Ảnh hưởng của cấu trúc sở hữu lên chính sách cổ tức của các công ty niêm yết trên thị trường chứng khoán việt nam

B ăGIÁOăD CăVÀă ÀOăT O TR NGă IăH CăKINHăT ăT.PăH ăCHÍăMINH - TR NăTH ăH U NHăH NGăC AăC UăTRÚCăS ăH UăT IăCHÍNHă SÁCHăC ăT CăT IăCÁCăCÔNGăTYăNIÊMăY T TRÊN TH ăTR NGăCH NGăKHOÁNăVI TăNAM LU NăV NăTH CăS ăKINHăT HCM, n mă2015 B TR NG GIÁO D C VÀ ÀO T O I H C KINH T T.P H CHÍ MINH - TR N TH H U NH H NG C A C U TRÚC S H U T I CHÍNH SÁCH C T C T I CÁC CÔNG TY NIÊM Y T TRÊN TH TR NG CH NG KHOÁN VI T NAM Chuyên nghành : Tài – Ngân hàng Mã s : 60340201 LU N V N TH C S KINH T NG IH NG D N KHOA H C: TS TR N TH H I LÝ HCM, n m 2015 L I CAM OAN Tôi xin cam đoan r ng lu n v n nghiên c u “ nh h ng c a c u trúc s h u t i sách c t c t i công ty niêm y t th tr ng ch ng khoán Vi t Nam” công trình nghiên c u c a riêng Các thông tin d li u đ lu n v n trung th c, ngu n d c li u đ c s d ng c trích d n rõ ràng ph n tham kh o ph l c K t qu c a lu n v n ch a t ng đ c công b b t kì công trình nghiên c u khác T.p H Chí Minh, ngày tháng Tác gi Tr n Th H u n m 2015 M CL C TRANG PH BÌA L I CAM OAN M CL C DANH M C CÁC B NG DANH M C CH VI T T T TÓM T T CH NG 1: GI I THI U .2 1.1.Lý ch n đ tài .2 1.2 M c tiêu câu h i nghiên c u it 1.3 1.4 Ph ng ph m vi nghiên c u .3 ng pháp nghiên c u 1.5 C u trúc nghiên c u CH NG 2: C S TR C ÂY LÝ THUY T VÀ T NG QUAN CÁC NGHIÊN C U 2.1.Chính sách c t c .6 2.2 Chi phí đ i di n 2.3 Lý thuy t phát tín hi u .11 2.4 C u trúc s h u 13 2.4.1 Ph n tr m c ph n c đông l n nh t n m gi (TOP) 13 2.4.2 Ph n tr m c ph n n m c đông l n nh t n m gi (TOP5) 16 2.4.3 Ph n tr m c ph n nhà đ u t t ch c n m gi (INST) .18 2.4.4 Ph n tr m c ph n t ch c n tr m c ph n t ch c n c n m gi (DINST) ph n c n m gi (FINST) .20 2.4.5 Ph n tr m c ph n cá nhân n m gi (INDV) .21 2.4.6 Ph n tr m c ph n cá nhân n tr m c ph n cá nhân n c n m gi (DINDV) ph n c n m gi (FINDV) .21 2.4.7 Ph n tr m c ph n c đông n c n m gi (FOREIGN) 22 CH NG 3: D LI U VÀ PH NG PHÁP NGHIÊN C U 24 3.1.D li u nghiên c u .24 3.2 Mô hình nghiên c u 24 3.3.Mô t bi n s .26 3.3.1 Bi n ph thu c (DPR) 26 3.3.2 Bi n đ c l p 27 3.3.3 B ng tóm t t bi n k v ng d u d ki n c a mô hình 32 CH NG 4: K T QU H I QUY 34 4.1.Th ng kê mô t 34 4.2 Phân tích đa bi n .40 4.2.1 Ma tr n t ng quan 40 4.2.2 Phân tích h i quy Logit 42 4.2.3 Mô hình h i quy Tobit .48 4.3 Ki m đ nh kh n ng n i sinh 52 CH NG 5: K T LU N VÀ KI N NGH 55 5.1.K t lu n .55 5.2.Ki n ngh 56 5.3.Nh ng h n ch c a lu n v n 58 5.4 H ng nghiên c u ti p theo 58 TÀI LI U THAM KH O PH L C DANH M C B NG BI U B ng 3.1 : K v ng d u d ki n c a mô hình 32 B ng 4.1a : Th ng kê mô t bi n 35 B ng 4.1b : Th ng kê mô t bi n theo n m 37 B ng 4.2 : B ng so sánh công ty chi tr không chi tr c t c 39 B ng 4.3 : Ma tr n t ng quan gi a bi n 41 B ng 4.4 : K t qu h i quy theo mô hình Logit 47 B ng 4.5 : K t qu h i quy theo mô hình Tobit 51 B ng 4.6 : K t qu h i quy hai giai đo n 54 DANH M C CÁC T VI T T T AGE : Logarit đ tu i doanh nghi p tính t thành l p DPR : C t c thu nh p ròng DINDV : Ph n tr m c ph n cá nhân n c n m gi DINST : Ph n tr m c ph n t ch c n c n m gi FCF : Dòng ti n t ho t đ ng t ng tài s n FINDV : Ph n tr m c ph n cá nhân n FINST : Ph n tram c ph n t ch c ng FOREIGN : Ph n tr m c ph n nhà đ u t n HNX : Sàn Giao D ch Ch ng Khoán Hà N i HOSE : Sàn Giao D ch Ch INDV : Ph n tr m c ph n cá nhân n m gi INST : Ph n tr m c ph n t ch c n m gi LEV : T l n t ng tài s n MTB : Giá tr th tr RETE : Thu nh p gi l i giá tr s sách c a v n c ph n ROA : Thu nh p ho t đ ng t ng tài s n SIZE : Logarit c a t ng tài s n TOP : Ph n tr m c ph n c đông l n nh t n m gi TOP5 : Ph n tr m c ph n n m c đông l n nh t n m gi c n m gi c n m gi c n m gi ng Khoán Thành Ph H Chí Minh ng giá tr s sách c a v n c ph n TÓM T T Bài nghiên c u t p trung vào quy t đ nh tài quan tr ng có tác đ ng l n đ n nhà đ u t sách c t c Nghiên c u xem xét nh h ng c a c u trúc s h u lên sách c t c c a doanh nghi p bao g m s h u c ph n c a c đông l n nh t, s h u c ph n c a n m c đông l n nh t, s h u c ph n c a cá nhân, s h u c ph n c a cá nhân n c, c a cá nhân n ph n c a t ch c, s h u c ph n c a t ch c n s h u c ph n c a n th tr c ngoài, s h u c c, c a t ch c n c M u nghiên c u g m 160 công ty đ c ngoài, c niêm y t ng ch ng khoán Vi t Nam kho ng th i gian t n m 2009 đ n n m 2014 Bài nghiên c u s d ng ph ng pháp h i quy Logit đ xem xét nh h c a nhân t s h u đ n quy t đ nh chi tr c t c c a công ty, ph ng ng pháp h i quy Tobit đ xem xét nhân t nhân t quy t đ nh đ n m c chi tr c t c h i quy hai b c đ ki m tra v n đ n i sinh gi a c u trúc s h u sách c t c Tôi tìm th y s h u c ph n c a t ch c có m i quan h chi u v i sách chi tr c t c c a công ty Ng cá nhân n c cá nhân n c l i, s h u c ph n c a cá nhân, bao g m c c có m i quan h ng c chi u v i vi c chi tr c t c c a công ty Trong s h u c ph n c a c đông l n nh t ý ngh a th ng kê Các bi n ki m soát nghiên c u g m: thu nh p tài s n (ROA), dòng ti n t (FCF), quy mô công ty (SIZE), giá tr th tr ng giá tr s sách (MTB), đòn b y (LEV), l i nhu n gi l i v n c ph n (RETE), đ tu i công ty (AGE) Trong bi n ki m soát bi n có quan h chi u v i sách chi tr c t c thu nh p tài s n l i nhu n gi l i v n c ph n, bi n ki m soát có m i quan h ng c chi u quy mô công ty, giá tr th tr tr s sách, đòn b y T khóa: sách c t c, c u trúc s h u ng giá CH NG 1: GI I THI U 1.1 Lý ch n đ tài Trong nh ng n m g n đây, h c gi th gi i đ t m i quan tâm đ n vi c li u sách c t c c a công ty có th ch u nh h không Vì th nhi u nghiên c u th c nghi m đ ng c a c u trúc s h u hay c th c hi n Tuy v y n n t ng c a m i quan h gi a c u trúc s h u sách chi tr c t c c a doanh nghi p có l b t ngu n t l p lu n v giá tr công ty chi phí đ i di n Theo Jensen (1986) Rozeff (1982) l p lu n r ng doanh nghi p có th s d ng sách c t c đ tránh v n đ chi phí đ i di n, c t c không đ c chi tr cho c đông nhà qu n lý có kh n ng s d ng dòng ti n m t ph c v cho l i ích c a cá nhân h Chính sách c t c không nh ng giúp làm gi m chi phí đ i di n mà đ c xem nh thông tin giúp c đông đ nh giá công ty Bên c nh đó, sách c t c có th b nh h ng b i c u trúc s h u c a doanh nghi p (Short c ng s , 2002) Nh bi t, có nhi u hình th c s h u khác nhau: s h u nhà n c, s h u t nhân, s h u t ch c, s h u cá nhân, s h u n h u c a cá nhân n c, c a cá nhân n c ngoài, s c ngoài… m i lo i hình th c s h u s tác đ ng lên sách chi tr c t c theo chi u h ng khác Nhi u h c gi th gi i xem xét tác đ ng c a lo i hình s h u lên sách c t c ch ng h n m i quan h gi a sách c t c v i s h u t p trung s h u t ch c c a Grinstein Michaely (2005), sách c t c v i s h u t p trung, s h u t ch c c a Khan (2006), sách c t c s h u t p trung c a Ramli (2010), sách c t c s h u n c c a Jeon c ng s (2011) Tuy nhiên nhi u nghiên c u phân tích nh h s h u c a t ch c n cá nhân n c, t ch c n c, l n cá nhân n ng khác gi a c ngoài, s h u cá nhân, bao g m c c a c lên sách c t c c a doanh nghi p Vì v y, tác gi th c hi n nghiên c u nh m xác đ nh nh h ng c a nh ng c u trúc s h u v a đ c p đ n quy t đ nh chi tr c t c c a doanh nghi p v i lu n v n “ nh h ng c a c u trúc s h u t i sách c t c t i công ty niêm y t th tr ng ch ng khoán Vi t Nam” Qua tác gi s phân tích m i quan h gi a sách c t c c u trúc s h u c a công ty niêm y t th tr ng ch ng khoán Vi t Nam t n m 2009 đ n n m 2014 1.2 M c tiêu câu h i nghiên c u M c tiêu c a nghiên c u xem xét tác đ ng c a c u trúc s h u: ph n tr m s h u c ph n c a c đông s h u l n nh t, ph n tr m s h u c ph n c a n m c đông l n nh t, ph n tr m s h u c ph n c a t ch