Nghiên cứu mối quan hệ giữa quản trị vốn luân chuyển và tỷ suất sinh lợi của các công ty ngành thực phẩm trên TTCK Việt Nam
D C VÀ TR G OT O I H C KINH T TP H - CÁC CƠNG TY TRÊN V TP TH CHÍ MINH - N M 2012 HÍ MINH D C VÀ TR G OT O I H C KINH T TP H HÍ MINH - CÁC CƠNG TY TRÊN CHUN NGÀNH: TÀI CHÍNH MÃ S 60.34.02.01 V NG TP NGÂN HÀNG TH HDKH: TS NGUY CHÍ MINH - N M 2012 L Tôi xin cam QU N an lu n v CAM th s kinh t N RÊN TTCK VI cơng trình nghiên c u c a cá nhân t NAM v n s c Thành ph m 2012 H c viên cao c khóa 18 Chun ngành: Tài Ngân hàng ng i h c Kinh C M L Tôi xin trân tr ng N TS Nguy n tình, óng góp nhi u ý ki n quý báu c ng nh v ã h ng d ng viên giúp tơi hồ Tôi xin trân tr ng nh kinh nghi t nh ng gi ng c Kinh mà cô nh ng ki n th ã truy n PHCM Tác c ng t trình i i iii iv Danh m c hình v v t 1 GI .5 2.1.3 Chu 12 2.3 17 18 18 18 21 22 23 K NGHIÊN 24 24 25 29 ii 4.3.1 Mơ hình 30 4.3.2 Mơ hình 31 4.3.3 Mơ hình ROA 32 4.3.4 Mơ hình 33 34 34 34 35 36 36 36 37 37 39 39 40 41 5.4 41 42 : : DANH SÁCH CÁC .44 50 : 51 : 52 : 53 56 59 61 iii ROA Return on total assets ratio su t ng tài s ACP Accounts collection period K t ICP Inventory conversion cycle K luân chuy n hàng t n kho APP Average Payment period K tốn bình qn CCC Cash conversion cycle Chu SIZE Size Qui mô công ty BEDT Debt ratio SGROW Sales growth TTCK Stock exchange oán iv 13 .19 22 24 26 29 v Hình 2.1 : Chu ch luân chuy Chu - - -APP) quy mô-SIZE, DEBT - APP 50 DANH SÁCH CÁC CÔNG T STT Mã CK BBC BHS CLC IFS KDC LAF LSS MSN NHS 10 SBT 11 SCD 12 SEC 13 TAC 14 VCF 15 VLF 16 VNM 17 CAN 18 CAP 19 HAD 20 HAT 21 HHC 22 TÊN CÔNG TY HNM - 50 51 23 KTS 24 MCF 25 NST 26 SGC 27 THB 28 THV 29 VDL 30 VTL Công Descriptive Statistics N Minimum Maximum Mean Std Deviation ROA 120 -.2156 4627 147256 1132131 CCC 120 -83.5875 242.7780 52.107309 60.0003876 ACP 120 2.0075 137.6415 41.325867 26.5570027 ICP 120 7665 222.5405 69.738492 43.7800017 APP 120 7.1575 156.2445 58.574053 32.7538155 SIZE 120 10.8537 17.3292 12.970168 1.3700511 DEBT 120 0851 8801 444473 2130802 SGROW 120 -.9700 1.5200 224173 3621915 Valid N (listwise) 120 51 52 EARSON Correlations ROA ROA Pearson Correlation CCC Sig (2-tailed) N CCC Pearson Correlation -.624 ** 242 ** -.118 -.488 ** 394 ** 000 000 120 120 120 120 120 120 120 120 ** -.624 -.452 ** 666 ** -.249 ** 221 * 313 ** -.335 ** 006 015 001 000 120 120 120 120 120 120 120 ** ** 133 000 147 008 012 008 120 120 120 120 120 120 ** 219 * 140 016 128 007 004 666 N 120 120 ** ** 000 000 -.391 689 000 000 Correlation ** SGROW 200 120 Pearson -.391 DEBT 008 Sig (2-tailed) ICP ** SIZE 000 N Correlation -.452 APP 000 000 Pearson ICP 000 Sig (2-tailed) ACP ACP 689 ** 530 530 241 ** 230 247 * ** -.242 -.260 ** ** Sig (2-tailed) 000 000 N APP 000 120 120 120 120 120 120 120 120 ** 133 219 * -.040 -.088 -.057 666 