.53 5.88 0.03 1.01 0.26 2010 DPM 1.00 66.39 6.87 0.04 2.32 0.99 2010 DPR 1.00 93.24 6.22 0.03 2.38 0.39 2010 DRC 1.00 50.50 6.03 0.04 0.57 0.67 2010 FMC 0.00 22.65 5.70 0.00 0.56 0.43 2010 FPT 0.00 22.12 7.09 0.17 2.46 0.27 2010 GIL 0.00 41.32 5.74 0.00 0.84 0.12 2010 GMC 0.00 10.02 5.49 0.00 1.10 0.39 2010 GMD 0.00 22.52 6.82 0.21 0.84 0.20 2010 GTA 0.00 44.30 5.30 0.00 0.60 0.36 2010 HAI 1.00 50.13 5.79 0.02 1.21 0.19 khoán MAJ INT SIZE LEV Q FCF 2010 HAS 0.00 31.72 5.37 0.01 0.50 0.07 2010 HBC 0.00 17.89 6.28 0.02 0.36 0.14 2010 HDC 0.00 21.58 6.05 0.14 1.23 0.14 2010 HMC 1.00 55.67 6.04 0.07 1.07 0.11 2010 HPG 0.00 12.63 7.17 0.14 1.40 0.22 2010 HRC 1.00 55.06 5.70 0.02 2.51 0.32 2010 HSI 0.00 9.44 5.78 0.00 0.74 0.21 2010 HT1 1.00 78.82 7.07 0.18 1.21 0.20 2010 HTV 1.00 55.08 5.39 0.00 0.69 0.28 2010 ICF 0.00 1.39 5.58 0.01 0.67 0.24 2010 IMP 1.00 48.39 5.88 0.00 1.07 0.24 2010 KDC 0.00 0.00 6.70 0.03 1.15 0.28 2010 KHA 0.00 33.96 5.63 0.03 0.84 0.14 2010 KHP 1.00 53.60 6.03 0.29 0.86 0.79 2010 L10 1.00 51.00 5.82 0.23 1.35 0.24 2010 LAF 0.00 23.74 5.55 0.00 1.04 0.39 2010 LBM 0.00 21.99 5.30 0.10 1.00 0.50 2010 LGC 1.00 79.58 5.59 0.31 1.34 0.14 2010 LSS 0.00 26.15 6.19 0.04 0.91 0.80 2010 MCP 1.00 80.58 5.36 0.11 0.62 0.62 2010 NAV 0.00 20.00 5.18 0.00 1.10 0.29 2010 NSC 0.00 69.96 5.48 0.00 1.12 0.19 2010 NTL 0.00 4.87 6.34 0.02 1.11 0.27 2010 PAC 1.00 65.07 6.04 0.04 2.08 0.43 2010 PAN 0.00 0.00 5.47 0.00 0.80 0.14 2010 PET 1.00 62.15 6.64 0.01 1.08 0.11 khoán MAJ INT SIZE LEV Q FCF 2010 PGC 1.00 52.36 6.09 0.11 0.34 0.22 2010 PJT 1.00 51.21 5.17 0.07 0.65 0.32 2010 PNC 0.00 34.76 5.55 0.04 0.57 0.16 2010 PTC 0.00 30.00 5.64 0.00 0.57 0.15 2010 PVD 1.00 50.38 7.18 0.38 2.13 0.18 2010 PVT 1.00 66.72 6.89 0.41 1.01 0.26 2010 RAL 0.00 41.22 6.07 0.06 0.57 0.31 2010 REE 0.00 8.43 6.70 0.02 1.14 0.59 2010 RIC 1.00 65.77 6.06 0.04 0.93 0.19 2010 SAM 0.00 31.36 6.42 0.00 0.25 0.15 2010 SAV 1.00 82.80 5.73 0.05 1.18 0.18 2010 SBT 1.00 77.99 6.29 0.01 1.07 0.66 2010 SC5 