c, ph n tr m s h u c ph n c a t ch c n c, ph n tr m s h u c ph n c a t ch c n c ngoài, ph n tr m s h u c ph n c a cá nhân, ph n tr m s h u c ph n c a cá nhân n tr m s h u c ph n c a cá nhân n c, ph n c ngoài, ph n tr m s h u c ph n c a n lên sách c t c c a công ty niêm y t th tr Vi t Nam giai đo n t n m 2009 đ n n m 2014 c ng ch ng khoán tr l i câu h i sau: Nhân t tác đ ng t i quy t đ nh có chi tr c t c c a công ty th tr ng ch ng khoán Vi t Nam? Nhân t nh h tr ng đ n t l chi tr c t c c a công ty niêm y t th ng ch ng khoán Vi t Nam? it 1.3 ng ph m vi nghiên c u tài nghiên c u tác đ ng c a c u trúc s h u lên sách c t c c a công ty đ c niêm y t th tr ng ch ng khoán Vi t Nam giai đo n t n m 2009 đ n n m 2014 D li u nghiên c u đ ki m toán, báo cáo th niên đ c thu th p t báo cáo tài đ ng niên, báo cáo b ch, ngh quy t đ i h i c đông th c ng c công b website: http.vietsock.vn, cophieu68.vn, stockbiz.vn c a công ty đ c nghiên c u m u Mã CK N m TOP TOP5 DINST FINST DINDV REE 2010 6.76% 6.76% 44.72% 0.00% 55.28% 0.00% RIC 2010 52.49% 72.48% 18.26% 42.49% 30.74% S91 2010 55.23% 56.25% 55.33% 0.00% 41.95% FINDV FOREGIN INST INDV 0.00% 44.72% 55.28% 3.49% 45.98% 60.75% 34.23% 1.80% 1.80% 56.25% 43.75% SAP 2010 31.00% 38.25% 36.45% 0.00% 63.36% 0.19% 0.19% 36.45% 63.55% SAV 2010 23.32% 69.44% 50.23% 32.57% 15.82% 1.38% 33.95% 82.80% 17.20% SFC 2010 49.99% 69.99% 74.19% 0.19% 22.62% 3.00% 3.19% 74.38% 25.62% SGC 2010 49.88% 67.31% 57.12% 0.18% 41.29% 1.41% 1.59% 57.30% 42.70% SIC 2010 26.83% 42.12% 36.72% 0.00% 62.77% 0.51% 0.51% 36.72% 63.28% SJ1 2010 20.00% 48.56% 39.99% 0.40% 60.01% 0.00% 0.40% 39.99% 60.01% SJS 2010 36.30% 52.56% 51.00% 4.81% 39.38% 4.81% 9.62% 55.81% 44.19% SMC 2010 14.26% 22.83% 17.55% 0.00% 76.66% 0.47% 0.47% 17.55% 77.13% SPP 2010 15.05% 46.19% 25.52% 23.38% 57.71% 6.61% 29.99% 48.90% 64.32% SSC 2010 18.57% 41.89% 34.35% 7.54% 48.95% 0.00% 7.54% 41.89% 58.11% SSM 2010 5.65% 10.70% 22.97% 2.30% 74.73% 0.00% 2.30% 25.27% 74.73% STP 2010 5.32% 5.32% 96.44% 1.68% 1.88% 0.00% 1.68% 98.12% 1.88% SVC 2010 30.53% 37.05% 37.05% 0.00% 54.37% 8.58% 8.58% 37.05% 62.95% TCM 2010 43.37% 50.91% 30.44% 47.38% 22.41% 0.23% 47.61% 77.82% 22.64% TDH 2010 8.89% 33.57% 16.88% 19.38% 57.79% 5.95% 25.33% 36.26% 63.74% TMS 2010 11.70% 37.83% 32.81% 30.64% 21.31% 7.31% 37.95% 63.45% 28.62% TNA 2010 20.68% 46.71% 20.68% 0.00% 77.58% 1.74% 1.74% 20.68% 79.32% TNC 2010 51.00% 56.19% 60.83% 0.45% 37.98% 0.74% 1.19% 61.28% 38.72% TRA 2010 35.66% 64.14% 40.06% 30.26% 29.02% 0.04% 30.30% 70.32% 29.06% TRC 2010 60.81% 60.81% 65.51% 32.80% 1.69% 0.00% 32.80% 98.31% 1.69% TTC 2010 42.78% 47.03% 51.58% 2.30% 45.35% 0.77% 3.07% 53.88% 46.12% TTF 2010 16.46% 53.85% 27.32% 0.00% 62.30% 10.38% 10.38% 27.32% 72.68% TXM 2010 51.21% 64.45% 61.21% 0.10% 37.15% 1.54% 1.64% 61.31% 38.69% UIC 2010 51.00% 60.01% 53.15% 0.17% 44.55% 2.30% 2.47% 53.32% 46.85% VC2 2010 50.98% 50.98% 51.00% 0.00% 46.19% 2.81% 2.81% 51.00% 49.00% VC3 2010 51.00% 69.75% 70.15% 0.00% 29.83% 0.02% 0.02% 70.15% 29.85% VC7 2010 51.00% 54.93% 54.98% 10.35% 44.81% 0.21% 10.56% 54.98% 45.02% VDL 2010 41.62% 65.47% 65.47% 0.17% 30.02% 4.34% 4.51% 65.64% 34.36% VGP 2010 38.43% 46.78% 38.43% 0.00% 60.08% 1.49% 1.49% 38.43% 61.57% VGS 2010 6.28% 12.30% 1.34% 0.61% 97.32% 0.73% 1.34% 1.95% 98.05% VHC 2010 49.57% 72.98% 14.37% 22.73% 62.79% 0.11% 22.84% 37.10% 62.90% VIC 2010 41.62% 64.56% 17.70% 1.39% 70.40% 0.00% 1.39% 19.09% 80.91% VID 2010 14.71% 28.58% 7.91% 0.00% 91.23% 0.86% 0.86% 7.91% 92.09% VIP 2010 51.00% 56.79% 56.79% 3.11% 30.29% 9.81% 12.92% 59.90% 40.10% VIS 2010 51.00% 53.25% 55.94% 2.33% 40.91% 0.82% 3.15% 58.27% 41.73% VMC 2010 51.40% 62.44% 65.78% 0.00% 33.66% 0.56% 0.56% 65.78% 34.22% VPK 2010 44.16% 77.21% 76.55% 0.00% 22.89% 0.56% 0.56% 76.55% 23.45% VSC 2010 7.51% 30.00% 46.28% 24.34% 27.49% 1.89% 26.23% 70.62% 29.38% VTB 2010 55.54% 57.35% 55.54% 0.00% 43.70% 0.76% 0.76% 55.54% 44.46% VNA 2010 51.00% 58.59% 64.18% 0.00% 34.96% 0.86% 0.86% 64.18% 35.82% VNC 2010 30.00% 43.85% 46.79% 13.85% 38.35% 1.01% 14.86% 60.64% 39.36% Mã CK N m TOP TOP5 DINST FINST DINDV VNS 2010 20.50% 59.68% 33.05% 19.21% 47.33% 0.41% ACL 2011 16.34% 39.37% 3.05% 1.51% 94.61% AGF 2011 51.08% 79.49% 79.89% 1.83% FINDV FOREGIN INST INDV 19.62% 52.26% 47.74% 0.83% 2.34% 4.56% 95.44% 17.19% 1.09% 2.92% 81.72% 18.28% ALT 2011 16.83% 42.33% 29.00% 0.00% 65.22% 5.78% 5.78% 29.00% 71.00% ANV 2011 43.38% 71.84% 95.46% 1.78% 2.76% 0.00% 1.78% 97.24% 2.76% ASP 2011 20.41% 67.64% 16.48% 13.33% 70.19% 0.45% 13.78% 29.81% 70.64% B82 2011 50.09% 55.68% 50.09% 0.00% 49.35% 0.56% 0.56% 50.09% 49.91% BBC 2011 38.60% 48.59% 5.73% 0.00% 45.27% 3.60% 3.60% 51.13% 48.87% BBS 2011 55.62% 58.98% 55.62% 0.00% 43.93% 0.45% 0.45% 55.62% 44.38% BCC 2011 73.15% 78.32% 73.15% 0.00% 25.08% 1.77% 1.77% 73.15% 26.85% BLF 2011 20.05% 26.05% 8.53% 0.00% 86.57% 4.90% 4.90% 8.53% 91.47% BMC 2011 25.00% 47.51% 47.51% 0.00% 39.03% 0.30% 0.30% 47.51% 52.49% BMP 2011 29.60% 44.57% 29.79% 0.00% 21.21% 0.86% 0.86% 76.93% 22.07% BPC 2011 50.00% 56.25% 50.00% 0.00% 48.53% 1.47% 1.47% 50.00% 50.00% BT6 2011 20.19% 68.73% 43.69% 9.26% 46.94% 0.11% 9.37% 52.95% 47.05% BTH 2011 44.37% 44.37% 44.37% 0.00% 55.58% 0.05% 0.05% 44.37% 55.63% BTS 2011 18.14% 28.14% 79.51% 0.00% 20.39% 0.10% 0.10% 79.51% 20.49% C92 2011 50.89% 60.90% 51.19% 0.00% 48.50% 0.61% 0.61% 51.19% 49.11% CAN 2011 27.75% 32.59% 27.82% 3.67% 63.40% 5.11% 8.78% 31.49% 68.51% CAP 2011 10.42% 24.74% 3.36% 0.00% 94.32% 2.32% 2.32% 3.36% 96.64% CDC 2011 23.77% 49.88% 43.23% 0.00% 56.38% 0.39% 0.39% 43.23% 56.77% CID 2011 51.08% 58.37% 90.98% 0.00% 5.91% 3.11% 3.11% 90.98% 9.02% CII 2011 16.33% 36.29% 59.77% 6.27% 33.96% 0.20% 6.47% 66.04% 33.96% CJC 2011 51.00% 75.45% 58.00% 0.00% 39.72% 2.28% 2.28% 58.00% 42.00% CLC 2011 51.00% 57.38% 57.38% 0.42% 41.97% 0.23% 0.65% 57.80% 42.20% CMC 2011 21.99% 43.20% 8.38% 0.00% 89.41% 2.21% 2.21% 8.38% 91.62% CNT 2011 14.45% 23.84% 34.45% 24.87% 38.64% 2.04% 26.91% 59.32% 40.68% COM 2011 30.32% 56.88% 69.78% 0.06% 29.61% 0.55% 0.61% 69.84% 30.16% CTC 2011 17.64% 43.01% 35.76% 0.00% 64.21% 0.03% 0.03% 35.76% 64.24% CTN 2011 30.80% 48.67% 48.67% 0.00% 47.50% 3.83% 3.83% 48.67% 51.33% DAC 2011 51.00% 69.65% 73.02% 0.65% 21.53% 4.80% 5.45% 73.67% 26.33% DAE 2011 29.41% 37.00% 29.41% 33.98% 36.61% 0.00% 33.98% 63.39% 36.61% DBC 2011 13.01% 41.47% 18.05% 10.41% 62.26% 0.00% 10.41% 28.46% 71.54% DC4 2011 14.55% 39.83% 24.21% 0.00% 75.70% 0.09% 0.09% 24.21% 75.79% DCL 2011 36.35% 42.90% 47.05% 13.54% 34.33% 5.08% 18.62% 60.59% 39.41% DHA 2011 24.86% 39.85% 29.93% 17.16% 44.89% 7.53% 24.69% 47.09% 52.42% DHG 2011 43.31% 51.66% 78.73% 12.73% 7.33% 1.21% 13.94% 91.46% 8.54% DHT 2011 14.00% 51.25% 5.34% 0.00% 94.42% 0.24% 0.24% 5.34% 94.66% DIC 2011 20.25% 26.14% 12.44% 2.18% 83.20% 2.18% 4.36% 14.62% 85.38% DMC 2011 44.69% 79.40% 34.72% 44.69% 20.28% 0.31% 45.00% 79.41% 20.59% DNP 2011 17.47% 17.47% 6.35% 0.18% 90.56% 2.91% 3.09% 6.53% 93.47% DPC 2011 29.05% 44.17% 44.17% 0.00% 52.24% 3.59% 3.59% 44.17% 55.83% DPR 2011 55.81% 62.49% 6.62% 0.00% 5.48% 1.28% 1.28% 93.50% 6.50% DQC 2011 15.95% 42.25% 29.73% 2.94% 65.96% 1.37% 4.31% 32.67% 67.33% Mã CK N m TOP TOP5 DINST FINST DINDV DRC 2011 50.50% 63.65% 51.35% 19.87% 28.78% 0.00% DTT 2011 18.96% 61.02% 23.80% 0.10% 75.77% DXP 2011 51.00% 60.12% 53.45% 14.80% DXV 2011 15.81% 21.99% 71.52% EBS 2011 6.17% 20.45% 19.45% FMC 2011 17.25% 38.42% FPT 2011 7.24% 23.98% FINDV FOREGIN INST INDV 19.87% 71.22% 28.78% 0.33% 0.43% 23.90% 76.10% 31.75% 0.00% 14.80% 68.25% 31.75% 0.08% 28.12% 0.28% 0.36% 71.60% 28.40% 0.00% 79.82% 0.73% 0.73% 19.45% 80.55% 17.25% 4.41% 71.99% 6.35% 10.76% 21.66% 78.34% 31.79% 10.58% 48.88% 8.75% 19.33% 42.37% 57.63% GIL 2011 41.25% 40.03% 40.87% 8.03% 47.46% 3.64% 11.67% 48.90% 51.10% GTA 2011 19.95% 48.28% 58.57% 0.01% 40.75% 0.67% 0.68% 58.58% 41.42% HAG 2011 48.12% 58.89% 17.64% 27.20% 54.45% 0.71% 27.91% 44.84% 55.16% HAI 2011 46.96% 77.45% 76.96% 0.00% 22.89% 0.15% 0.15% 76.96% 23.04% HAP 2011 6.74% 14.28% 2.78% 14.97% 75.52% 10.00% 24.97% 17.75% 84.97% HAX 2011 32.63% 65.25% 48.42% 7.32% 42.24% 2.02% 9.34% 55.74% 44.26% HBC 2011 17.60% 28.88% 6.28% 5.00% 87.02% 1.70% 6.70% 11.28% 88.72% HBE 2011 20.00% 25.14% 45.14% 0.00% 54.73% 0.13% 0.13% 45.14% 54.86% HCC 2011 51.48% 56.25% 52.13% 0.00% 46.93% 0.94% 0.94% 52.13% 47.87% HDC 2011 11.63% 27.85% 27.49% 10.04% 62.09% 0.38% 10.42% 37.53% 62.47% HEV 2011 21.73% 41.45% 35.36% 0.00% 56.57% 8.07% 8.07% 35.36% 64.64% HJS 2011 51.00% 73.56% 56.00% 0.00% 43.58% 0.42% 0.42% 56.00% 44.00% HMC 2011 55.67% 64.79% 57.86% 0.00% 41.80% 0.34% 0.34% 57.86% 42.14% HPG 2011 24.06% 31.47% 0.31% 39.24% 59.10% 1.35% 40.59% 39.55% 60.45% HRC 2011 55.06% 65.03% 73.95% 0.23% 17.21% 0.00% 0.23% 73.95% 26.05% HT1 2011 67.38% 75.78% 72.82% 0.00% 25.99% 1.19% 1.19% 72.82% 27.18% HTV 2011 50.08% 63.56% 50.08% 5.24% 42.90% 1.78% 7.02% 55.32% 44.68% HUT 2011 12.93% 18.71% 12.93% 0.00% 87.05% 0.02% 0.02% 12.93% 87.07% ICF 2011 18.34% 25.91% 4.66% 0.05% 92.91% 2.38% 2.43% 4.71% 95.29% IMP 2011 27.38% 64.10% 48.36% 31.28% 18.64% 1.72% 33.00% 79.64% 20.36% KHA 2011 27.22% 41.01% 33.46% 0.00% 61.74% 4.80% 4.80% 33.46% 66.54% KHP 2011 51.53% 51.78% 54.33% 1.83% 43.06% 0.78% 2.61% 56.16% 43.84% L10 2011 51.00% 56.14% 51.00% 0.02% 48.72% 0.26% 0.28% 51.02% 48.98% L18 2011 18.75% 41.40% 31.09% 0.00% 68.64% 0.27% 0.27% 31.09% 68.91% L43 2011 51.00% 53.25% 51.00% 0.00% 48.99% 0.01% 0.01% 51.00% 49.00% L61 2011 51.00% 56.25% 51.00% 0.00% 48.36% 0.64% 0.64% 51.00% 49.00% L62 2011 50.38% 64.80% 50.38% 0.00% 46.91% 0.01% 0.01% 50.38% 46.92% LBE 2011 22.91% 41.87% 22.91% 0.00% 76.28% 0.81% 0.81% 22.91% 77.09% LBM 2011 41.68% 41.68% 41.68% 0.38% 56.97% 0.97% 1.35% 42.06% 57.94% LGC 2011 24.98% 67.82% 75.96% 3.68% 19.90% 0.46% 4.14% 79.64% 20.36% LSS 2011 18.30% 35.60% 49.59% 0.00% 50.41% 0.00% 0.00% 49.59% 50.41% LTC 2011 28.86% 39.01% 28.86% 0.00% 69.40% 1.70% 1.70% 28.86% 71.10% LUT 2011 18.71% 40.18% 11.63% 0.00% 88.21% 0.16% 0.16% 11.63% 88.37% MCO 2011 14.86% 40.35% 11.47% 0.00% 86.55% 1.98% 1.98% 11.47% 88.53% MCP 2011 39.89% 55.60% 41.88% 0.00% 54.72% 3.40% 3.40% 41.88% 58.12% MEC 2011 51.00% 53.85% 51.00% 0.00% 47.52% 1.48% 1.48% 51.00% 49.00% MHC 2011 12.84% 17.99% 5.15% 0.00% 92.04% 2.81% 2.81% 5.15% 94.85% Mã CK N m TOP TOP5 DINST FINST DINDV MMC 2011 51.00% 65.30% 65.30% 0.00% 32.81% 1.89% NAV 2011 20.00% 29.12% 75.38% 4.62% 20.00% NBC 2011 51.00% 65.47% 54.35% 5.97% NGC 2011 20.00% 52.60% 21.45% NHC 2011 30.04% 45.64% 31.40% NPS 2011 33.19% 46.15% NSC 2011 16.31% FINDV FOREGIN INST INDV 1.89% 65.30% 34.70% 0.00% 4.62% 80.00% 20.00% 34.72% 4.96% 10.93% 60.32% 39.68% 0.00% 77.79% 0.76% 0.76% 21.45% 78.55% 0.74% 54.67% 0.00% 0.74% 32.14% 67.86% 33.19% 0.00% 64.71% 2.10% 2.10% 33.19% 66.81% 47.79% 51.44% 27.20% 19.58% 1.78% 28.98% 78.64% 21.36% NST 2011 51.00% 73.82% 68.82% 0.00% 26.91% 4.27% 4.27% 68.82% 31.18% NTL 2011 8.86% 26.15% 8.86% 5.77% 70.90% 8.86% 14.63% 14.63% 79.76% NTP 2011 37.10% 44.18% 48.87% 0.00% 15.09% 0.42% 0.42% 84.49% 15.51% PJT 2011 51.21% 58.98% 51.70% 2.08% 45.10% 1.12% 3.20% 53.78% 46.22% PLC 2011 79.07% 79.07% 81.74% 2.02% 16.40% 0.24% 2.26% 83.76% 16.64% PMS 2011 46.00% 78.90% 78.90% 0.01% 15.98% 5.11% 5.12% 78.91% 21.09% PNC 2011 15.01% 30.97% 15.01% 5.03% 76.42% 3.54% 8.57% 20.04% 79.96% POT 2011 49.99% 58.79% 61.82% 0.00% 37.89% 0.29% 0.29% 61.82% 38.18% PPC 2011 51.00% 68.03% 78.32% 12.42% 7.77% 1.49% 13.91% 90.74% 9.26% PSC 2011 52.73% 84.56% 84.56% 0.00% 15.00% 0.44% 0.44% 84.56% 15.44% PVD 2011 50.38% 62.28% 57.29% 33.18% 8.49% 1.04% 34.22% 90.47% 9.53% PVS 2011 51.38% 69.80% 64.34% 5.62% 20.40% 9.64% 15.26% 69.96% 30.04% PVT 2011 58.40% 66.72% 9.60% 12.14% 74.21% 4.05% 16.19% 21.74% 78.26% QNC 2011 17.74% 26.98% 17.71% 0.00% 82.14% 0.15% 0.15% 17.71% 82.29% RCL 2011 51.00% 59.15% 55.19% 0.42% 39.92% 4.47% 4.89% 55.61% 44.39% REE 2011 6.76% 6.76% 44.72% 0.00% 55.28% 0.00% 0.00% 44.72% 55.28% RIC 2011 52.49% 72.48% 18.26% 42.49% 30.74% 3.49% 45.98% 60.75% 34.23% S91 2011 55.23% 56.35% 55.40% 0.00% 41.85% 1.80% 1.80% 56.35% 43.65% SAP 2011 31.00% 46.16% 32.15% 0.00% 67.66% 0.19% 0.19% 32.15% 67.85% SAV 2011 23.32% 70.62% 51.91% 32.57% 14.40% 1.12% 33.69% 84.48% 15.52% SFC 2011 49.99% 69.99% 73.26% 0.13% 23.83% 2.78% 2.91% 73.39% 26.61% SGC 2011 49.89% 60.08% 49.89% 0.30% 48.58% 1.23% 1.53% 50.19% 49.81% SIC 2011 26.83% 36.72% 41.47% 0.02% 57.68% 0.83% 0.85% 41.49% 58.51% SJ1 2011 24.23% 52.89% 40.60% 0.05% 55.62% 3.73% 3.78% 40.65% 59.35% SJS 2011 36.30% 52.09% 52.34% 3.05% 41.56% 3.05% 6.10% 55.39% 44.61% SMC 2011 14.26% 22.83% 17.55% 5.32% 76.66% 0.47% 5.79% 22.87% 77.13% SPP 2011 16.00% 53.21% 20.84% 34.86% 44.29% 0.01% 34.87% 55.70% 44.30% SSC 2011 18.57% 51.37% 33.95% 17.42% 40.54% 0.00% 17.42% 51.37% 48.63% SSM 2011 5.65% 10.70% 22.97% 2.30% 74.73% 0.00% 2.30% 25.27% 74.73% STP 2011 5.32% 10.76% 93.89% 4.09% 2.02% 0.00% 4.09% 97.98% 2.02% SVC 2011 40.78% 57.58% 57.58% 0.00% 34.01% 8.41% 8.41% 57.58% 42.42% TCM 2011 43.37% 50.96% 33.10% 47.85% 18.25% 0.80% 48.65% 80.95% 19.05% TDH 2011 8.89% 29.95% 26.14% 5.95% 61.96% 5.95% 11.90% 32.09% 67.91% TMS 2011 15.65% 50.76% 33.09% 27.09% 27.63% 8.19% 35.28% 60.18% 35.82% TNA 2011 20.68% 46.71% 20.68% 0.00% 77.69% 1.63% 1.63% 20.68% 79.32% TNC 2011 51.00% 56.19% 62.10% 0.41% 36.23% 1.26% 1.67% 62.51% 37.49% TRA 2011 35.66% 64.14% 35.79% 36.29% 28.01% 0.05% 36.34% 72.08% 28.06% Mã CK N m TOP TOP5 DINST FINST DINDV TRC 2011 60.00% 65.59% 66.46% 32.80% 1.69% 0.00% TTC 2011 42.78% 59.16% 43.69% 0.04% 55.51% TTF 2011 16.20% 55.35% 29.25% 0.00% TXM 2011 51.21% 64.45% 61.21% UIC 2011 51.00% 60.12% 53.89% VC2 2011 50.98% 50.98% VC3 2011 51.00% FINDV FOREGIN INST INDV 32.80% 99.26% 1.69% 0.76% 0.80% 43.73% 56.27% 42.22% 10.58% 10.58% 47.20% 52.80% 0.10% 37.39% 1.30% 1.40% 61.31% 38.69% 0.20% 43.91% 2.20% 2.40% 54.09% 46.11% 69.00% 3.32% 27.21% 0.47% 3.79% 72.32% 27.68% 70.76% 71.31% 0.00% 28.67% 0.02% 0.02% 71.31% 28.69% VC7 2011 51.00% 56.94% 55.88% 10.35% 43.98% 0.14% 10.49% 55.88% 44.12% VDL 2011 24.43% 69.30% 48.05% 0.17% 47.48% 4.30% 4.47% 48.22% 51.78% VGP 2011 38.43% 47.23% 38.43% 0.00% 59.90% 1.67% 1.67% 38.43% 61.57% VGS 2011 6.28% 12.30% 1.34% 0.61% 97.32% 0.73% 1.34% 1.95% 98.05% VHC 2011 49.57% 72.98% 12.87% 25.51% 61.77% 0.15% 25.66% 38.38% 61.92% VIC 2011 39.17% 57.40% 18.23% 4.09% 69.34% 15.05% 19.14% 22.32% 77.68% VID 2011 14.71% 29.62% 7.80% 0.00% 91.31% 0.89% 0.89% 7.80% 92.20% VIP 2011 51.00% 56.79% 56.79% 1.97% 35.12% 6.12% 8.09% 58.76% 41.24% VIS 2011 51.00% 54.53% 53.92% 2.63% 41.99% 1.36% 3.99% 56.55% 43.35% VMC 2011 51.40% 70.20% 77.92% 0.35% 21.53% 0.20% 0.55% 78.27% 21.73% VPK 2011 44.16% 77.35% 77.55% 0.00% 23.57% 0.88% 0.88% 77.55% 24.45% VSC 2011 7.56% 30.44% 28.45% 24.55% 45.11% 1.89% 26.44% 53.00% 47.00% VTB 2011 55.54% 57.36% 55.54% 0.07% 43.98% 0.41% 0.48% 55.61% 44.39% VNA 2011 51.00% 59.78% 66.53% 0.95% 32.38% 0.14% 1.09% 67.48% 32.52% VNC 2011 30.00% 45.56% 45.80% 15.56% 38.29% 1.15% 16.71% 61.36% 39.44% VNS 2011 20.50% 61.15% 33.20% 21.90% 46.54% 1.64% 23.54% 55.10% 48.18% ACL 2012 16.34% 39.37% 2.56% 0.00% 91.68% 5.76% 5.76% 2.56% 97.44% AGF 2012 51.08% 59.27% 59.27% 0.00% 35.49% 5.24% 5.24% 59.27% 40.73% ALT 2012 16.83% 43.97% 29.00% 0.00% 65.20% 5.80% 5.80% 29.00% 71.00% ANV 2012 43.38% 71.84% 92.16% 0.20% 6.17% 1.47% 1.67% 92.36% 7.64% ASP 2012 20.41% 68.78% 9.23% 12.59% 77.67% 0.51% 13.10% 21.82% 78.18% B82 2012 50.09% 55.68% 50.09% 0.00% 49.36% 0.55% 0.55% 50.09% 49.91% BBC 2012 38.60% 58.60% 22.71% 0.00% 28.29% 3.49% 3.49% 68.22% 31.78% BBS 2012 55.62% 58.98% 55.62% 0.08% 43.84% 0.46% 0.54% 55.70% 44.30% BCC 2012 73.15% 78.37% 73.15% 0.00% 25.31% 1.54% 1.54% 73.15% 26.85% BLF 2012 20.05% 26.24% 8.53% 0.00% 86.69% 4.78% 4.78% 8.53% 91.47% BMC 2012 25.00% 57.45% 25.00% 8.66% 62.69% 3.65% 12.31% 33.66% 66.34% BMP 2012 29.60% 58.73% 29.79% 0.00% 21.21% 0.86% 0.86% 76.96% 22.07% BPC 2012 53.53% 58.44% 53.53% 0.00% 43.36% 1.11% 1.11% 53.53% 44.47% BT6 2012 20.19% 68.73% 43.69% 8.16% 46.81% 1.34% 9.50% 51.85% 48.15% BTH 2012 49.49% 49.49% 49.49% 0.00% 50.46% 0.05% 0.05% 49.49% 50.51% BTS 2012 18.14% 28.14% 90.51% 0.05% 9.38% 0.06% 0.11% 90.56% 9.44% C92 2012 50.89% 61.12% 51.18% 0.09% 48.11% 0.62% 0.71% 51.27% 48.73% CAN 2012 27.75% 32.59% 27.75% 4.46% 62.30% 5.40% 9.86% 32.21% 67.70% CAP 2012 7.74% 14.32% 3.56% 0.00% 94.26% 2.18% 2.18% 3.56% 96.44% CDC 2012 23.77% 36.36% 23.77% 0.00% 75.59% 0.64% 0.64% 23.77% 76.23% CID 2012 51.08% 67.39% 90.98% 0.00% 5.91% 3.11% 3.11% 90.98% 9.02% Mã CK N m TOP TOP5 DINST FINST DINDV CII 2012 19.22% 44.24% 57.51% 6.27% 26.20% 0.00% CJC 2012 51.00% 78.00% 56.00% 0.00% 40.05% CLC 2012 51.00% 57.38% 57.38% 1.49% 41.31% FINDV FOREGIN INST INDV 6.27% 63.78% 36.22% 1.95% 1.95% 56.00% 42.00% 0.18% 1.67% 58.87% 41.49% CMC 2012 31.30% 52.51% 11.36% 0.27% 87.62% 0.75% 1.02% 11.63% 88.37% CNT 2012 14.45% 23.84% 35.22% 25.97% 37.88% 0.93% 26.90% 61.19% 38.81% COM 2012 35.29% 67.52% 79.54% 0.05% 19.89% 0.52% 0.57% 79.59% 20.41% CTC 2012 17.64% 45.89% 35.76% 0.00% 64.22% 0.04% 0.04% 35.76% 64.26% CTN 2012 30.83% 30.83% 30.83% 0.00% 64.50% 4.67% 4.67% 30.83% 69.17% DAC 2012 51.00% 69.75% 73.66% 0.12% 21.24% 4.64% 4.76% 73.78% 25.88% DAE 2012 29.41% 37.89% 29.70% 33.98% 36.32% 0.00% 33.98% 63.68% 36.32% DBC 2012 14.28% 49.01% 15.48% 24.45% 42.15% 7.92% 32.37% 39.93% 50.07% DC4 2012 14.55% 40.57% 28.03% 0.00% 71.92% 0.05% 0.05% 28.03% 71.97% DCL 2012 36.35% 42.90% 45.49% 13.01% 39.65% 1.85% 14.86% 58.50% 41.50% DHA 2012 24.95% 39.85% 29.93% 19.30% 47.86% 5.16% 24.46% 49.23% 53.02% DHG 2012 43.31% 52.22% 88.60% 4.49% 5.70% 1.21% 5.70% 93.09% 6.91% DHT 2012 14.00% 41.37% 5.34% 0.00% 94.35% 0.31% 0.31% 5.34% 94.66% DIC 2012 20.25% 26.14% 8.91% 1.53% 88.03% 1.53% 3.06% 10.44% 89.56% DMC 2012 45.94% 80.65% 40.14% 48.22% 10.86% 0.78% 49.00% 88.36% 11.64% DNP 2012 24.59% 41.59% 6.35% 0.18% 90.56% 2.91% 3.09% 6.53% 93.47% DPC 2012 29.05% 44.17% 44.17% 0.00% 53.06% 2.77% 2.77% 44.17% 55.83% DPR 2012 55.81% 62.49% 58.91% 0.00% 4.40% 0.26% 0.26% 95.34% 4.66% DQC 2012 15.95% 42.15% 29.67% 4.20% 64.90% 1.23% 5.43% 33.87% 66.13% DRC 2012 50.50% 64.65% 51.35% 21.58% 27.03% 0.00% 21.58% 72.93% 27.03% DTT 2012 18.96% 41.74% 18.96% 0.00% 80.61% 0.43% 0.43% 18.96% 81.04% DXP 2012 51.00% 65.59% 51.15% 12.55% 31.20% 5.10% 17.65% 63.70% 36.30% DXV 2012 15.81% 21.99% 72.25% 0.02% 27.47% 0.26% 0.28% 72.27% 27.73% EBS 2012 6.17% 22.15% 13.45% 13.20% 66.72% 6.63% 19.83% 26.65% 73.35% FMC 2012 17.25% 40.25% 26.68% 0.20% 67.06% 6.06% 6.26% 26.88% 73.12% FPT 2012 10.65% 29.63% 24.40% 16.40% 48.88% 0.00% 16.40% 40.80% 59.20% GIL 2012 41.25% 47.79% 51.27% 11.04% 38.59% 0.90% 11.94% 62.31% 39.49% GTA 2012 19.95% 48.28% 58.57% 0.01% 40.75% 0.67% 0.68% 58.58% 41.42% HAG 2012 43.39% 53.60% 18.28% 27.20% 54.45% 0.07% 27.27% 45.48% 54.52% HAI 2012 48.32% 80.01% 76.96% 0.00% 22.89% 0.15% 0.15% 76.96% 23.04% HAP 2012 6.74% 14.28% 2.78% 14.97% 75.52% 10.00% 24.97% 17.75% 84.97% HAX 2012 32.63% 67.35% 43.88% 0.99% 52.85% 2.28% 3.27% 44.87% 55.13% HBC 2012 21.40% 36.10% 4.57% 19.95% 72.31% 3.83% 23.78% 24.52% 76.14% HBE 2012 20.00% 25.14% 45.14% 0.00% 54.73% 0.13% 0.13% 45.14% 54.86% HCC 2012 51.48% 56.36% 52.91% 0.00% 36.94% 2.74% 2.74% 52.91% 39.68% HDC 2012 11.66% 27.93% 11.66% 26.26% 61.70% 0.38% 26.64% 37.92% 62.08% HEV 2012 21.73% 41.56% 35.36% 0.00% 56.34% 8.30% 8.30% 35.36% 64.64% HJS 2012 51.00% 75.57% 56.00% 0.00% 43.79% 0.21% 0.21% 56.00% 44.00% HMC 2012 55.67% 65.67% 57.86% 0.85% 40.98% 0.31% 1.16% 58.71% 41.29% HPG 2012 24.12% 38.68% 0.31% 39.24% 59.10% 1.35% 40.59% 39.55% 60.45% HRC 2012 55.06% 66.25% 74.01% 0.23% 20.63% 0.00% 0.23% 74.01% 25.99% Mã CK N m TOP TOP5 DINST FINST DINDV HT1 2012 67.38% 76.76% 72.82% 1.89% 25.05% 0.24% HTV 2012 50.08% 64.25% 50.08% 5.24% 38.61% HUT 2012 12.93% 19.30% 12.93% 0.00% FINDV FOREGIN INST INDV 2.13% 74.71% 25.29% 6.07% 11.31% 55.32% 44.68% 84.58% 2.49% 2.49% 12.93% 87.07% ICF 2012 18.34% 25.91% 4.66% 0.05% 92.64% 2.65% 2.70% 4.71% 95.29% IMP 2012 27.43% 56.92% 56.05% 24.09% 18.14% 1.72% 25.81% 80.14% 19.86% KHA 2012 31.39% 37.95% 38.14% 2.29% 56.54% 3.03% 5.32% 40.43% 59.57% KHP 2012 51.53% 51.80% 51.64% 2.80% 44.72% 0.84% 3.64% 54.44% 45.56% L10 2012 51.00% 56.16% 51.00% 0.00% 48.59% 0.41% 0.41% 51.00% 49.00% L18 2012 18.75% 40.88% 28.57% 0.00% 71.10% 0.33% 0.33% 28.57% 71.43% L43 2012 51.00% 55.67% 57.20% 0.00% 42.88% 0.02% 0.02% 57.20% 42.90% L61 2012 51.00% 57.20% 51.00% 0.00% 48.36% 0.64% 0.64% 51.00% 49.00% L62 2012 50.38% 64.80% 50.38% 0.00% 46.91% 0.01% 0.01% 50.38% 46.92% LBE 2012 22.91% 42.64% 23.28% 0.00% 74.77% 1.95% 1.95% 23.28% 76.72% LBM 2012 41.68% 41.68% 41.68% 0.38% 56.97% 0.97% 1.35% 42.06% 57.94% LGC 2012 79.98% 79.98% 84.91% 0.06% 14.71% 0.32% 0.38% 84.97% 15.03% LSS 2012 18.30% 26.50% 44.37% 1.06% 53.51% 1.06% 2.12% 45.43% 54.57% LTC 2012 24.40% 32.99% 28.86% 0.00% 69.48% 1.66% 1.66% 28.86% 71.14% LUT 2012 18.71% 57.93% 11.63% 0.00% 88.21% 0.16% 0.16% 11.63% 88.37% MCO 2012 14.86% 40.35% 11.47% 0.00% 86.55% 1.98% 1.98% 11.47% 88.53% MCP 2012 39.89% 55.90% 43.73% 3.83% 52.82% 0.38% 4.21% 47.56% 53.20% MEC 2012 51.00% 53.88% 56.76% 0.08% 40.85% 2.31% 2.39% 56.84% 43.16% MHC 2012 14.41% 19.56% 5.15% 0.00% 92.44% 2.41% 2.41% 5.15% 94.85% MMC 2012 51.00% 63.94% 63.94% 0.00% 35.78% 0.28% 0.28% 63.94% 36.06% NAV 2012 20.00% 29.12% 75.02% 4.98% 20.00% 0.00% 4.98% 80.00% 20.00% NBC 2012 51.00% 71.00% 71.83% 4.64% 20.18% 3.35% 7.99% 76.47% 23.53% NGC 2012 20.00% 50.49% 22.33% 0.00% 75.36% 2.31% 2.31% 22.33% 77.67% NHC 2012 30.04% 46.25% 35.77% 0.70% 50.03% 0.00% 0.70% 36.47% 63.53% NPS 2012 33.19% 46.25% 33.71% 0.00% 64.49% 1.80% 1.80% 33.71% 66.29% NSC 2012 16.10% 48.01% 47.10% 28.65% 22.60% 1.65% 30.30% 75.75% 24.25% NST 2012 51.00% 78.82% 68.82% 0.00% 26.53% 4.65% 4.65% 68.82% 31.18% NTL 2012 5.81% 11.52% 12.84% 14.77% 70.50% 1.89% 16.66% 27.61% 72.39% NTP 2012 37.10% 66.85% 37.88% 0.00% 13.12% 1.19% 1.19% 85.69% 14.31% PJT 2012 51.21% 59.34% 51.71% 2.09% 44.89% 1.31% 3.40% 53.80% 46.20% PLC 2012 79.07% 79.07% 80.20% 1.39% 16.97% 0.21% 1.60% 81.59% 17.18% PMS 2012 46.00% 80.96% 80.96% 0.00% 14.69% 4.35% 4.35% 80.96% 19.04% PNC 2012 15.01% 30.97% 15.01% 5.03% 76.40% 3.56% 8.59% 20.04% 79.96% POT 2012 49.99% 58.79% 61.50% 0.00% 38.34% 0.16% 0.16% 61.50% 38.50% PPC 2012 51.00% 77.89% 78.22% 14.04% 10.38% 2.64% 16.68% 92.26% 13.02% PSC 2012 52.73% 86.58% 86.58% 0.00% 12.98% 0.44% 0.44% 86.58% 13.42% PVD 2012 50.46% 63.18% 58.80% 35.89% 4.52% 0.79% 36.68% 94.69% 5.31% PVS 2012 51.38% 70.01% 65.54% 20.00% 14.28% 0.18% 20.18% 85.54% 14.46% PVT 2012 58.40% 66.72% 9.77% 12.14% 74.75% 3.34% 15.48% 21.91% 78.09% QNC 2012 17.77% 27.01% 17.77% 0.00% 81.34% 0.34% 0.34% 17.77% 81.68% RCL 2012 51.00% 61.23% 53.42% 0.84% 38.70% 7.04% 7.88% 54.26% 45.74% Mã CK N m TOP TOP5 DINST FINST DINDV REE 2012 11.26% 17.26% 44.72% 0.00% 55.28% 0.00% RIC 2012 52.49% 72.48% 18.88% 42.49% 30.12% S91 2012 55.23% 56.75% 55.51% 0.00% 41.45% FINDV FOREGIN INST INDV 0.00% 44.72% 55.28% 4.11% 46.60% 61.37% 34.23% 1.80% 1.80% 56.75% 43.25% SAP 2012 31.69% 70.02% 32.10% 0.00% 67.71% 0.19% 0.19% 32.10% 67.90% SAV 2012 23.32% 60.75% 37.43% 28.43% 32.70% 1.44% 29.87% 65.86% 34.14% SFC 2012 49.99% 69.99% 73.67% 0.13% 23.38% 2.82% 2.95% 73.80% 26.20% SGC 2012 49.89% 60.08% 49.89% 0.00% 48.66% 1.45% 1.45% 49.89% 50.11% SIC 2012 26.83% 36.72% 44.92% 0.02% 54.69% 0.37% 0.39% 44.94% 55.06% SJ1 2012 22.60% 45.54% 76.64% 0.63% 22.68% 0.05% 0.68% 77.27% 22.73% SJS 2012 36.30% 53.82% 52.35% 2.94% 41.77% 2.94% 5.88% 55.29% 44.71% SMC 2012 17.42% 30.99% 17.45% 10.65% 71.12% 0.78% 11.43% 28.10% 71.90% SPP 2012 16.00% 48.00% 23.70% 29.00% 47.47% 0.17% 29.17% 52.70% 47.64% SSC 2012 18.59% 62.43% 53.42% 24.56% 19.05% 2.97% 27.53% 77.98% 22.02% SSM 2012 5.65% 10.70% 22.97% 2.30% 74.73% 0.00% 2.30% 25.27% 74.73% STP 2012 5.32% 10.67% 92.12% 2.72% 5.16% 0.00% 2.72% 94.84% 5.16% SVC 2012 40.78% 50.10% 50.10% 0.00% 44.88% 5.02% 5.02% 50.10% 49.90% TCM 2012 43.22% 57.81% 19.21% 45.69% 34.40% 0.70% 46.39% 64.90% 35.10% TDH 2012 8.89% 27.89% 14.48% 24.87% 58.20% 2.45% 27.32% 39.35% 60.65% TMS 2012 11.70% 44.60% 33.69% 31.54% 27.11% 7.66% 39.20% 65.23% 34.77% TNA 2012 20.68% 46.71% 20.68% 0.24% 77.66% 1.42% 1.66% 20.92% 79.08% TNC 2012 51.00% 56.19% 63.59% 1.44% 34.50% 0.47% 1.91% 65.03% 34.97% TRA 2012 35.66% 75.29% 35.79% 44.86% 19.63% 0.07% 44.93% 80.65% 19.70% TRC 2012 60.00% 65.51% 67.05% 29.82% 2.67% 0.46% 30.28% 96.87% 3.13% TTC 2012 42.78% 62.78% 44.18% 0.10% 53.44% 2.34% 2.44% 44.28% 55.78% TTF 2012 12.49% 36.61% 17.51% 0.00% 42.22% 10.58% 10.58% 47.20% 52.80% TXM 2012 51.21% 64.45% 61.21% 0.00% 35.89% 2.90% 2.90% 61.21% 38.79% UIC 2012 51.00% 59.79% 53.61% 0.05% 46.39% 2.60% 2.65% 53.66% 48.99% VC2 2012 51.23% 51.23% 65.66% 3.34% 30.67% 0.33% 3.67% 69.00% 31.00% VC3 2012 51.00% 71.33% 71.45% 0.00% 28.54% 0.01% 0.01% 71.45% 28.55% VC7 2012 51.00% 57.17% 57.45% 10.35% 42.43% 0.12% 10.47% 57.45% 42.55% VDL 2012 24.85% 66.74% 45.84% 0.05% 51.44% 2.67% 2.72% 45.89% 54.11% VGP 2012 38.43% 48.52% 48.52% 0.00% 47.06% 4.42% 4.42% 48.52% 51.48% VGS 2012 6.28% 12.30% 1.34% 0.61% 97.32% 0.73% 1.34% 1.95% 98.05% VHC 2012 49.57% 73.06% 12.89% 25.68% 61.13% 0.30% 25.98% 38.57% 61.43% VIC 2012 30.67% 58.50% 22.54% 0.00% 65.37% 15.05% 15.05% 22.54% 77.46% VID 2012 14.71% 29.62% 7.80% 0.00% 91.44% 0.76% 0.76% 7.80% 92.20% VIP 2012 51.00% 56.79% 60.58% 2.73% 36.18% 0.51% 3.24% 63.31% 36.69% VIS 2012 53.04% 56.63% 53.85% 0.11% 43.51% 0.10% 0.21% 53.96% 43.61% VMC 2012 51.40% 70.56% 77.99% 0.00% 21.65% 0.36% 0.36% 77.99% 22.01% VPK 2012 44.16% 77.27% 76.89% 0.00% 22.33% 0.78% 0.78% 76.89% 23.11% VSC 2012 7.56% 30.12% 10.67% 47.54% 40.33% 1.46% 49.00% 58.21% 41.79% VTB 2012 55.54% 57.24% 60.44% 0.53% 38.29% 0.74% 1.27% 60.97% 39.03% VNA 2012 51.00% 61.06% 67.14% 0.54% 31.39% 0.93% 1.47% 67.68% 32.32% VNC 2012 30.00% 45.56% 38.94% 23.78% 38.29% 1.78% 25.56% 62.72% 40.07% Mã CK N m TOP TOP5 DINST FINST DINDV VNS 2012 23.83% 71.63% 28.25% 26.18% 41.14% 4.43% ACL 2013 16.34% 39.37% 2.56% 0.00% 91.68% AGF 2013 51.41% 59.68% 61.41% 0.71% FINDV FOREGIN INST INDV 30.61% 54.43% 45.57% 5.76% 5.76% 2.56% 97.44% 37.15% 0.73% 1.44% 62.12% 37.88% ALT 2013 16.83% 43.97% 29.00% 0.00% 65.20% 5.80% 5.80% 29.00% 71.00% ANV 2013 45.65% 73.49% 92.16% 0.20% 6.17% 1.47% 1.67% 92.36% 7.64% ASP 2013 20.41% 70.10% 2.82% 21.00% 75.60% 0.58% 21.58% 23.82% 76.18% B82 2013 50.09% 55.70% 50.09% 0.14% 49.36% 0.43% 0.57% 50.23% 49.79% BBC 2013 43.00% 79.50% 22.71% 0.00% 28.29% 3.49% 3.49% 68.16% 31.78% BBS 2013 52.97% 65.80% 57.05% 0.08% 41.50% 1.37% 1.45% 57.13% 42.87% BCC 2013 73.15% 78.55% 73.15% 0.00% 25.31% 1.54% 1.54% 73.15% 26.85% BLF 2013 20.05% 26.05% 8.53% 0.00% 91.17% 0.30% 0.30% 8.53% 91.47% BMC 2013 22.51% 58.50% 48.71% 7.36% 38.99% 4.94% 12.30% 56.07% 43.93% BMP 2013 29.52% 59.92% 32.70% 0.00% 18.31% 0.74% 0.74% 79.96% 19.05% BPC 2013 55.50% 66.67% 55.50% 0.00% 43.27% 1.23% 1.23% 55.50% 44.50% BT6 2013 20.19% 68.73% 43.69% 8.16% 46.81% 1.34% 9.50% 51.85% 48.15% BTH 2013 49.49% 49.49% 49.49% 0.00% 50.46% 0.05% 0.05% 49.49% 50.51% BTS 2013 18.14% 28.14% 90.51% 0.05% 9.38% 0.06% 0.11% 90.56% 9.44% C92 2013 50.90% 65.40% 51.20% 0.10% 48.00% 0.70% 0.80% 51.30% 48.70% CAN 2013 27.75% 32.59% 27.84% 4.59% 61.89% 5.71% 10.30% 32.43% 67.60% CAP 2013 7.74% 14.32% 5.27% 0.00% 92.79% 1.94% 1.94% 5.27% 94.73% CDC 2013 23.77% 36.36% 25.94% 0.00% 73.41% 0.65% 0.65% 25.94% 74.06% CID 2013 51.08% 67.39% 90.98% 0.00% 5.91% 3.11% 3.11% 90.98% 9.02% CII 2013 19.21% 57.09% 57.51% 6.27% 26.20% 0.20% 6.47% 63.78% 36.22% CJC 2013 51.00% 77.60% 56.00% 0.00% 40.05% 1.95% 1.95% 56.00% 42.00% CLC 2013 51.00% 57.38% 57.38% 1.49% 41.31% 0.18% 1.67% 58.87% 41.49% CMC 2013 31.30% 58.11% 11.75% 0.70% 86.77% 0.76% 1.46% 12.45% 87.53% CNT 2013 14.45% 23.84% 35.22% 25.97% 37.88% 0.93% 26.90% 61.19% 38.81% COM 2013 35.29% 67.52% 79.54% 0.05% 19.89% 0.52% 0.57% 79.59% 20.41% CTC 2013 17.64% 52.44% 37.94% 0.00% 61.99% 0.07% 0.07% 37.94% 62.06% CTN 2013 30.83% 35.84% 30.90% 0.00% 65.47% 3.63% 3.63% 30.90% 69.10% DAC 2013 51.00% 63.41% 74.00% 0.12% 21.24% 4.64% 4.76% 74.12% 25.88% DAE 2013 29.41% 38.05% 29.70% 33.98% 36.32% 0.00% 33.98% 63.68% 36.32% DBC 2013 14.28% 49.01% 15.48% 24.45% 42.15% 7.92% 32.37% 39.93% 50.07% DC4 2013 14.55% 48.39% 30.27% 0.00% 69.55% 0.18% 0.18% 30.27% 69.73% DCL 2013 36.35% 42.90% 45.49% 13.01% 39.65% 1.85% 14.86% 58.50% 41.50% DHA 2013 24.95% 39.85% 24.86% 14.70% 51.38% 5.06% 19.76% 39.56% 56.44% DHG 2013 43.31% 59.95% 88.67% 4.49% 5.66% 1.21% 5.70% 93.16% 6.84% DHT 2013 14.00% 41.37% 5.34% 0.00% 94.35% 0.31% 0.31% 5.34% 94.66% DIC 2013 20.25% 26.14% 12.02% 1.27% 85.44% 1.27% 2.54% 13.29% 86.71% DMC 2013 45.94% 80.65% 39.37% 48.22% 11.64% 0.78% 49.00% 87.59% 12.41% DNP 2013 24.59% 41.59% 6.35% 0.18% 90.56% 2.91% 3.09% 6.53% 93.47% DPC 2013 29.05% 51.52% 51.52% 0.00% 44.82% 3.66% 3.66% 51.52% 48.48% DPR 2013 56.97% 75.20% 59.90% 0.00% 7.13% 0.31% 0.31% 92.57% 7.44% DQC 2013 15.95% 55.98% 55.37% 13.03% 30.89% 0.71% 13.74% 68.40% 31.60% Mã CK N m TOP TOP5 DINST FINST DINDV DRC 2013 50.51% 50.51% 51.92% 27.04% 20.77% 0.00% DTT 2013 18.96% 41.74% 18.96% 0.00% 80.61% DXP 2013 51.00% 66.78% 51.06% 12.55% DXV 2013 15.81% 21.99% 72.35% EBS 2013 10.68% 28.25% 17.80% FMC 2013 17.25% 50.56% 61.01% FPT 2013 7.14% 29.45% FINDV FOREGIN INST INDV 27.04% 78.96% 20.77% 0.43% 0.43% 18.96% 81.04% 31.29% 5.10% 17.65% 63.61% 36.39% 0.02% 27.37% 0.26% 0.28% 72.37% 27.63% 13.20% 60.54% 8.46% 21.66% 31.00% 69.00% 4.35% 33.44% 1.20% 5.55% 65.36% 34.64% 15.07% 48.04% 35.93% 0.96% 49.00% 63.11% 36.89% GIL 2013 41.25% 50.20% 51.27% 10.04% 38.59% 0.90% 10.94% 61.31% 39.49% GTA 2013 19.95% 48.28% 58.57% 0.01% 40.75% 0.67% 0.68% 58.58% 41.42% HAG 2013 43.39% 58.60% 17.65% 27.20% 54.45% 0.70% 27.90% 44.85% 55.15% HAI 2013 46.00% 82.25% 76.96% 0.00% 23.00% 0.04% 0.04% 76.96% 23.04% HAP 2013 6.74% 14.28% 2.78% 14.97% 75.52% 0.00% 14.97% 17.75% 84.97% HAX 2013 32.63% 72.45% 43.86% 0.85% 53.28% 2.01% 2.86% 44.71% 55.29% HBC 2013 19.30% 36.20% 4.57% 19.95% 72.31% 3.83% 23.78% 24.52% 76.14% HBE 2013 29.97% 35.43% 55.81% 0.00% 44.11% 0.08% 0.08% 55.81% 44.19% HCC 2013 51.48% 62.01% 53.41% 10.96% 34.30% 1.33% 12.29% 64.37% 35.63% HDC 2013 11.66% 27.93% 11.66% 26.26% 61.70% 0.38% 26.64% 37.92% 62.08% HEV 2013 21.73% 43.25% 35.36% 0.00% 56.34% 8.30% 8.30% 35.36% 64.64% HJS 2013 51.00% 77.16% 56.00% 0.00% 43.79% 0.21% 0.21% 56.00% 44.00% HMC 2013 55.67% 68.85% 58.32% 0.85% 40.60% 0.23% 1.08% 59.17% 40.83% HPG 2013 24.12% 42.09% 1.17% 45.03% 53.40% 0.40% 45.43% 46.20% 53.80% HRC 2013 55.06% 66.35% 74.25% 0.23% 20.42% 0.00% 0.23% 74.25% 25.75% HT1 2013 79.69% 84.67% 79.69% 1.89% 18.18% 0.24% 2.13% 81.58% 18.42% HTV 2013 50.08% 67.73% 50.08% 5.24% 38.61% 6.07% 11.31% 55.32% 44.68% HUT 2013 10.03% 20.11% 11.00% 0.00% 87.06% 1.94% 1.94% 11.00% 89.00% ICF 2013 18.34% 25.91% 5.44% 0.05% 91.72% 2.79% 2.84% 5.49% 94.51% IMP 2013 27.43% 58.85% 30.89% 45.62% 21.77% 1.72% 47.34% 76.51% 23.49% KHA 2013 31.39% 42.90% 47.15% 3.78% 45.01% 4.06% 7.84% 50.93% 49.07% KHP 2013 51.53% 51.81% 51.64% 2.80% 44.72% 0.84% 3.64% 54.44% 45.56% L10 2013 51.00% 55.71% 51.21% 0.00% 48.23% 0.56% 0.56% 51.21% 48.79% L18 2013 18.75% 45.03% 46.68% 0.00% 52.92% 0.40% 0.40% 46.68% 53.32% L43 2013 51.00% 63.09% 57.10% 0.00% 42.88% 0.02% 0.02% 57.10% 42.90% L61 2013 51.00% 58.65% 51.00% 0.00% 48.36% 0.64% 0.64% 51.00% 49.00% L62 2013 53.08% 70.13% 56.54% 0.00% 43.45% 0.01% 0.01% 56.54% 43.46% LBE 2013 22.91% 42.64% 23.28% 0.00% 73.56% 3.16% 3.16% 23.28% 76.72% LBM 2013 55.16% 69.16% 57.33% 0.29% 41.40% 0.98% 1.27% 57.62% 42.38% LGC 2013 87.46% 87.46% 87.46% 0.06% 12.16% 0.32% 0.38% 87.52% 12.48% LSS 2013 19.46% 31.94% 51.00% 15.70% 31.76% 1.55% 17.25% 66.70% 33.31% LTC 2013 24.40% 32.99% 24.80% 0.00% 73.56% 1.64% 1.64% 24.80% 75.20% LUT 2013 18.71% 57.93% 13.95% 0.00% 86.04% 0.10% 0.10% 13.95% 86.14% MCO 2013 14.86% 40.35% 11.47% 0.00% 86.55% 1.98% 1.98% 11.47% 88.53% MCP 2013 39.89% 61.70% 43.83% 4.36% 50.89% 0.92% 5.28% 48.19% 51.81% MEC 2013 46.15% 46.15% 51.20% 0.08% 46.58% 2.12% 2.20% 51.28% 48.70% MHC 2013 14.58% 19.56% 5.15% 0.00% 92.44% 2.41% 2.41% 5.15% 94.85% Mã CK N m TOP TOP5 DINST FINST DINDV MMC 2013 51.00% 63.94% 63.94% 0.00% 35.78% 0.28% NAV 2013 20.00% 36.02% 68.80% 5.06% 26.14% NBC 2013 52.90% 76.52% 77.12% 3.85% NGC 2013 20.00% 52.49% 22.34% NHC 2013 30.04% 49.72% 55.71% NPS 2013 33.19% 46.68% NSC 2013 10.74% FINDV FOREGIN INST INDV 0.28% 63.94% 36.06% 0.00% 5.06% 73.86% 26.14% 17.13% 1.90% 5.75% 80.97% 19.03% 0.00% 74.39% 3.27% 3.27% 22.34% 77.66% 2.76% 44.20% 0.00% 2.76% 58.47% 41.47% 33.71% 0.00% 65.01% 1.29% 1.29% 33.71% 66.30% 48.15% 52.10% 31.30% 14.80% 1.90% 33.20% 83.40% 16.70% NST 2013 55.75% 72.34% 80.45% 1.87% 16.18% 1.50% 3.37% 82.32% 17.68% NTL 2013 6.06% 14.54% 7.41% 6.46% 82.48% 3.65% 10.11% 13.87% 86.13% NTP 2013 37.10% 74.76% 39.59% 0.00% 12.32% 0.42% 0.42% 87.26% 12.74% PJT 2013 51.21% 66.25% 51.79% 2.02% 32.99% 0.20% 2.22% 53.81% 46.24% PLC 2013 79.07% 79.07% 81.11% 2.56% 16.04% 0.29% 2.85% 83.67% 16.33% PMS 2013 57.92% 82.57% 82.57% 0.00% 11.84% 5.59% 5.59% 82.57% 17.43% PNC 2013 15.38% 32.34% 15.01% 5.03% 76.40% 12.39% 17.42% 20.04% 80.79% POT 2013 49.99% 67.67% 61.50% 0.00% 38.34% 0.16% 0.16% 61.50% 38.50% PPC 2013 52.30% 83.56% 80.34% 15.70% 1.96% 2.00% 17.70% 96.04% 3.96% PSC 2013 52.73% 90.45% 90.45% 0.00% 9.11% 0.44% 0.44% 90.45% 9.55% PVD 2013 50.44% 65.12% 60.12% 33.00% 6.09% 0.79% 33.79% 93.12% 6.88% PVS 2013 51.31% 71.12% 65.54% 16.18% 18.26% 0.02% 16.20% 81.72% 18.28% PVT 2013 58.40% 66.72% 8.78% 12.14% 74.91% 4.17% 16.31% 20.92% 79.08% QNC 2013 17.77% 27.03% 17.77% 0.03% 80.75% 0.04% 0.07% 17.80% 80.79% RCL 2013 51.00% 62.53% 51.06% 3.51% 37.28% 8.15% 11.66% 54.57% 45.43% REE 2013 17.58% 34.25% 31.03% 13.25% 55.72% 0.00% 13.25% 44.28% 55.72% RIC 2013 52.49% 72.48% 26.92% 42.49% 22.08% 4.15% 46.64% 69.41% 26.23% S91 2013 55.23% 57.03% 55.62% 0.00% 41.17% 1.80% 1.80% 57.03% 42.97% SAP 2013 32.26% 72.45% 33.15% 0.00% 66.66% 0.19% 0.19% 33.15% 66.85% SAV 2013 24.31% 80.03% 50.63% 3.37% 13.55% 3.37% 6.74% 54.00% 16.92% SFC 2013 50.02% 76.03% 73.26% 0.13% 23.38% 2.78% 2.91% 73.39% 26.16% SGC 2013 49.89% 61.45% 48.18% 0.10% 50.72% 1.24% 1.34% 48.28% 51.96% SIC 2013 26.83% 37.02% 44.92% 0.33% 53.83% 0.92% 1.25% 45.25% 54.75% SJ1 2013 22.59% 45.73% 76.65% 0.62% 22.68% 0.04% 0.66% 77.27% 22.72% SJS 2013 36.30% 58.67% 53.24% 3.04% 40.68% 3.04% 6.08% 56.28% 43.72% SMC 2013 17.81% 32.08% 17.45% 7.16% 74.71% 0.68% 7.84% 24.61% 75.39% SPP 2013 16.72% 52.38% 19.40% 28.81% 47.48% 0.02% 28.83% 48.21% 47.50% SSC 2013 24.70% 64.12% 55.85% 24.48% 17.94% 1.31% 25.79% 80.33% 19.25% SSM 2013 7.89% 12.48% 15.86% 3.45% 76.84% 3.85% 7.30% 19.31% 80.69% STP 2013 5.32% 10.78% 90.79% 3.54% 5.67% 0.00% 3.54% 94.33% 5.67% SVC 2013 40.78% 53.15% 53.15% 0.00% 41.61% 5.24% 5.24% 53.15% 46.85% TCM 2013 43.22% 57.81% 19.21% 47.37% 34.40% 0.70% 48.07% 66.58% 35.10% TDH 2013 8.82% 31.43% 19.21% 33.75% 42.73% 2.78% 36.53% 52.96% 45.51% TMS 2013 24.90% 70.93% 46.99% 39.38% 13.63% 0.00% 39.38% 86.37% 13.63% TNA 2013 25.49% 59.08% 46.17% 0.24% 51.79% 1.56% 1.80% 46.41% 53.35% TNC 2013 51.00% 56.19% 64.59% 1.44% 33.50% 0.47% 1.91% 66.03% 33.97% TRA 2013 35.67% 79.57% 36.41% 45.87% 17.61% 0.10% 45.97% 82.28% 17.71% Mã CK N m TOP TOP5 DINST FINST DINDV TRC 2013 61.80% 68.76% 66.72% 30.00% 1.89% 1.39% TTC 2013 42.78% 62.87% 43.28% 3.66% 47.14% TTF 2013 13.58% 41.84% 47.20% 0.00% TXM 2013 51.21% 64.45% 61.21% UIC 2013 51.00% 61.58% 54.12% VC2 2013 51.23% 51.23% VC3 2013 51.00% FINDV FOREGIN INST INDV 31.39% 96.72% 3.28% 5.92% 9.58% 46.94% 53.06% 42.22% 10.58% 10.58% 47.20% 52.80% 5.82% 28.61% 4.36% 10.18% 67.03% 32.97% 0.10% 43.47% 2.41% 2.51% 54.22% 45.88% 53.78% 3.31% 42.55% 0.36% 3.67% 57.09% 42.91% 82.45% 75.45% 0.00% 24.53% 0.02% 0.02% 75.45% 24.55% VC7 2013 51.00% 58.12% 57.45% 10.35% 42.43% 0.17% 10.52% 57.45% 42.60% VDL 2013 24.86% 68.79% 45.84% 0.72% 51.50% 1.94% 2.66% 46.56% 53.44% VGP 2013 38.43% 46.78% 45.40% 3.54% 48.89% 2.15% 5.69% 48.94% 51.04% VGS 2013 6.28% 12.27% 17.32% 0.00% 81.34% 1.34% 1.34% 17.32% 82.68% VHC 2013 49.57% 73.35% 12.22% 22.68% 64.73% 0.36% 23.04% 34.90% 65.09% VIC 2013 30.62% 58.39% 22.05% 3.44% 64.96% 0.00% 3.44% 25.49% 74.51% VID 2013 14.71% 29.88% 14.36% 0.00% 84.87% 0.77% 0.77% 14.36% 85.64% VIP 2013 51.00% 64.34% 57.75% 11.38% 30.17% 0.70% 12.08% 69.13% 30.87% VIS 2013 53.04% 57.26% 54.49% 3.69% 40.63% 0.68% 4.37% 58.18% 41.31% VMC 2013 51.00% 86.76% 82.90% 0.00% 16.74% 0.36% 0.36% 82.90% 17.10% VPK 2013 44.16% 63.95% 67.00% 0.30% 20.00% 0.00% 0.30% 67.00% 33.00% VSC 2013 7.66% 31.52% 7.65% 47.11% 43.35% 1.89% 49.00% 54.76% 45.24% VTB 2013 55.54% 58.19% 60.14% 1.36% 35.91% 2.59% 3.95% 61.50% 38.50% VNA 2013 51.00% 64.08% 68.42% 0.45% 30.64% 0.49% 0.94% 68.87% 31.13% VNC 2013 30.00% 51.41% 31.25% 41.64% 23.06% 4.05% 45.69% 72.89% 27.11% VNS 2013 23.83% 71.63% 24.52% 29.91% 43.32% 2.25% 32.16% 54.43% 45.57% ACL 2014 21.62% 56.39% 2.50% 0.00% 93.25% 4.25% 4.25% 2.50% 97.50% AGF 2014 51.41% 59.68% 87.92% 0.33% 11.07% 0.68% 1.01% 88.25% 11.75% ALT 2014 16.96% 44.30% 45.19% 0.45% 50.38% 3.98% 4.43% 45.64% 54.36% ANV 2014 45.37% 59.05% 96.76% 0.20% 1.37% 1.67% 1.87% 96.96% 3.04% ASP 2014 48.20% 45.94% 0.87% 28.60% 70.21% 0.32% 28.92% 29.47% 70.53% B82 2014 50.09% 55.74% 51.11% 0.20% 48.69% 0.20% 0.40% 51.31% 48.69% BBC 2014 43.56% 85.17% 41.61% 0.00% 9.83% 3.54% 3.54% 86.63% 13.37% BBS 2014 52.97% 65.80% 52.99% 3.44% 41.92% 1.66% 5.10% 56.43% 43.58% BCC 2014 73.15% 78.55% 73.15% 0.00% 25.31% 1.54% 1.54% 73.15% 26.85% BLF 2014 20.05% 26.05% 8.53% 0.00% 91.17% 0.30% 0.30% 8.53% 91.47% BMC 2014 22.51% 58.50% 48.53% 8.45% 38.02% 5.00% 13.45% 56.98% 43.02% BMP 2014 29.51% 59.92% 36.20% 0.00% 11.91% 0.70% 0.70% 84.48% 12.61% BPC 2014 55.52% 66.67% 55.50% 0.00% 43.27% 1.23% 1.23% 55.50% 44.50% BT6 2014 20.19% 68.73% 38.00% 8.00% 47.00% 7.00% 15.00% 46.00% 54.00% BTH 2014 49.49% 49.49% 50.41% 0.00% 49.59% 0.05% 0.05% 50.41% 49.64% BTS 2014 18.14% 28.14% 90.51% 0.05% 9.38% 0.06% 0.11% 90.56% 9.44% C92 2014 42.31% 58.65% 51.20% 0.10% 48.00% 0.70% 0.80% 51.30% 48.70% CAN 2014 27.75% 32.59% 27.75% 4.62% 56.13% 0.00% 4.62% 32.37% 67.63% CAP 2014 7.74% 14.32% 4.92% 0.00% 93.14% 1.94% 1.94% 4.92% 95.08% CDC 2014 23.77% 41.14% 25.94% 0.00% 73.52% 0.54% 0.54% 25.94% 74.06% CID 2014 51.08% 67.39% 90.98% 0.00% 5.91% 3.11% 3.11% 90.98% 9.02% Mã CK N m TOP TOP5 DINST FINST DINDV CII 2014 19.21% 49.81% 57.51% 6.27% 26.20% 0.00% CJC 2014 51.00% 81.00% 56.00% 0.00% 40.05% CLC 2014 51.00% 57.38% 61.67% 1.65% 33.08% FINDV FOREGIN INST INDV 6.27% 63.78% 36.22% 1.95% 1.95% 56.00% 42.00% 3.60% 5.25% 63.32% 36.68% CMC 2014 31.30% 64.24% 11.76% 0.71% 84.61% 2.90% 3.61% 12.47% 87.51% CNT 2014 14.45% 23.84% 35.22% 25.97% 37.88% 0.93% 26.90% 61.19% 38.81% COM 2014 44.79% 84.44% 84.59% 0.00% 14.93% 0.48% 0.48% 84.59% 15.41% CTC 2014 17.64% 52.44% 37.94% 0.00% 61.99% 0.07% 0.07% 37.94% 62.06% CTN 2014 30.83% 35.84% 30.90% 0.00% 65.47% 3.63% 3.63% 30.90% 69.10% DAC 2014 51.00% 63.41% 74.00% 0.12% 21.24% 4.64% 4.76% 74.12% 25.88% DAE 2014 29.41% 37.04% 29.41% 33.98% 36.57% 0.00% 33.98% 63.39% 36.57% DBC 2014 18.27% 33.41% 13.45% 31.14% 55.19% 0.53% 31.67% 44.59% 55.72% DC4 2014 14.55% 48.41% 31.50% 0.00% 68.31% 0.19% 0.19% 31.50% 68.50% DCL 2014 20.17% 52.48% 16.30% 6.13% 75.88% 1.68% 7.81% 22.43% 77.56% DHA 2014 24.95% 39.85% 25.69% 7.77% 62.28% 3.98% 11.75% 33.46% 66.26% DHG 2014 43.31% 59.95% 89.26% 4.49% 5.24% 1.21% 5.70% 93.75% 6.25% DHT 2014 8.15% 41.97% 5.34% 0.00% 94.35% 0.31% 0.31% 5.34% 94.66% DIC 2014 20.25% 26.14% 10.82% 1.07% 87.04% 1.07% 2.14% 11.89% 88.11% DMC 2014 45.94% 80.65% 39.37% 48.22% 11.64% 0.78% 49.00% 87.59% 12.41% DNP 2014 24.59% 41.59% 6.35% 0.18% 90.56% 2.91% 3.09% 6.53% 93.47% DPC 2014 15.12% 44.17% 44.17% 0.00% 54.01% 1.67% 1.67% 44.17% 55.68% DPR 2014 59.81% 74.39% 60.01% 0.00% 12.98% 0.31% 0.31% 86.71% 13.29% DQC 2014 15.95% 55.98% 28.73% 14.96% 55.76% 0.55% 15.51% 43.69% 56.31% DRC 2014 51.00% 55.89% 53.89% 28.62% 15.73% 0.00% 28.62% 82.51% 15.73% DTT 2014 18.96% 65.93% 20.72% 0.00% 78.94% 0.34% 0.34% 20.72% 79.28% DXP 2014 51.00% 60.65% 67.41% 12.55% 14.94% 5.10% 17.65% 79.96% 20.04% DXV 2014 15.81% 21.99% 72.35% 0.02% 27.37% 0.26% 0.28% 72.37% 27.63% EBS 2014 10.68% 25.00% 19.80% 13.20% 55.20% 0.00% 13.20% 33.00% 67.00% FMC 2014 17.25% 55.51% 50.67% 3.70% 44.67% 0.96% 4.66% 54.37% 45.63% FPT 2014 7.14% 18.91% 12.58% 48.00% 38.52% 0.90% 48.90% 60.58% 39.42% GIL 2014 41.25% 53.39% 48.84% 9.68% 38.23% 1.94% 11.62% 58.52% 40.17% GTA 2014 19.95% 50.32% 63.82% 3.54% 31.00% 1.64% 5.18% 67.36% 32.64% HAG 2014 43.39% 53.53% 17.60% 27.20% 54.45% 0.75% 27.95% 44.80% 55.20% HAI 2014 46.00% 62.25% 76.96% 0.00% 22.68% 0.36% 0.36% 76.96% 23.04% HAP 2014 6.74% 14.28% 2.78% 14.97% 75.52% 0.00% 14.97% 17.75% 84.97% HAX 2014 32.63% 67.95% 43.86% 0.85% 53.28% 2.01% 2.86% 44.71% 55.29% HBC 2014 19.17% 34.60% 4.57% 19.95% 72.31% 3.83% 23.78% 24.52% 76.14% HBE 2014 29.97% 35.11% 55.81% 0.00% 44.01% 0.18% 0.18% 55.81% 44.19% HCC 2014 51.48% 65.99% 51.51% 14.51% 33.20% 0.77% 15.28% 66.02% 33.97% HDC 2014 11.66% 24.55% 33.31% 32.64% 33.20% 0.85% 33.49% 65.95% 34.05% HEV 2014 21.73% 40.07% 26.67% 17.23% 47.80% 8.30% 25.53% 43.90% 56.10% HJS 2014 51.00% 63.09% 56.00% 0.00% 43.79% 0.21% 0.21% 56.00% 44.00% HMC 2014 55.67% 62.45% 63.59% 0.18% 35.90% 0.35% 0.53% 63.77% 36.22% HPG 2014 24.12% 40.09% 2.31% 41.88% 55.38% 0.43% 42.31% 44.19% 55.81% HRC 2014 55.06% 60.69% 74.25% 0.23% 20.42% 0.20% 0.43% 74.25% 25.75% Mã CK N m TOP TOP5 DINST FINST DINDV HT1 2014 79.69% 85.01% 89.22% 1.89% 8.65% 0.24% HTV 2014 50.08% 67.09% 50.08% 5.24% 38.61% HUT 2014 10.03% 32.05% 15.46% 3.00% FINDV FOREGIN INST INDV 2.13% 91.11% 8.89% 6.07% 11.31% 55.32% 44.68% 77.15% 4.39% 7.39% 18.46% 81.54% ICF 2014 18.34% 32.59% 5.40% 0.00% 94.60% 5.30% 5.30% 5.40% 93.90% IMP 2014 27.43% 58.85% 30.89% 45.62% 21.77% 1.72% 47.34% 76.51% 23.49% KHA 2014 31.39% 44.01% 47.15% 3.20% 44.93% 4.72% 7.92% 50.35% 49.65% KHP 2014 51.53% 58.95% 55.21% 13.72% 29.66% 1.42% 15.14% 68.93% 31.08% L10 2014 51.00% 56.02% 51.21% 0.00% 48.23% 0.56% 0.56% 51.21% 48.79% L18 2014 18.75% 46.16% 46.28% 0.00% 53.44% 0.28% 0.28% 46.28% 53.72% L43 2014 51.00% 60.03% 64.40% 0.00% 35.43% 0.17% 0.17% 64.40% 35.60% L61 2014 51.00% 51.00% 58.91% 0.00% 35.89% 5.20% 5.20% 58.91% 41.09% L62 2014 53.08% 64.80% 56.49% 0.00% 43.50% 0.01% 0.01% 56.49% 43.51% LBE 2014 22.91% 53.46% 23.50% 0.77% 74.52% 1.21% 1.98% 24.27% 75.73% LBM 2014 55.16% 69.16% 57.33% 0.29% 41.40% 0.98% 1.27% 57.62% 42.38% LGC 2014 71.84% 71.84% 71.84% 0.00% 27.85% 0.31% 0.31% 71.84% 28.16% LSS 2014 19.46% 31.94% 60.79% 10.94% 27.05% 1.22% 12.16% 71.73% 28.27% LTC 2014 24.40% 32.99% 24.80% 0.00% 73.56% 1.64% 1.64% 24.80% 75.20% LUT 2014 18.71% 65.15% 11.00% 0.01% 88.89% 0.10% 0.11% 11.01% 88.99% MCO 2014 14.86% 45.47% 11.47% 0.00% 86.55% 1.98% 1.98% 11.47% 88.53% MCP 2014 39.11% 60.71% 41.69% 5.00% 53.18% 0.13% 5.13% 46.69% 53.31% MEC 2014 46.15% 46.15% 50.50% 0.10% 47.00% 2.40% 2.50% 50.60% 49.40% MHC 2014 14.58% 19.56% 3.60% 0.00% 93.27% 3.13% 3.13% 3.60% 96.40% MMC 2014 14.30% 21.50% 16.32% 0.69% 82.87% 0.10% 0.79% 17.01% 82.97% NAV 2014 20.00% 36.02% 68.80% 5.06% 26.14% 0.00% 5.06% 73.86% 26.14% NBC 2014 52.90% 76.71% 77.31% 3.40% 16.95% 2.33% 5.73% 80.71% 19.28% NGC 2014 20.00% 52.49% 53.73% 0.00% 42.37% 11.36% 11.36% 53.73% 44.73% NHC 2014 30.04% 50.38% 30.19% 4.78% 51.31% 0.20% 4.98% 34.97% 65.04% NPS 2014 33.71% 33.71% 33.71% 0.00% 65.01% 1.29% 1.29% 33.71% 66.30% NSC 2014 10.74% 48.15% 52.10% 31.30% 14.80% 1.90% 33.20% 83.40% 16.70% NST 2014 55.75% 72.34% 78.76% 3.20% 16.18% 1.86% 5.06% 81.96% 18.04% NTL 2014 6.06% 14.54% 7.41% 6.46% 82.48% 3.65% 10.11% 13.87% 86.13% NTP 2014 37.10% 74.09% 39.55% 0.00% 24.41% 3.90% 3.90% 75.20% 28.31% PJT 2014 51.22% 65.34% 51.93% 2.30% 32.88% 0.00% 2.30% 54.23% 46.09% PLC 2014 79.07% 79.07% 81.11% 3.24% 15.48% 0.17% 3.41% 84.35% 15.65% PMS 2014 46.00% 69.10% 51.33% 23.00% 21.30% 4.37% 27.37% 74.33% 25.67% PNC 2014 15.38% 37.44% 23.70% 0.00% 72.56% 3.74% 3.74% 23.70% 76.30% POT 2014 49.99% 73.94% 58.85% 0.01% 41.06% 0.09% 0.10% 58.86% 41.15% PPC 2014 51.00% 78.16% 78.23% 16.01% 4.76% 1.00% 17.01% 94.24% 5.76% PSC 2014 52.73% 90.45% 90.45% 0.00% 9.11% 0.44% 0.44% 90.45% 9.55% PVD 2014 50.39% 64.56% 53.24% 35.96% 10.14% 0.65% 36.61% 89.20% 10.79% PVS 2014 51.38% 65.56% 57.32% 24.29% 18.03% 0.37% 24.66% 81.61% 18.40% PVT 2014 51.00% 63.70% 75.97% 12.14% 11.36% 0.53% 12.67% 88.11% 11.89% QNC 2014 17.77% 27.03% 18.29% 0.03% 83.38% 0.28% 0.31% 18.32% 83.66% RCL 2014 30.00% 45.33% 33.63% 11.77% 47.44% 7.72% 19.49% 45.40% 55.16% Mã CK N m TOP TOP5 DINST FINST DINDV REE 2014 10.67% 39.00% 9.00% 48.00% 42.00% 1.00% RIC 2014 47.20% 72.48% 26.92% 42.49% 22.08% S91 2014 55.23% 57.03% 55.62% 0.00% 41.17% FINDV FOREGIN INST INDV 49.00% 57.00% 43.00% 4.15% 46.64% 69.41% 26.23% 1.80% 1.80% 57.03% 42.97% SAP 2014 32.26% 72.45% 33.15% 0.00% 66.66% 0.19% 0.19% 33.15% 66.85% SAV 2014 40.60% 59.55% 26.40% 47.77% 24.62% 1.21% 48.98% 74.17% 25.83% SFC 2014 50.99% 71.00% 74.23% 0.03% 23.73% 2.01% 2.04% 74.26% 25.74% SGC 2014 49.89% 61.45% 48.18% 0.10% 50.72% 1.24% 1.34% 48.28% 51.96% SIC 2014 36.73% 43.34% 40.63% 0.00% 59.03% 0.35% 0.35% 40.63% 59.38% SJ1 2014 23.37% 46.10% 49.64% 0.03% 50.08% 0.25% 0.28% 49.67% 50.33% SJS 2014 36.30% 58.67% 40.37% 8.52% 49.24% 1.87% 10.39% 48.89% 51.11% SMC 2014 18.15% 32.22% 10.02% 10.12% 79.10% 0.76% 10.88% 20.14% 79.86% SPP 2014 16.00% 47.27% 19.35% 28.82% 47.54% 0.01% 28.83% 48.17% 47.55% SSC 2014 24.70% 64.12% 55.85% 24.48% 17.94% 1.31% 25.79% 80.33% 19.25% SSM 2014 7.89% 12.48% 15.86% 3.45% 76.84% 3.85% 7.30% 19.31% 80.69% STP 2014 5.32% 10.78% 82.94% 1.27% 13.84% 1.95% 3.22% 84.21% 15.79% SVC 2014 40.78% 50.58% 64.00% 9.80% 20.12% 6.08% 15.88% 73.80% 26.20% TCM 2014 50.85% 67.81% 67.96% 0.04% 31.56% 0.44% 0.48% 68.00% 32.00% TDH 2014 8.82% 21.78% 21.53% 44.79% 31.32% 2.37% 47.16% 66.32% 33.69% TMS 2014 24.90% 70.93% 46.99% 39.38% 13.63% 0.00% 39.38% 86.37% 13.63% TNA 2014 20.86% 40.09% 35.60% 0.24% 62.56% 1.60% 1.84% 35.84% 64.16% TNC 2014 51.00% 56.19% 64.59% 1.44% 33.50% 0.47% 1.91% 66.03% 33.97% TRA 2014 35.67% 71.09% 36.57% 45.50% 7.93% 0.17% 45.67% 82.07% 8.10% TRC 2014 60.00% 60.00% 77.26% 16.63% 3.15% 0.31% 16.94% 93.89% 3.46% TTC 2014 42.78% 68.68% 44.17% 6.38% 42.91% 6.54% 12.92% 50.55% 49.45% TTF 2014 13.58% 41.84% 47.20% 0.00% 42.22% 10.58% 10.58% 47.20% 52.80% TXM 2014 51.21% 61.21% 62.49% 9.42% 23.16% 4.93% 14.35% 71.91% 28.09% UIC 2014 51.00% 61.58% 52.19% 0.19% 45.16% 2.46% 2.65% 52.38% 47.62% VC2 2014 51.23% 51.23% 53.78% 3.31% 42.55% 0.36% 3.67% 57.09% 42.91% VC3 2014 51.00% 70.33% 75.45% 10.35% 24.53% 0.02% 10.37% 75.45% 24.55% VC7 2014 36.00% 42.32% 42.42% 0.00% 57.40% 0.18% 0.18% 42.42% 57.58% VDL 2014 24.86% 66.76% 49.38% 0.05% 49.77% 1.80% 1.85% 49.43% 51.57% VGP 2014 38.43% 46.78% 45.40% 3.54% 48.89% 2.15% 5.69% 48.94% 51.04% VGS 2014 6.28% 12.27% 17.32% 0.00% 81.34% 1.34% 1.34% 17.32% 82.68% VHC 2014 49.57% 73.35% 12.22% 22.68% 64.73% 0.36% 23.04% 34.90% 65.09% VIC VID 2014 2014 29.10% 14.71% 54.99% 29.89% 22.05% 14.81% 3.44% 0.21% 64.96% 84.46% 0.00% 0.52% 3.44% 0.73% 25.49% 15.02% 74.51% 84.98% VIP 2014 51.00% 56.28% 60.33% 10.88% 28.41% 0.37% 11.25% 71.21% 28.78% VIS 2014 53.04% 57.26% 57.30% 0.64% 40.84% 0.61% 1.25% 57.94% 41.45% VMC 2014 51.00% 82.17% 82.90% 0.00% 16.74% 0.36% 0.36% 82.90% 17.10% VPK 2014 44.16% 63.95% 67.00% 0.30% 20.00% 0.00% 0.30% 67.00% 33.00% VSC 2014 7.66% 32.23% 19.94% 47.56% 31.23% 1.27% 48.83% 67.50% 32.50% VTB 2014 55.54% 58.19% 60.14% 1.36% 35.91% 2.59% 3.95% 61.50% 38.50% VNA 2014 51.00% 51.00% 52.23% 1.65% 45.74% 0.38% 2.03% 53.88% 46.12% VNC 2014 30.00% 48.92% 31.25% 41.64% 23.06% 4.05% 45.69% 72.89% 27.11% VNS 2014 23.83% 71.63% 17.37% 48.33% 36.36% 0.67% 49.00% 65.70% 37.03% [...]... t Nam th i gian qua cho th y đây chính sách chi tr c t c là m t trong s nh ng nhân t nhân t quan tr ng và đ tiên hàng đ u Các công ty niêm y t th c các công ty niêm y t u ng chi tr c t c d a trên m c chi tr c t c ph bi n c a các công ty niêm y t trên th tr ng ch ng khoán, đ c bi t là các công ty cùng ngành, các công ty có cùng quy mô Trong tình tr ng b t cân x ng 13 thông tin th tr ng Vi t Nam thì chính. .. ph n trong c u trúc v n c a các công ty, c ng nh chi phí s d ng v n c a các công ty Chính sách c t c c a các công ty b nh h ng b i nhi u nhân t , nhân t khách quan, nhân t ch quan, nhân t bên trong, nhân t bên ngoài công ty Các doanh nghi p s đ a ra chính sách c t c khác nhau tùy thu c vào đ c đi m c a th tr ng, ngành ho t đ ng và đ nh h ng phát tri n c a công ty Các nhà nghiên c u trên th gi i đã... n chính sách c t c, các y u t c a c u trúc s h u tác đ ng đ n chính sách c t c, các nghiên c u tr c đây liên quan t i v n đ này 2.1 Chính sách c t c Chính sách c t c là m t trong ba chính sách tài chính quan tr ng c a công ty, bên c nh hai quy t đ nh khác là quy t đ nh tài tr và quy t đ nh đ u t Chính sách c t c là chính sách n đ nh phân ph i gi a l i nhu n gi l i đ tái đ u t hay chi tr c t c cho các. .. các thông tin v c u trúc s h u, c c u c đông  Báo cáo tài chính hàng n m đ c ki m toán cung c p các s li u v t ng n , t ng tài s n, thu nh p sau thu …  D a trên ph ng pháp h i quy đ c th c hi n trong bài nghiên c u “C u trúc s h u và chính sách c t c: B ng ch ng t Thái Lan” đ xem xét các y u t c u trúc s h u tác đ ng đ n chính sách c a các công ty niêm y t trên th tr ng ch ng khoán Vi t Nam Các công. .. n c ngoài t i chính sách chi tr c t c c a các công ty 2.4.5 Ph n tr m c ph n do các cá nhân n m gi (INDV) Gugler (2003) nghiên c u m i quan h gi a c u trúc s h u và chính sách c t c đ i v i các công ty t i th tr ng Úc trong kho ng th i gian t n m 1991 đ n n m 1999 nh n th y r ng các công ty có s h u cá nhân d i hình th c công ty gia đình thì có nhi u kh n ng c t gi m c t c h n các công ty đ đông nhà... c a s h u t ch c c, công ty đ u t và các lo i hình công ty khác H có ng đ n các chính sách, c ng nh chi u h ng ho t đ ng c a các công ty và chính sách c t c c ng không ph i là m t ngo i l Theo Short và c ng s (2002) ti n hành xem xét m i quan h gi a s h u t ch c và chính sách chi tr c t c d a trên d li u thu th p đ niêm y t trên sàn ch ng khoán Luân c t 211 công ty đ c ôn, Anh trong giai đo n t n m... i các công ty t i th tr ng ch ng khoán Nh t B n c ng cho k t qu chính sách chi tr c t c có th s d ng đ ki m soát v n đ đ u t tràn lan c a công ty Ngoài ra, bài nghiên c u còn nh n ra đ c mâu thu n gi a các nhà qu n lý và các c đông v chính sách c t c có s thay đ i khi c h i phát tri n c a công ty thay đ i qua các th i k Theo nghiên c u c a Ullah và c ng s (2012) ti n hành phân tích các công ty đ niêm. .. thay th cho s giám sát y u kém c a các c đông, nh ng c ng có th đ c gi i thích b ng s hi n di n các c đông n m gi quy n ki m soát, h chính là ng i đ ra chính sách cho công ty Còn trong nghiên c u c a Mancinelli và Ozkan (2006) v c u trúc s h u và chính sách c t c cho các công ty Ý, nghiên c u này đ c th c hi n trên m u g m 139 công ty niêm y t t i sàn ch ng khoán Ý C u trúc s h u Ý có s t p trung cao... soát đ c công ty Trong khi c u trúc s h u phân tán thì có nhi u c đông, m i c đông s h u m t s c ph n c a công ty, quy n ki m soát ho t đ ng do ban qu n lý n m gi Các c đông nh ít có đ ng l c đ ki m tra ch t ch ho t đ ng c a công ty và không tham gia vào ho t đ ng đi u hành c a công ty C c u s h u trong các công ty có th gây ra nh ng tác đ ng t i quá trình ho t đ ng c a các công ty và chính sách c t... i các t ch c và chính sách chi tr c t c t i c M Th y r ng chính sách c t c nh h ng đ n vi c n m gi c ph n c a các t ch c, các nhà đ u t t ch c s h ng thú h n v i các công ty có th c hi n chi tr c t c Nh ng trong nh ng công ty chi tr c t c, nhà đ u t t ch c l i thích các công ty chi tr c t c th p i v i nghiên c u c a Khan (2006) th c hi n nghiên c u m i quan h gi a chính sách chi tr c t c và c u trúc ... u t c u trúc s h u tác đ ng đ n sách c a công ty niêm y t th tr ng ch ng khoán Vi t Nam Các công ty c ph n t i th tr ng ch ng khoán Vi t Nam th ng chi tr c t c hai l n m t n m Các công ty thu... trúc s h u t i sách c t c t i công ty niêm y t th tr ng ch ng khoán Vi t Nam Qua tác gi s phân tích m i quan h gi a sách c t c c u trúc s h u c a công ty niêm y t th tr ng ch ng khoán Vi t Nam. .. i đ sách cho công ty Còn nghiên c u c a Mancinelli Ozkan (2006) v c u trúc s h u sách c t c cho công ty Ý, nghiên c u đ c th c hi n m u g m 139 công ty niêm y t t i sàn ch ng khoán Ý C u trúc