TÁC ĐỘNG CỦA CẤU TRÚC VỐN LÊN CHI PHÍ ĐẠI DIỆN CỦA CÁC CÔNG TY NIÊM YẾT TRÊN SỞ GIAO DỊCH CHỨNG KHOÁN THÀNH PHỐ HỒ CHÍ MINH.PDF

NGUY N TH THANH TRÚC CHUYÊN NGÀNH: TÀI CHÍNH 34.02.01 TS TP 12 NGÂN HÀNG TÓM T T 1.1 1.2 .2 1.3 .2 1.4 1.5 NG NGHIÊN C U TH C NGHI M TRÊN TH GI I V C U TRÚC V 2.1 I DI N .5 Các nghiên c u th c nghi m th gi i v lý thuy i di n 2.2 U VÀ D LI U NGHIÊN C U .20 3.1 20 3.2 .20 3.3 21 3.4 21 U TH C NGHI M V C U TRÚC V N VÀ CHI I DI N CÁC CÔNG TY NIÊM Y T C A VI T NAM 25 4.1 25 4.2 27 4.3 .29 4.4 33 4.5 36 T LU N 39 CÁC H N CH C A LU 40 U 41 Ph l c 1: Ký hi u bi n d li u x lý h i quy 44 Ph l ng kê mô t bi n 45 Ph l c 3: K t qu h i di ng b ng t l doanh thu/t ng tài s n 52 Ph l c 4: K t qu h Ph l c 5: K t qu h i quy h i di ng b ng t l ROE 54 ng th 2011 56 Ph l c 6: K t qu h i quy h ng th n 2011 60 B ng 3.1 22 B 22 B 23 B ng 4.1: K t qu h i di ng b ng t l doanh thu/ t ng tài s n 26 B ng 4.2: K t qu h B ng 4.3: K t qu h i quy h i di ng b ng ROE 28 ng th nt n 31 34 Hình 3.1: T tr 24 1.1 1.2 Tìm m i quan gi a c u trúc v n chi phí i di n c a công ty c ph n niêm y t HOSE 1.3 Tìm ki m nh ng lu n c khoa h c b ng ch ng th c nghi m v m i quan h gi a c u trúc v n chi phí Xem xét v n chi phí i di n c a c th gi i i v i công ty c ph n niêm y t HOSE gi a c u trúc i di n mơ hình ng m i quan h gi a c u trúc v n chi phí i di n c a công ty c ph n niêm y t HOSE k t nh ng k t qu nghiên c u v m i quan h gi a c u trúc v n chi phí i di n t xu t c u trúc v n h p lý có th gi m t n th t mâu thu n gi a i ch i i di n ki m sốt chi phí i di n 1.4 hay khơng - chi phí quan i di n c a c công ty quan i di n c a công ty c ph n niêm y t HOSE th ? m i quan h gi a c u trúc - Mơ hình nghiên c u phù h p v n chi phí - T vi c xác quy t ? - C u trúc v n chi phí có m i quan h niêm i di n c a công ty c ph n niêm y t HOSE ? nh m i nh quan gi a c u trúc v n chi phí th cho gi m thi u chi phí i di n công ty i di n ? 1.5 , lu n Ngồi ph n có k t c u sau: 1: 2: nghiên quan chi u tiên tác gi trình bày i di n theo, chi nghiên nghiên Sau lý thuy t chi phí quan mơ nghiên nghiên niêm quan chi công ty HOSE 3: nghiên nghiên nghiên nghiên mơ hình nghiên c u 4: m i quan h gi a c u trúc v n chi phí i di n c a công ty c ph n niêm y t m i quan h gi a c u trúc v n chi phí i di n c a công ty c ph n niêm y t 2.1 Các nghiên c u th c nghi m th gi i v lý thuy t chi phí i di n Trong này, tác gi tóm th gi i liên quan v ch c us l i k t qu nghiên c u t i m t s lý thuy t chi phí c trình bày theo th t th i gian: Tác H n tác th y c i di n Các k t qu nghiên 1932, Aldore Berle and Garnier Means qu n tr cơng ty i chúng, trình bày lý thuy t v có s phân nh gi a quy n s h u quy n qu n lý, hai ông th y r ng công ty l n quy n s h u ki m soát ng tách bi t s tách bi t có tính ng u nhiên 1976, Michael C Jensen and William H Meckling c u v Lý thuy t v cơng ty: Cách qu n lý, chi phí hai tác gi i di n c u trúc s h u, tích h p y u t t lý thuy t quy n s h u, lý thuy t tài cơng ty, hai tác gi i di n, lý thuy t v phát tri n thành lý thuy t c u trúc s h u nh chi phí i di n, ch s phân quy n s h u quy n qu n lý, ki m tra b n ch t c a chi phí b i s t n t i c a n v n ch s h u bên ngồi, ch u chi phí này, ngun nhân và n ch toán th i di n t nh c bi t xét i gánh Pareto v s hi n di n ng phía n quy n b i ng v n c ph n i cung c p v s hoàn thi n ng Trong nghiên c u tác gi nh chi phí i di n t ng c a ba thành ph n: Th chi Th hai, chi phí ràng khơng ct o v công ty, ng h p nh gi a tra tính t i Các tác gi phân tích c a có nghiên i : i 49 sum dthu if nam==2009, detail dthu 1% 5% 10% 25% Percentiles 83.27 131.4 173.26 316.76 Smallest 74.92 83.27 89.75 96.57 50% 717.2 75% 90% 95% 99% 1392.86 2653.97 4608.01 11196.74 sum Obs Sum of Wgt 147 147 dthu if nam==2010, detail Largest 7512.67 8285.23 11196.74 18777.56 Mean Std Dev 1322.381 2140.556 Variance Skewness Kurtosis 4581978 