0.00 14.04 6.29 0.21 1.13 0.05 2010 SCD 1.00 80.04 5.31 0.00 1.55 0.32 2010 SFC 1.00 71.62 5.36 0.00 1.61 0.37 2010 SJD 1.00 83.17 6.01 0.21 0.90 0.53 2010 SJS 1.00 51.00 6.65 0.14 2.80 0.12 2010 SMC 0.00 0.00 6.39 0.03 0.84 0.39 2010 SSC 0.00 41.89 5.42 0.01 1.88 0.33 2010 ST8 1.00 0.88 5.55 0.00 1.21 0.20 2010 SVC 0.00 49.18 6.37 0.25 0.85 0.08 2010 TAC 1.00 51.00 5.98 0.06 1.38 0.34 2010 TBC 0.00 83.22 5.93 0.03 1.25 0.92 2010 TCR 0.00 10.79 6.05 0.03 0.36 0.60 2010 TDH 0.00 28.27 6.37 0.15 0.95 0.13 2010 TMS 0.00 15.63 5.78 0.26 1.15 0.28 khoán MAJ INT SIZE LEV Q FCF 2010 TNA 0.00 20.68 5.77 0.01 1.03 0.17 2010 TNC 1.00 66.79 5.49 0.00 1.17 0.35 2010 TPC 0.00 56.47 5.57 0.01 0.68 0.21 2010 TRC 1.00 35.13 6.02 0.02 2.74 0.44 2010 TS4 0.00 15.54 5.74 0.23 0.97 0.12 2010 TSC 1.00 53.37 5.92 0.00 0.81 0.18 2010 TTP 0.00 27.31 5.82 - 1.01 0.65 2010 UIC 1.00 51.00 5.72 0.02 1.06 0.16 2010 VHC 1.00 37.10 6.26 0.05 1.14 0.28 2010 VIC 1.00 17.70 7.42 0.43 3.51 0.13 2010 VID 0.00 7.91 5.89 0.16 0.91 0.19 2010 VIP 1.00 56.79 6.34 0.16 0.74 0.40 2010 VIS 1.00 51.00 6.22 0.00 1.63 0.23 2010 VNE 0.00 29.66 6.26 0.41 1.05 0.71 2010 VNM 1.00 57.60 7.03 0.02 1.69 0.50 2010 VPK 1.00 61.92 5.19 0.02 0.96 0.39 2010 VSH 1.00 54.55 6.48 0.11 1.03 0.69 2010 VTB 1.00 55.54 5.47 0.01 0.70 0.25 2010 VTO 1.00 59.04 6.49 0.12 0.69 0.50 2011 ABT 1.00 46.06 5.68 0.00 0.96 0.44 2011 ACL 0.00 2.56 5.90 0.01 1.06 0.26 2011 AGF 1.00 68.57 6.23 0.01 0.42 0.21 2011 ALP 1.00 64.35 6.19 0.04 0.39 0.12 2011 ANV 1.00 6.68 6.33 0.01 0.34 0.26 2011 ASP 0.00 16.48 5.97 0.26 0.35 0.14 2011 BBC 1.00 51.13 5.90 0.00 0.30 0.34 khoán MAJ INT SIZE LEV Q FCF 2011 BHS 1.00 43.98 6.11 0.08 0.95 0.43 2011 BMC 1.00 47.51 5.41 0.03 0.72 0.55 2011 BMP 1.00 83.20 6.07 0.00 0.87 0.57 2011 BT6 1.00 51.51 6.25 0.07 0.45 0.19 2011 CDC 1.00 43.23 5.83 0.08 0.34 0.10 2011 CII 0.00 36.29 6.70 0.22 0.89 0.30 2011 CLC 1.00 62.68 5.80 0.00 0.70 0.78 2011 COM 1.00 69.84 5.65 0.01 1.03 0.20 2011 DCT 0.00 12.50 6.08 0.36 0.29 0.13 2011 