Luận văn thạc sĩ 2015 ảnh hưởng của hạn chế tài chính lên mối quan hệ phi tuyến giữa quản trị vốn luân chuyển và hiệu quả hoạt động của doanh nghiệp

B GIÁO D O I H C KINH T TP.HCM NG C A H N CH TÀI CHÍNH LÊN M I QUAN H PHI TUY N GI A QU N TR V N LUÂN CHUY N VÀ HI U QU HO NG C A DOANH NGHI P Chuyên ngành : Tài Chính - Ngân Hàng Mã s : 60340201 LU NG D N KHOA H C: TI N TH UYÊN UYÊN TP.H CHÍ MINH 2015 L Tác gi xin ng c a h n ch tài lên m i quan h phi n gi a qu n tr v n luân chuy n hi u qu ho nghi p t qu nghiên c u làm vi c c a cá nhân tác gi c a Ti n Th Uyên Uyên Gi ng c a doanh is d nd t i H c Kinh T Thành Ph H Chí Minh H c viên M CL C TRANG PH BÌA L M CL C DANH M C CÁC T VI T T T DANH M C CÁC B NG TÓM T T GI I THI 1.1 Lý ch TÀI tài 1.2 M c tiêu nghiên c u 1.3 m vi nghiên c u 1.4 a lu 1.5 B c c c a lu T NG QUAN CÁC NGHIÊN C LI U NGHIÊN C U 22 3.1 d li u 22 3.2 Mơ hình nghiên c u bi n 22 3.2.1 Mơ hình nghiên c u m i quan h phi n gi a qu n tr v n luân chuy n hi u qu ho ng c a doanh nghi p 23 3.2.2 Mơ hình nghiên c u ng c a h n ch tài lên m i quan h phi n gi a qu n tr v n luân chuy n hi u qu ho ng c a doanh nghi p 29 u 37 T QU NGHIÊN C U 40 4.1 Th ng kê mô t 40 42 4.3 K t qu phân tích h i quy 46 4.3.1 K t qu phân tích h i quy m i quan h phi n gi a qu n tr v n luân chuy n hi u qu ho ng c a doanh nghi p 46 4.3.2 K t qu phân tích h i quy v ng c a h n ch tài lên m i quan h phi n gi a qu n tr v n luân chuy n hi u qu ho ng c a doanh nghi p 51 : K T LU N 56 5.1 K t qu nghiên c u 56 5.2 H n ch c a Lu 5.2.1 H n ch c a Lu ng nghiên c u ti p theo 56 56 ng nghiên c u ti p theo 58 TÀI LI U THAM KH O PH L C DANH M C CÁC T VI T T T CCC Chu k luân chuy n ti n - Cash Conversion Cycle DFC Bi n gi h n ch tài - Dummy Of Financial Constraint EBIT Thu nh c thu lãi vay - Earnings Before Interest And Taxes EBITDA Thu nh c thu , lãi vay kh u hao - Earnings Before Interest, Taxes, Depreciation and Amortization GMM GOP Moments T l l i nhu n ho GROWTH ng g p - Gross Operating Profit ng - Opportunity Growth HNX S Giao d ch Ch ng khoán Hà N i HSX S Giao d ch Ch ng khốn Thành Ph H Chí Minh LEV T l NTC Chu k ROA T su t sinh l i t ng tài s n - Return On Assets ROE T su t sinh l i v n ch s h u - Return on equity SIZE Quy mô doanh nghi p - Size VIF H s y - Leverage i thu n - Net Trade Cycle - Variance Inflation Factor DANH M C CÁC B NG B ng 2.1: T ng k t nghiên c chuy n hi u qu ho m i quan h gi a qu n tr v n luân ng c a doanh nghi p 17 B ng 3.1 Nh ng nhân t n hi u qu ho B ng 3.2 Các ch tiêu phân lo i m ng c a doanh nghi p 28 h n ch tài c a doanh nghi p 35 B ng 4.1: Mô t th ng kê bi n nghiên c u 40 B ng 4.2: Ma tr a bi n nghiên c u 43 B ng 4.3: H s VIF 1/VIF c a t ng bi c l p 45 B ng 4.4: K t qu h i quy v m i quan h gi a qu n tr v n luân chuy n hi u qu ho ng c a doanh nghi p 47 B ng 4.5 So sánh k t qu h ng lên hi u qu ho i v i k v ng c a Lu nhân t tác ng c a doanh nghi p 50 B ng 4.6 K t qu h i quy v ng c a h n ch tài lên m i quan h phi n gi a qu n tr v n luân chuy n hi u qu ho ng c a doanh nghi p 52 TÓM T T Lu th c hi n phân tích d li u b ng c a 202 doanh nghi p phi tài c niêm y t S Giao d ch Ch ng khoán Thành Ph H Chí Minh (HSX) S Giao d ch Ch ng khoán Hà N nh m ki nt ng c a h n ch tài lên m i quan h phi n gi a qu n tr v n luân chuy n hi u qu ho c s d ng Lu ng c a doanh nghi p ng Two-Step Generalized Method Of Moments (GMM) ng theo Arellano Bond (1991) K t qu nghiên c u quan h phi n (hình ch tìm th y m i c) gi a qu n tr v n luân chuy n hi u qu ho t ng c a doanh nghi p n t i m t m c v n luân chuy n t doanh nghi p có th cân b ng gi a chi phí l i ích vi c qu n tr v n luân chuy n t i hoá hi u qu ho ng cho doanh nghi p Bên c xem ng c a h n ch tài lên m i quan h phi n này, k t qu nghiên c u cho th y doanh nghi p có nhi u kh s có m c v n luân chuy n t ph i m t v i h n ch tài i doanh nghi p có kh i m t v i h n ch tài T khố: Qu n tr v n luân chuy n, hi u qu ho ch tài chính, chu k i thu n ng c a doanh nghi p, h n I THI U TÀI 1.1 V n luân chuy n toàn b giá tr tài s n ng n h n c a doanh nghi p, nh ng tài s n g n li n v i chu k kinh doanh c a doanh nghi p Trong m i chu k kinh doanh, chúng chuy n hoá qua t t c hình th c t ti n m thu tr v u ti n m t luân chuy n n hàng t n kho, kho n ph i c nhu c u v n y nhanh chóng s chuy n hố gi a hình thái t n t i c a tài s n ng n h n nh u qu ho ng c a doanh nghi p m t nh ng nhi m v quan tr ng c a nhà qu n tr doanh nghi p Các nhà qu n tr doanh nghi p ph i xây d ng sách qu n tr v n luân chuy n cho khơng nh ng trì m c v n luân chuy n h p lý t ng th m c v n luân chuy n cho t ng b ph n c u thành mà ph i s d ng ngu n v n phù h chuy n, c y m i có th góp ph tài tr cho v n luân hi u qu ho ng c a doanh nghi p T i Vi t Nam, ph n l n doanh nghi p v i tr ng cao c thù giá tr tài s n ng n h n chi m t c bi t hàng t n kho, ng n h n, kh ngu n tài tr bên ch y u n ti p c n ngu n tài tr dài h n t th doanh nghi p th c hi n chi c qu n tr v n luân chuy n s ph i ph thu c r t nhi u vào ngu n tài tr n i b n ng n h s c bi t b i c nh kinh t h t ng c a kh ng ho ng tài chính, làm cho s c c u th lãi su c qu n tr v n luân chuy n l i ch u s d ng ngu n v n c a doanh nghi p Chính v y, Lu ng r t l n t vi c c th c hi n ng c a h n ch tài lên m i quan h gi a qu n tr v n luân chuy n hi u qu ho cao hi u qu ho o p ti p c n ngu n tài tr bên Tr hi u qu c a chi nghi p ng gi m n ngu n tài tr n i b nh nh m làm rõ ng v n r t h n ch nên ng c a doanh nghi p t giúp nhà qu n tr doanh nh qu n tr v n luân chuy n m t cách h p lý, góp ph n nâng ng cho doanh nghi p 1.2 M c tiêu c a nghiên c u nh m cung c p b ng ch ng th c nghi m v ng c a h n ch tài lên m i quan h phi n gi a qu n tr v n luân chuy n hi u qu ho ng c a doanh nghi p t i th câu h i nghiên c u c ng Vi t Nam V i m c tiêu nghiên c u t là: Th nh t, b ng ch ng th c nghi m th gi i v m i quan h gi a qu n tr v n luân chuy n v i hi u qu ho lên m i quan h ng c a doanh nghi p có nh ng k t lu ng c a h n ch tài nào? Th hai, v n d ng k t qu th c nghi m c a nh ng nghiên c u li u có m i quan h phi n (hình ch hi u qu ho chuy n t t nh xem c) gi a qu n tr v n luân chuy n ng c a doanh nghi p Vi t Nam, mà t ki hoá hi u qu ho t n t i m t m c v n luân ng cho doanh nghi p Vi t Nam hay không? Th ba, nh ng c a h n ch tài lên m i quan h phi n gi a qu n tr v n luân chuy n hi u qu ho ng c a doanh nghi p Vi