341 538 120 120 120 Pearson Correlation 242 ** -.249 Sig (2-tailed) 008 006 147 016 N 120 120 120 120 120 52 53 SIZE Pearson ** 140 -.040 015 008 128 666 120 120 120 120 ** -.118 221 Sig (2-tailed) 200 N 120 Correlation DEBT Pearson -.488 Correlation ** 313 * ** 241 230 * 247 -.073 157 427 087 120 120 120 -.088 -.073 -.193 * Sig (2-tailed) 001 012 007 341 427 N SGROW 000 120 120 120 120 120 120 120 120 ** -.057 157 -.193 * Pearson 394 Correlation ** -.335 ** -.242 ** -.260 035 Sig (2-tailed) 000 000 008 004 538 087 035 N 120 120 120 120 120 120 120 ** Correlation is significant at the 0.01 level (2-tailed) * Correlation is significant at the 0.05 level (2-tailed) ÌNH ROAit = ß0 + ß1 ACPit + ß2 SIZEit + ß3 DEBTit + ß4 Variables Entered/Removed Model Variables Entered SGROW, SIZE, DEBT, ACP a All requested variables entered b Dependent Variable: ROA 53 b Variables Removed a Method Enter 120 54 b Model Summary Std Error of the Model R R Square 656 a Adjusted R Square 431 Estimate 411 Durbin-Watson 0868940 1.841 a Predictors: (Constant), SGROW, SIZE, DEBT, ACP b Dependent Variable: ROA b ANOVA Model Sum of Squares Df Mean Square F Regression 657 164 Residual 868 115 119 Total 21.751 000 a 008 1.525 Sig a Predictors: (Constant), SGROW, SIZE, DEBT, ACP b Dependent Variable: ROA Coefficients Unstandardized Model Standardized Coefficients Coefficients B (Constant) Std Error 399 ACP -.011 000 SIZE -.010 DEBT Beta Collinearity Statistics t 080 SGROW a Sig Tolerance VIF 4.974 000 -.268 -3.449 001 822 1.217 006 -.124 -1.661 100 882 1.133 -.203 039 -.382 -5.204 000 917 1.091 086 023 275 3.667 000 880 1.137 a Dependent Variable: ROA 54 55 Collinearity Diagnostics a Variance Proportions Dimensi Model on Eigenvalue Condition Index (Constant) ACP SIZE DEBT SGROW 1 3.933 1.000 00 01 00 01 01 753 2.285 00 03 00 01 72 193 4.517 00 82 00 22 07 116 5.824 02 08 02 72 17 005 28.182 98 06 98 04 02 a Dependent Variable: ROA Residuals Statistics Minimum Predicted Value Maximum a Mean Std Deviation N -.106057 271986 147256 0742997 120 -.3255980 2034952 0000000 0854211 120 Std Predicted Value -3.409 1.679 000 1.000 120 Std Residual -3.747 2.342 000 983 120 Residual a Dependent Variable: ROA 55 56 ÌNH ROAit = ß0 + ß1 ICPit + ß2 SIZEit + ß3 DEBTit + ß4 Variables Entered/Removed Model Variables Entered b Variables Removed Method SGROW, SIZE, DEBT, ICP a Enter a All requested variables entered b Dependent Variable: ROA b Model Summary Std Error of the Model R R Square 636 a Adjusted R Square 404 Estimate 383 Durbin-Watson 0889155 1.677 a Predictors: (Constant), SGROW, SIZE, DEBT, ICP b Dependent Variable: ROA b ANOVA Model Sum of Squares df Mean Square Regression 616 154 Residual 909 115 000 a 119 Total 19.481 Sig .008 1.525 F a Predictors: (Constant), SGROW, SIZE, DEBT, ICP 56 57 b ANOVA Model Sum of Squares df Mean Square Regression 616 154 Residual 909 115 Sig 119 Total 19.481 000 a 008 1.525 F b Dependent Variable: ROA Coefficients Unstandardized Model Standardized Coefficients a Coefficients B (Constant) Std Error Beta 436 -.018 000 SIZE -.014 DEBT t 081 ICP Collinearity Statistics Sig Tolerance VIF 5.380 000 -.194 -2.488 014 855 1.169 006 -.166 -2.223 028 933 1.071 -.210 040 -.396 -5.255 000 914 1.094 092 024 293 3.828 000 882 1.134 SGROW a Dependent Variable: ROA Collinearity Diagnostics a Variance Proportions Model Dimension 1 3.965 1.000 00 01 00 01 01 749 2.300 00 02 00 01 74 166 4.886 00 81 00 33 05 115 5.884 02 14 02 62 19 005 27.681 98 02 98 04 01 57 Eigenvalue Condition Index (Constant) ICP SIZE DEBT SGROW 58 Collinearity Diagnostics a Variance Proportions Model Dimension Eigenvalue Condition Index (Constant) ICP SIZE DEBT SGROW 1 3.965 1.000 00 01 00 01 01 749 2.300 00 02 00 01 74 166 4.886 00 81 00 33 05 115 5.884 02 14 02 62 19 005 27.681 98 02 98 04 01 a Dependent Variable: ROA Residuals Statistics Minimum Predicted Value Maximum a Mean Std Deviation N -.069151 281650 147256 0719513 120 -.3539159 2349336 0000000 0874084 120 Std Predicted Value -3.008 1.868 000 1.000 120 Std Residual -3.980 2.642 000 983 120 Residual a Dependent Variable: ROA 58 59 ÌNH ROAit = ß0 + ß1 APPit + ß2 SIZEit + ß3 DEBTit + ß4 Variables Entered/Removed Model Variables Entered b Variables Removed a SGROW, APP, SIZE, DEBT Method Enter a All requested variables entered b Dependent Variable: ROA b Model Summary Model R 647 R Square a Adjusted R Square 419 399 Std Error of the Durbin-Watson Estimate 0877863 1.855 a Predictors: (Constant), SGROW, APP, SIZE, DEBT b Dependent Variable: ROA b ANOVA Model df Mean Square F Sig Regression 639 160 20.730 000 Residual 886 115 008 Total Sum of Squares 1.525 119 a Predictors: (Constant), SGROW, APP, SIZE, DEBT b Dependent Variable: ROA 59 a 60 Coefficients a Standardized Unstandardized Coefficients Model B (Constant) 385 021 000 SIZE -.016 DEBT SGROW Collinearity Statistics 082 APP Std Error Coefficients Beta t Sig Tolerance VIF 4.686 000 219 3.054 003 985 1.015 006 -.195 -2.711 008 972 1.029 -.220 039 -.414 -5.681 000 951 1.052 112 023 357 4.869 000 938 1.066 a Dependent Variable: ROA Collinearity Diagnostics a Variance Proportions Condition Model Dimension Eigenvalue Index (Constant) APP SIZE DEBT SGROW 1 3.964 1.000 00 01 00 01 02 702 2.377 00 01 00 02 86 232 4.130 00 63 00 27 00 096 6.418 02 33 03 67 12 005 27.750 98 02 97 03 01 a Dependent Variable: ROA 60 61 a Residuals Statistics Minimum Maximum Mean Std Deviation N Predicted Value -.053536 312408 147256 0732790 120 Residual -.3748929 2194381 0000000 0862983 120 Std Predicted Value -2.740 2.254 000 1.000 120 Std Residual -4.271 2.500 000 983 120 a Dependent Variable: ROA ÌNH ROAit = ß0 + ß1 CCCit + ß2 SIZEit + ß3 DEBTit + ß4 Variables Entered/Removed Model Variables Entered SGROW, SIZE, DEBT, CCC b Variables Removed a Method Enter Backward (criterion: SIZE Probability of F-to-remove >= 100) a All requested variables entered b Dependent Variable: ROA 61 62 c Model Summary Std Error of the Model R 719 716 R Square Adjusted R Square Estimate a 517 500 0800288 b 512 500 Durbin-Watson 0800775 1.942 a Predictors: (Constant), SGROW, SIZE, DEBT, CCC b Predictors: (Constant), SGROW, DEBT, CCC c Dependent Variable: ROA c ANOVA Model Mean Square F Sig .789 197 30.787 000 a Residual 737 115 006 Total 1.525 119 Regression 781 260 40.620 000 b Residual 744 116 006 Total df Regression Sum of Squares 1.525 119 a Predictors: (Constant), SGROW, SIZE, DEBT, CCC b Predictors: (Constant), SGROW, DEBT, CCC c Dependent Variable: ROA 62 63 Coefficients a Unstandardized Coefficients Model Standardized Coefficients Std Error (Constant) 331 075 CCC 000 000 SIZE -.006 DEBT t Sig 4.398 000 -.443 -5.882 006 -.074 -.168 037 SGROW 061 022 (Constant) 253 019 CCC -.016 000 DEBT -.163 SGROW B Collinearity Statistics Beta Tolerance VIF 000 740 1.351 -1.068 288 875 1.142 -.317 -4.582 000 878 1.140 196 2.753 007 828 1.208 13.297 000 -.468 -6.557 000 823 1.214 036 -.307 -4.477 000 893 1.119 056 022 178 2.570 011 879 1.138 a Dependent Variable: ROA Collinearity Diagnostics a Variance Proportions Condition Model Eigenvalue Index (Constant) CCC SIZE DEBT SGROW 3.680 1.000 00 02 00 01 01 889 2.034 00 14 00 00 46 307 3.463 00 75 00 05 40 120 5.547 01 00 02 88 09 005 27.655 98 09 98 06 03 2.739 1.000 02 04 02 03 Dimension 888 1.756 00 15 00 51 63 64 287 3.091 06 82 13 35 087 5.627 92 00 85 12 a Dependent Variable: ROA b Excluded Variables Collinearity Statistics Partial Model SIZE Beta In -.074 a Minimum t Sig Correlation Tolerance VIF Tolerance -1.068 288 -.099 875 1.142 740 a Predictors in the Model: (Constant), SGROW, DEBT, CCC b Dependent Variable: ROA Residuals Statistics a Minimum Maximum Mean Std Deviation N Predicted Value -.114039 321005 147256 0810337 120 Residual -.3327537 1782112 0000000 0790617 120 Std Predicted Value -3.225 2.144 000 1.000 120 Std Residual -4.155 2.225 000 987 120 a Dependent Variable: ROA 64 ... FFAR AGE công ty nhu n nhi h n sinh h kh n khác công ty ty ng quan khai thác th t su ROA ng bi sinh l AGE c ng cho t gian ti p c cho c a cơng ty cao có ch tiêu FFAR cao c nhi u cơng ty gia v... cơng ty Chu 40 41 5.3 Do l g m u nghiên c , nên t qu nghiên c khác ngành ngh có c u Các nghiên c u t ch mang tính khái qt cho cơng ty c tính gi ng v i c n g t y m u nghiên g lai h g n ph m vi nghiên. ..D C VÀ TR G OT O I H C KINH T TP H HÍ MINH - CÁC CÔNG TY TRÊN CHUYÊN NGÀNH: TÀI CHÍNH MÃ S 60.34.02.01 V NG TP NGÂN HÀNG TH HDKH: