kiểm định mối quan hệ giữa giá dầu thế giới và tỷ suất sinh lợi chứng khoán –nghiên cứu trường hợp tại việt nam

B TR NG GIÁO D C VẨ ẨO T O I H C KINH T TP H CHÍ MINH NGUY N ANH V N KI M NH M I QUAN H GI A GIÁ D U TH GI I VÀ T SU T SINH L I CH NG KHOÁN ậ NGHIÊN C U TR T I VI T NAM LU N V N TH C S KINH T Tp H CHÍ MINH ậ N M 2015 NG H P B TR NG GIÁO D C VẨ ẨO T O I H C KINH T TP H CHÍ MINH NGUY N ANH V N KI M NH M I QUAN H GI A GIÁ D U TH GI I VÀ T SU T SINH L I CH NG KHOÁN ậ NGHIÊN C U TR NG H P T I VI T NAM Chuyên ngành: Tài ậ Ngân hàng Mã s : 60340201 LU N V N TH C S KINH T NG IH NG D N KHOA H C: GS.TS TR N NG C TH Tp H CHÍ MINH ậ N M 2015 L I CAM OAN Tôi xin cam đoan lu n v n cơng trình nghiên c u tơi th c hi n, v i s h ng d n c a GS.TS Tr n Ng c Th S li u, ý ki n trích d n nghiên c u đ u có ngu n g c rõ ràng tác gi c th K t qu nghiên c u trung th c ch a t ng đ c công b b t k nghiên c u khác TP H Chí Minh, ngày… tháng….n m 2015 Tác gi NGUY N ANH V N M CL C TRANG PH BÌA L I CAM OAN M CL C DANH M C T VI T T T DANH M C B NG BI U VÀ HÌNH V TÓM T T CH NG I ậ GI I THI U CHUNG V BÀI NGHIÊN C U 1.1 TV N NGHIÊN C U 1.2 M C TIÊU NGHIÊN C U 1.3 IT 1.4 PH NG VÀ PH M VI NGHIÊN C U NG PHÁP NGHIÊN C U 1.5 Ý NGH A TÀI 1.6 B C C BÀI NGHIÊN C U CH NG II ậ T NG QUAN CÁC NGHIÊN C U TR C ỂY 2.1 CÁC NGHIÊN C U TRÊN TH GI I 2.2 CÁC NGHIÊN C U T I VI T NAM 12 CH NG III ậ D 3.1 D NG PHỄP NGHIểN C U 14 LI U NGHIÊN C U 14 3.2 PH CH LI U VẨ PH NG PHÁP NGHIÊN C U 17 NG IV - K T QU NGHIÊN C U 21 4.1 KI M NH TÍNH D NG C A CHU I D 4.2 K T QU KI M NH PH 4.3 K T QU KI M NH S LI U 21 NG SAI SAI S THAY TÁC NG C A THAY I 31 I GIÁ D U N TSSL CH NG KHOÁN NIÊM Y T T I VI T NAM 39 4.4 K T QU KI M NH TR TÁC NG T THAY I GIÁ D U N TSSL CH NG KHOÁN NIÊM Y T T I VI T NAM 50 4.5 K T QU KI M NH TÁC NG T THAY I GIÁ D U N TSSL CH NG KHỐN THEO QUI MƠ CƠNG TY 56 4.6 S PHÙ H P C A MƠ HÌNH NGHIÊN C U: KI M NH PH N D CHU N HÓA 59 CH NG V ậ K T LU N 67 DANH M C TÀI LI U THAM KH O PH L C 1: T NG H P DANH SÁCH CÁC CÔNG TY NIÊM Y T TRONG CHU I D LI U NGHIÊN C U PH L C 2: TH NG KÊ MÔ T CHU I TSSL CÁC BI N NGHIÊN C U PH L C 3: CÂU L NH CH NG TRỊNH S PH L C 4: K T QU CHI TI T M I T CH NG KHOỄN THEO CỄC D NG TRONG EVIEWS NG QUAN GI A GIÁ D U VÀ TSSL TR C A THAY I GIÁ D U DANH M C T VI T T T ARCH: Ph CK: Ch ng khốn G7: Nhóm qu c gia phát tri n G7 GARCH: Ph GDP: T ng s n ph m qu c n i HNX: S Giao D ch Ch ng khoán Hà N i HOSE: S Giao D ch Ch ng khốn TP H Chí Minh IMF: Q y ti n t Qu c t NYSE: S Giao D ch Ch ng khoán New York OECD: T ch c H p tác Phát tri n Kinh t OLS: Ph TGH : T giá h i đoái TSSL: T su t sinh l i TTCK: Th tr USD: ng sai sai s thay đ i có u ki n t h i quy ng sai sai s có u ki n thay đ i t h i quy t ng quát ng pháp h i quy bình ph ng nh nh t ng ch ng khốn ng đơ-la M VECM: Mơ hình Vector hi u ch nh sai s VND: Ti n đ ng Vi t Nam VN-INDEX: Ch s ch ng khốn VN-Index WTI: Ch s giá d u thơ West Texas Intermediate DANH M C B NG BI U B ng 1.1: S li u xu t nh p kh u x ng d u tháng 02/2015 tháng đ u n m 2015 B ng 4.1: K t qu ki m đ nh tính d ng c a toàn b chu i d li u nghiên c u 22 B ng 4.2: K t qu ki m đ nh ph B ng 4.3: K t qu h s cl ng sai sai s thay đ i 32 ng theo t ng ngành 40 B ng 4.4: Chi ti t k t qu ki m đ nh h s cl ng theo t ng công ty 44 B ng 4.5: K t qu ki m đ nh đ tr t ng quan gi a giá d u TSSL ch ng khoán theo t ng ngành 53 B ng 4.6: Th ng kê mô t danh m c theo qui mô 56 B ng 4.7: T l ch ng khoán m i danh m c có t ng quan v i giá d u 57 B ng 4.8: T l ch ng khoán m i danh m c có t ng quan v i giá d u t i đ tr khác 58 B ng 4.9: K t qu ki m đ nh nghi m đ n v đ i v i ph n d chu n hóa 60 DANH M C HÌNH V Hình 3.1: Di n bi n VN-Index giai đo n t 2006-03/2015 15 Hình 3.2: T giá bình quân liên ngân hàng USD/VND giai đo n t 2006-03/2015 16 Hình 3.3: Di n bi n giá d u thô giao WTI giai đo n t 2006-03/2015 17 Hình 4.1: th chu i t l t ng giá c a giá d u thô giao WTI 30 Hình 4.2: th theo th i gian c a chu i TSSL VN-Index 30 Hình 4.3: th theo th i gian c a chu i sai phân b c t giá bình quân liên ngân hàng USD/VND 31 Hình 4.4: S l ng ch ng khốn niêm y t t ng quan theo thay đ i giá d u theo đ tr khác 51 Hình 4.5: S l ng ch ng khoán ngành v n t i-kho bãi t ng quan v i giá d u theo đ tr khác 52 Hình 4.6: S l ng CK ngành t ng quan v i giá d u theo đ tr 55 TÓM T T Bài nghiên c u t p trung vào đánh giá tác đ ng t thay đ i giá d u lên thành qu ho t đ ng c a công ty, đ c đo l ng qua m c bi n đ ng c a TSSL ch ng khoán t ng ng D li u nghiên c u th c hi n t i 254 công ty niêm y t HOSE giai đo n t ngày 01 tháng 01 n m 2006 đ n h t ngày 31 tháng 03 n m 2015 K t qu ki m đ nh th c nghi m cho th y t n t i m i t ng quan gi a s thay đ i c a giá d u TSSL ch ng khoán niêm y t t i 27 t ng s 254 công ty, chi m t l 10.63% m u nghiên c u Bài nghiên c u c ng đánh giá tác đ ng đ tr thay đ i giá d u lên TSSL ch ng khoán K t qu ki m đ nh th c nghi m cho th y nh ng thay đ i giá d u t tr c ngày s có tác đ ng m nh nh t đ n TSSL ch ng khoán ngày hi n t i Ngoài ra, m c đ nh h ng c a giá d u lên TSSL ch ng khốn có ph thu c vào qui mơ ch ng khốn niêm y t hay không c ng đ c ki m đ nh nghiên c u Khi qui mô doanh nghi p t ng r i ro t nh ng bi n đ ng c a giá d u s l n CH 1.1 NG I ậ GI I THI U CHUNG V BÀI NGHIÊN C U TV N NGHIÊN C U Các bi n kinh t v mơ th ng đ c nhìn nh n có tác đ ng quan tr ng đ n nh ng bi n đ ng c a TTCK bao g m: Cung ti n, lãi su t, l m phát…Nhi u nghiên c u th c nghi m t i Vi t Nam th gi i c ng mang l i nh ng k t qu đánh giá đ cm cđ quan tr ng c a y u t M t m t hàng nh h ng đ n ho t đ ng s n xu t kinh doanh c a doanh nghi p c ng nh cu c s ng sinh ho t c a ng ch nh giá x ng d u đ i dân giá x ng d u Nh ng l n u c nhìn nh n