t Nam nào? 1.3 Ngu n d li u nghiên c u c a Lu c l y t Website Công ty ch ng khoán B o Vi t D li u nghiên c u bao g m d li u giá ch ng khoán s ng c phi c ki m tốn, a 202 doanh nghi p phi tài t hai sàn ch ng khoán S Giao d ch Ch ng khốn Thành Ph H Chí Minh (HSX) S Giao d ch Ch ng khoán Hà N i (HNX) Kho ng th i gian d li c thu th t D a vào ngu n d li u nêu trên, tác gi nghiên c th c hi n Lu ng v i s h tr c a ph n m m Stata 12.0 Lu d li u b c s d ng Two-Step Generalized Method Of Moments (GMM) xu t b i Arellano Bond (1991), v i m c tiêu ki ng c a h n ch tài lên m i quan h phi n gi a qu n tr v n luân chuy n hi u qu ho t ng c a doanh nghi p Vi t Nam 1.4 L Trong th ng c a kh ng ho ng tài nên tình hình kinh t Vi t Nam g p nhi u , kh p c n ngu n v n vay c a doanh nghi p b h n ch Bên c , tình hình ho doanh nghi p Vi c c u gi m làm doanh s bán ts hàng c a doanh nghi ng ng c a , ngu n v n n i b c a doanh nghi p Vi t Nam th i gian r t h n h p vi c n luân chuy n l i ch u , hi u qu c a ng r t l n t vi c s d ng ngu n v n c a doanh nghi p Vì v y, v m t kinh t xã h i tác gi mong r ng t k t qu th c nghi m c a Lu giúp cho nh ng nhà qu n tr doanh nghi p quy Vi t Nam có th nh qu n tr v n luân chuy n m t cách h ti p c n ngu n v n c a doanh nghi p t kh n nâng cao hi u qu ho t ng cho doanh nghi p Vi t Nam Bên c t i Vi t Nam ch gi nghiên c c u c r t nhi u tác ng nghiên c u ch d ng l i ng c a y u t ho qu n tr v n luân chuy m n qu n tr v n luân chuy ng c a doanh nghi p Có r t nghiên c u xem ch tài lên m i quan h m i Lu qu ho nghiên n hi u qu ng c a h n Chính v y, v m t h c thu t m xem xét m i quan h gi a qu n tr v n luân chuy n hi u ng c a doanh nghi ng c a h n ch tài t i th ng Vi t Nam 1.5 L K t c u c a Lu Gi i thi tiêu nghiên c c c Lu tài, t s nêu lý ch m vi nghiên c u c a Lu tài, m c PJC 2008 0.789544 0.086447 0.007473 25.14695 0.556866 0.001995 0.138098 PJC 2009 0.906401 0.110342 0.012175 25.30955 0.585839 0.001605 0.126143 PJC 2010 1.054684 0.095728 0.009164 25.40217 0.5575 0.001381 0.126097 PJC 2011 0.74911 0.052084 0.002713 25.62284 0.490588 0.001041 0.12133 PJC 2012 0.730247 0.051726 0.002676 25.7058 0.490164 0.000897 0.104589 PJC 2013 0.754906 0.063995 0.004095 25.66495 0.453455 0.040198 0.078217 PJT 2006 2.047643 0.158021 0.024971 25.43019 0.555477 0.000206 0.146166 PJT 2007 2.452871 0.230789 0.053264 25.58759 0.575692 0.000108 0.142378 PJT 2008 0.970698 0.191801 0.036787 25.92047 0.502135 2.85E-05 0.110295 PJT 2009 1.011957 0.271474 0.073698 25.66636 0.304985 0.087124 PJT 2010 0.828898 0.245139 0.060093 25.72942 0.32826 0.116302 PJT 2011 0.60134 0.172141 0.029632 25.6337 0.26707 0.12359 PJT 2012 0.697544 0.173199 0.029998 25.66946 0.225697 0.147739 PJT 2013 0.822271 0.233591 0.054565 26.17926 0.496364 0.102552 PLC 2006 1.90026 1.035025 1.071276 27.58466 0.77844 0.08796 PLC 2007 1.478682 0.945078 0.893172 27.76965 0.7402 0.096519 PLC 2008 1.01494 0.948906 0.900423 27.98689 0.777679 0.092289 PLC 2009 1.155051 0.861578 0.742316 27.89573 0.636787 0.181742 PLC 2010 1.243747 0.710154 0.504319 28.4511 0.67468 0.202633 PLC 2011 0.934466 0.808392 0.653497 28.68106 0.685024 0.147399 PLC 2012 1.002128 0.865724 0.749478 28.5444 0.60339 0.113558 PLC 2013 1.019443 0.761896 0.580486 28.73862 0.626142 0.000875 0.112345 PMC 2009 2.002633 1.028308 1.057418 25.37718 0.150653 0.029412 0.308878 PMC 2010 1.456772 0.884909 0.783064 25.54654 0.153892 0.030409 0.363365 PMC 2011 0.942316 0.926141 0.857737 25.74492 0.215777 0.023046 0.373543 PMC 2012 1.380176 0.953842 0.909815 25.85144 0.246809 0.019319 0.369549 PMC 2013 2.183868 0.911706 0.831208 26.06526 0.240776 0.01447 0.393749 PMS 2009 0.982612 0.93425 0.872823 25.89197 0.500163 0.051227 0.075508 PMS 2010 1.097923 0.620681 0.385245 25.83282 0.46361 0.060185 0.093735 PMS 2011 0.717245 0.474934 0.225562 26.14513 0.500064 0.042707 0.104778 PMS 2012 0.586226 0.574474 0.33002 25.93538 0.361693 0.049385 PMS 2013 1.194521 0.378144 0.142993 25.85804 0.309291 0.05564 PNJ 2009 1.662382 0.075359 0.005679 28.33691 0.487455 0.103815 0.170483 PNJ 2010 1.430326 0.148865 0.022161 28.53289 0.563528 0.078388 0.143743 PNJ 2011 1.428562 0.156944 0.024631 28.70538 0.604835 0.095351 0.156579 PNJ 2012 1.491307 0.447386 0.200154 28.56436 0.5117 0.109931 0.15046 PNJ 2013 1.306846 0.366851 0.13458 28.71509 0.524464 0.098304 0.11511 POT 2008 0.746863 1.841173 3.389919 26.88853 0.383516 0.003006 0.065457 POT 2009 0.937079 2.179486 4.750159 26.87115 0.372117 0.003939 0.055036 POT 2010 0.970593 1.613386 2.603014 26.96138 0.420215 0.003522 0.076791 POT 2011 0.781175 1.915071 3.667495 27.1919 0.546063 0.002771 0.056617 POT 2012 0.814993 2.195252 4.819131 27.17195 0.538244 0.002874 0.03113 POT 2013 0.761896 1.603208 2.570277 27.18595 0.53751 0.002782 0.02784 PPC 2007 2.609743 1.80907 3.272735 29.90132 0.60495 0.003735 0.076681 PPC 2008 1.246757 1.040017 1.081636 30.01032 0.681746 0.004079 -0.02901 PPC 2009 1.157195 1.106847 1.225111 30.09435 0.632167 0.003261 0.094244 PPC 2010 1.007729 1.297172 1.682656 30.07696 0.677011 0.002844 0.01797 PPC 2011 0.9409 1.513784 2.291541 30.09871 0.747291 0.002286 0.02077 PPC 2012 0.9744 1.476663 2.180534 30.12195 0.652828 0.001757 0.082666 PPC 2013 1.231414 1.097006 1.203421 30.10721 0.543067 0.001284 0.200709 PPG 2009 0.883565 0.733414 0.537896 25.70009 0.55532 0.046939 0.092712 PPG 2010 0.924009 0.767086 0.58842 25.98158 0.473121 0.057606 0.097168 PPG 2011 0.696947 0.878587 0.771915 26.14881 0.59027 0.047451 0.055347 PPG 2012 0.750332 0.962871 0.92712 26.08689 0.599009 0.049116 -0.00387 PPG 2013 0.798648 1.211623 1.468031 25.88447 0.680747 0.034774 -0.08606 PSC 2006 1.296974 0.053533 0.002866 25.10576 0.652274 0.016916 0.098599 PSC 2007 1.326592 0.078493 0.006161 25.57861 0.743996 0.032387 0.080786 PSC 2008 0.883606 0.036754 0.001351 25.46059 0.533123 0.036422 0.123026 PSC 2009 0.965575 0.046177 0.002132 25.66118 0.584157 0.101079 0.102425 PSC 2010 1.278722 0.107844 0.01163 26.07789 0.493784 0.088701 0.081694 PSC 2011 0.713406 0.099289 0.009858 26.06775 0.470484 0.158682 0.08827 PSC 2012 0.761516 0.19755 0.039026 26.08043 0.483187 0.162409 0.070105 PSC 2013 0.679634 0.179965 0.032387 26.05862 0.469175 0.164107 0.067598 PTC 2008 0.662683 2.690659 7.239644 26.91724 0.495264 0.003829 0.029538 PTC 2009 0.670113 2.282317 5.208969 26.79948 0.426647 0.004109 0.013885 PTC 2010 0.762284 2.878171 8.283867 26.8069 0.433982 0.003885 0.019528 PTC 2011 0.512059 2.524084 6.370998 26.79557 0.424437 6.23E-05 0.02374 PTC 2012 0.685796 3.708482 13.75284 26.60985 0.469234 0.000561 -0.13186 PTC 2013 0.586549 5.347575 28.59656 26.52925 0.411998 0.00052 0.010416 PTS 2009 0.959556 0.275343 0.075814 25.61876 0.496204 0.116593 PTS 2010 0.997314 0.096713 0.009353 25.76709 0.550482 0.101542 PTS 2011 0.620048 0.063293 0.004006 25.68414 0.358655 0.074729 PTS 2012 0.676639 0.092371 0.008532 25.57656 0.385557 -0.00575 PTS 2013 0.591867 0.075735 0.005736 25.5863 0.389654 0.008847 PVA 2009 1.327013 0.451965 0.204272 26.9749 0.750752 8.55E-05 0.087895 PVA 2010 1.114784 -0.32778 0.107438 28.2944 0.88041 6.75E-05 0.101496 PVA 2011 0.902435 -1.18798 1.411299 28.4236 0.846067 5.44E-05 0.022444 PVA 2012 0.989404 -2.11405 4.469227 28.03798 0.899242 0.000796 -0.05155 PVA 2013 1.015346 -1.17177 1.373037 28.03735 0.965871 0.000603 -0.03114 PVC 2009 1.285315 1.161898 1.350007 26.8843 0.439412 0.000128 0.126019 PVC 2010 1.32155 0.342899 0.11758 27.7642 0.500514 0.00229 0.167532 PVC 2011 0.792524 0.677551 0.459076 28.12124 0.535276 0.001708 0.150832 PVC 2012 0.819237 0.804315 0.646922 28.28033 0.47706 0.014863 0.228836 PVC 2013 0.873705 0.927208 0.859715 28.41122 0.541428 0.011464 0.11268 PVD 2007 4.321071 0.586835 0.344376 29.09657 0.454657 0.006207 0.201945 PVD 2008 2.00227 0.349094 0.121867 29.7866 0.700936 0.017015 0.155442 PVD 2009 1.805603 0.176077 0.031003 30.14616 0.656759 0.011786 0.09501 PVD 2010 1.403967 0.256155 0.065615 30.31476 0.641869 0.010144 0.098587 PVD 2011 1.041391 0.299096 0.089459 30.5507 0.664336 0.00857 0.090235 PVD 2012 1.045951 0.38341 0.147003 30.57985 0.632295 0.007542 0.106285 PVD 2013 1.32288 0.545995 0.298111 30.69872 0.540869 0.007032 0.114062 PVE 2008 1.024035 1.125428 1.266588 25.92063 0.718163 0.001553 0.068659 PVE 2009 1.129588 0.456145 0.208068 26.19887 0.570113 0.010518 0.08362 PVE 2010 1.070508 -0.06233 0.003885 26.63758 0.722684 0.010969 0.089219 PVE 2011 0.901254 -0.31051 0.096418 27.24093 0.643351 0.012303 0.153864 PVE 2012 0.837239 -0.56526 0.319524 27.25555 0.546104 0.016074 0.026701 PVE 2013 0.845824 -0.19694 0.038787 27.43345 0.620412 0.011672 0.043022 PVG 2009 1.321274 -0.0319 0.001017 27.67003 0.701785 0.000191 0.037695 PVG 2010 1.044921 -0.01422 0.000202 27.9211 0.758707 0.000139 0.039647 PVG 2011 0.892309 0.059222 0.003507 28.00832 0.709834 0.002119 0.151109 PVG 2012 0.855159 0.124935 0.015609 27.87591 0.679399 0.002342 0.045496 PVG 2013 0.9691 0.140122 0.019634 28.0111 0.718892 0.001918 0.038356 PVS 2007 3.275484 0.092974 0.008644 29.20219 0.754833 0.000521 0.085357 PVS 2008 1.399241 0.260673 0.06795 29.70822 0.708632 0.000781 0.098891 PVS 2009 1.211818 0.30167 0.091005 30.15497 0.705319 0.01189 0.089077 PVS 2010 1.022852 0.180693 0.03265 30.49398 0.786738 0.00101 0.084799 PVS 2011 0.89448 0.210518 0.044318 30.79 0.708563 0.000738 0.102704 PVS 2012 0.817983 0.117017 0.013693 30.69169 0.626814 0.000478 0.092884 PVS 2013 0.973611 0.077849 0.00606 30.8014 0.592866 0.000302 0.107011 PVT 2007 3.6549 0.306793 0.094122 28.197 0.568324 4.95E-05 0.038067 PVT 2008 0.934694 0.155248 0.024102 29.40174 0.730032 1.39E-05 0.056752 PVT 2009 1.019387 0.353804 0.125177 29.48538 0.665847 8.95E-05 0.018679 PVT 2010 0.905083 0.534833 0.286047 29.68012 0.599382 0.00039 0.027799 PVT 2011 0.71661 0.744791 0.554714 29.71407 0.626802 0.001096 0.02947 PVT 2012 0.702575 1.012818 1.0258 29.70192 0.582345 0.000374 0.020837 PVT 2013 0.905625 0.561363 0.315129 29.88731 0.620589 0.000284 0.058353 PVX 2009 1.302905 0.210904 0.04448 29.36241 0.639013 0.000732 0.064772 PVX 2010 1.049075 0.477336 0.22785 30.15705 0.609205 0.008997 0.116566 PVX 2011 0.774652 0.811349 0.658288 30.4508 0.673299 0.008772 0.034916 PVX 2012 0.84924 1.452323 2.109242 30.57304 0.731059 0.026786 -0.07545 PVX 2013 0.899566 0.611918 0.374443 30.43533 0.826907 0.024445 -0.0961 RAL 2006 2.678382 1.42945 2.043329 26.81112 0.683803 0.161545 RAL 2007 1.919578 1.673231 2.799702 27.41118 0.515474 1.61E-05 0.134033 RAL 2008 0.785757 2.310746 5.339545 27.52027 0.533959 0.005169 0.106974 RAL 2009 0.897492 1.951336 3.807711 27.68103 0.584636 0.004381 0.082572 RAL 2010 0.840736 1.66824 2.783025 27.78803 0.629413 0.003825 0.088315 RAL 2011 0.84746 1.645334 2.707123 27.96746 0.673311 0.003105 0.143539 RAL 2012 0.87168 1.632999 2.666687 28.0571 0.681671 0.002764 0.130056 RAL 2013 1.09304 1.561556 2.438458 28.20338 0.716722 0.004232 0.108992 RDP 2009 1.098908 0.824397 0.67963 26.6903 0.571557 0.019185 0.063474 RDP 2010 1.039172 0.865574 0.749219 26.82482 0.627124 0.016413 0.09817 RDP 2011 0.836162 0.868296 0.753939 26.94085 0.638949 0.014603 0.094408 RDP 2012 0.892587 0.889327 0.790903 27.05407 0.644816 0.012622 0.113722 RDP 2013 0.957408 0.91444 0.8362 27.11051 0.649691 0.011542 0.097955 REE 2006 3.254778 0.345376 0.119284 28.04486 0.282457 0.002158 0.264121 REE 2007 2.945207 0.395547 0.156457 28.69267 0.219779 0.00145 0.182354 REE 2008 0.841431 0.397597 0.158083 28.5897 0.195138 0.004557 -0.04509 REE 2009 1.330672 0.238774 0.057013 28.84947 0.264298 0.004245 0.164366 REE 2010 1.074207 0.206764 0.042751 29.23282 0.409668 0.002713 0.120755 REE 2011 0.791927 0.692865 0.480062 29.29822 0.270066 0.002366 0.137068 REE 2012 0.976023 0.528314 0.279116 29.50296 0.351323 0.002559 0.141466 REE 2013 1.374425 0.613015 0.375787 29.5704 0.252105 0.001994 0.170149 RIC 2007 4.050584 4.26791 18.21506 27.38767 0.125296 0.069261 0.084795 RIC 2008 1.114023 6.046211 36.55667 27.57321 0.182083 0.056285 0.022459 RIC 2009 2.134885 4.905547 24.06439 27.70496 0.211599 0.048148 0.047992 RIC 2010 1.008133 3.978454 15.8281 27.77016 0.19853 0.043276 0.051415 RIC 2011 0.473121 2.073371 4.298867 27.87795 0.190253 0.038469 0.039728 RIC 2012 0.496614 1.332064 1.774393 27.88799 0.191847 0.033889 0.021325 RIC 2013 0.562735 1.079373 1.165046 27.93865 0.231637 0.028485 0.001047 SAM 2006 3.732922 1.778747 3.163941 28.19493 0.58014 0.000542 0.188725 SAM 2007 2.635469 2.807502 7.882069 28.75527 0.209624 0.000309 0.112984 SAM 2008 0.429783 2.555213 6.529114 28.45482 0.030923 0.00554 -0.02171 SAM 2009 0.774026 4.279373 18.31303 28.61221 0.072862 0.004522 0.105645 SAM 2010 0.53227 2.651931 7.032736 28.59275 0.064815 0.000845 0.052935 SAM 2011 0.349717 2.936971 8.625801 28.60097 0.136498 0.000708 -0.06382 SAM 2012 0.485034 2.754434 7.586905 28.64488 0.133863 0.000609 0.057323 SAM 2013 0.530802 2.719218 7.394147 28.72396 0.162483 0.0208 0.051415 SC5 2009 1.287492 1.861126 3.46379 27.98007 0.825258 0.000523 0.042674 SC5 2010 1.069981 1.966373 3.866624 28.29663 0.845354 0.000345 0.055173 SC5 2011 0.900078 2.686463 7.217086 28.32976 0.845215 0.00045 0.015809 SC5 2012 0.944393 3.455252 11.93876 28.47809 0.863224 0.000354 0.025059 SC5 2013 1.005595 3.659599 13.39267 28.3727 0.841436 0.000355 0.055158 SCD 2009 1.433119 0.297238 0.08835 25.9996 0.264457 0.000371 0.227945 SCD 2010 1.419173 0.274829 0.075531 26.03835 0.248965 0.000119 0.156626 SCD 2011 0.711124 0.243563 0.059323 26.16933 0.271172 0.000449 0.137951 SCD 2012 0.605254 0.31453 0.098929 26.17278 0.239892 0.000278 0.142305 SCD 2013 1.075956 0.143166 0.020496 26.4479 0.396111 0.071332 0.14037 SCJ 2007 4.035622 0.459538 0.211176 25.73553 0.268848 0.278994 SCJ 2008 1.074301 0.90262 0.814723 25.93415 0.108044 0.275 SCJ 2009 1.106577 0.690988 0.477464 26.65998 0.461314 0.214326 SCJ 2010 0.850842 -0.06637 0.004405 27.02179 0.484761 0.114314 SCJ 2011 0.628094 -0.27354 0.074822 27.10859 0.50305 0.057263 SCJ 2012 0.614637 -0.27184 0.073898 27.08512 0.528733 0.027724 SCJ 2013 0.647956 -0.17248 0.029748 27.06233 0.504929 0.049556 SDN 2009 1.354794 1.014377 1.028961 24.4258 0.486098 0.159113 SDN 2010 1.162687 0.82581 0.681963 24.41655 0.459818 0.163759 SDN 2011 0.728885 0.822605 0.676679 24.51641 0.486083 0.160257 SDN 2012 0.999098 0.779907 0.608255 24.46102 0.395474 0.222161 SDN 2013 1.211839 0.677612 0.459158 24.70304 0.496784 0.202391 SFC 2006 1.474588 0.114936 0.01321 24.93772 0.444394 0.148305 SFC 2007 1.911086 0.169984 0.028895 25.68815 0.475556 0.108444 SFC 2008 1.56965 0.092132 0.008488 25.62926 0.371696 0.491039 0.176755 SFC 2009 2.038796 0.015058 0.000227 26.21462 0.451064 0.15275 0.289071 SFC 2010 1.541174 0.050417 0.002542 26.16199 0.291668 0.071149 0.311958 SFC 2011 1.466996 0.046663 0.002177 26.08172 0.180765 0.032847 0.179526 SFC 2012 1.201124 0.048097 0.002313 26.52387 0.486394 0.017867 0.099103 SFC 2013 1.213538 0.107284 0.01151 26.82376 0.606032 0.011495 0.092882 SFI 2007 1.260712 -2.92542 8.558098 26.32851 0.766526 0.151147 SFI 2008 0.852839 -2.78981 7.783054 26.39473 0.512251 0.158749 SFI 2009 1.34293 -1.68703 2.846087 26.51127 0.466582 0.030078 0.127613 SFI 2010 0.912414 -0.88781 0.788205 26.70889 0.487147 0.024439 0.107544 SFI 2011 0.725647 -0.63638 0.40498 26.81995 0.501786 0.021531 0.085995 SFI 2012 0.803689 -0.13513 0.01826 26.92056 0.502568 0.019279 0.114647 SFI 2013 1.045461 0.003327 1.11E-05 26.9729 0.49242 0.018182 0.098116 SGH 2009 3.399713 0.339932 0.115554 24.33068 0.094232 0.295195 SGH 2010 4.154512 0.379885 0.144312 24.3897 0.067534 0.287369 SGH 2011 2.537494 0.531246 0.282223 24.54415 0.087985 0.29962 SGH 2012 2.495279 0.473545 0.224245 24.60472 0.054964 0.259412 SGH 2013 3.21142 3.222177 10.38243 24.64469 0.09334 0.096863 SHI 2009 1.301678 0.960386 0.922342 27.35844 0.73234 0.022906 0.120356 SHI 2010 1.015393 1.157287 1.339313 27.73646 0.610423 0.015227 0.200318 SHI 2011 0.795094 1.031727 1.064461 28.01436 0.711349 0.033677 0.108453 SHI 2012 0.834515 0.921183 0.848577 28.10989 0.735234 0.029988 0.088808 SHI 2013 0.823771 1.041165 1.084024 27.98434 0.735597 0.00946 0.061703 SJ1 2009 1.025412 0.421375 0.177557 25.39072 0.288755 0.013701 0.142446 SJ1 2010 1.022944 0.337441 0.113866 25.43541 0.287034 0.013102 0.13004 SJ1 2011 0.996881 0.545365 0.297423 25.7656 0.409141 0.095825 0.114752 SJ1 2012 0.886147 0.757062 0.573142 25.97141 0.485385 0.076556 0.102579 SJ1 2013 0.958596 0.963899 0.929102 26.18071 0.569488 0.061737 0.075678 SJE 2006 1.098506 0.973454 0.947613 26.33229 0.863969 0.006092 0.077481 SJE 2007 1.809398 1.250388 1.563471 26.60055 0.715063 0.003473 0.079706 SJE 2008 0.915644 0.814095 0.66275 26.62036 0.69173 0.004267 0.100832 SJE 2009 1.03712 0.611083 0.373422 27.40214 0.766194 0.001735 0.081182 SJE 2010 0.893606 0.743546 0.552861 27.37475 0.708649 0.007518 0.072276 SJE 2011 0.771915 1.09979 1.209537 27.43634 0.715564 0.006859 0.077582 SJE 2012 0.783933 1.184031 1.401929 27.47831 0.710334 0.006375 0.078065 SJE 2013 0.927672 1.382737 1.911961 27.51668 0.720431 0.005942 0.048696 SMC 2006 1.302429 0.11775 0.013865 26.70731 0.743296 0.000267 0.098028 SMC 2007 1.672553 0.137419 0.018884 27.09003 0.642202 0.004002 0.146235 SMC 2008 0.956723 0.048802 0.002382 27.34502 0.652258 0.048129 0.162914 SMC 2009 1.085085 0.111942 0.012531 28.07771 0.799046 0.035121 0.093171 SMC 2010 0.999919 0.316117 0.09993 28.53307 0.778336 0.022676 0.088208 SMC 2011 0.852263 0.297102 0.088269 28.49613 0.757815 0.023258 0.076188 SMC 2012 0.897154 0.288286 0.083109 28.39196 0.724757 0.025519 0.063036 SMC 2013 0.933671 0.319617 0.102155 28.75204 0.813402 0.013759 0.039883 SQC 2009 11.92151 1.908716 3.643199 27.86814 0.119592 0.046263 SQC 2010 7.183986 3.438438 11.82285 27.83398 0.082108 4.38E-05 0.017177 SQC 2011 6.313856 2.272414 5.163866 28.04325 0.202671 3.68E-06 0.068992 SQC 2012 5.376601 1.699835 2.889438 28.15967 0.196382 0.113799 SQC 2013 5.466683 4.133324 17.08437 28.11826 0.18232 -0.00929 SRC 2009 1.764324 0.849167 0.721085 27.08942 0.585601 0.00632 0.247036 SRC 2010 1.327324 0.861965 0.742983 27.07017 0.583636 0.006416 0.082655 SRC 2011 0.826263 1.076229 1.15827 27.21648 0.676681 0.00552 0.080575 SRC 2012 0.964264 1.281658 1.642648 27.00321 0.530247 0.006803 0.173536 SRC 2013 1.114971 1.237246 1.530778 26.98721 0.438415 0.006883 0.195373 SRF 2009 0.895718 1.358981 1.846829 27.24603 0.537415 0.006206 0.095062 SRF 2010 0.885778 1.031336 1.063655 27.10515 0.478696 0.00738 0.090718 SRF 2011 0.775814 1.15116 1.325168 27.3004 0.555105 0.007301 0.104077 SRF 2012 0.86877 1.377813 1.89837 27.27934 0.575161 0.006995 0.079531 SRF 2013 0.899119 1.581263 2.500392 27.31509 0.500066 0.006261 0.082769 ST8 2007 2.853916 0.007816 6.11E-05 26.25608 0.405463 0.254931 0.299439 ST8 2008 0.99057 0.109392 0.011967 26.2995 0.324641 0.243403 0.297584 ST8 2009 1.308925 0.263929 0.069658 26.508 0.214847 0.194732 0.311829 ST8 2010 1.03254 0.321963 0.10366 26.58909 0.25291 0.179489 0.199033 ST8 2011 0.573462 0.314781 0.099087 26.50954 0.158711 0.042447 0.147433 ST8 2012 0.605324 0.39117 0.153014 26.46007 0.130975 0.04291 0.203087 ST8 2013 0.748328 0.35776 0.127992 26.59244 0.166728 0.037622 0.208394 STP 2006 1.185604 0.87558 0.76664 24.48647 0.712133 0.139031 STP 2007 5.079259 1.012141 1.02443 24.96376 0.08949 0.183699 STP 2008 0.879025 1.006026 1.012088 25.05654 0.107305 0.146736 STP 2009 1.764561 0.866096 0.750122 25.20496 0.168686 0.216799 STP 2010 1.371718 0.854733 0.730568 25.90056 0.115524 0.218983 STP 2011 0.443749 0.812853 0.660729 25.92791 0.117036 0.04487 0.096135 STP 2012 0.44976 1.147348 1.316407 25.93564 0.102678 0.044525 0.065386 STP 2013 0.485597 0.793849 0.630197 25.97299 0.16961 0.042892 0.045101 SVC 2009 1.044477 0.223775 0.050075 28.21455 0.542433 0.026872 0.100571 SVC 2010 0.891723 0.265466 0.070472 28.48855 0.62664 0.020423 0.083515 SVC 2011 0.831492 0.164978 0.027218 28.63336 0.67095 0.01722 0.093667 SVC 2012 0.792778 0.11132 0.012392 28.62966 0.66755 0.016855 0.077854 SVC 2013 0.806635 0.128006 0.016386 28.66272 0.673007 0.015836 0.06263 TAC 2006 2.771268 -0.10984 0.012065 27.02846 0.517535 0.039893 0.094609 TAC 2007 3.357204 -0.14486 0.020985 27.45316 0.568203 0.025474 0.181604 TAC 2008 1.201861 -0.05458 0.002979 27.25555 0.549815 0.030105 0.021265 TAC 2009 1.262792 0.050112 0.002511 27.19589 0.547202 0.030446 0.060305 TAC 2010 1.147178 0.135642 0.018399 27.57358 0.608432 0.019448 0.153933 TAC 2011 1.052344 0.220472 0.048608 27.66156 0.658384 0.025633 0.071359 TAC 2012 1.395364 0.214981 0.046217 27.63289 0.622418 0.025101 0.098267 TAC 2013 1.321786 0.11468 0.013151 27.83199 0.665096 0.017237 0.085133 TBC 2009 1.524557 0.68797 0.473303 27.48451 0.090933 0.023148 0.165056 TBC 2010 1.203648 2.078119 4.318579 27.48373 0.099996 0.022896 0.071343 TBC 2011 0.795695 1.555909 2.420853 27.46758 0.047943 0.023458 0.099748 TBC 2012 0.872025 0.763721 0.58327 27.53355 0.039013 0.021507 0.161124 TBC 2013 1.182449 0.665657 0.443099 27.56733 0.031957 0.020354 0.185123 TC6 2008 1.065969 0.380101 0.144477 27.90734 0.853569 3.99E-05 0.162996 TC6 2009 1.017558 0.381823 0.145789 27.69948 0.785968 0.0501 TC6 2010 0.97438 0.248068 0.061538 27.84275 0.816588 0.131735 TC6 2011 0.886592 0.215779 0.046561 28.027 0.81223 0.172105 TC6 2012 0.927138 0.265699 0.070596 28.28765 0.846245 0.000143 0.095577 TC6 2013 0.856638 0.209717 0.043981 27.98124 0.774216 0.000129 0.081443 TCL 2009 1.875692 0.41816 0.174858 26.82657 0.306164 3.69E-05 0.296231 TCL 2010 1.336865 0.45901 0.21069 27.14027 0.386851 0.273295 TCL 2011 0.871167 0.509979 0.260078 27.52928 0.486263 5.35E-05 0.200371 TCL 2012 0.885728 0.366878 0.134599 27.41641 0.493772 3.57E-05 0.144953 TCL 2013 1.028756 0.335892 0.112823 27.40177 0.370251 1.17E-05 0.158271 TCM 2008 0.872075 0.869214 0.755533 27.89941 0.711201 0.129633 0.062586 TCM 2009 1.128991 0.758021 0.574596 28.1649 0.670551 0.098302 0.073735 TCM 2010 1.176313 0.598069 0.357686 28.28014 0.642937 0.042092 0.165582 TCM 2011 0.82839 0.793576 0.629764 28.35049 0.645374 0.038887 0.093512 TCM 2012 0.811837 0.959135 0.919939 28.30692 0.679841 0.042254 0.018625 TCM 2013 1.13637 0.816466 0.666617 28.3188 0.626883 0.049277 0.090434 TCR 2006 1.508576 1.455996 2.119923 27.67918 0.50883 0.10298 TCR 2007 1.32177 1.007476 1.015007 27.77893 0.493662 0.10061 TCR 2008 0.718936 1.187065 1.409123 27.7756 0.478739 0.058575 TCR 2009 0.769299 1.280511 1.639708 27.78802 0.49411 0.026279 TCR 2010 0.73541 0.89637 0.80348 27.73605 0.427018 0.080753 TCR 2011 0.688817 0.647106 0.418746 28.08811 0.554502 0.085418 TCR 2012 0.701067 0.613438 0.376306 28.12919 0.585446 0.023467 TCR 2013 0.736296 0.648363 0.420374 28.12752 0.630563 -0.01573 TCS 2009 1.003102 0.20446 0.041804 27.52839 0.751567 0.000161 0.135442 TCS 2010 0.995831 0.046493 0.002162 27.84175 0.832212 0.000317 0.132887 TCS 2011 0.930162 0.192718 0.03714 28.15886 0.858495 0.000118 0.151443 TCS 2012 0.946206 0.195073 0.038053 27.98707 0.819083 0.00049 0.102564 TCS 2013 0.922496 0.047926 0.002297 28.14426 0.839002 0.000463 0.093699 TCT 2009 2.377922 0.174298 0.03038 25.22336 0.098042 0.407242 TCT 2010 1.795572 0.131863 0.017388 25.42188 0.100913 0.408227 TCT 2011 1.067339 0.089859 0.008075 25.70468 0.101747 0.496154 TCT 2012 1.580698 0.073973 0.005472 25.90175 0.050804 0.443948 TCT 2013 2.741277 0.105164 0.011059 26.02697 0.054331 0.336168 TDN 2008 0.982413 0.172339 0.029701 27.44683 0.780435 0.14129 TDN 2009 0.986148 0.216657 0.04694 27.44426 0.747008 0.110019 TDN 2010 0.933222 0.125162 0.015666 27.61294 0.767045 0.136022 TDN 2011 0.877409 0.167473 0.028047 27.93637 0.792522 0.176575 TDN 2012 0.91579 0.250639 0.06282 27.92033 0.77442 0.098611 TDN 2013 0.862597 0.216905 0.047048 27.75135 0.734922 0.077073 THB 2008 0.888686 0.642975 0.413417 26.70559 0.519743 0.011271 0.07921 THB 2009 1.066294 0.42516 0.180761 26.5918 0.47525 0.013663 0.089094 THB 2010 1.051183 0.308863 0.095397 26.50839 0.412236 0.012892 0.137898 THB 2011 0.714291 0.311149 0.096814 26.44151 0.327677 0.012181 0.156998 THB 2012 0.788157 0.366823 0.134559 26.43153 0.299097 0.011297 0.131638 THB 2013 0.927267 0.364745 0.133039 26.56187 0.341559 0.01038 0.138274 THT 2008 0.929817 0.246203 0.060616 27.41667 0.777599 8.82E-06 0.167687 THT 2009 1.08365 0.28644 0.082048 27.2962 0.704623 5.76E-06 0.123561 THT 2010 0.960404 0.218489 0.047737 27.27471 0.692702 0.00031 0.123694 THT 2011 0.776195 0.366066 0.134005 27.32338 0.666031 0.000236 0.142004 THT 2012 0.854107 0.600458 0.36055 27.27297 0.651032 0.000185 0.092352 THT 2013 0.862874 0.498885 0.248886 27.37232 0.675468 0.000274 0.095382 TIE 2009 0.92676 0.431447 0.186147 26.31743 0.236211 0.051795 0.16456 TIE 2010 0.839935 0.753376 0.567576 26.41538 0.233182 0.061004 0.158217 TIE 2011 0.419396 0.84914 0.721038 26.40894 0.192018 0.016954 0.1109 TIE 2012 0.531744 1.048616 1.099596 26.43561 0.183839 0.017929 0.116718 TIE 2013 0.709586 1.468173 2.155533 26.69091 0.297961 0.012349 0.16741 TKC 2009 1.180465 0.844751 0.713604 26.67202 0.762163 0.212284 0.052342 TKC 2010 1.052855 0.768207 0.590142 26.82835 0.700212 0.094345 0.081475 TKC 2011 0.742725 0.799772 0.639635 26.60368 0.623527 0.000321 0.059245 TKC 2012 0.798243 1.530085 2.341161 26.79888 0.700183 0.000264 0.040008 TKC 2013 0.747159 1.684818 2.838612 26.57916 0.633941 0.000329 0.036732 TKU 2007 1.69887 0.990391 0.980875 26.9422 0.521011 0.000285 0.07155 TKU 2008 0.941832 0.919402 0.8453 27.145 0.631624 0.000172 0.028397 TKU 2009 1.057987 0.983821 0.967903 27.25584 0.56128 0.0001 0.147531 TKU 2010 0.938299 1.328052 1.763723 27.21558 0.56524 4.8E-05 0.047359 TKU 2011 0.761166 1.2368 1.529674 27.1929 0.598695 0.000165 -0.01752 TKU 2012 0.784779 1.168339 1.365017 27.18991 0.595294 0.000135 0.027054 TKU 2013 0.932186 0.897635 0.805748 27.26174 0.530105 9.37E-05 0.125639 TMP 2009 1.296452 0.93272 0.869967 28.03128 0.428615 0.006705 0.183741 TMP 2010 0.949131 0.32124 0.103195 27.90923 0.408537 0.007576 0.070271 TMP 2011 0.805068 1.102952 1.216504 27.91118 0.387188 0.007362 0.13144 TMP 2012 0.914108 0.983481 0.967234 28.01358 0.365006 0.009071 0.194042 TMP 2013 1.139335 0.66732 0.445316 28.00724 0.332067 0.00847 0.176067 TMX 2009 1.058554 -0.06107 0.00373 25.9446 0.614666 0.000972 0.078502 TMX 2010 1.171914 -0.11126 0.012378 26.01739 0.623618 0.000904 0.079467 TMX 2011 0.94457 -0.03788 0.001435 26.13371 0.644211 0.000805 0.079769 TMX 2012 0.799261 0.005391 2.91E-05 26.09731 0.624046 0.000834 0.051715 TMX 2013 0.867292 0.002582 6.67E-06 26.05161 0.60528 0.000873 0.043998 TNA 2006 1.422483 0.432701 0.18723 24.99947 0.708962 0.175107 TNA 2007 1.488478 0.493516 0.243558 25.87354 0.474439 0.157432 TNA 2008 0.78625 0.612649 0.375339 26.04065 0.523999 0.215296 TNA 2009 0.991571 1.130203 1.277358 26.86572 0.639028 0.119637 TNA 2010 1.011742 1.205298 1.452743 27.10975 0.630445 0.217927 TNA 2011 0.892358 1.264416 1.598747 27.24521 0.657029 0.037145 0.14014 TNA 2012 0.806523 1.112573 1.237819 27.21291 0.621802 0.038716 0.134199 TNA 2013 0.901401 1.010425 1.020959 27.2838 0.629696 0.036001 0.107383 TNC 2007 2.755571 0.637912 0.406932 26.34478 0.212661 0.126139 TNC 2008 0.760232 0.939658 0.882957 26.30688 0.166881 0.031836 TNC 2009 1.117265 1.161929 1.350078 26.31621 0.09213 0.130677 TNC 2010 1.146133 0.875796 0.767019 26.45458 0.116136 0.210147 TNC 2011 0.774479 1.330676 1.770698 26.56277 0.102203 0.252778 TNC 2012 0.922272 0.89865 0.807572 26.66309 0.131732 0.219574 TNC 2013 0.865781 1.147013 1.315638 26.57566 0.091502 0.111069 TNG 2007 1.735534 0.527606 0.278369 26.44333 0.756116 0.000943 0.118067 TNG 2008 0.950494 0.525875 0.276545 26.7328 0.793177 0.001155 0.127823 TNG 2009 1.127998 0.82092 0.673909 26.59452 0.745272 0.007861 0.103863 TNG 2010 1.073441 0.755514 0.570802 26.95777 0.708938 0.006775 0.113272 TNG 2011 0.846938 0.604293 0.365169 27.43438 0.738786 0.023087 0.117593 TNG 2012 0.876515 0.852489 0.726738 27.58111 0.776048 0.021637 0.113392 TNG 2013 0.932561 1.029308 1.059475 27.59145 0.779909 0.042731 0.095889 TPP 2008 0.896352 0.813841 0.662338 25.17227 0.662549 0.04865 0.133099 TPP 2009 1.027214 0.649305 0.421596 25.56362 0.736732 0.053271 0.091816 TPP 2010 0.938213 0.688573 0.474133 25.76635 0.677479 0.043325 0.108557 TPP 2011 0.830097 0.652811 0.426163 26.01597 0.7235 0.032866 0.130987 TPP 2012 0.940924 0.568004 0.322628 26.06056 0.725486 0.031509 0.121122 TPP 2013 0.990831 0.559224 0.312732 26.24251 0.718231 0.025598 0.141626 TRA 2009 1.906575 1.291911 1.669035 26.72999 0.349805 0.037725 0.193806 TRA 2010 1.52667 1.368817 1.873659 27.08434 0.39686 0.028931 0.20562 TRA 2011 1.01244 1.295876 1.679294 27.45481 0.481137 0.035396 0.206 TRA 2012 1.579727 1.105571 1.222286 27.599 0.471227 0.029381 0.230802 TRA 2013 2.224757 0.884818 0.782903 27.7151 0.307748 0.026121 0.244647 TS4 2006 1.44017 0.656531 0.431033 25.2634 0.431668 0.1031 TS4 2007 1.82313 0.93172 0.868102 25.69349 0.219555 0.070538 TS4 2008 0.674943 1.247175 1.555445 26.22311 0.356424 0.069283 TS4 2009 1.442037 1.180083 1.392596 26.62794 0.529746 0.101406 TS4 2010 1.021484 1.509833 2.279596 27.03187 0.558785 0.034389 0.113794 TS4 2011 0.791725 1.374363 1.888875 27.28462 0.656762 0.021048 0.111592 TS4 2012 0.842003 2.298694 5.283996 27.54294 0.730229 0.026606 0.076701 TS4 2013 0.866433 2.443399 5.970199 27.61747 0.710812 0.009649 0.054113 TST 2007 1.746122 0.941667 0.886737 26.06048 0.453398 0.127051 TST 2008 0.776971 1.389459 1.930597 26.09292 0.499861 0.09226 0.064419 TST 2009 1.028552 1.324433 1.754122 26.30408 0.561739 0.075676 0.084048 TST 2010 0.901367 0.95375 0.909639 26.98449 0.730024 0.048518 0.071756 TST 2011 0.680893 1.620741 2.626802 26.45128 0.596561 0.082221 0.002467 TST 2012 0.625573 3.090271 9.549776 26.08226 0.530707 0.118251 -0.08175 TST 2013 0.544693 2.206399 4.868196 25.92446 0.423032 0.137677 0.028833 TTF 2008 0.72396 6.394197 40.88576 28.36548 0.626808 0.023482 0.071802 TTF 2009 0.914409 2.225481 4.952764 28.57714 0.697126 0.020176 0.057995 TTF 2010 0.900906 2.504567 6.272856 28.60586 0.694596 0.02031 0.088089 TTF 2011 0.815956 2.211945 4.892702 28.8361 0.761641 0.019322 0.086755 TTF 2012 0.823449 2.837051 8.048857 28.82426 0.761363 0.018999 0.070719 TTF 2013 0.86227 5.332414 28.43464 28.88892 0.730648 0.012233 0.059427 TV2 2009 1.01701 0.659338 0.434727 26.34176 0.72857 0.010056 0.094016 TV2 2010 1.002569 1.21599 1.478632 26.36568 0.744545 0.008373 0.0786 TV2 2011 0.870499 1.811709 3.28229 26.47009 0.751444 0.0066 0.08526 TV2 2012 0.903762 1.174653 1.37981 26.65022 0.778291 0.018584 0.071979 TV2 2013 0.928402 0.755643 0.570996 26.58779 0.739409 0.019031 0.074145 TV3 2009 1.071746 0.625911 0.391764 25.6354 0.673775 0.088731 0.146216 TV3 2010 0.958786 0.991663 0.983395 25.88898 0.680838 0.067094 0.146173 TV3 2011 0.850104 1.137786 1.294558 25.87658 0.650766 0.071246 0.116626 TV3 2012 0.81754 1.45841 2.126959 25.96097 0.666665 0.065947 0.0915 TV3 2013 0.889579 1.578229 2.490806 26.00904 0.65848 0.06096 0.079815 TXM 2007 1.581074 0.314979 0.099212 25.75874 0.691127 0.000351 0.055654 TXM 2008 0.81814 0.319212 0.101897 26.11754 0.53832 0.034548 TXM 2009 0.872623 0.391256 0.153081 26.2406 0.608336 0.000127 TXM 2010 0.853741 0.277055 0.076759 26.2539 0.601267 0.012801 TXM 2011 0.714299 0.277137 0.076805 26.43628 0.649566 0.038572 TXM 2012 0.574411 0.438706 0.192463 25.99816 0.452591 0.025963 TXM 2013 0.652197 0.371066 0.13769 25.95341 0.412392 0.041638 TYA 2006 1.781656 1.70483 2.906446 27.76842 0.739334 0.063653 TYA 2007 1.569436 2.030304 4.122132 27.63265 0.69394 0.042869 TYA 2008 1.147137 1.61652 2.613138 27.21642 0.699434 -0.10142 TYA 2009 1.100389 1.427819 2.038668 27.13869 0.689539 0.043546 TYA 2010 0.942207 0.727594 0.529393 27.38904 0.728967 0.054339 TYA 2011 0.74974 0.651974 0.425071 27.23259 0.637531 0.065568 TYA 2012 0.720303 0.937154 0.878257 27.17503 0.561827 0.000835 0.067866 TYA 2013 0.836133 0.583969 0.341019 27.18034 0.516483 0.000653 0.065059 UNI 2009 1.526651 1.181084 1.394959 25.52802 0.197772 0.190754 UNI 2010 1.174463 3.001051 9.006309 25.88021 0.349649 0.120853 UNI 2011 0.633327 4.939088 24.39459 25.86098 0.416157 -0.04369 UNI 2012 0.85492 4.490921 20.16837 25.9397 0.448315 0.102902 UNI 2013 0.770475 3.509222 12.31464 25.91256 0.205124 0.012192 VBH 2007 2.251945 0.62593 0.391788 24.51076 0.281198 0.002676 0.047838 VBH 2008 1.298066 0.560346 0.313987 24.53534 0.304572 0.00167 0.039547 VBH 2009 1.224754 0.667651 0.445758 24.47818 0.23389 0.000772 0.095014 VBH 2010 1.47556 0.561465 0.315243 24.49713 0.210289 0.1175 VBH 2011 1.443486 0.831143 0.690799 24.3222 0.055331 0.112133 VBH 2012 0.795336 0.763857 0.583477 24.31839 0.078702 0.085024 VBH 2013 1.096457 0.636371 0.404968 24.28592 0.10941 0.003604 VC1 2009 1.309267 2.673855 7.149499 27.21954 0.73975 0.013049 0.072802 VC1 2010 1.12918 1.988123 3.952632 27.38571 0.73197 0.010818 0.134552 VC1 2011 0.798513 1.613563 2.603584 27.39274 0.688638 0.117127 VC1 2012 0.83076 2.423904 5.87531 27.3646 0.667522 0.071095 VC1 2013 0.824714 2.736159 7.486565 27.3637 0.670029 0.044088 VC2 2007 1.819013 0.53613 0.287436 26.67348 0.729346 0.01904 0.12868 VC2 2008 1.060639 0.648487 0.420536 26.97512 0.691657 0.01404 0.095506 VC2 2009 1.282082 0.963567 0.928462 27.2927 0.705166 0.014878 0.072861 VC2 2010 1.093461 1.46281 2.139813 27.80287 0.803777 0.008867 0.062801 VC2 2011 0.915519 2.588172 6.698632 27.9307 0.831929 0.007714 0.042587 VC2 2012 0.877088 3.122243 9.748399 27.95749 0.796572 0.007781 0.042415 VC2 2013 0.89772 5.604302 31.40821 28.02871 0.81629 0.007147 0.02392 VC5 2008 0.952523 1.286857 1.656001 26.93718 0.826436 0.001201 0.058506 VC5 2009 1.039324 1.277476 1.631945 26.97906 0.809008 0.06247 VC5 2010 0.98906 1.365776 1.865343 27.1522 0.838134 0.048437 VC5 2011 0.892605 1.382845 1.912262 27.31464 0.856242 0.080888 VC5 2012 0.89284 2.529839 6.400084 27.26293 0.85238 0.062998 VC5 2013 0.910122 4.172367 17.40865 27.20682 0.861214 0.054572 VC6 2008 1.016465 0.760419 0.578238 26.3065 0.784825 0.074059 VC6 2009 1.215542 0.587619 0.345297 26.26839 0.738956 0.075421 VC6 2010 1.017444 0.458997 0.210678 26.53504 0.74217 0.076464 VC6 2011 0.880887 0.467972 0.218998 26.83293 0.745832 0.060172 VC6 2012 0.890329 0.642719 0.413088 27.0895 0.806461 0.047711 VC6 2013 0.885963 0.680359 0.462888 27.02929 0.795429 0.045396 VC9 2009 1.089368 1.94771 3.793572 27.79604 0.875026 0.00067 0.033926 VC9 2010 0.995199 1.910673 3.650672 28.03363 0.901064 0.002394 0.047956 VC9 2011 0.918457 3.139623 9.857233 28.01175 0.871715 0.00064 0.050535 VC9 2012 0.911841 3.081383 9.494921 28.07721 0.868829 0.000548 0.03547 VC9 2013 0.930815 3.363441 11.31273 28.11696 0.879884 0.000793 0.034023 VCG 2008 0.989594 1.054618 1.112218 30.75159 0.885674 0.001285 0.03797 VCG 2009 1.196902 0.945358 0.893703 30.93355 0.837379 0.00182 0.031452 VCG 2010 1.05973 1.171709 1.372902 31.08692 0.825879 0.001859 0.056044 VCG 2011 0.905977 1.540431 2.372927 31.03718 0.817417 0.001624 0.048007 VCG 2012 0.889673 2.058404 4.237026 30.978 0.757549 0.001807 0.03993 VCG 2013 0.883974 2.224182 4.946984 30.76448 0.68961 0.002194 0.05359 VCS 2008 1.032245 2.039773 4.160672 27.11065 0.465698 0.000253 0.200731 VCS 2009 1.46189 1.748743 3.058101 27.61294 0.576019 0.000114 0.154265 VCS 2010 0.970086 2.3966 5.74369 28.02062 0.497782 7.11E-05 0.13589 VCS 2011 0.813939 3.269494 10.68959 28.62371 0.603786 0.013134 0.097653 VCS 2012 0.825789 3.056097 9.339732 28.60468 0.619605 0.023751 0.065206 VCS 2013 0.87457 2.323587 5.399056 28.64873 0.615975 0.007712 0.061157 VFR 2008 0.885108 -0.17596 0.030961 27.05468 0.610174 0.033518 0.0988 VFR 2009 0.994744 -0.08789 0.007724 26.94721 0.581618 0.041212 0.044442 VFR 2010 1.220179 -0.11714 0.013721 27.13141 0.634287 0.049927 0.056114 VFR 2011 0.751573 -0.1227 0.015056 27.36958 0.632733 0.017201 0.207777 VFR 2012 0.716264 -0.06779 0.004595 27.2789 0.586143 0.018803 0.044051 VFR 2013 0.683521 -0.0675 0.004556 27.22571 0.548541 0.0198 0.04316 VGP 2009 1.079171 0.69135 0.477965 25.86647 0.155789 5.38E-05 0.155768 VGP 2010 0.926671 0.930154 0.865187 26.05887 0.218363 2.12E-05 0.185933 VGP 2011 0.789595 0.711324 0.505982 26.21399 0.355873 0.000218 0.152362 VGP 2012 0.738087 0.652886 0.42626 26.06364 0.253688 0.000151 0.125955 VGP 2013 1.067351 0.523017 0.273546 26.42532 0.4639 3.51E-05 0.118329 VGS 2009 1.464353 0.862994 0.744759 27.75235 0.551828 0.015493 0.096177 VGS 2010 0.991938 0.769404 0.591983 27.72825 0.551843 0.015533 0.089303 VGS 2011 0.716204 0.705991 0.498423 27.7565 0.586858 0.014774 0.071681 VGS 2012 0.760964 0.596798 0.356168 27.87162 0.622036 0.012882 0.071332 VGS 2013 0.746338 0.790478 0.624856 27.70423 0.54715 0.014893 0.058004 VHC 2008 1.127331 0.604341 0.365228 27.8259 0.658261 0.02901 0.139622 VHC 2009 1.707645 0.694477 0.482298 28.04727 0.547768 0.023027 0.21189 VHC 2010 1.222738 0.840878 0.707076 28.231 0.459348 0.026468 0.190306 VHC 2011 1.013408 0.94966 0.901853 28.50966 0.457217 0.026144 0.260314 VHC 2012 0.927766 1.09126 1.190848 28.75386 0.54286 0.025705 0.12029 VHC 2013 0.955575 0.969357 0.939654 28.56696 0.389602 0.03376 0.108517 VHL 2009 1.26396 0.209895 0.044056 27.21541 0.719817 0.011459 0.157286 VHL 2010 1.26021 0.177708 0.03158 27.34532 0.661399 0.009057 0.207011 VHL 2011 1.042301 0.291743 0.085114 27.59759 0.758467 0.006224 0.120823 VHL 2012 0.840754 0.418734 0.175338 27.48275 0.733238 0.005436 0.099097 VHL 2013 0.923163 0.392222 0.153838 27.4111 0.625996 0.004292 0.140225 VID 2007 1.937289 1.067034 1.138563 26.7898 0.426851 0.154862 0.108129 VID 2008 0.856555 1.472097 2.167071 26.94202 0.45925 0.13249 0.094408 VID 2009 0.995074 1.685167 2.839789 27.03682 0.497706 0.120222 0.083113 VID 2010 0.967089 1.296943 1.682061 27.38753 0.628472 0.082824 0.076624 VID 2011 0.780798 1.348471 1.818375 27.42075 0.654816 0.078356 0.073405 VID 2012 0.746124 1.928406 3.718749 27.31772 0.651858 4.24E-05 0.045788 VID 2013 0.608385 3.567006 12.72353 26.82387 0.379547 4.56E-05 0.114706 VIP 2007 2.570385 0.35582 0.126608 28.07203 0.492495 0.001276 