5.012555 35.41702 dthu 1% 5% 10% 25% Percentiles 95.4 146.67 198.01 377.51 Smallest 88.23 95.4 100.02 119.08 50% 864.25 75% 90% 95% 99% 1789.1 3735.94 5808.77 17184.38 sum Obs Sum of Wgt 147 147 dthu if nam==2011, detail Largest 9952.03 14728.57 17184.38 20626.25 Mean Std Dev 1719.934 2822.823 Variance Skewness Kurtosis 7968329 4.225237 24.14168 dthu 1% 5% 10% 25% 50% Percentiles 80.58 123.94 189.77 376.86 Smallest 65.4 80.58 80.89 87.18 928.75 75% 90% 95% 99% 2186.71 4438.69 8234.42 22644.89 sum Largest 10525.27 18295.47 22644.89 26027.23 Obs Sum of Wgt 147 147 Mean Std Dev 2076.615 3582.337 Variance Skewness Kurtosis 1.28e+07 4.297916 24.89892 dthu, detail dthu 1% 5% 10% 25% Percentiles 83.27 142.77 189.77 347.81 50% 808.97 75% 90% 95% 99% 1789.1 3934.97 5808.77 18295.47 Smallest 65.4 74.92 80.58 80.89 Largest 18777.56 20626.25 22644.89 26027.23 Obs Sum of Wgt 441 441 Mean Std Dev 1706.31 2918.528 Variance Skewness Kurtosis 8517808 4.675991 30.11534 50 Quy mô công ty (Doanh thu sum dthu if nam==2009, detail dthu 1% 5% 10% 25% 50% Percentiles 83.27 131.4 173.26 316.76 Smallest 74.92 83.27 89.75 96.57 717.2 Largest 7512.67 8285.23 11196.74 18777.56 75% 90% 95% 99% 1392.86 2653.97 4608.01 11196.74 sum Obs Sum of Wgt 147 147 Mean Std Dev 1322.381 2140.556 Variance Skewness Kurtosis 4581978 5.012555 35.41702 dthu if nam==2010, detail dthu 1% 5% 10% 25% Percentiles 95.4 146.67 198.01 377.51 Smallest 88.23 95.4 100.02 119.08 50% 864.25 75% 90% 95% 99% 1789.1 3735.94 5808.77 17184.38 sum Obs Sum of Wgt 147 147 dthu if nam==2011, detail Largest 9952.03 14728.57 17184.38 20626.25 Mean Std Dev 1719.934 2822.823 Variance Skewness Kurtosis 7968329 4.225237 24.14168 dthu 1% 5% 10% 25% Percentiles 80.58 123.94 189.77 376.86 50% 928.75 75% 90% 95% 99% 2186.71 4438.69 8234.42 22644.89 sum Smallest 65.4 80.58 80.89 87.18 Obs Sum of Wgt 147 147 dthu, detail Largest 10525.27 18295.47 22644.89 26027.23 Mean Std Dev 2076.615 3582.337 Variance Skewness Kurtosis 1.28e+07 4.297916 24.89892 dthu 1% 5% 10% 25% 50% 75% 90% 95% 99% Percentiles 83.27 142.77 189.77 347.81 Smallest 65.4 74.92 80.58 80.89 808.97 1789.1 3934.97 5808.77 18295.47 Largest 18777.56 20626.25 22644.89 26027.23 Obs Sum of Wgt 441 441 Mean Std Dev 1706.31 2918.528 Variance Skewness Kurtosis 8517808 4.675991 30.11534 51 sum qmhdqt if nam==2009, detail qmhdqt 1% 5% 10% 25% 50% 75% 90% 95% 99% sum Percentiles 5 Smallest 4 4 Largest 10 11 12 8 11 Obs Sum of Wgt 147 147 Mean Std Dev 5.952381 1.346397 Variance Skewness Kurtosis 1.812785 1.489094 5.972733 qmhdqt if nam==2010, detail qmhdqt 1% 5% 10% 25% Percentiles 5 50% 75% 90% 95% 99% Smallest 4 4 8 11 sum Largest 10 11 12 Obs Sum of Wgt 147 147 Mean Std Dev 5.965986 1.367003 Variance Skewness Kurtosis 1.868698 1.465865 5.729492 qmhdqt if nam==2011, detail qmhdqt 1% 5% 10% 25% Percentiles 5 50% 75% 90% 95% 99% Smallest 4 4 8 11 sum Largest 10 11 12 Obs Sum of Wgt 147 147 Mean Std Dev 5.959184 1.349163 Variance Skewness Kurtosis 1.82024 1.467994 5.896554 qmhdqt , detail qmhdqt 1% 5% 10% 25% 50% 75% 90% 95% 99% Percentiles 5 Smallest 4 4 8 11 Largest 11 12 12 12 Obs Sum of Wgt 441 441 Mean Std Dev 5.959184 1.351149 Variance Skewness Kurtosis 1.825603 1.474393 5.864824 52 Dòng Source SS df MS Model Residual 8.94407969 641.369364 438 4.47203984 1.46431362 Total 650.313443 440 Number of obs F( 2, 438) Prob > F R-squared Adj R-squared Root MSE 1.4779851 dthuttsan Coef tno_ttsan ttsh1 _cons 3357773 3492003 9008182 Std Err t 1481337 3296548 1406086 2.27 1.06 6.41 P>|t| 0.024 0.290 0.000 = = = = = = 441 3.05 0.0482 0.0138 0.0093 1.2101 [95% Conf Interval] 0446361 -.2987017 6244668 6269185 9971022 1.17717 Dòng Source SS df MS Model Residual 8.16557371 642.14787 438 4.08278685 1.46609103 Total 650.313443 440 Number of obs F( 2, 438) Prob > F R-squared Adj R-squared Root MSE 1.4779851 dthuttsan Coef tno_ttsan ttsh5 _cons 3312315 2066335 9181634 Std Err .1481449 2690759 1539273 t 2.24 0.77 5.96 P>|t| 0.026 0.443 0.000 = = = = = = 441 2.78 0.0628 0.0126 0.0080 1.2108 [95% Conf Interval] 0400682 -.3222069 6156354 6223947 7354739 1.220691 Dòng Linear regression Number of obs F( 11, 429) Prob > F R-squared Root MSE dthuttsan Coef tno_ttsan ttsh1 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu tchinh ticcong _cons 2459222 -.0792511 7351441 -.0838353 1802319 2.293484 4521337 6638394 432119 -.498514 -.0135077 -5.315217 Robust Std Err .0824006 3037978 135341 0377699 2007874 7503261 1936445 2515656 2128297 1970624 2538623 1.163697 t 2.98 -0.26 5.43 -2.22 0.90 3.06 2.33 2.64 2.03 -2.53 -0.05 -4.57 P>|t| 0.003 0.794 0.000 0.027 0.370 0.002 0.020 0.009 0.043 0.012 0.958 0.000 = = = = = 441 20.32 0.0000 0.2974 1.032 [95% Conf Interval] 0839631 -.6763684 4691302 -.1580723 -.2144177 8187109 0715237 1693849 0138003 -.8858419 -.5124764 -7.602474 4078813 5178662 1.001158 -.0095983 5748814 3.768256 8327438 1.158294 8504377 -.1111861 4854609 -3.027959 53 Dòng Linear regression Number of obs F( 11, 429) Prob > F R-squared Root MSE dthuttsan Coef tno_ttsan ttsh5 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu tchinh ticcong _cons 2487082 -.1340925 7354654 -.0865658 1674982 2.289968 4520346 6572523 4261012 -.5039043 -.0131128 -5.259626 Robust Std Err .0796544 1937114 1307008 0379597 1999848 748474 1951801 2512032 2142147 1988511 254232 1.13763 t 3.12 -0.69 5.63 -2.28 0.84 3.06 2.32 2.62 1.99 -2.53 -0.05 -4.62 P>|t| 0.002 0.489 0.000 0.023 0.403 0.002 0.021 0.009 0.047 0.012 0.959 0.000 = = = = = 441 20.18 0.0000 0.2978 1.0317 [95% Conf Interval] 0921467 -.5148341 4785718 -.161176 -.2255737 8188354 0684064 1635101 0050602 -.8947478 -.5128081 -7.495647 4052697 2466491 992359 -.0119557 5605702 3.7611 8356628 1.150994 8471422 -.1130607 4865825 -3.023604 54 Dòng Model Residual 268953101 30.9889984 438 Total 31.2579515 440 F( 2, 438) Prob > F R-squared Adj R-squared Root MSE 134476551 070751138 071040799 roe Coef tno_ttsan ttsh1 _cons -.0010521 141106 0881919 Std Err .0325614 0724618 0309073 t -0.03 1.95 2.85 P>|t| 0.974 0.052 0.005 = = = = = 1.90 0.1507 0.0086 0.0041 26599 [95% Conf Interval] -.0650482 -.00131 0274468 062944 2835221 148937 Dòng Linear regression Number of obs F( 2, 438) Prob > F R-squared Root MSE roe Coef tno_ttsan ttsh5 _cons -.0028937 0819713 0958936 Robust Std Err .0457311 0955161 0522146 t -0.06 0.86 1.84 P>|t| 0.950 0.391 0.067 = = = = = 441 0.83 0.4358 0.0044 26656 [95% Conf Interval] -.0927734 -.1057556 -.0067288 086986 2696982 198516 Dòng Source SS df MS Model Residual 1.46937179 29.7885797 11 429 Total 31.2579515 440 Number of obs F( 11, 429) Prob > F R-squared Adj R-squared Root MSE 133579254 069437249 071040799 roe Coef tno_ttsan ttsh1 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu tchinh ticcong _cons -.0128113 1266367 0766209 006786 -.0083385 -.0134612 0388874 048884 0405899 0632752 -.0073202 -.6473173 Std Err .0333943 0731343 0268552 0099099 0668537 0924428 0885326 0679261 0703015 0746147 0865469 2501082 t -0.38 1.73 2.85 0.68 -0.12 -0.15 0.44 0.72 0.58 0.85 -0.08 -2.59 P>|t| 0.701 0.084 0.005 0.494 0.901 0.884 0.661 0.472 0.564 0.397 0.933 0.010 = = = = = = 441 1.92 0.0347 0.0470 0.0226 26351 [95% Conf Interval] -.0784481 -.0171095 0238368 -.0126919 -.13974 -.1951585 -.1351242 -.0846254 -.0975883 -.0833807 -.1774289 -1.138907 0528256 2703829 129405 026264 123063 168236 2128991 1823934 1787682 2099311 1627885 -.1557273 55 Dòng Linear regression Number of obs F( 11, 429) Prob > F R-squared Root MSE roe Coef tno_ttsan ttsh5 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu tchinh ticcong _cons -.0159603 0684698 0800409 0075116 -.0003492 -.0069125 0445576 0529913 0447574 0647218 0009913 -.6775798 Robust Std Err .0523175 1174898 0283903 0225547 0275498 0302615 0347322 0683484 0346305 0336058 0380413 1595957 t -0.31 0.58 2.82 0.33 -0.01 -0.23 1.28 0.78 1.29 1.93 0.03 -4.25 P>|t| 0.760 0.560 0.005 0.739 0.990 0.819 0.200 0.439 0.197 0.055 0.979 0.000 = = = = = 441 3.70 0.0000 0.0432 26404 [95% Conf Interval] -.1187909 -.1624575 0242395 -.0368198 -.0544986 -.0663916 -.0237088 -.081348 -.0233092 -.0013308 -.0737792 -.9912666 0868703 2993972 1358424 051843 0538002 0525667 1128241 1873306 1128241 1307743 0757618 -.3638929 56 m 2009 Two-stage least-squares regression Equation Obs Parms RMSE "R-sq" F-Stat P roe tno_ttsan 147 147 11 3136198 2247784 -1.3134 0.0073 0.79 1.34 0.6515 0.2605 Coef Std Err t P>|t| [95% Conf Interval] roe tno_ttsan ttsh1 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu tchinh ticcong _cons 1.005 -.2368275 -.0760197 -.0416306 -.2406879 -.1513339 0800642 -.1803078 -.1384315 -.0220389 -.1281594 8263288 1.006115 1520197 1681576 0278025 2399743 2103325 1844846 1631789 1817317 1775249 2173802 1.299226 1.00 -1.56 -0.45 -1.50 -1.00 -0.72 0.43 -1.10 -0.76 -0.12 -0.59 0.64 0.319 0.120 0.652 0.135 0.317 0.472 0.665 0.270 0.447 0.901 0.556 0.525 -.9755718 -.5360835 -.4070437 -.0963608 -.7130856 -.5653806 -.2830999 -.501531 -.4961765 -.3715027 -.5560797 -1.731241 2.985572 0624285 2550042 0130997 2317097 2627129 4432283 1409155 2193136 327425 2997609 3.383899 tno_ttsan ttsh1 roe val _cons 048565 0581 0251985 3953496 1262858 3447116 0183312 0649314 0.38 0.17 1.37 6.09 0.701 0.866 0.170 0.000 -.2000329 -.6204765 -.0108871 26753 2971629 7366766 0612841 5231691 Endogenous variables: roe tno_ttsan ttsh1 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu Exogenous variables: tchinh ticcong val Two-stage least-squares regression Equation Obs Parms RMSE "R-sq" F-Stat P roe tno_ttsan 147 147 11 6915604 243938 -15.4320 -0.2111 0.14 0.41 0.9996 0.7491 Coef Std Err t P>|t| [95% Conf Interval] roe tno_ttsan ttsh1 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu tchinh ticcong _cons -3.453505 -.0976559 6140298 0030331 6845529 2222275 0677149 3415733 2951851 4648912 3850331 -4.142453 7.842973 3593177 1.16832 0579737 1.635789 705201 403413 7801751 6892923 9467013 1.059111 7.899217 -0.44 -0.27 0.53 0.05 0.42 0.32 0.17 0.44 0.43 0.49 0.36 -0.52 0.660 0.786 0.600 0.958 0.676 0.753 0.867 0.662 0.669 0.624 0.716 0.600 -18.89266 -.804985 -1.685847 -.11109 -2.535554 -1.165985 -.7264173 -1.194228 -1.06171 -1.398722 -1.699862 -19.69233 11.98565 6096731 2.913907 1171562 3.90466 1.61044 8618472 1.877374 1.65208 2.328505 2.469928 11.40742 tno_ttsan ttsh1 roe val _cons 0262577 3911429 -.0122883 4301766 1203665 380987 0333275 0572102 0.22 1.03 -0.37 7.52 0.827 0.305 0.713 0.000 -.2106878 -.3588431 -.0778946 3175564 2632033 1.141129 0533179 5427968 Endogenous variables: roe tno_ttsan ttsh1 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu Exogenous variables: tchinh ticcong val 57 Two-stage least-squares regression Equation Obs Parms roe tno_ttsan 147 147 11 Coef RMSE "R-sq" F-Stat P 76.74785-3.684e+04 5966587 0.0142 0.00 0.41 1.0000 0.7435 Std Err t P>|t| [95% Conf Interval] roe tno_ttsan ttsh1 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu tchinh ticcong _cons -127.558 -39.91787 22.55723 3.191026 11.59221 -21.3735 -28.26516 -12.77158 -14.16332 -5.324562 -10.91263 -133.2747 12968.5 4127.012 2291.387 318.269 1175.288 2179.343 2871.35 1322.609 1454.76 546.5558 1115.068 13477.16 -0.01 -0.01 0.01 0.01 0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 0.992 0.992 0.992 0.992 0.992 0.992 0.992 0.992 0.992 0.992 0.992 0.992 -25656.5 -8164.082 -4488.116 -623.3324 -2302.002 -4311.484 -5680.616 -2616.372 -2877.907 -1081.238 -2205.962 -26663.52 25401.38 8084.246 4533.231 629.7144 2325.187 4268.737 5624.085 2590.829 2849.58 1070.589 2184.137 26396.97 tno_ttsan ttsh1 roe val _cons -.358181 0778804 0057758 6580088 4019803 4864503 0792899 1245483 -0.89 0.16 0.07 5.28 0.374 0.873 0.942 0.000 -1.149493 -.8797135 -.1503091 4128312 4331309 1.035474 1618606 9031864 Endogenous variables: roe tno_ttsan ttsh1 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu Exogenous variables: tchinh ticcong val Two-stage least-squares regression Equation Obs Parms RMSE "R-sq" F-Stat P roe tno_ttsan 441 441 11 2.474292 4352484 -83.0231 -0.2392 0.03 0.82 1.0000 0.4842 Coef Std Err t P>|t| [95% Conf Interval] roe tno_ttsan ttsh1 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu tchinh ticcong _cons -6.470526 -.4939178 1.134384 1111378 1.059264 -.0251656 -.5104558 2189322 2149341 4063961 3584361 -7.762027 21.11423 2.141822 3.467276 3536149 3.546264 8688593 1.979007 8460852 8721369 1.322566 1.445761 23.37804 -0.31 -0.23 0.33 0.31 0.30 -0.03 -0.26 0.26 0.25 0.31 0.25 -0.33 0.759 0.818 0.744 0.753 0.765 0.977 0.797 0.796 0.805 0.759 0.804 0.740 -47.91157 -4.697687 -5.670863 -.5829046 -5.901014 -1.730482 -4.394666 -1.441685 -1.496815 -2.189414 -2.479169 -53.64627 34.97052 3.709851 7.939631 8051802 8.019542 1.680151 3.373754 1.87955 1.926683 3.002206 3.196042 38.12222 tno_ttsan ttsh1 roe val _cons -.1570304 7263251 -.0281679 4847514 131985 5138396 030589 0513383 -1.19 1.41 -0.92 9.44 0.234 0.158 0.357 0.000 -.4160783 -.2821915 -.0882051 3839894 1020176 1.734842 0318693 5855134 Endogenous variables: roe tno_ttsan ttsh1 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu Exogenous variables: tchinh ticcong val 58 Two-stage least-squares regression Equation Obs Parms RMSE "R-sq" F-Stat P roe tno_ttsan 147 147 11 3131525 2196559 -1.3065 0.0521 0.78 1.59 0.6583 0.1911 Coef Std Err t P>|t| [95% Conf Interval] roe tno_ttsan ttsh5 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu tchinh ticcong _cons 1.018955 -.2801489 -.0769448 -.0475134 -.2632629 -.1565621 0796457 -.1913336 -.1471839 -.0287613 -.1304143 9250405 1.080895 1700027 1765193 0308784 2575952 2115802 1848631 1675993 1868473 1819978 2176203 1.409715 0.94 -1.65 -0.44 -1.54 -1.02 -0.74 0.43 -1.14 -0.79 -0.16 -0.60 0.66 0.347 0.101 0.663 0.125 0.308 0.460 0.667 0.255 0.432 0.875 0.549 0.512 -1.108824 -.614805 -.4244291 -.1082987 -.7703479 -.573065 -.2842636 -.5212585 -.5149993 -.3870302 -.5588072 -1.850031 3.146735 0545072 2705395 0132718 243822 2599407 443555 1385913 2206314 3295075 2979787 3.700112 tno_ttsan ttsh5 roe val _cons 0554936 -.0885325 0296112 3989278 0958018 3189405 0172872 0645698 0.58 -0.28 1.71 6.18 0.563 0.782 0.088 0.000 -.1330956 -.7163776 -.0044192 2718199 2440828 5393126 0636417 5260357 Endogenous variables: roe tno_ttsan ttsh5 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu Exogenous variables: tchinh ticcong val Two-stage least-squares regression Equation Obs Parms RMSE "R-sq" F-Stat P roe tno_ttsan 147 147 11 5167789 2406751 -8.1757 -0.1789 0.24 0.35 0.9943 0.7913 Coef Std Err t P>|t| [95% Conf Interval] roe tno_ttsan ttsh5 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu tchinh ticcong _cons -2.59339 0786195 4810578 001024 5168941 158884 0625393 2688956 2339395 3774617 26741 -3.315069 4.44279 2757582 656575 0418094 9581893 450329 3010329 4791 4310784 5766868 6184685 4.578547 -0.58 0.29 0.73 0.02 0.54 0.35 0.21 0.56 0.54 0.65 0.43 -0.72 0.560 0.776 0.464 0.980 0.590 0.724 0.836 0.575 0.588 0.513 0.666 0.470 -11.33917 -.4642199 -.8114325 -.0812792 -1.369334 -.7276039 -.5300541 -.6742291 -.6146529 -.7577659 -.9500662 -12.3281 6.152394 6214589 1.773548 0833272 2.403122 1.045372 6551328 1.21202 1.082532 1.512689 1.484886 5.697956 tno_ttsan ttsh5 roe val _cons 0207053 3466395 -.0098931 432054 0966369 3731359 0326396 0591154 0.21 0.93 -0.30 7.31 0.831 0.354 0.762 0.000 -.1695277 -.3878912 -.0741452 3156834 2109382 1.08117 0543591 5484247 Endogenous variables: roe tno_ttsan ttsh5 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu Exogenous variables: tchinh ticcong val 59 Two-stage least-squares regression Equation Obs Parms roe tno_ttsan 147 147 11 Coef "R-sq" F-Stat P 9.106069 -517.6802 5993463 0.0053 RMSE 0.00 0.27 1.0000 0.8470 Std Err t P>|t| [95% Conf Interval] roe tno_ttsan ttsh5 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu tchinh ticcong _cons -15.03176 -.9331642 2.524723 4515799 1.258793 -2.683423 -3.670283 -1.325423 -1.595744 -.603224 -1.542565 -15.86532 180.7536 16.56127 29.91268 4.691048 14.69536 33.82854 44.49883 19.34591 21.55326 9.060735 20.23842 180.0444 -0.08 -0.06 0.08 0.10 0.09 -0.08 -0.08 -0.07 -0.07 -0.07 -0.08 -0.09 0.934 0.955 0.933 0.923 0.932 0.937 0.934 0.945 0.941 0.947 0.939 0.930 -370.8513 -33.53458 -56.3594 -8.782907 -27.66951 -69.27605 -91.26774 -39.4085 -44.02408 -18.43959 -41.38259 -370.2888 340.7878 31.66825 61.40885 9.686067 30.1871 63.90921 83.92717 36.75766 40.83259 17.23314 38.29746 338.5581 tno_ttsan ttsh5 roe val _cons -.2450078 2142802 -.0085606 6548255 2742066 4848127 0801872 1305801 -0.89 0.44 -0.11 5.01 0.372 0.659 0.915 0.000 -.7847928 -.7400901 -.1664119 3977741 2947772 1.16865 1492906 9118769 Endogenous variables: roe tno_ttsan ttsh5 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu Exogenous variables: tchinh ticcong val Two-stage least-squares regression Equation Obs Parms RMSE "R-sq" F-Stat P roe tno_ttsan 441 441 11 1.697903 4431573 -38.5661 -0.2847 0.06 0.78 1.0000 0.5069 Coef Std Err t P>|t| [95% Conf Interval] roe tno_ttsan ttsh5 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu tchinh ticcong _cons -4.414827 1978492 7806668 0852261 7317496 -.0390819 -.3627715 1710583 1631711 3116141 2007856 -5.574802 9.533387 4803464 1.527777 1803092 1.643991 5991542 1.05052 5072279 5207643 7194577 7048281 10.73356 -0.46 0.41 0.51 0.47 0.45 -0.07 -0.35 0.34 0.31 0.43 0.28 -0.52 0.643 0.681 0.609 0.637 0.656 0.948 0.730 0.736 0.754 0.665 0.776 0.604 -23.12607 -.74493 -2.217912 -.2686681 -2.494923 -1.215046 -2.424634 -.8244814 -.8589367 -1.100471 -1.182586 -26.64164 14.29642 1.140628 3.779246 4391202 3.958422 1.136882 1.699091 1.166598 1.185279 1.723699 1.584157 15.49204 tno_ttsan ttsh5 roe val _cons -.0596622 7865474 -.0327937 4604802 103802 5208952 0313934 0587476 -0.57 1.51 -1.04 7.84 0.566 0.131 0.296 0.000 -.2633952 -.2358173 -.0944098 345176 1440707 1.808912 0288223 5757845 Endogenous variables: roe tno_ttsan ttsh5 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu Exogenous variables: tchinh ticcong val 60 Two-stage least-squares regression Equation roe tno_ttsan Obs Parms RMSE "R-sq" F-Stat P 84 84 11 1490668 1834692 -0.0756 0.1380 0.96 4.65 0.4848 0.0039 Coef Std Err t P>|t| [95% Conf Interval] roe tno_ttsan ttsh5 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu tchinh ticcong _cons 4564828 -.0015716 -.0208524 -.0190966 -.2002757 -.193996 -.028782 -.1118219 -.0800782 -.1501109 -.1235353 4863062 2756885 0011134 0443314 0123497 1109989 1426215 1323944 1032432 1126913 1230164 1192451 414198 1.66 -1.41 -0.47 -1.55 -1.80 -1.36 -0.22 -1.08 -0.71 -1.22 -1.04 1.17 0.100 0.160 0.639 0.124 0.073 0.176 0.828 0.280 0.478 0.224 0.302 0.242 -.0881933 -.0037713 -.1084376 -.0434958 -.4195756 -.4757724 -.2903528 -.3157989 -.3027217 -.3931537 -.3591271 -.3320223 1.001159 000628 0667329 0053026 0190242 0877805 2327887 092155 1425654 0929319 1120566 1.304635 tno_ttsan ttsh5 roe val _cons 0025534 -.1006543 0251522 2419393 0009212 4670945 0109282 0819641 2.77 -0.22 2.30 2.95 0.006 0.830 0.023 0.004 0007334 -1.02349 0035614 0800033 0043735 8221815 0467431 4038752 Endogenous variables: roe tno_ttsan ttsh5 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu Exogenous variables: tchinh ticcong val Two-stage least-squares regression Equation roe tno_ttsan Obs Parms RMSE "R-sq" F-Stat P 84 84 11 10.76256 2015519 -10.2924 0.1309 0.57 5.29 0.8539 0.0017 Coef Std Err t P>|t| [95% Conf Interval] roe tno_ttsan ttsh5 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu tchinh ticcong _cons 56.46704 -.1568718 -7.626983 -1.549198 -9.371279 -3.410056 7.286497 -8.403447 -5.835358 -3.619527 -8.925765 67.53637 24.15496 100024 4.215621 1.32186 8.665531 10.38529 9.637322 8.530877 8.41121 8.831704 9.522912 41.4957 2.34 -1.57 -1.81 -1.17 -1.08 -0.33 0.76 -0.99 -0.69 -0.41 -0.94 1.63 0.021 0.119 0.072 0.243 0.281 0.743 0.451 0.326 0.489 0.683 0.350 0.106 8.74423 -.3544886 -15.95576 -4.160788 -26.49172 -23.9282 -11.7539 -25.25785 -22.45333 -21.06827 -27.74012 -14.44643 104.1899 040745 7017932 1.062392 7.749158 17.10809 26.3269 8.450956 10.78262 13.82922 9.888594 149.5192 tno_ttsan ttsh5 roe val _cons 0027055 0461176 -.0167036 2980612 0010541 0783854 0526191 0601005 2.57 0.59 -0.32 4.96 0.011 0.557 0.751 0.000 0006229 -.108748 -.1206629 179321 0047881 2009833 0872558 4168014 Endogenous variables: roe tno_ttsan ttsh5 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu Exogenous variables: tchinh ticcong val 61 Two-stage least-squares regression Equation roe tno_ttsan Obs Parms RMSE "R-sq" F-Stat P 84 84 11 2484112 1954497 -0.2548 0.0890 0.92 0.76 0.5261 0.5173 Coef Std Err t P>|t| [95% Conf Interval] roe tno_ttsan ttsh5 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu tchinh ticcong _cons 4968701 -.0024945 0465937 -.0703345 -.1786505 -.2124763 1621934 -.2045173 -.178544 -.1134298 -.1435884 2087868 6.510655 0054699 8815925 2471712 1.119605 730931 8447904 9401797 1.108612 3413141 9905355 7.643435 0.08 -0.46 0.05 -0.28 -0.16 -0.29 0.19 -0.22 -0.16 -0.33 -0.14 0.03 0.939 0.649 0.958 0.776 0.873 0.772 0.848 0.828 0.872 0.740 0.885 0.978 -12.36619 -.0133013 -1.695163 -.5586692 -2.390647 -1.656572 -1.506854 -2.062025 -2.368822 -.787762 -2.100583 -14.8923 13.35993 0083123 1.788351 4180002 2.033346 1.23162 1.831241 1.65299 2.011734 5609023 1.813407 15.30988 tno_ttsan ttsh5 roe val _cons 0003839 -.1780476 0320492 3766659 0010932 2612272 0252026 0688679 0.35 -0.68 1.27 5.47 0.726 0.497 0.205 0.000 -.0017759 -.6941525 -.0177434 2406041 0025436 3380574 0818419 5127277 Endogenous variables: roe tno_ttsan ttsh5 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu Exogenous variables: tchinh ticcong val Two-stage least-squares regression Equation roe tno_ttsan Obs Parms RMSE "R-sq" F-Stat P 84 84 11 2114225 2087423 -2.1725 -0.1489 0.62 0.43 0.8060 0.7340 Coef Std Err t P>|t| [95% Conf Interval] roe tno_ttsan ttsh5 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu tchinh ticcong _cons -1.142842 0017551 2458241 0098649 246447 0816522 -.0257055 2386138 1747883 1705692 1155458 -1.879344 9665817 0014547 1573455 0275764 2681381 2465503 1907397 2357546 2322874 2128309 239584 1.336012 -1.18 1.21 1.56 0.36 0.92 0.33 -0.13 1.01 0.75 0.80 0.48 -1.41 0.239 0.229 0.120 0.721 0.359 0.741 0.893 0.313 0.453 0.424 0.630 0.162 -3.052512 -.0011189 -.0650424 -.0446177 -.2833117 -.4054558 -.4025488 -.2271651 -.2841405 -.2499196 -.3577988 -4.518895 7668271 0046291 5566906 0643475 7762058 5687601 3511379 7043927 6337172 5910579 5888904 760208 tno_ttsan ttsh5 roe val _cons 0003725 5670877 -.0328295 3802568 0012038 5992515 053886 0644675 0.31 0.95 -0.61 5.90 0.757 0.345 0.543 0.000 -.0020059 -.6168498 -.1392919 2528888 0027508 1.751025 0736328 5076247 Endogenous variables: roe tno_ttsan ttsh5 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu Exogenous variables: tchinh ticcong val 62 Two-stage least-squares regression Equation Obs Parms RMSE "R-sq" F-Stat P 84 84 11 1.892347 2217595 -13.0954 0.0191 0.15 0.98 0.9994 0.4059 roe tno_ttsan Coef Std Err t P>|t| [95% Conf Interval] roe tno_ttsan ttsh5 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu tchinh ticcong _cons -8.196192 0125429 8382881 3708455 1.514537 1.006831 -1.597392 2.12234 1.740163 1.211954 1.239456 -7.849163 10.99829 0122649 1.246022 3795005 2.215524 2.148379 2.426281 2.699938 2.361609 2.0201 2.125585 10.40389 -0.75 1.02 0.67 0.98 0.68 0.47 -0.66 0.79 0.74 0.60 0.58 -0.75 0.457 0.308 0.502 0.330 0.495 0.640 0.511 0.433 0.462 0.549 0.561 0.452 -29.92545 -.0116887 -1.623471 -.3789313 -2.86266 -3.237708 -6.390981 -3.211912 -2.925653 -2.779146 -2.960048 -28.40407 13.53306 0367745 3.300047 1.120622 5.891734 5.251369 3.196197 7.456592 6.40598 5.203054 5.438961 12.70574 tno_ttsan ttsh5 roe val _cons -.0014817 2788548 -.0758906 5419558 001431 1637618 0638819 0767348 -1.04 1.70 -1.19 7.06 0.302 0.091 0.237 0.000 -.0043089 -.0446884 -.2021017 3903513 0013454 602398 0503205 6935602 Endogenous variables: roe tno_ttsan ttsh5 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu Exogenous variables: tchinh ticcong val Two-stage least-squares regression Equation Obs Parms RMSE "R-sq" F-Stat P roe tno_ttsan 420 420 11 7.424303 224068 -28.3015 -0.1957 0.80 5.50 0.6380 0.0010 Coef Std Err t P>|t| [95% Conf Interval] roe tno_ttsan ttsh1 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu tchinh ticcong _cons 39.66337 -.0517932 -5.218637 -.8561713 -7.496576 -3.690865 4.310154 -6.322011 -5.799441 -3.557729 -5.637569 41.88574 13.74684 030807 1.958877 4490512 3.490545 3.44152 3.158846 3.236792 3.221584 2.984617 3.294646 16.88454 2.89 -1.68 -2.66 -1.91 -2.15 -1.07 1.36 -1.95 -1.80 -1.19 -1.71 2.48 0.004 0.093 0.008 0.057 0.032 0.284 0.173 0.051 0.072 0.234 0.087 0.013 12.68042 -.1122627 -9.063613 -1.73759 -14.34798 -10.44604 -1.890177 -12.67534 -12.12292 -9.416076 -12.10446 8.743961 66.64632 0086763 -1.37366 0252476 -.6451701 3.064313 10.51049 0313167 5240364 2.300619 8293186 75.02752 tno_ttsan ttsh1 roe val _cons 0011516 1237861 -.041843 4342417 0006221 0622494 027392 0397924 1.85 1.99 -1.53 10.91 0.065 0.047 0.127 0.000 -.0000695 0016 -.0956093 3561354 0023727 2459722 0119233 5123481 Endogenous variables: roe tno_ttsan Exogenous variables: ttsh1 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu tchinh ticcong val 63 Two-stage least-squares regression Equation Obs Parms RMSE "R-sq" F-Stat P roe tno_ttsan 420 420 11 7.235977 2227571 -26.8338 -0.1818 0.84 6.37 0.5953 0.0003 Coef Std Err t P>|t| [95% Conf Interval] roe tno_ttsan ttsh5 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu tchinh ticcong _cons 38.82321 -.0565183 -4.981962 -.8886211 -7.111671 -3.039866 4.848557 -5.972958 -5.564882 -3.591576 -4.999451 40.78744 13.02989 0280044 1.828997 4439788 3.278723 3.243412 3.183895 3.04722 3.075372 2.894648 3.090156 16.02259 2.98 -2.02 -2.72 -2.00 -2.17 -0.94 1.52 -1.96 -1.81 -1.24 -1.62 2.55 0.003 0.044 0.007 0.046 0.030 0.349 0.128 0.050 0.071 0.215 0.106 0.011 13.24752 -.1114866 -8.572003 -1.760084 -13.5473 -9.406188 -1.400941 -11.95419 -11.60137 -9.273327 -11.06496 9.337541 64.39889 -.00155 -1.39192 -.0171586 -.6760382 3.326456 11.09806 0082693 4716024 2.090174 1.066054 72.23734 tno_ttsan ttsh5 roe val _cons 0012317 1217418 -.0405815 4161783 0005249 0620483 0273223 042063 2.35 1.96 -1.49 9.89 0.019 0.050 0.138 0.000 0002014 -.0000496 -.094211 3336151 0022619 2435331 013048 4987416 Endogenous variables: roe tno_ttsan ttsh5 qmct qmhdqt cnghiep dvtdung dpyte htdung nvlieu Exogenous variables: tchinh ticcong val ... c u trúc v n chi phí i di n v i m u nghiên c u công ty niêm y t sàn giao d ch ch ng khoán thành ph H Chí Minh, giao d ch ch ng khốn Hà N i Giai 2011, sau tác gi m r ng giai nghiên c u công ty. .. công ty l n Các tác gi cho r ng s phân t giám sát v n nh ng công ty khác cách ti p c n i di n phát sinh b i s phân T nghiên c u c a tác gi trên, tác gi rút nh nh di n t ng c a lo i chi phí: chi. .. a công ty c ph n niêm y t HOSE th ? m i quan h gi a c u trúc - Mơ hình nghiên c u phù h p v n chi phí - T vi c xác quy t ? - C u trúc v n chi phí có m i quan h niêm i di n c a công ty c ph n niêm