Luận văn thạc sĩ 2015 QUẢN TRỊ vốn LUÂN CHUYỂN, GIÁ TRỊ DOANH NGHIỆP và các hạn CHẾ tài CHÍNH

B O I H C KINH T TP H NGUY N MINH HI N QU N TR V DOANH NGHI P N CH LU C S KINH T TP H B O I H C KINH T TP H NGUY N MINH HI N QU N TR V DOANH NGHI P N CH : 60340201 LU C S KINH T NG D N KHOA H C: PGS TS NGUY N TH TP H L li qu tin c cl pc t qu u S li u lu t ng u c a lu b t k 02 05 Nguy n Minh Hi n M CL C Trang Ph L i M cL c Danh M c B ng Bi T t 1 Gi i thi u 2 T ng quan 2.1 T t 2.2 2.3 uv v n doanh nghi p .23 u ng h n ch 26 u 32 3.1 c h 32 u 37 3.3 D li u u .48 K t qu 4.1 Nh ng u 51 ng c a qu n tr v 4.2 Nh ng h n ch doanh nghi p .51 n tr v n 54 K t lu n 60 u tham kh o Ph l c - Ki Ph l c - M nh hi GMM DANH M C B NG BI 2.1 (NTC B ng 2.2 u v qu n tr v B ng 3.2 K t qu ki nh c gi thi t d li u b ng n T m tra m gi a qu n tr v tr doanh nghi p, s d y li u b ng g Giao D ch Ch Giao D ch Ch ng n 2009- i nh m m t b ng ch ng th c nghi m v v c ng phi n c a qu n tr doanh nghi p K t qu cho th y qu n tr v ng b ng Chu k ngh ch chi n i thu n doanh nghi ng ng b s Q) ng th i, ng thu n chi u, y gi a v doanh nghi p nh , vi c qu n tr v nhi u h n ch doanh nghi T n i u ki n h n ch nh ng doanh nghi doanh nghi u h n ch n tr v doanh nghi p, h n ch GI I THI U B i c nh n n kinh t Vi t Nam nh c bi ng, t n kho ng, n x u, r Nam thu c lo i v nghi V ,g tv g m ph n l n doanh nghi p Vi t n 2009 a ho t nh 2013 ghi d ng kh t nh ng doanh ng b t tr i ro qu n n tr v th ng nhu c u kinh doanh ng uc nghi p g mong mu n tr c c ho n m qu n tr v n, ng c a qu n tr v nghi ns Nh t ng y u v qu n tr v n nhi doanh t ph n c u h c thuy kinh nghi m Nhi m u nh i tr c ti p gi a vi tr doanh nghi p (Burton, Lonie & Power, 1999; Chung, Wright & Charoenwong, 1998; McConnell & Muscarella, 1985) Nh r ng quy nh c l p v i nhau, t ud o c a th ng v n nh i h c a hai quy c v cho r n n M m m c nh ng kho n chi t kh u l n , m c cao s c h n doanh nghi cho r ng kho cl i ,d n (Kieschnick, LaPlante & Moussawi, 2011) K t h p hai chuy n ng u c chi u av doanh nghi p, Sonia Banos-Caballero, Pedro J Garcia-Teruel, Pedro Martinez-Solano (2013) cho r ng t n t i m i quan h phi n gi a vi v n ng s doanh nghi p, theo ki u ngh o chi u n M o d ng ch U m nh c m u ng c a vi c qu n tr v n doanh nghi p nh ng p Vi t Nam v i u c th c n gi i quy n tr v nc doanh nghi p? 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Universal and contingency views of its governance effects Journal of Business Research, 64, 839 845 PH L C 1: KI T forvalues i=1(1)11 { display "OLS regression for group " `i' reg q ntc ntc2 size lev growth roa if companycode==`i' imtest, white } OLS regression for group note: lev omitted because of collinearity note: growth omitted because of collinearity K t lu i i gi xtreg q ntc ntc2 size lev growth roa, fe Fixed-effects (within) regression Number of obs Group variable: companycode Number of groups = 344 R-sq: within = 0.1485 Obs per group: = between = 0.0020 avg = max = 1720 5.0 overall = 0.0003 = F(6,1370) corr(u_i, Xb) = -0.6473 = 39.83 Prob > F = 0.0000 xttest3 Modified Wald test for groupwise heteroskedasticity in fixed effect regression model H0: sigma(i)^2 = sigma^2 for all i chi2 (344) = 1.0e+06 Prob>chi2 = 0.0000 Gi (t Ho m K t lu P2.3 T i c nh t xtserial q ntc ntc2 size lev growth roa i gi Wooldridge test for autocorrelation in panel data H0: no first order autocorrelation F( 1, 343) = 209.106 Prob > F = 0.0000 K t lu Ho m c nh t c xtreg q ntc ntc2 size lev growth roa, fe Fixed-effects (within) regression Number of obs Group variable: companycode Number of groups = 344 R-sq: within = 0.1485 Obs per group: = between = 0.0020 avg = max = 1720 5.0 overall = 0.0003 = F(6,1370) corr(u_i, Xb) = -0.6473 = 39.83 Prob > F = 0.0000 xttest2 Correlation matrix of residuals is singular not possible with test r(131); K t lu kh o c ma tr B NG K T QU KI THI T D Bi n gi LI U B NG m ntc, ntc2, size, lev, Gi thi t (1) P T (2) i gi c nh t(3) *** *** c (4) t bi u th (5) (6) (7) (8) Ki Ki Ki Ki nh White nh d a theo Baum (2001) nh d a theo Drukker (2003) nh d a theo Baum (2001) nh PH L C xtset companycode yearcode panel variable: companycode (strongly balanced) time variable: yearcode, 2009 to 2013 delta: unit xtabond q ntc ntc2 size lev growth roa, twostep K t lu n: Bi c ph c hi ng n i sinh ... thu n doanh nghi ng ng b s Q) ng th i, ng thu n chi u, y gi a v doanh nghi p nh , vi c qu n tr v nhi u h n ch doanh nghi T n i u ki n h n ch nh ng doanh nghi doanh nghi u h n ch n tr v doanh. .. ti n m t t u: th nh t, t doanh nghi u ti n m t l ch xa m l ir t m i quan h d nghi n m gi t doanh nghi p s gi t u vi c n m gi ti n m im t t i c n m gi ng gi xu t r doanh doanh nghi tm ti n m t qu... quan h n th n tr un i v i kh doanh nghi h ngh ch bi n c ho n m o hi m ng doanh nghi v y, m i v i kh n tr v u n ng n h doanh nghi c thi t k k c nh tranh cho nh ng doanh nghi p nh m t n i quan