0.175178 VIP 2008 0.872103 0.36471 0.133014 28.00076 0.454749 0.001353 0.07551 VIP 2009 1.326466 0.561352 0.315116 28.4347 0.627649 0.002534 0.066108 VIP 2010 0.894963 0.557614 0.310933 28.40314 0.602049 0.007239 0.073924 VIP 2011 0.714152 0.346835 0.120295 28.39332 0.596948 0.007223 0.06639 VIP 2012 0.739186 0.294524 0.086745 28.30235 0.549693 0.007843 0.061865 VIP 2013 0.800815 0.399066 0.159253 28.21491 0.440566 0.008293 0.12723 VIS 2006 1.362068 1.175889 1.382714 27.38034 0.850678 0.071602 VIS 2007 1.976659 1.014479 1.029167 27.39476 0.779816 0.102169 VIS 2008 1.001388 1.003785 1.007584 27.65315 0.649268 0.225 VIS 2009 1.533234 0.827317 0.684454 28.03483 0.706866 0.225023 VIS 2010 1.221128 0.524621 0.275227 28.13655 0.649305 0.113461 VIS 2011 0.864527 0.501481 0.251483 27.90748 0.602857 0.013276 0.069929 VIS 2012 0.91132 0.785218 0.616568 28.6655 0.766123 0.009393 0.062122 VIS 2013 0.970698 1.18021 1.392895 28.57445 0.75418 0.00999 0.050353 VIT 2009 1.108163 0.775414 0.601267 26.72416 0.837353 0.050061 0.097752 VIT 2010 0.968053 0.419178 0.17571 27.02731 0.75078 0.041289 0.102265 VIT 2011 0.87293 0.577295 0.333269 27.07119 0.784554 0.032948 0.091919 VIT 2012 0.881659 0.828346 0.686157 27.05924 0.799236 0.031503 0.056421 VIT 2013 0.913349 0.710056 0.504179 27.11223 0.790272 0.028414 0.079523 VMC 2009 1.228124 0.315018 0.099236 27.67722 0.82594 0.003527 0.055047 VMC 2010 1.132009 0.756837 0.572802 27.71038 0.804787 0.00304 0.077342 VMC 2011 0.890928 1.426705 2.035486 27.71382 0.801175 0.086365 VMC 2012 0.906089 1.50881 2.276506 27.58225 0.783241 0.063743 VMC 2013 0.856036 1.863322 3.471971 27.44281 0.750114 0.047051 VNL 2009 1.536105 0.31464 0.098998 25.65173 0.149046 0.256719 VNL 2010 1.113197 0.268312 0.071992 25.76174 0.179551 0.185371 VNL 2011 0.857254 0.274017 0.075085 25.84528 0.256086 0.175738 VNL 2012 0.874229 0.273372 0.074732 25.93046 0.267922 0.17009 VNL 2013 0.91782 0.219516 0.048187 26.1116 0.2927 0.154265 VNM 2006 5.759467 0.667138 0.445073 28.9121 0.239451 0.002539 0.188402 VNM 2007 5.560985 0.722385 0.52184 29.32206 0.197826 0.003818 0.214289 VNM 2008 2.631544 0.780409 0.609039 29.41726 0.193471 0.008525 0.245484 VNM 2009 3.31923 0.520698 0.271127 29.76897 0.213266 0.004626 0.37899 VNM 2010 3.079244 0.384484 0.147828 30.00807 0.260706 0.016095 0.442209 VNM 2011 3.286304 0.458708 0.210413 30.37718 0.19929 0.016431 0.378888 VNM 2012 3.939151 0.43376 0.188148 30.61153 0.213463 0.012875 0.393067 VNM 2013 5.153616 0.389011 0.151329 30.76108 0.231998 0.023234 0.376309 VNS 2008 0.753313 0.028234 0.000797 27.57288 0.432598 0.140928 VNS 2009 1.134346 0.050466 0.002547 27.90075 0.456284 0.160064 VNS 2010 1.046005 0.012662 0.00016 28.19733 0.53004 6.34E-05 0.208686 VNS 2011 0.87265 0.026413 0.000698 28.21207 0.516929 3.73E-05 0.170568 VNS 2012 0.896584 0.108707 0.011817 28.20883 0.472374 0.000388 0.177527 VNS 2013 1.53659 0.133812 0.017906 28.33235 0.425601 0.000198 0.19376 VNT 2009 1.222098 -0.11618 0.013498 25.9017 0.546601 0.007921 0.135113 VNT 2010 1.136012 -0.15321 0.023472 26.08188 0.589918 0.006843 0.126192 VNT 2011 0.895616 -0.33517 0.112339 26.2616 0.645964 0.005017 0.121249 VNT 2012 0.976029 -0.27653 0.07647 26.29605 0.620471 0.004382 0.132231 VNT 2013 1.141311 -0.23502 0.055236 26.30097 0.578519 0.00739 0.135454 VPK 2007 1.486958 0.952127 0.906545 25.92629 0.483778 0.000352 0.099116 VPK 2008 0.874909 1.056385 1.115949 25.97078 0.535075 0.037846 0.066593 VPK 2009 1.021284 0.926364 0.85815 25.73228 0.572555 0.049692 0.092965 VPK 2010 0.979955 0.41371 0.171156 25.76968 0.516826 0.04686 0.116768 VPK 2011 0.685412 0.397381 0.157912 25.77163 0.351582 0.044668 0.212403 VPK 2012 1.379719 0.452664 0.204905 25.95425 0.267276 0.035476 0.330691 VPK 2013 1.469832 0.388589 0.151002 26.10188 0.240603 0.029109 0.272761 VSC 2008 1.344788 0.4687 0.21968 26.80599 0.341083 0.000517 0.300506 VSC 2009 1.839211 0.361813 0.130908 27.19615 0.333878 0.000218 0.324232 VSC 2010 1.267861 0.248113 0.06156 27.42224 0.333968 0.006471 0.295058 VSC 2011 0.98307 0.232986 0.054282 27.47663 0.249733 0.006138 0.288422 VSC 2012 1.047699 0.259865 0.06753 27.68414 0.281793 0.010036 0.304723 VSC 2013 1.568221 0.246516 0.06077 27.7555 0.21989 0.00949 0.279189 VTB 2009 0.942257 1.068667 1.142049 26.48134 0.329416 0.081471 0.104971 VTB 2010 0.808736 1.563804 2.445482 26.40553 0.237412 0.085661 0.090037 VTB 2011 0.496772 1.75972 3.096616 26.35304 0.217219 0.08908 0.063414 VTB 2012 0.5525 1.388258 1.927259 26.3052 0.214131 0.091113 0.064326 VTB 2013 0.750069 1.606621 2.581232 26.31614 0.22796 0.088301 0.064264 VTC 2009 0.781681 1.394567 1.944818 25.51389 0.401492 0.000479 0.069023 VTC 2010 0.598549 1.730352 2.994119 25.2791 0.236482 0.000505 0.033132 VTC 2011 0.42844 1.818252 3.306039 25.2642 0.307551 0.000204 -0.06048 VTC 2012 0.38845 1.367609 1.870354 25.16418 0.244156 7.13E-05 -0.00921 VTC 2013 0.387903 0.900433 0.81078 25.18178 0.240876 0.000637 0.044092 VTO 2008 0.979049 0.2904 0.084332 28.85855 0.771594 0.003422 0.052185 VTO 2009 0.998168 0.076054 0.005784 28.81941 0.760492 0.003558 0.056571 VTO 2010 0.895569 0.173839 0.03022 28.7516 0.663779 0.003808 0.070563 VTO 2011 0.755597 0.292268 0.085421 28.68086 0.635399 0.004087 0.070968 VTO 2012 0.740583 0.296216 0.087744 28.58242 0.598698 0.00451 0.056735 VTO 2013 0.754692 0.314276 0.098769 28.43652 0.529846 0.012624 0.055673 YBC 2009 1.242833 0.316363 0.100086 26.54503 0.781398 0.006646 0.100659 YBC 2010 1.020552 0.429866 0.184784 26.58519 0.807177 0.006384 0.101749 YBC 2011 1.116006 0.417172 0.174032 26.56609 0.846597 0.086515 YBC 2012 1.096087 0.385129 0.148325 26.64838 0.911286 0.000126 0.048365 YBC 2013 1.026361 0.332254 0.110393 26.65637 0.964823 6.48E-05 0.037161 ... c v n luân chuy n t i i m t v i h n ch tài i m t v i h n ch tài có thu n b ng - 1) doanh nghi a hính t a doanh nghi doanh nghi i m t v i h n ch tài i m t v i h n ch tài chính, s c h n ch tài có... v ng c a h n ch tài lên m i quan h phi n gi a qu n tr v n luân chuy n hi u qu ho ng c a doanh nghi p 52 TÓM T T Lu th c hi n phân tích d li u b ng c a 202 doanh nghi p phi tài c niêm y t S... ch tài i doanh nghi p có kh i m t v i h n ch tài T khố: Qu n tr v n ln chuy n, hi u qu ho ch tài chính, chu k i thu n ng c a doanh nghi p, h n I THI U TÀI 1.1 V n luân chuy n toàn b giá tr tài