DHG 1.00 51.66 6.30 0.03 2.64 0.31 2011 DIC 0.00 12.58 5.80 0.03 0.32 0.17 2011 DMC 1.00 79.40 5.92 0.02 0.65 0.27 2011 DPM 1.00 61.77 6.97 0.00 1.09 0.97 2011 DPR 1.00 29.50 6.39 0.07 1.04 0.44 2011 DRC 1.00 50.50 6.21 0.12 0.32 0.48 2011 FMC 0.00 17.25 5.89 0.00 0.42 0.33 2011 FPT 0.00 16.74 7.17 0.02 1.37 0.28 2011 GIL 0.00 48.90 5.88 0.01 1.08 0.16 2011 GMC 0.00 10.02 5.60 0.00 0.72 0.37 2011 GMD 0.00 37.55 6.84 0.15 0.46 0.19 2011 GTA 0.00 61.98 5.34 0.00 0.41 0.38 2011 HAI 1.00 50.24 5.77 0.01 1.05 0.18 2011 HAS 0.00 27.60 5.33 0.01 0.23 0.07 2011 HBC 0.00 11.28 6.52 0.03 0.27 0.13 2011 HDC 0.00 37.91 6.10 0.15 0.63 0.11 2011 HMC 1.00 56.01 6.08 0.05 0.54 0.18 khoán MAJ INT SIZE LEV Q FCF 2011 HPG 0.00 0.00 7.24 0.17 0.54 0.23 2011 HRC 1.00 55.06 5.79 0.06 1.73 0.32 2011 HSI 0.00 18.88 5.92 0.00 0.60 0.17 2011 HT1 1.00 67.38 7.11 0.01 0.32 0.26 2011 HTV 1.00 51.84 5.41 - 0.26 0.28 2011 ICF 0.00 4.71 5.60 0.00 0.36 0.26 2011 IMP 1.00 64.10 5.92 0.00 0.73 0.24 2011 KDC 0.00 0.00 6.76 0.03 0.67 0.20 2011 KHA 1.00 33.46 5.60 0.01 0.39 0.57 2011 KHP 1.00 56.16 6.00 0.24 0.57 0.93 2011 L10 1.00 51.00 5.86 0.31 0.34 0.31 2011 LAF 0.00 73.64 5.86 0.00 0.91 0.12 2011 LBM 0.00 24.48 5.29 0.08 1.00 0.59 2011 LGC 1.00 79.64 5.59 0.40 1.11 0.07 2011 LSS 0.00 35.60 6.34 0.13 0.73 0.61 2011 MCP 1.00 39.89 5.48 0.07 0.79 0.58 2011 NAV 0.00 20.00 5.23 0.01 0.60 0.28 2011 NSC 1.00 73.88 5.56 0.00 1.34 0.25 2011 NTL 0.00 14.63 6.31 0.02 0.95 0.07 2011 PAC 1.00 74.44 6.07 0.01 0.74 0.34 2011 PAN 0.00 38.62 5.47 0.00 0.60 0.14 2011 PET 1.00 51.18 6.61 0.02 0.68 0.18 2011 PGC 1.00 52.36 6.06 0.14 0.19 0.28 2011 PJT 1.00 51.21 5.13 0.00 0.41 0.38 2011 PNC 0.00 20.04 5.60 0.05 0.24 0.18 2011 PTC 0.00 30.00 5.64 0.01 0.15 0.16 khoán MAJ INT SIZE LEV Q FCF 2011 PVD 1.00 50.38 7.27 0.39 1.12 0.20 2011 PVT 1.00 66.72 6.90 0.14 0.32 0.32 2011 RAL 0.00 20.56 6.15 0.04 0.53 0.33 2011 REE 0.00 0.00 6.72 0.03 0.68 0.13 2011 RIC 1.00 65.77 6.11 0.03 0.34 0.19 2011 SAM 0.00 31.02 6.42 0.00 0.25 0.11 2011 SAV 1.00 84.48 5.80 0.08 0.67 0.15 2011 SBT 1.00 77.00 6.37 0.01 0.95 0.71 2011 SC5 0.00 14.04 6.30 0.19 0.32 0.03 2011 SCD 1.00 51.13 5.37 0.00 0.60 0.28 2011 SFC 1.00 73.39 5.33 0.00 1.43 0.24 2011 SJD 1.00 75.07 6.00 0.18 0.63 0.66 2011 SJS 1.00 36.30 6.70 0.38 1.23 0.00 2011 SMC 0.00 22.87 6.38 0.02 0.33 0.13 2011 SSC 1.00 51.37 5.50 0.00 1.82 0.31 2011 ST8 1.00 0.90 5.51 0.01 0.57 0.21 2011 SVC 1.00 57.58 6.44 0.33 0.59 0.10 2011 TAC 1.00 51.00 6.01 0.03 1.15 0.30 2011 TBC 1.00 84.51 5.93 0.01 0.79 0.65 2011 TCR 0.00 51.48 6.20 0.13 0.24 0.48 2011 TDH 0.00 14.84 6.36 0.19 0.33 0.08 2011 TMS 0.00 60.18 5.81 0.17 0.91 0.30 2011 TNA 0.00 20.68 5.83 0.01 0.69 0.13 2011 TNC 1.00 62.51 5.54 0.00 0.75 0.39 2011 TPC 0.00 26.21 6.00 0.15 0.42 0.73 2011 TRC 1.00 95.13 6.17 0.01 0.84 0.48 khoán MAJ INT SIZE LEV Q FCF 2011 TS4 0.00 15.54 5.85 0.08 0.36 0.15 2011 TSC 1.00 42.10 5.98 0.03 0.52 0.18 2011 TTP 0.00 77.02 5.81 0.00 0.81 0.69 2011 UIC 1.00 51.00 5.76 0.06 0.42 0.18 2011 VHC 1.00 38.38 6.38 0.03 0.81 0.33 2011 VIC 1.00 18.23 7.55 0.16 4.02 0.06 2011 VID 0.00 7.80 5.91 0.13 0.36 0.21 2011 VIP 1.00 56.79 6.33 0.41 0.29 0.48 2011 VIS 0.00 51.00 6.12 0.00 0.66 0.35 2011 VNE 0.00 29.66 6.28 0.35 0.29 0.12 2011 VNM 1.00 54.57 7.19 0.01 1.63 0.41 2011 VPK 1.00 61.92 5.19 0.00 0.51 0.53 2011 VSH 1.00 54.55 6.52 0.08 0.72 0.67 2011 VTB 1.00 55.54 5.44 0.01 0.33 0.22 2011 VTO 1.00 58.64 6.46 0.17 0.33 0.62 2012 ABT 0.00 19.98 5.71 - 1.22 0.29 2012 ACL 0.00 53.07 5.92 0.02 0.84 0.13 2012 AGF 1.00 81.72 6.19 0.01 0.36 0.21 2012 ALP 1.00 80.68 6.54 0.02 0.88 0.02 2012 ANV 1.00 2.64 6.39 0.01 0.45 0.25 2012 ASP 0.00 21.82 5.92 0.21 0.40 0.17 2012 BBC 1.00 68.22 5.89 0.00 0.45 0.35 2012 BHS 1.00 57.36 6.32 0.05 0.84 0.26 2012 BMC 0.00 56.52 5.43 0.03 1.97 0.59 2012 BMP 1.00 82.28 6.15 - 0.94 0.57 2012 BT6 1.00 51.51 6.23 0.01 0.46 0.19 khoán MAJ INT SIZE LEV Q FCF 2012 CDC 0.00 23.77 5.90 0.07 0.33 0.06 2012 CII 1.00 51.00 6.82 0.49 1.18 0.26 2012 CLC 1.00 63.77 5.76 - 0.82 0.80 2012 COM 1.00 79.59 5.78 0.01 1.10 0.14 2012 DCT 0.00 12.50 6.06 0.39 0.23 0.19 2012 DHG 1.00 93.09 6.38 0.01 2.82 0.31 2012 DIC 0.00 64.35 5.81 0.03 3.15 0.13 2012 DMC 1.00 88.36 5.93 0.01 0.89 0.29 2012 DPM 1.00 56.36 7.02 0.00 1.51 0.85 2012 DPR 1.00 45.34 6.45 0.06 1.07 0.30 2012 DRC 1.00 50.51 6.39 0.31 0.81 0.37 2012 FMC 0.00 37.93 5.66 0.00 0.47 0.50 2012 FPT 0.00 62.00 7.15 0.02 1.23 0.30 2012 GIL 0.00 62.31 5.95 0.04 1.20 0.14 2012 GMC 0.00 27.25 5.67 - 0.95 0.34 2012 GMD 0.00 27.25 6.83 0.16 0.41 0.21 2012 GTA 0.00 58.58 5.33 - 0.45 0.43 2012 HAI 1.00 52.78 5.82 0.01 1.04 0.13 2012 HAS 0.00 27.63 5.31 0.00 0.26 0.04 2012 HBC 0.00 24.52 6.66 0.05 0.33 0.11 2012 HDC 1.00 34.47 6.11 0.13 0.59 0.08 2012 HMC 1.00 59.17 6.02 0.05 0.50 0.14 2012 HPG 0.00 42.25 7.28 0.16 0.81 0.20 2012 HRC 1.00 55.06 5.82 0.12 1.32 0.23 2012 HSI 0.00 24.48 5.92 - 0.53 0.16 2012 HT1 1.00 81.22 7.12 0.06 0.43 0.29 khoán MAJ INT SIZE LEV Q FCF 2012 HTV 1.00 50.08 5.47 - 0.50 0.26 2012 ICF 1.00 4.71 5.62 0.02 0.24 0.22 2012 IMP 1.00 56.92 5.94 0.01 0.75 0.27 2012 KDC 0.00 65.45 6.74 0.02 1.18 0.25 2012 KHA 0.00 40.43 5.63 0.01 0.62 0.44 2012 KHP 1.00 54.44 6.03 0.19 0.61 0.99 2012 L10 1.00 65.33 5.91 0.35 0.42 0.29 2012 LAF 1.00 70.44 5.37 0.00 0.70 0.00 2012 LBM 1.00 41.68 5.20 0.00 1.00 0.76 2012 LGC 1.00 84.97 5.59 0.40 0.48 0.10 2012 LSS 0.00 63.07 6.43 0.13 0.63 0.41 2012 MCP 1.00 47.56 5.44 0.06 0.78 0.62 2012 NAV 0.00 20.00 5.26 0.01 0.60 0.23 2012 NSC 1.00 71.47 5.59 0.00 1.40 0.29 2012 NTL 0.00 27.61 6.23 0.02 1.12 0.07 2012 PAC 1.00 84.38 6.06 0.00 0.75 0.33 2012 PAN 0.00 38.62 5.57 0.00 0.71 0.31 2012 PET 1.00 62.71 6.63 0.01 0.70 0.13 2012 PGC 1.00 65.74 6.18 0.11 0.39 0.23 2012 PJT 1.00 51.21 5.15 - 0.55 0.48 2012 PNC 0.00 23.74 5.59 0.06 0.32 0.15 2012 PTC 1.00 30.00 5.56 0.00 0.40 0.05 2012 PVD 1.00 94.58 7.28 0.33 1.12 0.26 2012 PVT 1.00 25.90 6.90 0.38 0.37 0.28 2012 RAL 0.00 20.56 6.19 0.00 0.60 0.34 2012 REE 0.00 20.76 6.82 0.12 0.94 0.13 khoán MAJ INT SIZE LEV Q FCF 2012 RIC 1.00 65.77 6.11 0.02 0.37 0.20 2012 SAM 0.00 31.02 6.44 0.01 0.41 0.14 2012 SAV 0.00 70.52 5.83 0.02 0.23 0.14 2012 SBT 1.00 83.48 6.42 0.02 1.24 0.62 2012 SC5 0.00 33.92 6.37 0.24 0.59 0.03 2012 SCD 1.00 74.84 5.37 0.00 0.48 0.29 2012 SFC 1.00 73.80 5.52 0.01 1.26 0.12 2012 SJD 1.00 54.24 6.01 0.20 0.76 0.74 2012 SJS 0.00 36.30 6.74 0.31 1.41 0.00 2012 SMC 0.00 28.10 6.33 0.07 0.53 0.13 2012 SSC 1.00 77.98 5.63 0.01 1.82 0.27 2012 ST8 1.00 26.46 5.49 0.01 0.63 0.26 2012 SVC 1.00 50.10 6.43 0.33 0.46 0.11 2012 TAC 1.00 54.95 6.00 - 2.05 0.34 2012 TBC 1.00 84.51 5.96 - 0.87 0.61 2012 TCR 0.00 49.68 6.22 0.11 0.25 0.46 2012 TDH 0.00 48.19 6.35 0.16 0.34 0.06 2012 TMS 0.00 85.23 5.88 0.08 1.35 0.29 2012 TNA 0.00 27.02 5.82 0.01 1.37 0.13 2012 TNC 1.00 65.03 5.58 0.01 0.91 0.35 2012 TPC 0.00 43.39 5.79 0.19 0.63 0.16 2012 TRC 1.00 91.45 6.17 0.00 0.95 0.38 2012 TS4 0.00 18.00 5.96 0.06 0.38 0.13 2012 TSC 1.00 54.36 5.74 0.04 0.41 0.16 2012 TTP 0.00 55.99 5.83 - 1.08 0.69 2012 UIC 1.00 52.38 5.68 0.03 0.48 0.24 Mã khoán MAJ INT SIZE LEV Q FCF 2012 VHC 1.00 38.57 6.49 - 0.66 0.22 2012 VIC 1.00 50.48 7.75 0.35 2.24 0.07 2012 VID 0.00 50.48 5.86 0.15 0.27 0.16 2012 VIP 1.00 63.31 6.29 0.34 0.42 0.50 2012 VIS 1.00 54.96 6.45 0.11 0.38 0.24 2012 VNE 0.00 29.66 6.26 0.28 0.60 0.11 2012 VNM 1.00 94.52 7.29 0.00 3.16 0.42 2012 VPK 0.00 44.16 5.27 - 1.52 0.59 2012 VSH 1.00 54.55 6.53 0.06 0.85 0.65 2012 VTB 1.00 60.97 5.42 0.02 0.41 0.23 2012 VTO 1.00 58.23 6.41 0.39 0.35 0.70 ... S công ty iêm 10 - lý công ty 11 ty Các nh Tuy nhiên, , 2009, tr 12 vi Shleifer Vis cơng ty 13 sách tài cơng ty Maury 14 1992 15 - - (1984) - s 1986) 16 - Th - Majluf (1984) a 17 - 1993, công. .. Quy mô công ty: SIZE (2012) Quy mô (SIZE) H0 H1: (2002) 27 = mơ hình: H0 tr = - 28 hình: H0 H1 i mơ hình Cách tính DIV INST MAJ Công ty VietStock Công ty VietStock... C u trúc nghiên c u Ch ng 2: T ng quan lý thuy t nghiên c c 2.1 T ng quan lý thuy t 2.1.1 T ng quan c t c 2.1.2 T ng quan sách c t c 2.2 T ng quan