có tác đ ng khơng nh đ n ho t đ ng s n xu t kinh doanh, thành qu ho t đ ng c a doanh nghi p theo c chi u h ng tích c c tiêu c c tùy vào s thay đ i di n nh th Giai đo n t đ u n m 2014 đ n nay, giá d u liên t c gi m m nh lý khác nh nhu c u tiêu th qu c gia gi m hay ngu n cung d u t ng m nh s ti n b công ngh s n xu t d u t đá phi n t i M Giá x ng d u t i Vi t Nam c ng n m quy lu t chung T liên u hành giá x ng d u (g m đ i di n c a B Tài Công Th ng) c ng nhi u l n h giá c s làm gi m giá bán l c a doanh nghi p đ u m i Theo s li u c a Hi p h i x ng d u Vi t Nam, tháng đ u n m 2015 l kh u d u thô c n ng xu t c đ t g n 1,6 tri u t n, t ng 36,5% kim ng ch đ t 672 tri u đôla M , gi m 34,2% so v i k n m tr c Th tr ng xu t kh u ch y u c a Vi t Nam Trung Qu c (300 nghìn t n), Úc (248 nghìn t n), Malaysia (231 nghìn t n), Singapore (224 nghìn t n) V nh p kh u x ng d u thành ph m, tháng đ u n m 2015, nh p 1,5 tri u t n v i tr giá 785 tri u đôla M , t ng 10,2% v l gi m 39,5% tr giá so v i k n m tr c ng B ng 1.1: S li u xu t nh p kh u x ng d u tháng 02/2015 tháng đ u n m 2015 (Ngu n: Hi p H i x ng d u Vi t Nam) c nhìn nh n nh m t qu c gia nh p kh u x ng d u (th c t xu t kh u thô nh p kh u x ng d u thành ph m), vi c gi m giá x ng d u th gi i có th xem m t l i th cho Vi t Nam nhiên li u đ u vào cho ngành s n xu t gi m, h giá thành s n ph m t o l i th c nh tranh l n h n Tuy nhiên, ngành khác s có c u trúc ho t đ ng khác nhau, u d n đ n s khơng đ ng hóa tác đ ng c a thay đ i giá x ng d u, th vi c giá x ng d u t ng hay gi m nên đ c xem xét riêng bi t gi a ngành Các nghiên c u tr Vi t Nam ch y u ki m đ nh TTCK m t cách t ng th t d u (thông th ng ch s VN-Index đ nh t đ nh gi đ nh th tr c t i ng quan v i giá x ng c ch n làm bi n đ i di n) s có nh ng h n ch ng đ ng nh t gi a ngành công ty Trong nghiên c u này, tác gi s th c hi n ki m đ nh theo t ng công ty m t cách đ c l p, t có th th y đ cm cđ nh h nh th 1.2 M C TIÊU NGHIÊN C U ng t giá d u lên công ty t ng ngành thay đ i Chu i d li u Trung bình HVX IDI IJC IMP ITA ITC ITD JVC KAC KDC KDH KHA KMR KSA KSB KSH KSS KTB L10 LAF LBM LCG LCM LGC LGL LHG LIX LM8 LSS MBB MCG MCP MDG MHC MSN MTG MWG NAV NBB NHS NKG NLG NNC NTL NVT OGC OPC PAC PDN PGC PGD PGI PHR PIT PJT PNC (0.000) 0.000 (0.000) 0.000 (0.000) (0.001) 0.001 0.000 (0.001) 0.001 (0.000) 0.001 (0.001) (0.001) 0.001 (0.000) (0.002) (0.002) (0.000) 0.000 0.000 (0.000) (0.002) 0.001 (0.001) (0.001) 0.000 0.001 (0.000) 0.001 (0.001) 0.000 (0.001) 0.000 0.000 (0.001) 0.005 (0.000) 0.001 (0.000) (0.000) (0.000) 0.001 (0.000) (0.002) (0.001) 0.000 0.000 0.001 (0.000) 0.000 0.001 (0.000) (0.001) (0.000) 0.000 Giá tr l n nh t 0.068 0.067 0.095 0.095 0.138 0.099 0.102 0.070 0.094 0.095 0.067 0.176 0.092 0.117 0.090 0.129 0.097 0.067 0.082 0.127 0.097 0.097 0.066 0.170 0.094 0.128 0.068 0.073 0.096 0.050 0.116 0.093 0.083 0.111 0.093 0.118 0.068 0.095 0.096 0.067 0.114 0.068 0.093 0.095 0.123 0.090 0.089 0.092 0.068 0.103 0.073 0.083 0.090 0.088 0.091 0.097 Giá tr nh nh t (0.128) (0.136) (0.128) (0.086) (0.114) (0.106) (0.128) (0.099) (0.131) (0.158) (0.131) (0.269) (0.132) (0.124) (0.075) (0.124) (0.123) (0.098) (0.099) (0.099) (0.114) (0.124) (0.110) (0.208) (0.125) (0.137) (0.073) (0.073) (0.138) (0.060) (0.107) (0.154) (0.099) (0.095) (0.072) (0.129) (0.072) (0.152) (0.135) (0.102) (0.136) (0.072) (0.076) (0.096) (0.134) (0.101) (0.127) (0.085) (0.095) (0.095) (0.072) (0.073) (0.072) (0.081) (0.100) (0.073) l ch chu n 0.032 0.029 0.030 0.024 0.030 0.029 0.032 0.026 0.034 0.025 0.025 0.028 0.032 0.033 0.024 0.038 0.033 0.031 0.029 0.031 0.029 0.031 0.030 0.036 0.032 0.032 0.022 0.028 0.026 0.015 0.033 0.028 0.033 0.033 0.023 0.032 0.029 0.030 0.027 0.021 0.030 0.025 0.023 0.029 0.031 0.030 0.026 0.026 0.029 0.029 0.021 0.027 0.021 0.028 0.027 0.031 l ch nh n Th ng kê JB Xác xu t (0.115) (0.109) 0.072 0.052 0.118 0.070 (0.009) (0.184) (0.155) (0.123) (0.179) (0.419) 0.019 0.046 (0.068) (0.029) 0.079 0.004 (0.071) 0.082 (0.015) 0.007 0.040 (0.200) (0.045) (0.255) 0.107 (0.187) (0.100) 0.098 0.073 (0.160) (0.009) 0.037 0.154 0.039 0.261 (0.055) 0.026 (0.118) 0.053 (0.183) 0.016 0.015 0.095 (0.009) (0.062) (0.008) (0.059) 0.056 (0.001) (0.000) 0.023 (0.011) (0.043) (0.005) 2.719 3.289 2.779 3.195 2.879 2.841 2.812 3.326 2.960 3.909 3.952 8.543 2.590 2.611 3.638 2.087 2.301 2.465 2.438 2.439 2.725 2.759 2.539 2.862 2.461 3.094 4.555 2.787 3.302 5.102 2.463 3.219 2.333 2.159 3.786 2.519 3.479 2.720 3.560 4.416 3.767 4.814 3.855 2.699 3.114 2.563 3.689 2.794 3.157 2.638 3.777 2.889 4.319 2.576 2.912 2.422 6 82 54 2,917 12 22 54 27 13 24 32 15 16 14 131 10 153 17 13 19 66 39 15 20 98 25 68 35 32 12 32 99 13 31 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 S quan sát 1,088 908 1,197 2,007 2,018 1,317 789 915 1,067 2,228 1,246 2,228 1,636 1,130 1,254 1,542 1,265 1,085 1,749 2,228 1,995 1,538 855 1,991 1,324 1,215 1,280 1,054 1,741 823 1,334 1,990 1,015 2,228 1,304 1,499 174 1,993 1,482 1,146 1,013 478 1,153 1,751 1,186 1,189 1,551 2,001 827 2,012 1,289 888 1,359 1,731 1,990 2,228 Chu i d li u Trung bình PNJ POM PPI PTB PTK PTL PVD PVT PXI PXL PXS PXT QBS QCG RDP REE SAM SAV SBA SBT SC5 SCD SEC SFC SHI SII SJD SJS SKG SMC SPM SRC SRF SSC ST8 STB STG SVT SZL TAC TCL TCM TCR TDC TDH THG TIC TIE TIX TLG TLH TMP TMS TMT TNC TNT 0.001 (0.001) (0.001) 0.002 (0.002) (0.002) 0.000 (0.001) (0.001) (0.001) 0.001 (0.001) (0.006) (0.001) 0.000 0.001 0.000 (0.000) 0.000 0.000 (0.001) (0.000) 0.000 0.001 (0.000) 0.002 0.000 0.001 0.002 0.000 (0.001) 0.000 0.001 0.001 0.000 0.000 0.000 (0.001) (0.000) (0.000) 0.000 0.000 (0.000) (0.000) (0.001) 0.001 0.000 (0.000) 0.000 0.001 (0.001) 0.000 0.000 0.000 (0.000) (0.001) Giá tr l n nh t 0.088 0.090 0.109 0.067 0.128 0.102 0.094 0.123 0.118 0.092 0.121 0.115 0.067 0.113 0.078 0.094 0.095 0.129 0.068 0.083 0.095 0.130 0.110 0.128 0.095 0.067 0.097 0.133 0.068 0.143 0.104 0.095 0.134 0.097 0.095 0.105 0.093 0.106 0.094 0.096 0.093 0.096 0.091 0.091 0.096 0.122 0.068 0.075 0.094 0.108 0.125 0.075 0.079 0.118 0.089 0.095 Giá tr nh nh t (0.093) (0.097) (0.098) (0.072) (0.138) (0.114) (0.095) (0.114) (0.096) (0.137) (0.103) (0.123) (0.072) (0.088) (0.072) (0.107) (0.243) (0.076) (0.066) (0.094) (0.102) (0.098) (0.080) (0.130) (0.093) (0.073) (0.083) (0.217) (0.068) (0.079) (0.136) (0.100) (0.076) (0.140) (0.097) (0.102) (0.108) (0.072) (0.098) (0.100) (0.070) (0.099) (0.092) (0.083) (0.098) (0.161) (0.104) (0.071) (0.094) (0.072) (0.109) (0.072) (0.171) (0.082) (0.081) (0.138) l ch chu n 0.021 0.024 0.031 0.026 0.029 0.034 0.025 0.030 0.032 0.032 0.029 0.033 0.040 0.027 0.031 0.026 0.029 0.030 0.022 0.024 0.030 0.031 0.028 0.031 0.031 0.029 0.023 0.032 0.023 0.025 0.026 0.030 0.027 0.029 0.028 0.023 0.033 0.032 0.027 0.029 0.022 0.029 0.026 0.027 0.028 0.034 0.024 0.026 0.025 0.028 0.027 0.025 0.032 0.032 0.026 0.037 l ch nh n Th ng kê JB Xác xu t 0.171 0.014 (0.015) 0.178 (0.087) 0.018 0.042 0.088 0.109 0.005 0.105 0.054 0.201 0.091 (0.152) 0.045 (0.268) (0.031) 0.111 0.107 0.007 (0.143) (0.056) (0.042) (0.013) (0.114) 0.038 (0.018) 0.455 0.185 (0.209) (0.008) 0.075 (0.134) (0.076) 0.166 (0.128) (0.257) (0.002) 0.030 0.136 (0.004) (0.002) 0.118 0.038 (0.180) (0.110) 0.008 (0.061) 0.033 0.158 (0.135) (0.186) 0.018 0.066 (0.011) 4.384 3.836 2.682 3.287 4.404 2.192 3.255 2.570 2.478 2.415 3.154 2.465 2.373 3.240 2.619 3.036 5.111 2.609 3.279 3.185 2.650 2.747 3.139 2.869 2.402 3.577 3.385 3.634 4.623 3.710 4.453 2.634 3.837 3.214 2.616 3.867 3.019 3.207 2.960 2.666 3.864 2.537 2.813 2.630 2.864 3.076 3.914 2.937 3.721 3.192 3.226 3.444 3.041 2.584 2.895 2.086 124 35 50 30 16 15 15 15 13 441 15 6 12 2 19 10 13 35 26 54 112 40 11 12 76 11 10 43 16 10 49 29 16 13 41 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 S quan sát 1,459 1,196 1,202 893 605 1,092 2,006 1,760 1,155 1,037 1,168 1,169 88 1,121 1,336 2,228 2,228 2,228 1,169 1,716 1,796 1,992 1,263 2,228 1,267 614 1,992 2,110 178 2,030 1,176 1,325 1,315 2,228 1,754 2,106 1,230 842 1,588 1,992 1,270 1,799 1,989 1,189 1,999 889 1,322 1,279 1,290 1,212 1,220 1,401 2,228 1,252 1,836 1,176 Chu i d li u TPC TRA TRC TSC TTF TTP TYA UDC UIC VCB VCF VFG VHC VHG VIC VID VIP VIS VLF VMD VNA VNE VNH VNL VNM VNS VOS VPH VPK VRC VSC VSI VST VTB VTF VTO Trung bình (0.000) 0.001 (0.001) 0.000 (0.000) (0.000) (0.000) (0.001) (0.000) 0.000 0.001 0.000 0.000 (0.001) 0.001 (0.001) (0.0002) (0.0003) (0.0013) (0.0000) (0.0012) (0.0004) (0.0018) 0.0004 0.0012 0.0008 (0.0008) (0.0006) 0.0001 (0.0012) 0.0006 (0.0003) (0.0012) (0.0002) 0.0013 (0.0008) Giá tr l n nh t 0.093 0.086 0.095 0.126 0.120 0.095 0.103 0.112 0.094 0.080 0.094 0.093 0.098 0.111 0.097 0.115 0.1596 0.0971 0.0677 0.1255 0.1027 0.0900 0.0834 0.0780 0.0953 0.0950 0.1214 0.1178 0.1278 0.1070 0.0945 0.1054 0.0874 0.0940 0.0913 0.0919 Giá tr nh nh t (0.100) (0.099) (0.089) (0.131) (0.100) (0.077) (0.188) (0.095) (0.100) (0.093) (0.089) (0.106) (0.098) (0.114) (0.070) (0.167) (0.1503) (0.1308) (0.1368) (0.0801) (0.1214) (0.1023) (0.1286) (0.0870) (0.0886) (0.0983) (0.0760) (0.0948) (0.1003) (0.1010) (0.0910) (0.1369) (0.1335) (0.1274) (0.0720) (0.1284) l ch chu n 0.026 0.023 0.025 0.033 0.031 0.029 0.029 0.033 0.030 0.021 0.027 0.026 0.029 0.037 0.024 0.031 0.0308 0.0321 0.0334 0.0222 0.0311 0.0308 0.0345 0.0258 0.0213 0.0284 0.0303 0.0322 0.0280 0.0297 0.0233 0.0367 0.0318 0.0283 0.0270 0.0277 l ch nh n Th ng kê JB Xác xu t 0.026 0.001 (0.050) 0.015 0.068 (0.003) (0.043) 0.106 0.020 0.067 (0.055) (0.137) 0.023 0.034 0.070 (0.052) 0.0610 0.0372 (0.1835) 0.2725 0.0576 0.0698 (0.0391) (0.0529) 0.1398 0.0309 0.1317 0.0574 (0.0291) 0.0280 (0.0719) (0.1180) (0.0234) (0.1779) (0.0852) 0.0934 2.919 3.823 3.368 2.523 2.395 2.817 3.277 2.349 2.636 3.995 3.622 3.969 2.733 2.095 3.383 2.857 3.0004 2.4193 2.8473 5.4223 2.5809 2.2513 2.2961 3.4494 4.0720 3.0304 2.5992 2.6239 2.8713 2.7368 3.8254 2.4635 2.3151 3.0061 3.3507 2.8502 43 11 17 28 22 10 59 17 54 59 13 28 279 13 45 25 12 113 11 51 15 29 11 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 S quan sát 1,768 1,532 1,857 1,806 1,720 2,006 2,203 1,145 1,779 1,393 1,004 1,275 1,750 1,729 1,817 1,992 1,994 1,992 1,029 1,086 1,588 1,845 1,204 1,360 2,217 1,616 1,102 1,345 1,994 1,131 1,741 1,026 1,476 1,991 1,090 1,803 PH L C 3: CÂU L NH CH CÁC KI M NG TRỊNH S NH KHÁC NHAU Ki m đ nh nghi m đ n v ADF Ki m đ nh ph ng sai sai s thay đ i D NG TRONG EVIEW CHO Ki m đ nh GARCH (1,1) cho ch ng khoán nghiên c u Ki m đ nh GARCH (1,1) t i đ tr khác c a thay đ i giá d u PH L C 4: K T QU THEO CỄC Mã CK AAM P-Value CHI TI T M I T TR C A THAY P-Value NG QUAN GI A GIÁ D U VÀ TSSL CH NG KHOÁN I GIÁ D U P-Value 0.006 0.790 0.006 0.788 0.028 0.259 ABT 0.014 0.476 0.005 0.793 (0.009) ACC (0.005) 0.889 0.030 0.484 (0.071) ACL (0.029) 0.165 (0.017) 0.403 AGF (0.014) 0.447 0.013 0.426 AGM 0.037 0.433 0.053 0.335 AGR (0.077) 0.006 (0.002) ANV (0.035) 0.084 0.013 APC 0.002 0.949 0.014 ASM (0.011) 0.720 0.004 ASP (0.025) 0.206 ATA 0.010 AVF (0.040) BBC 0.021 BCE (0.031) BCI P-Value P-Value P-Value P-Value 10 P-Value 0.028 0.164 (0.024) 0.284 (0.029) 0.180 (0.012) 0.594 (0.018) 0.394 0.617 0.017 0.306 0.027 0.116 (0.015) 0.426 (0.043) 0.018 0.003 0.865 0.074 (0.039) 0.308 0.060 0.153 (0.079) 0.032 0.006 0.878 0.034 0.316 0.018 0.405 0.046 0.024 0.007 0.748 0.029 0.163 (0.027) 0.226 (0.006) 0.747 (0.001) 0.969 0.007 0.687 (0.037) 0.030 (0.020) 0.265 (0.011) 0.504 0.008 0.650 0.011 0.828 (0.023) 0.603 (0.114) 0.017 0.023 0.676 (0.115) 0.065 (0.027) 0.626 0.944 0.008 0.776 (0.052) 0.079 (0.002) 0.953 0.043 0.164 0.061 0.057 (0.010) 0.751 0.478 (0.006) 0.786 0.018 0.328 0.034 0.095 0.017 0.374 0.024 0.251 0.009 0.627 0.626 0.010 0.748 (0.033) 0.309 (0.020) 0.508 (0.017) 0.590 0.013 0.635 0.040 0.152 0.895 (0.004) 0.900 0.044 0.192 (0.002) 0.944 (0.046) 0.152 0.025 0.462 0.032 0.311 (0.009) 0.670 (0.032) 0.110 0.014 0.488 (0.031) 0.122 (0.003) 0.865 (0.049) 0.008 0.028 0.133 0.762 (0.007) 0.827 0.012 0.729 0.038 0.302 (0.038) 0.232 (0.031) 0.365 (0.019) 0.582 0.022 0.516 0.358 (0.052) 0.286 (0.037) 0.416 (0.025) 0.561 0.003 0.951 0.044 0.323 0.079 0.098 0.089 0.064 0.283 0.045 0.013 0.020 0.284 0.012 0.552 (0.022) 0.242 (0.002) 0.913 0.019 0.293 0.036 0.053 0.241 (0.024) 0.403 (0.023) 0.449 0.014 0.600 (0.032) 0.250 (0.025) 0.353 (0.003) 0.911 0.041 0.153 (0.023) 0.388 (0.010) 0.711 0.005 0.840 (0.021) 0.429 0.020 0.456 0.002 0.952 0.021 0.424 (0.001) 0.984 BGM 0.003 0.939 (0.039) 0.381 (0.005) 0.910 (0.017) 0.713 (0.084) 0.065 0.034 0.414 0.083 0.058 0.003 0.943 BHS 0.012 0.524 0.017 0.406 (0.023) 0.254 (0.019) 0.339 (0.010) 0.587 0.028 0.157 (0.033) 0.093 0.036 0.073 BIC (0.079) 0.029 (0.068) 0.050 0.032 0.394 (0.011) 0.770 (0.013) 0.748 0.068 0.065 0.042 0.253 (0.008) 0.825 BID (0.067) 0.081 0.017 0.682 (0.013) 0.752 (0.024) 0.509 0.017 0.709 0.052 0.136 (0.015) 0.684 (0.091) 0.012 BMP 0.001 0.961 0.015 0.417 (0.010) 0.526 (0.006) 0.742 0.029 0.084 (0.010) 0.540 0.002 0.916 0.013 0.447 BRC 0.003 0.948 (0.066) 0.076 (0.016) 0.692 (0.003) 0.941 0.086 0.045 (0.047) 0.247 0.034 0.418 (0.005) 0.909 BSI (0.095) 0.026 (0.080) 0.090 (0.015) 0.750 0.006 0.884 (0.004) 0.937 0.013 0.771 0.047 0.284 (0.003) 0.952 BT6 (0.035) 0.129 0.032 0.193 (0.021) 0.396 (0.005) 0.817 (0.028) 0.225 (0.019) 0.420 (0.024) 0.346 0.025 0.303 BTP (0.040) 0.167 (0.017) 0.550 (0.021) 0.471 (0.008) 0.751 (0.014) 0.629 (0.033) 0.246 (0.071) 0.015 0.015 0.591 BTT 0.026 0.414 0.022 0.576 (0.026) 0.496 0.036 0.318 0.032 0.433 (0.009) 0.820 (0.018) 0.625 0.026 0.474 Mã CK P-Value P-Value P-Value P-Value P-Value P-Value P-Value 10 P-Value BVH 0.002 0.947 0.037 0.156 0.010 0.687 0.024 0.353 0.005 0.842 (0.002) 0.933 0.048 0.063 0.030 0.254 C21 (0.016) 0.702 (0.011) 0.765 (0.000) 0.990 (0.008) 0.835 0.031 0.433 0.011 0.764 (0.003) 0.937 (0.001) 0.984 C32 (0.032) 0.390 (0.009) 0.781 (0.022) 0.547 (0.014) 0.703 0.011 0.804 (0.050) 0.195 (0.022) 0.549 0.052 0.146 C47 (0.048) 0.147 0.005 0.881 (0.065) 0.054 0.023 0.490 (0.009) 0.796 0.023 0.546 (0.038) 0.382 (0.035) 0.293 CCI 0.003 0.941 (0.003) 0.932 (0.035) 0.345 (0.027) 0.467 0.033 0.382 (0.018) 0.651 0.027 0.472 0.007 0.850 CCL (0.088) 0.033 (0.038) 0.422 0.023 0.610 (0.020) 0.645 (0.082) 0.057 0.013 0.760 0.008 0.857 0.055 0.224 CIG (0.073) 0.097 0.005 0.916 0.087 0.081 0.019 0.697 0.031 0.538 0.024 0.630 0.009 0.866 0.001 0.980 CII (0.007) 0.686 0.008 0.631 0.004 0.809 0.033 0.055 (0.006) 0.681 (0.008) 0.641 (0.016) 0.357 0.022 0.170 CLC (0.001) 0.962 0.023 0.249 (0.045) 0.017 0.001 0.959 0.001 0.976 (0.012) 0.557 0.001 0.943 (0.021) 0.283 CLG (0.003) 0.936 (0.031) 0.378 (0.065) 0.097 (0.030) 0.447 (0.019) 0.610 0.026 0.493 0.018 0.653 (0.017) 0.666 CLL 0.017 0.724 (0.033) 0.358 (0.077) 0.127 0.074 0.234 0.080 0.087 (0.001) 0.984 (0.101) 0.119 0.005 0.883 CLW 0.030 0.384 (0.053) 0.149 0.009 0.804 0.028 0.532 (0.002) 0.954 0.038 0.286 (0.118) 0.003 (0.020) 0.607 CMG 0.023 0.477 (0.005) 0.887 (0.061) 0.055 0.036 0.238 0.017 0.625 (0.003) 0.929 (0.066) 0.064 (0.053) 0.126 CMT (0.010) 0.790 0.022 0.572 (0.066) 0.102 0.004 0.914 (0.021) 0.612 (0.013) 0.724 (0.006) 0.889 (0.004) 0.936 CMV (0.030) 0.255 0.011 0.666 0.021 0.309 0.016 0.519 0.023 0.320 0.007 0.789 (0.046) 0.100 (0.002) 0.946 CMX (0.077) 0.134 0.048 0.333 (0.010) 0.836 0.079 0.118 (0.044) 0.361 0.048 0.317 (0.013) 0.790 (0.006) 0.901 CNG 0.013 0.575 0.012 0.606 (0.015) 0.477 0.029 0.215 (0.017) 0.481 (0.003) 0.887 0.027 0.259 (0.011) 0.623 COM 0.009 0.681 (0.015) 0.530 (0.015) 0.551 0.011 0.658 0.007 0.743 0.030 0.164 (0.019) 0.426 (0.017) 0.466 CSM (0.018) 0.406 0.009 0.722 0.018 0.433 (0.001) 0.944 (0.015) 0.461 (0.058) 0.018 0.026 0.305 (0.020) 0.375 CTD 0.023 0.420 (0.003) 0.920 (0.024) 0.375 (0.014) 0.634 0.021 0.437 0.032 0.229 (0.049) 0.071 0.016 0.555 CTG 0.012 0.530 0.005 0.777 (0.004) 0.846 (0.003) 0.874 (0.031) 0.125 (0.032) 0.111 (0.005) 0.782 (0.015) 0.383 CTI 0.050 0.167 0.100 0.006 (0.038) 0.304 (0.011) 0.767 0.095 0.020 (0.030) 0.414 (0.050) 0.249 (0.016) 0.671 D2D (0.009) 0.792 0.016 0.638 0.021 0.497 0.025 0.372 (0.015) 0.609 (0.041) 0.192 0.021 0.482 (0.004) 0.901 DAG 0.064 0.047 (0.045) 0.238 (0.021) 0.581 (0.006) 0.864 (0.018) 0.659 (0.069) 0.062 (0.026) 0.460 0.028 0.392 DCT (0.030) 0.084 0.019 0.299 (0.006) 0.788 0.020 0.283 0.009 0.620 0.007 0.690 (0.002) 0.910 0.011 0.591 DHC 0.017 0.532 0.035 0.209 (0.001) 0.963 0.050 0.092 (0.096) 0.001 (0.069) 0.026 (0.022) 0.465 0.017 0.556 DHM (0.015) 0.711 (0.062) 0.216 (0.032) 0.413 0.014 0.752 (0.050) 0.198 0.047 0.265 0.009 0.847 (0.043) 0.340 DIG (0.036) 0.145 (0.045) 0.084 0.027 0.284 (0.013) 0.599 (0.023) 0.378 0.032 0.193 0.061 0.030 (0.026) 0.338 DLG (0.001) 0.971 (0.002) 0.963 0.041 0.298 (0.017) 0.667 (0.079) 0.037 (0.019) 0.619 0.029 0.448 0.051 0.182 DMC (0.003) 0.881 0.034 0.041 (0.020) 0.257 (0.000) 0.988 0.019 0.255 0.004 0.826 (0.015) 0.400 (0.004) 0.805 Mã CK P-Value P-Value P-Value P-Value P-Value P-Value P-Value 10 P-Value DPM (0.022) 0.154 (0.017) 0.198 (0.003) 0.809 0.026 0.051 0.018 0.162 (0.026) 0.037 (0.004) 0.771 (0.011) 0.418 DPR 0.019 0.319 0.024 0.161 0.006 0.723 (0.022) 0.244 0.053 0.005 0.007 0.703 0.042 0.032 0.015 0.391 DQC (0.041) 0.073 0.005 0.831 0.014 0.533 (0.015) 0.506 0.002 0.929 (0.018) 0.427 (0.001) 0.965 0.001 0.960 DRC (0.018) 0.345 0.017 0.358 0.021 0.252 0.001 0.945 0.003 0.864 (0.003) 0.884 (0.013) 0.458 (0.004) 0.792 DRL 0.031 0.218 0.030 0.237 (0.012) 0.664 (0.017) 0.574 (0.028) 0.303 0.018 0.484 (0.001) 0.983 (0.007) 0.778 DSN 0.013 0.539 (0.003) 0.910 (0.009) 0.647 0.033 0.115 (0.045) 0.036 (0.039) 0.077 0.033 0.163 0.003 0.870 DTA 0.022 0.602 (0.109) 0.010 (0.054) 0.172 (0.039) 0.390 (0.020) 0.628 0.000 0.997 (0.004) 0.924 0.029 0.491 DTL (0.017) 0.631 0.051 0.151 (0.111) 0.001 0.032 0.330 (0.012) 0.744 0.005 0.880 (0.018) 0.571 0.021 0.519 DTT 0.008 0.750 (0.025) 0.315 0.006 0.805 0.019 0.427 0.045 0.050 (0.035) 0.151 (0.016) 0.532 (0.005) 0.828 DVP 0.006 0.764 (0.027) 0.248 (0.005) 0.843 (0.011) 0.596 (0.016) 0.478 (0.003) 0.923 0.011 0.665 0.001 0.963 DXG (0.054) 0.082 (0.008) 0.801 0.001 0.981 0.030 0.314 (0.030) 0.333 0.004 0.891 0.001 0.978 0.031 0.302 DXV (0.016) 0.496 0.005 0.815 (0.013) 0.593 (0.043) 0.079 (0.015) 0.519 (0.022) 0.329 0.045 0.031 (0.003) 0.877 EIB (0.005) 0.747 (0.000) 0.997 0.004 0.803 (0.007) 0.618 (0.003) 0.834 0.016 0.295 (0.002) 0.873 (0.029) 0.053 ELC (0.034) 0.287 (0.025) 0.428 (0.085) 0.006 0.017 0.585 0.027 0.445 0.060 0.058 (0.019) 0.566 (0.009) 0.773 EMC (0.001) 0.986 0.074 0.242 0.077 0.329 (0.023) 0.774 (0.142) 0.068 0.014 0.820 (0.052) 0.486 0.115 0.105 EVE 0.003 0.947 (0.005) 0.913 (0.065) 0.169 (0.060) 0.147 0.010 0.831 0.038 0.348 (0.008) 0.855 (0.077) 0.133 FCM (0.037) 0.428 (0.039) 0.451 (0.030) 0.593 0.051 0.341 (0.023) 0.645 0.010 0.858 0.006 0.907 0.050 0.296 FCN 0.019 0.619 0.006 0.866 (0.043) 0.228 0.003 0.943 0.088 0.022 (0.006) 0.880 (0.027) 0.476 (0.012) 0.771 FDC (0.047) 0.138 (0.055) 0.086 (0.006) 0.852 0.002 0.955 0.031 0.302 (0.033) 0.278 (0.098) 0.004 0.009 0.766 FLC 0.031 0.572 0.020 0.748 0.072 0.212 0.036 0.552 0.022 0.687 (0.068) 0.244 0.016 0.789 0.066 0.193 FMC (0.033) 0.084 0.002 0.934 (0.023) 0.234 0.040 0.035 (0.006) 0.753 (0.014) 0.471 (0.034) 0.075 (0.038) 0.052 FPT 0.006 0.607 0.000 0.992 (0.001) 0.945 (0.004) 0.732 (0.014) 0.282 (0.011) 0.373 (0.023) 0.048 (0.018) 0.124 GAS 0.031 0.218 (0.024) 0.485 0.012 0.618 (0.010) 0.721 (0.009) 0.740 (0.050) 0.085 0.028 0.289 0.039 0.203 GDT (0.030) 0.383 (0.047) 0.160 0.019 0.558 0.015 0.634 (0.047) 0.131 (0.050) 0.147 (0.038) 0.220 (0.009) 0.770 GIL (0.013) 0.439 (0.010) 0.477 (0.004) 0.780 0.009 0.522 (0.022) 0.156 0.007 0.663 (0.006) 0.707 (0.013) 0.407 GMC 0.025 0.234 0.015 0.451 (0.004) 0.854 0.010 0.636 (0.022) 0.256 (0.016) 0.385 (0.030) 0.126 (0.014) 0.509 GSP 0.001 0.982 (0.018) 0.625 0.040 0.241 0.007 0.833 (0.018) 0.580 (0.005) 0.893 (0.044) 0.152 (0.001) 0.979 GTA 0.013 0.524 0.000 0.989 (0.042) 0.043 (0.012) 0.516 (0.016) 0.466 (0.018) 0.414 (0.012) 0.579 0.013 0.543 GTT (0.041) 0.243 (0.006) 0.853 0.003 0.932 (0.046) 0.211 (0.008) 0.808 0.031 0.405 (0.047) 0.182 0.054 0.084 HAP 0.013 0.429 0.012 0.467 0.015 0.372 0.025 0.187 (0.001) 0.961 0.008 0.674 0.014 0.446 0.007 0.688 Mã CK P-Value P-Value P-Value P-Value P-Value P-Value P-Value 10 P-Value HAR (0.026) 0.609 (0.062) 0.167 (0.027) 0.635 (0.027) 0.577 (0.028) 0.584 (0.052) 0.330 0.058 0.257 0.098 0.028 HAS 0.007 0.745 (0.015) 0.521 0.010 0.644 0.018 0.410 0.032 0.142 (0.020) 0.332 (0.016) 0.499 (0.010) 0.653 HBC (0.018) 0.332 0.004 0.836 0.005 0.793 (0.004) 0.838 0.011 0.586 0.006 0.762 (0.006) 0.770 (0.005) 0.789 HCM (0.019) 0.379 (0.000) 0.988 0.009 0.675 0.012 0.573 (0.016) 0.460 0.002 0.936 0.014 0.574 (0.020) 0.384 HDC (0.031) 0.108 (0.002) 0.911 0.042 0.022 (0.017) 0.353 (0.029) 0.131 (0.009) 0.653 0.007 0.716 (0.043) 0.017 HDG (0.021) 0.508 (0.028) 0.421 0.006 0.862 (0.087) 0.003 (0.035) 0.275 (0.006) 0.842 0.012 0.706 0.036 0.257 HHS 0.032 0.408 (0.020) 0.627 (0.066) 0.217 (0.041) 0.331 0.022 0.624 0.058 0.188 (0.036) 0.376 0.013 0.756 HLG (0.014) 0.744 (0.003) 0.941 (0.014) 0.745 (0.032) 0.469 (0.038) 0.353 (0.025) 0.529 (0.040) 0.322 (0.026) 0.517 HMC (0.019) 0.328 (0.008) 0.661 (0.002) 0.923 0.034 0.060 0.017 0.335 (0.041) 0.028 0.014 0.433 0.009 0.634 HOT 0.036 0.358 (0.001) 0.976 0.055 0.203 (0.011) 0.810 0.081 0.101 0.011 0.794 (0.043) 0.337 (0.007) 0.859 HPG (0.000) 0.989 (0.018) 0.189 0.010 0.443 (0.009) 0.533 0.006 0.642 0.010 0.452 0.010 0.482 (0.016) 0.227 HQC (0.043) 0.202 0.061 0.071 (0.087) 0.026 0.018 0.623 (0.051) 0.163 (0.016) 0.659 0.022 0.534 0.016 0.641 HRC 0.033 0.105 0.009 0.633 0.020 0.330 0.024 0.199 0.006 0.736 0.018 0.362 0.004 0.819 (0.014) 0.466 HSG (0.001) 0.955 0.000 0.988 0.023 0.302 0.006 0.799 (0.005) 0.794 0.001 0.952 0.004 0.833 (0.004) 0.844 HT1 (0.042) 0.032 (0.046) 0.027 (0.069) 0.001 (0.010) 0.625 0.003 0.891 (0.032) 0.111 (0.013) 0.521 (0.015) 0.446 HTI (0.020) 0.573 (0.098) 0.022 (0.010) 0.759 0.027 0.447 (0.027) 0.430 (0.013) 0.763 (0.025) 0.468 0.037 0.335 HTL 0.059 0.232 (0.010) 0.829 0.027 0.621 (0.008) 0.871 0.020 0.655 0.044 0.321 0.067 0.105 0.078 0.086 HTV (0.019) 0.379 0.029 0.174 0.006 0.787 0.055 0.014 (0.006) 0.787 (0.014) 0.480 (0.006) 0.765 (0.003) 0.878 HU3 (0.056) 0.223 0.026 0.551 0.016 0.759 (0.119) 0.014 0.067 0.129 (0.080) 0.089 0.042 0.379 0.064 0.212 HVG 0.006 0.851 0.013 0.641 (0.013) 0.629 (0.023) 0.380 (0.026) 0.356 0.008 0.787 (0.027) 0.369 (0.059) 0.059 HVX (0.021) 0.641 (0.067) 0.149 (0.034) 0.464 (0.062) 0.163 0.028 0.533 0.068 0.157 0.032 0.501 0.041 0.375 IDI (0.038) 0.259 0.000 0.995 (0.011) 0.768 (0.002) 0.967 (0.145) 0.000 (0.035) 0.332 0.041 0.243 0.014 0.685 IJC (0.021) 0.513 (0.055) 0.068 (0.041) 0.158 0.015 0.629 (0.000) 0.998 (0.054) 0.046 0.015 0.630 0.021 0.445 IMP (0.001) 0.951 0.013 0.488 (0.011) 0.549 0.027 0.142 0.015 0.424 (0.011) 0.558 (0.039) 0.039 (0.012) 0.501 ITA 0.029 0.073 0.044 0.015 0.014 0.428 0.016 0.315 (0.011) 0.518 0.033 0.055 (0.000) 0.991 0.007 0.703 ITC 0.013 0.616 0.004 0.880 (0.011) 0.675 (0.006) 0.841 (0.010) 0.699 (0.066) 0.012 0.002 0.937 0.007 0.790 ITD (0.022) 0.670 (0.085) 0.088 (0.051) 0.274 0.029 0.580 (0.010) 0.836 (0.009) 0.867 (0.045) 0.379 0.088 0.073 JVC (0.025) 0.546 0.038 0.394 (0.006) 0.885 (0.083) 0.035 0.007 0.860 0.012 0.777 0.032 0.512 0.062 0.163 KAC 0.018 0.719 0.002 0.961 (0.010) 0.823 0.031 0.491 (0.078) 0.084 (0.067) 0.122 0.005 0.915 (0.050) 0.274 KDC 0.026 0.109 0.008 0.626 (0.027) 0.116 (0.007) 0.666 0.026 0.098 (0.010) 0.541 (0.003) 0.856 (0.004) 0.784 Mã CK P-Value P-Value P-Value P-Value P-Value P-Value P-Value 10 P-Value KDH (0.021) 0.473 (0.012) 0.644 (0.004) 0.864 (0.002) 0.948 (0.025) 0.301 0.018 0.509 (0.012) 0.672 (0.029) 0.239 KHA (0.004) 0.838 (0.037) 0.028 0.004 0.853 (0.013) 0.499 (0.008) 0.622 (0.003) 0.856 (0.012) 0.500 (0.020) 0.243 KMR (0.016) 0.488 (0.021) 0.354 0.006 0.809 0.040 0.127 0.010 0.645 0.009 0.672 0.027 0.336 0.013 0.582 KSA (0.042) 0.253 (0.038) 0.342 (0.029) 0.446 (0.025) 0.540 (0.058) 0.154 (0.019) 0.626 (0.023) 0.593 (0.061) 0.116 KSB (0.004) 0.886 (0.004) 0.883 (0.004) 0.885 (0.026) 0.301 (0.023) 0.418 (0.030) 0.307 0.001 0.976 (0.026) 0.328 KSH 0.039 0.217 (0.001) 0.979 (0.064) 0.066 (0.024) 0.490 0.038 0.259 0.030 0.359 (0.007) 0.839 0.008 0.804 KSS 0.036 0.312 0.034 0.352 (0.014) 0.680 (0.018) 0.617 (0.072) 0.045 (0.040) 0.286 0.087 0.023 (0.012) 0.760 KTB 0.024 0.502 (0.056) 0.076 (0.002) 0.955 (0.064) 0.097 (0.020) 0.629 (0.008) 0.837 0.048 0.259 0.054 0.149 L10 0.006 0.811 0.014 0.511 (0.028) 0.208 0.017 0.460 (0.031) 0.165 (0.062) 0.002 (0.012) 0.561 (0.046) 0.023 LAF 0.040 0.041 0.037 0.052 0.025 0.181 0.024 0.197 0.001 0.963 (0.006) 0.759 (0.031) 0.135 0.010 0.623 LBM 0.015 0.443 0.031 0.099 0.044 0.014 0.036 0.078 0.000 0.986 (0.007) 0.713 0.002 0.923 0.000 0.987 LCG (0.015) 0.506 (0.025) 0.321 (0.023) 0.351 0.016 0.477 (0.000) 0.987 (0.007) 0.788 (0.031) 0.187 0.004 0.876 LCM 0.018 0.709 (0.035) 0.470 (0.063) 0.191 (0.039) 0.485 (0.042) 0.342 0.018 0.694 0.028 0.588 (0.046) 0.292 LGC (0.017) 0.551 (0.044) 0.119 (0.049) 0.067 0.019 0.464 0.012 0.674 0.036 0.208 0.005 0.848 0.021 0.442 LGL (0.002) 0.953 (0.073) 0.058 0.050 0.144 (0.025) 0.476 0.012 0.713 (0.061) 0.066 0.052 0.159 0.003 0.942 LHG (0.035) 0.323 (0.070) 0.076 (0.024) 0.541 0.022 0.558 (0.023) 0.591 (0.056) 0.121 (0.085) 0.034 0.014 0.716 LIX (0.036) 0.152 0.028 0.292 (0.017) 0.454 0.014 0.607 0.001 0.984 0.035 0.203 0.030 0.275 (0.015) 0.567 LM8 0.026 0.478 (0.023) 0.551 0.042 0.235 0.023 0.541 0.011 0.779 0.014 0.692 0.015 0.694 (0.026) 0.484 LSS (0.013) 0.514 0.001 0.957 (0.004) 0.834 (0.000) 0.987 (0.018) 0.389 0.006 0.765 0.011 0.588 (0.023) 0.263 MBB (0.032) 0.135 (0.018) 0.414 (0.012) 0.600 (0.027) 0.212 0.008 0.708 0.033 0.126 0.039 0.054 (0.036) 0.141 MCG 0.035 0.309 0.002 0.943 (0.006) 0.847 0.092 0.004 (0.066) 0.057 (0.063) 0.050 0.034 0.371 0.045 0.202 MCP 0.005 0.804 (0.001) 0.975 0.005 0.779 (0.013) 0.497 (0.032) 0.124 (0.022) 0.250 0.020 0.354 0.000 0.986 MDG (0.027) 0.589 (0.046) 0.332 (0.095) 0.044 0.049 0.305 (0.069) 0.187 (0.089) 0.078 0.026 0.631 0.004 0.935 MHC (0.012) 0.549 0.025 0.272 0.041 0.067 0.032 0.149 (0.015) 0.482 (0.021) 0.308 (0.012) 0.581 0.025 0.229 MSN 0.016 0.510 0.022 0.354 0.009 0.715 0.042 0.094 (0.002) 0.928 (0.015) 0.550 (0.043) 0.083 0.006 0.828 MTG (0.029) 0.378 (0.047) 0.153 (0.015) 0.647 0.098 0.003 (0.013) 0.705 (0.015) 0.666 (0.053) 0.086 (0.023) 0.465 MWG 0.046 0.428 (0.020) 0.695 (0.080) 0.126 (0.060) 0.230 (0.058) 0.294 (0.054) 0.362 0.055 0.266 0.079 0.189 NAV (0.026) 0.215 (0.015) 0.468 (0.005) 0.825 0.035 0.075 0.022 0.271 (0.016) 0.402 (0.039) 0.068 (0.029) 0.132 NBB (0.032) 0.228 (0.002) 0.949 0.008 0.761 0.050 0.059 0.001 0.984 0.034 0.228 (0.018) 0.545 (0.009) 0.723 NHS 0.003 0.919 (0.028) 0.342 0.034 0.263 0.024 0.445 (0.014) 0.656 (0.033) 0.255 (0.026) 0.331 (0.031) 0.258 Mã CK P-Value P-Value P-Value P-Value P-Value P-Value P-Value 10 P-Value NKG (0.020) 0.586 0.011 0.746 (0.045) 0.211 (0.056) 0.127 (0.008) 0.807 (0.085) 0.018 (0.007) 0.848 0.022 0.514 NLG (0.000) 0.997 0.052 0.090 0.020 0.484 (0.015) 0.626 0.017 0.602 0.016 0.700 0.009 0.817 (0.064) 0.154 NNC (0.014) 0.602 (0.000) 0.995 (0.015) 0.612 (0.039) 0.152 0.003 0.910 0.038 0.228 (0.033) 0.264 (0.027) 0.349 NTL (0.023) 0.256 0.001 0.963 (0.015) 0.400 0.001 0.947 0.018 0.376 (0.018) 0.296 0.009 0.628 (0.011) 0.548 NVT (0.032) 0.399 (0.032) 0.384 (0.050) 0.165 (0.006) 0.864 0.012 0.735 (0.015) 0.671 0.021 0.557 (0.045) 0.265 OGC (0.031) 0.378 (0.021) 0.554 (0.036) 0.246 0.025 0.439 0.016 0.646 (0.044) 0.257 0.019 0.615 (0.021) 0.594 OPC 0.001 0.950 (0.007) 0.734 (0.035) 0.082 (0.019) 0.346 (0.006) 0.759 0.035 0.068 0.016 0.474 (0.003) 0.876 PAC 0.020 0.273 0.017 0.380 (0.031) 0.106 (0.012) 0.588 0.027 0.140 0.013 0.519 (0.007) 0.687 (0.011) 0.558 PDN (0.052) 0.314 0.062 0.242 (0.014) 0.772 (0.046) 0.364 0.011 0.824 0.039 0.419 (0.005) 0.920 0.011 0.816 PGC (0.036) 0.044 0.013 0.488 0.000 0.991 0.016 0.383 0.007 0.695 (0.014) 0.438 (0.007) 0.721 0.011 0.555 PGD (0.023) 0.326 0.032 0.132 0.023 0.319 0.012 0.590 (0.010) 0.677 0.005 0.847 (0.051) 0.033 (0.024) 0.330 PGI (0.076) 0.064 (0.028) 0.521 0.003 0.938 0.019 0.655 0.083 0.043 (0.081) 0.045 0.034 0.390 (0.045) 0.283 PHR 0.005 0.843 0.032 0.121 0.011 0.618 (0.034) 0.134 (0.002) 0.918 0.027 0.278 (0.022) 0.333 0.015 0.562 PIT 0.005 0.805 (0.020) 0.321 (0.005) 0.790 0.017 0.425 (0.009) 0.655 (0.009) 0.666 (0.014) 0.487 (0.021) 0.298 PJT (0.012) 0.504 (0.034) 0.066 (0.040) 0.024 0.024 0.213 (0.013) 0.506 (0.036) 0.056 (0.013) 0.499 0.028 0.178 PNC (0.002) 0.929 (0.012) 0.572 (0.024) 0.269 (0.002) 0.930 (0.006) 0.759 (0.016) 0.439 0.003 0.905 0.021 0.346 PNJ (0.025) 0.284 (0.009) 0.685 (0.038) 0.099 (0.036) 0.096 (0.007) 0.733 0.016 0.474 (0.027) 0.201 (0.008) 0.699 POM 0.004 0.908 0.003 0.927 (0.027) 0.328 (0.011) 0.706 0.026 0.419 (0.049) 0.118 0.045 0.216 0.008 0.788 PPI (0.052) 0.129 (0.004) 0.909 (0.056) 0.125 0.038 0.312 (0.046) 0.218 0.038 0.261 (0.009) 0.789 0.014 0.711 PTB 0.016 0.678 (0.061) 0.091 (0.056) 0.141 0.060 0.113 0.033 0.370 0.005 0.894 (0.011) 0.752 0.040 0.279 PTK (0.055) 0.278 (0.034) 0.512 (0.010) 0.811 (0.037) 0.398 (0.013) 0.803 0.043 0.368 (0.051) 0.236 0.082 0.086 PTL (0.080) 0.061 (0.072) 0.086 (0.175) 0.000 (0.023) 0.599 (0.101) 0.013 0.022 0.599 0.047 0.263 0.032 0.468 PVD 0.007 0.672 0.015 0.349 (0.024) 0.158 (0.029) 0.071 (0.003) 0.870 (0.014) 0.386 (0.016) 0.302 (0.012) 0.453 PVT (0.027) 0.150 (0.004) 0.840 (0.018) 0.389 (0.010) 0.627 (0.022) 0.227 (0.004) 0.845 0.015 0.424 0.018 0.337 PXI (0.071) 0.050 (0.053) 0.140 (0.064) 0.089 0.049 0.172 (0.021) 0.568 (0.001) 0.986 (0.017) 0.641 0.015 0.695 PXL (0.084) 0.037 (0.060) 0.123 0.040 0.345 (0.009) 0.809 (0.048) 0.248 0.035 0.358 0.100 0.011 0.019 0.598 PXS (0.068) 0.054 0.055 0.059 0.031 0.361 (0.023) 0.478 (0.017) 0.621 (0.013) 0.698 (0.014) 0.651 0.015 0.665 PXT 0.026 0.565 (0.023) 0.586 (0.036) 0.368 (0.012) 0.765 (0.014) 0.728 (0.019) 0.600 0.118 0.003 0.001 0.990 QBS (0.043) 0.551 (0.126) 0.097 (0.003) 0.951 0.113 0.021 (0.013) 0.837 (0.069) 0.220 (0.033) 0.622 0.032 0.561 QCG (0.058) 0.054 (0.004) 0.880 0.056 0.097 (0.043) 0.144 (0.053) 0.161 (0.000) 0.999 (0.034) 0.311 0.047 0.118 Mã CK P-Value P-Value P-Value P-Value P-Value P-Value P-Value 10 P-Value RDP (0.038) 0.319 (0.038) 0.317 0.028 0.464 0.021 0.598 0.025 0.486 (0.038) 0.310 (0.035) 0.349 0.021 0.595 REE 0.032 0.029 0.018 0.189 0.017 0.236 0.030 0.028 (0.025) 0.072 (0.004) 0.783 0.008 0.549 (0.014) 0.336 SAM (0.038) 0.010 0.019 0.311 0.023 0.173 (0.010) 0.587 (0.027) 0.091 (0.044) 0.012 0.034 0.097 (0.018) 0.331 SAV (0.029) 0.154 0.018 0.369 (0.009) 0.687 (0.028) 0.176 (0.005) 0.822 (0.022) 0.292 (0.015) 0.455 (0.006) 0.766 SBA (0.029) 0.213 (0.021) 0.380 0.024 0.295 0.023 0.352 (0.045) 0.040 (0.032) 0.164 (0.008) 0.732 (0.016) 0.486 SBT (0.006) 0.736 0.006 0.772 (0.024) 0.222 0.017 0.383 (0.024) 0.169 0.017 0.348 0.030 0.126 0.035 0.057 SC5 (0.001) 0.966 (0.019) 0.358 0.010 0.671 0.020 0.353 (0.010) 0.652 (0.035) 0.076 (0.032) 0.130 0.021 0.312 SCD 0.029 0.286 0.008 0.750 (0.013) 0.579 (0.017) 0.452 (0.008) 0.715 0.007 0.775 0.002 0.938 (0.024) 0.311 SEC 0.035 0.365 (0.033) 0.380 (0.005) 0.903 (0.083) 0.019 (0.004) 0.910 (0.033) 0.415 0.019 0.628 (0.048) 0.188 SFC (0.030) 0.230 0.004 0.874 (0.031) 0.203 0.023 0.348 0.010 0.674 (0.001) 0.965 (0.038) 0.115 (0.013) 0.608 SHI 0.005 0.883 (0.017) 0.602 (0.074) 0.027 (0.004) 0.911 0.019 0.574 (0.017) 0.617 0.012 0.711 0.029 0.394 SII (0.096) 0.136 (0.018) 0.764 0.039 0.537 0.055 0.468 (0.092) 0.180 (0.013) 0.865 0.017 0.801 0.039 0.483 SJD (0.044) 0.004 (0.037) 0.013 (0.019) 0.194 0.009 0.524 (0.010) 0.470 (0.005) 0.737 (0.031) 0.033 (0.016) 0.271 SJS (0.011) 0.539 (0.003) 0.850 (0.007) 0.721 (0.002) 0.935 (0.029) 0.150 (0.019) 0.286 (0.005) 0.790 (0.015) 0.388 SKG 0.044 0.183 (0.031) 0.276 (0.015) 0.658 (0.027) 0.393 0.043 0.203 0.021 0.550 (0.041) 0.218 0.018 0.614 SMC 0.008 0.583 0.003 0.840 0.000 0.994 0.019 0.207 (0.004) 0.818 (0.004) 0.779 (0.011) 0.474 0.006 0.708 SPM (0.054) 0.079 0.027 0.344 (0.019) 0.545 (0.005) 0.860 0.061 0.082 0.032 0.318 (0.041) 0.209 (0.047) 0.123 SRC (0.031) 0.298 (0.015) 0.623 0.040 0.186 0.012 0.688 0.026 0.325 (0.027) 0.524 (0.020) 0.527 0.020 0.528 SRF (0.010) 0.743 (0.034) 0.211 0.000 0.989 0.006 0.823 (0.003) 0.936 (0.011) 0.709 (0.015) 0.682 0.027 0.397 SSC 0.029 0.156 0.006 0.768 (0.016) 0.412 (0.007) 0.705 (0.022) 0.256 (0.009) 0.633 0.014 0.468 0.008 0.689 ST8 0.000 0.995 (0.006) 0.812 0.030 0.219 (0.006) 0.802 (0.001) 0.953 0.023 0.298 (0.029) 0.180 0.007 0.751 STB (0.008) 0.581 0.017 0.179 (0.009) 0.524 (0.003) 0.793 (0.006) 0.661 (0.004) 0.784 0.003 0.852 (0.018) 0.141 STG (0.018) 0.694 0.029 0.547 0.038 0.395 0.057 0.173 0.007 0.860 0.004 0.929 (0.022) 0.625 0.057 0.215 SVT 0.032 0.532 0.000 0.993 (0.033) 0.467 0.010 0.820 0.006 0.902 0.034 0.524 (0.034) 0.513 0.042 0.389 SZL 0.020 0.389 (0.018) 0.428 (0.011) 0.608 (0.023) 0.280 (0.001) 0.954 (0.022) 0.319 (0.012) 0.591 0.040 0.065 TAC (0.012) 0.525 0.054 0.008 0.020 0.303 0.026 0.139 0.022 0.216 0.022 0.237 0.003 0.864 0.008 0.683 TCL (0.041) 0.111 (0.012) 0.614 (0.013) 0.614 0.028 0.241 (0.012) 0.577 (0.024) 0.298 (0.038) 0.131 0.030 0.190 TCM (0.035) 0.073 0.019 0.328 (0.011) 0.607 (0.016) 0.417 (0.014) 0.480 (0.007) 0.683 0.013 0.519 (0.002) 0.905 TCR 0.026 0.215 0.009 0.653 (0.012) 0.521 0.009 0.654 (0.013) 0.517 0.028 0.193 (0.002) 0.907 (0.029) 0.166 TDC (0.049) 0.124 0.030 0.304 (0.010) 0.738 (0.034) 0.253 (0.004) 0.893 (0.049) 0.093 0.021 0.479 0.035 0.215 Mã CK P-Value P-Value P-Value P-Value P-Value P-Value P-Value 10 P-Value TDH (0.007) 0.691 (0.008) 0.601 0.007 0.685 0.018 0.302 0.025 0.110 0.007 0.670 (0.028) 0.134 (0.015) 0.383 THG (0.103) 0.034 (0.057) 0.329 0.012 0.849 0.062 0.285 (0.024) 0.666 (0.034) 0.597 (0.032) 0.579 0.001 0.985 TIC 0.003 0.920 (0.026) 0.401 0.037 0.195 (0.019) 0.517 0.018 0.550 (0.040) 0.145 0.025 0.388 (0.028) 0.413 TIE (0.008) 0.798 0.023 0.469 (0.013) 0.683 0.020 0.497 (0.003) 0.930 (0.058) 0.097 0.020 0.547 0.039 0.223 TIX 0.039 0.209 (0.012) 0.705 (0.053) 0.080 (0.031) 0.297 0.032 0.299 0.019 0.521 0.030 0.278 (0.032) 0.335 TLG 0.054 0.110 (0.067) 0.043 (0.023) 0.489 (0.034) 0.305 0.008 0.809 0.055 0.088 0.029 0.366 0.024 0.426 TLH (0.021) 0.480 0.005 0.845 (0.028) 0.333 (0.031) 0.288 (0.024) 0.387 (0.030) 0.236 (0.020) 0.497 0.032 0.232 TMP (0.007) 0.822 0.042 0.138 (0.021) 0.522 (0.051) 0.097 (0.011) 0.716 0.039 0.170 (0.002) 0.936 (0.065) 0.039 TMS 0.006 0.792 0.036 0.145 (0.047) 0.038 0.009 0.686 (0.010) 0.686 (0.021) 0.323 (0.018) 0.446 0.026 0.286 TMT (0.063) 0.122 (0.032) 0.428 0.051 0.189 0.014 0.702 (0.032) 0.455 0.092 0.026 0.045 0.283 (0.047) 0.260 TNC 0.025 0.198 0.013 0.481 0.001 0.935 0.021 0.234 0.011 0.516 0.008 0.691 (0.006) 0.728 0.014 0.438 TNT 0.026 0.605 0.056 0.242 (0.034) 0.523 (0.078) 0.111 (0.065) 0.186 0.052 0.299 (0.008) 0.872 (0.090) 0.095 TPC 0.017 0.394 (0.003) 0.873 0.002 0.929 (0.010) 0.600 0.018 0.333 (0.004) 0.828 (0.021) 0.258 (0.005) 0.779 TRA (0.013) 0.491 0.003 0.865 (0.000) 0.995 (0.010) 0.597 0.027 0.128 (0.003) 0.884 0.042 0.056 (0.030) 0.092 TRC 0.020 0.277 0.040 0.040 0.044 0.024 0.015 0.382 (0.008) 0.663 0.020 0.281 (0.008) 0.663 (0.008) 0.645 TSC 0.003 0.906 (0.006) 0.812 0.025 0.273 0.016 0.504 (0.013) 0.560 (0.002) 0.933 0.024 0.283 0.009 0.684 TTF (0.028) 0.224 0.008 0.750 0.050 0.030 0.016 0.520 0.015 0.510 (0.013) 0.547 (0.019) 0.414 0.029 0.201 TTP 0.024 0.238 (0.006) 0.754 (0.008) 0.699 0.023 0.249 (0.012) 0.514 0.007 0.715 (0.036) 0.062 0.004 0.837 TYA (0.009) 0.658 0.001 0.973 (0.019) 0.354 0.017 0.412 0.004 0.853 (0.002) 0.931 (0.002) 0.928 0.021 0.299 UDC (0.011) 0.779 (0.026) 0.536 0.003 0.942 (0.004) 0.915 (0.077) 0.066 (0.074) 0.059 0.005 0.902 0.069 0.080 UIC (0.034) 0.091 (0.018) 0.437 0.026 0.248 (0.010) 0.641 0.003 0.878 (0.040) 0.062 0.028 0.184 (0.050) 0.010 VCB 0.000 0.984 (0.017) 0.457 (0.031) 0.176 (0.018) 0.351 (0.014) 0.480 0.016 0.454 (0.027) 0.210 (0.014) 0.489 VCF 0.012 0.766 (0.023) 0.552 0.008 0.839 (0.064) 0.160 (0.000) 0.993 (0.027) 0.512 (0.021) 0.614 0.015 0.724 VFG 0.012 0.717 (0.047) 0.125 0.022 0.521 (0.007) 0.851 (0.007) 0.835 (0.017) 0.624 0.005 0.877 0.023 0.450 VHC (0.015) 0.551 (0.014) 0.589 (0.019) 0.446 (0.023) 0.356 0.041 0.098 0.034 0.205 (0.016) 0.530 (0.025) 0.309 VHG (0.010) 0.705 0.025 0.355 0.046 0.062 0.015 0.558 (0.005) 0.852 0.023 0.365 0.033 0.205 0.069 0.005 VIC (0.004) 0.824 0.002 0.917 0.021 0.236 0.012 0.472 (0.021) 0.200 0.001 0.952 (0.043) 0.006 (0.005) 0.752 VID (0.046) 0.012 (0.013) 0.510 0.026 0.152 0.044 0.015 (0.011) 0.525 (0.023) 0.232 (0.017) 0.347 (0.016) 0.346 VIP (0.027) 0.127 0.013 0.491 0.035 0.061 (0.002) 0.898 0.014 0.422 (0.003) 0.844 0.039 0.048 (0.001) 0.968 VIS (0.044) 0.062 (0.019) 0.426 (0.017) 0.464 0.022 0.315 (0.030) 0.153 (0.019) 0.363 (0.026) 0.229 0.011 0.602 Mã CK P-Value P-Value P-Value P-Value P-Value P-Value P-Value 10 P-Value VLF 0.080 0.091 0.039 0.370 (0.051) 0.325 0.038 0.434 (0.030) 0.573 (0.023) 0.631 (0.042) 0.390 (0.010) 0.824 VMD 0.007 0.766 (0.014) 0.568 (0.046) 0.054 0.037 0.158 (0.017) 0.481 (0.038) 0.108 0.022 0.409 0.018 0.483 VNA (0.007) 0.760 0.031 0.149 0.015 0.550 0.053 0.015 0.019 0.385 (0.062) 0.002 (0.030) 0.213 (0.041) 0.054 VNE (0.032) 0.125 0.005 0.814 (0.034) 0.124 0.026 0.247 0.003 0.871 (0.051) 0.012 0.008 0.732 0.010 0.655 VNH (0.020) 0.647 0.003 0.950 (0.034) 0.418 (0.004) 0.920 (0.010) 0.821 (0.066) 0.110 0.013 0.759 0.027 0.550 VNL 0.015 0.657 (0.018) 0.612 0.006 0.839 0.057 0.065 (0.002) 0.946 (0.038) 0.231 0.015 0.689 0.010 0.768 VNM (0.002) 0.865 (0.019) 0.105 (0.008) 0.538 (0.012) 0.339 0.006 0.626 0.023 0.052 0.007 0.573 0.002 0.840 VNS (0.007) 0.738 (0.010) 0.667 0.011 0.619 0.040 0.071 0.014 0.486 0.001 0.974 (0.014) 0.479 0.002 0.919 VOS (0.044) 0.183 (0.009) 0.776 (0.079) 0.020 (0.007) 0.849 (0.028) 0.423 0.036 0.277 (0.066) 0.076 0.007 0.844 VPH 0.035 0.346 (0.027) 0.457 0.020 0.595 (0.029) 0.414 (0.001) 0.972 (0.040) 0.243 (0.024) 0.446 (0.010) 0.796 VPK 0.018 0.365 0.011 0.554 (0.014) 0.431 0.049 0.012 (0.020) 0.317 (0.017) 0.392 0.014 0.511 (0.009) 0.614 VRC (0.019) 0.592 (0.025) 0.493 (0.006) 0.878 (0.021) 0.561 (0.024) 0.517 (0.020) 0.576 (0.069) 0.045 (0.048) 0.194 VSC (0.025) 0.158 (0.014) 0.420 (0.010) 0.519 0.007 0.656 0.016 0.299 (0.027) 0.103 (0.018) 0.278 (0.041) 0.007 VSI 0.048 0.370 0.006 0.918 0.006 0.912 0.022 0.682 (0.028) 0.581 (0.034) 0.539 0.043 0.423 0.029 0.590 VST (0.071) 0.017 (0.012) 0.706 (0.016) 0.611 0.005 0.878 (0.008) 0.784 (0.019) 0.557 (0.009) 0.761 (0.021) 0.504 VTB (0.002) 0.923 0.008 0.734 (0.010) 0.633 0.026 0.248 (0.034) 0.151 (0.015) 0.511 (0.038) 0.102 (0.001) 0.970 VTF 0.009 0.817 0.009 0.826 (0.019) 0.641 (0.019) 0.602 (0.010) 0.793 (0.055) 0.159 0.044 0.333 0.022 0.599 VTO (0.015) 0.340 (0.013) 0.436 (0.001) 0.944 0.018 0.266 (0.012) 0.480 (0.005) 0.741 (0.012) 0.512 0.009 0.589 ... t lu n v n là: ng quan gi a thay đ i c a giá d u TSSL ch ng khoán niêm y t t i th tr ng ch ng khoán Vi t Nam? Và m i t chi u hay t ng quan ng ng quan t ng quan c chi u?  M i quan h (n u t n t... t ng quan v i giá d u theo đ tr khác 52 Hình 4.6: S l ng CK ngành t ng quan v i giá d u theo đ tr 55 TÓM T T Bài nghiên c u t p trung vào đánh giá tác đ ng t thay đ i giá d...B TR NG GIÁO D C VẨ ẨO T O I H C KINH T TP H CHÍ MINH NGUY N ANH V N KI M NH M I QUAN H GI A GIÁ D U TH GI I VÀ T SU T SINH L I CH NG KHOÁN ậ NGHIÊN C U TR NG H P T I VI T NAM Chuyên ngành: