TR B TÀI CHÍNH NG H TÀI CHÍNH – MARKETING TR N TH PH NG TH O TÁC NG T NG TR NG N ÒN B Y TÀI CHÍNH C A M T S DOANH NGHI P NIÊM Y T TRÊN S GIAO D CH CH NG KHOÁN TP.H CHÍ MINH Chuyên ngành TÀI CHÍNH - NGÂN HÀNG Mã s chuyên ngành : 60 34 02 01 LU N V N TH C S KINH T Ng ih ng d n khoa h c: TS LÊ TH KHOA NGUYÊN TP H Chí Minh, N m 2016 L I CAM OAN tƠi ắtác đ ng t ng tr ng đ n địn b y tƠi c a m t s doanh nghi p niêm y t S Giao d ch Ch ng khốn thƠnh ph H Chí Minh” lƠ đ tƠi tác gi th c hi n Tác gi d a vi c v n d ng nh ng ki n th c đư h c, tƠi li u tham kh o thông qua vi c tìm hi u, trao đ i v i Giáo viên h ng d n khoa h c đ hoƠn thƠnh lu n v n nƠy S li u th ng kê lƠ trung th c, n i dung vƠ k t qu nghiên c u c a lu n v n ch a t ng đ c cơng b b t k cơng trình nƠo cho đ n th i m nƠy Tác gi xin cam đoan nh ng l i nêu lƠ hoƠn toƠn s th t Tác gi TR N TH PH i NG TH O L IC M Tr c h t, xin đ Th Khoa Nguyên, ng d n tơi tìm h N c t lịng bi t n vƠ g i l i c m n chơn thƠnh đ n TS Lê i tr c ti p h ng d n lu n v n, đư t n tình ch b o vƠ h ng ng nghiên c u, ti p c n th c t , tìm ki m tƠi li u, x lý vƠ phơn tích s li u, gi i quy t v n đ ầ đ tơi có th hoƠn thƠnh lu n v n cao h c c a NgoƠi ra, trình h c t p, nghiên c u vƠ th c hi n đ tƠi tơi cịn nh n đ c nhi u s quan tơm, góp ý, h tr quý báu c a quý th y cô, b n bè vƠ ng i thơn Tôi xin bƠy t lòng bi t n sơu s c đ n Q th y Khoa TƠi Chính ậ Ngơn HƠng vƠ Quý th y cô Khoa Ơo t o Sau đ i h c, tr ng i h c TƠi Chính Marketing đư truy n đ t cho tơi nh ng ki n th c b ích su t hai n m h c v a qua Tác gi TR N TH PH ii NG TH O M CL C TRANG PH BÌA L I CAM OAN L IC M N M CL C DANH M C B NG DANH M C HÌNH V DANH M C T VI T T T TịM T T 1 CH NG 1: GI I THI U NGHIÊN C U 2 1.1 Lý ch n đ tƠi .2 1.2 M c tiêu nghiên c u c a đ tƠi 3 1.2.1 M c tiêu chung .3 1.2.2 M c tiêu riêng .3 1.3 Ph m vi vƠ đ i t 1.4 Ph ng nghiên c u 3 ng pháp nghiên c u 4 1.5 ụ ngh a c a đ tƠi 5 1.6 K t c u lu n v n 6 CH NG 2: C S Lụ THUY T 7 2.1 Khái ni m t ng tr 2.1.1 T ng tr ng vƠ địn b y tƠi .7 ng vƠ đo l ng t ng tr ng c a doanh nghi p .7 2.1.2 C u trúc v n vƠ c u trúc v n t i u c a doanh nghi p 8 iii 2.1.2.1 Lý thuy t c u trúc v n c a Modigligani vƠ Miller (mơ hình MM) 9 2.1.2.2 Lý thuy t tr t t phơn h ng .11 2.1.2.3 Lý thuy t đánh đ i c u trúc v n 11 2.2 òn b y tƠi vƠ t s địn b y tƠi 12 2.3 M i quan h gi a y u t t ng tr 2.4 Các nghiên c u liên quan tr 2.4.1 Mơ hình nghiên c u n c đơy 15 c ngoƠi 15 2.4.2 Mơ hình nghiên c u n CH ng doanh nghi p vƠ địn b y tƠi 14 c 20 NG 3: MÔ HỊNH NGHIÊN C U .27 3.1 Quy trình nghiên c u .27 3.2 Ph ng pháp nghiên c u 28 3.3 Mô t d li u b ng (Panel Data) 28 3.4 Mơ hình nghiên c u 28 3.4.1 Mơ hình đ xu t 28 3.4.2 Các gi thuy t nghiên c u: 30 3.5 Ph ng pháp phơn tích d li u 34 3.5.1 Mô t d li u .34 3.5.2 H s t ng quan 35 3.5.3 H i quy n tính c a mơ hình d li u b ng (Panel Data models) 36 3.5.3.1 Mơ hình g p Pooled OLS 36 3.5.3.2 Mơ hình Fixed group Effect Model (FEM) .37 3.5.3.3 Mơ hình Random group Effect Model (REM) 37 3.5.4 ánh giá đ phù h p mơ hình 39 3.5.5 Ki m đ nh Breusch-Pagan Lagrange Multiplier (LM) 39 3.5.6 Ki m đ nh Hausman .39 iv 3.5.7 Ki m đ nh h s h i quy riêng (T-TEST) 39 3.5.8 Ki m đ nh ph ng sai thay đ i (Testing for heteroskedasticity) 40 3.5.9 Ki m đ nh hi n t 3.5.10 Xơy d ng ph CH ng t t ng quan chu i 40 ng trình cho mơ hình đ xu t .40 NG : K T QU NGHIÊN C U VÀ TH O LU N .42 4.1 Th c tr ng t ng tr ng c a doanh nghi p .42 4.2 Th c tr ng địn b y tƠi 44 4.3 K t qu nghiên c u 45 4.3.1 Th ng kê mô t .45 4.3.2 Phơn tích h s t ng quan 46 4.3.3 Phơn tích h i quy theo mơ hình d li u b ng (Panel Data Models) 48 4.3.3.1 Mơ hình h i quy g p (Pooled OLS) 48 4.3.3.2 Mơ hình tác đ ng c đ nh (FEM) 49 4.3.3.3 Mơ hình tác đ ng ng u nhiên (REM) 51 4.3.3.4 Ki m đ nh Breusch-Pagan Lagrange Multiplier (LM) 53 4.3.3.5 Ki m đ nh Hausman test 53 4.3.3.6 Ki m đ nh ph ng sai thay đ i (Testing for heteroskedasticity) 54 4.3.3.7 Ki m đ nh chu i th i gian (hi n t ng t t ng quan chu i) 55 4.4 T ng h p vƠ so sánh k t qu ch y mơ hình 56 4.5 Th o lu n v k t qu nghiên c u .60 CH NG 5: K T LU N VÀ G I ụ CHệNH SÁCH .64 5.1 K t lu n 64 5.2 Các g i ý sách 66 5.2.1 Chính sách đ i v i t ng tr ng t ng tƠi s n 66 5.2.2 Chính sách đ i v i t ng tr ng l i nhu n 66 v 5.2.3 Chính sách đ i v i t ng tr ng doanh thu 66 5.2.4 Chính sách đ i v i tu i doanh nghi p 66 5.2.5 Chính sách đ i v i kh n ng kho n (LIQ) 67 5.3 H n ch c a đ tƠi vƠ h ng nghiên c u ti p theo 67 TÀI LI U THAM KH O i PH L C 1: DANH SÁCH 108 DOANH NGHI P THU C M U PHÂN TệCH vi PH L C 2: B NG TệNH TOÁN S LI U xi vi DANH M C CÁC HÌNH V Hình 1.1: Quy trình th c hi n nghiên c u c a lu n v n Hình 3.1: Quy trình nghiên c u Hình 3.2: Mơ hình nghiên c u đ xu t Hình 4.1: T ng tr ng doanh thu, t ng tr ng l i nhu n tr c thu giai đo n 2010 ậ 2014 Hình 4.2: T l địn b y tƠi c a doanh nghi p giai đo n 2010 ậ 2014 vii DANH M C CÁC B NG B ng 2.1: Tóm t t nghiên c u liên quan B ng 3.1: T ng h p gi thuy t nghiên c u B ng 4.1: Doanh thu c a toƠn th tr B ng 4.2: L i nhu n tr ng c thu giai đo n 2011-2014 B ng 4.3: Quy mô n vay giai đo n 2010-2014 B ng 4.4: K t qu phơn tích th ng kê B ng 4.5: K t qu h s t ng quan (2010-2014) B ng 4.6: K t qu ki m đ nh đa c ng n (2010-2014) B ng 4.7: K t qu phơn tích h i quy OLS (2010-2014) B ng 4.8: K t qu h i quy mơ hình FEM (2010-2014) l n B ng 4.9: K t qu h i quy mơ hình FEM (2010-2014) l n B ng 4.10: K t qu h i quy mơ hình REM (2010-2014) B ng 4.11: K t qu ki m đ nh Lagrange Multiplier (2010-2014) B ng 4.12: K t qu ki m đ nh Hausman (2010-2014) B ng 4.13: K t qu ki m đ nh ph B ng 4.14: K t qu chu i t t ng sai thay đ i (2010-2014) ng quan (2010-2014) B ng 4.15: T ng h p k t qu h i quy (2010-2014) B ng 4.16: Ki m đ nh gi thuy t viii DANH M C T VI T T T TP: thƠnh ph HOSE: S Giao d ch Ch ng khốn thƠnh ph H Chí Minh OLS: Mơ hình g p EFM: Mơ hình tác đ ng ng u nhiên FEM: Mơ hình tác đ ng c đ nh MM: Lý thuy t c u trúc v n c a Modigligani vƠ Miller (mơ hình MM) AG: Ch s t ng tr ng T ng tƠi s n PG: Ch s t ng tr ng L i nhu n SG: Ch s t ng tr ng T ng doanh thu SIZE: Quy mô ho t đ ng LIQ: Kh n ng kho n AGE: tu i ho t đ ng TDTA: òn b y tƠi ix 70 SAV Cơng ty C ph n H p tác Kinh t vƠ Xu t nh p kh u SAVIMEX 71 SC5 Công ty C ph n Xơy d ng s 72 SFC Công ty C ph n Nhiên li u SƠi Gịn 73 SGT Cơng ty C ph n Cơng ngh Vi n thơng SƠi Gịn 74 SJD Công ty C ph n Th y n C n 75 SJS Công ty C ph n u t Phát tri n ô th vƠ Khu công nghi p Sông Ơ 76 SMC Công ty C ph n u t Th 77 SSC Công ty C ph n Gi ng Cơy tr ng Mi n Nam 78 TAC Công ty C ph n D u th c v t T 79 TCM Công ty C ph n D t may - 80 TCR Công ty C ph n Công nghi p G m s TAICERA 81 TDH Công ty C ph n Phát tri n NhƠ Th 82 TMS Công ty C ph n Transimex - Saigon 83 TNA Công ty C ph n Th 84 TPC Công ty C ph n Nh a Tơn 85 TRA Công ty C ph n TRAPHACO 86 TRC Công ty C ph n Cao su Tơy Ninh 87 TS4 Công ty C ph n Th y s n s 88 TSC Công ty C ph n V t t K thu t Nông nghi p C n Th 89 TTF Công ty C ph n T p đoƠn K ngh G Tr 90 TTP Công ty C ph n Bao bì Nh a Tơn Ti n 91 TV1 Cơng ty C ph n T v n Xơy d ng i n 92 TYA Công ty C ph n Dơy vƠ Cáp n Taya Vi t Nam 93 UIC Công ty C ph n n ng m i SMC ng An u t - Th ng m i ThƠnh Công c ng m i Xu t nh p kh u Thiên Nam i H ng ng ThƠnh u t Phát tri n NhƠ vƠ ô th IDICO Trang ix 94 VHC Công ty C ph n V nh HoƠn 95 VHG Công ty C ph n 96 VIC T p đoƠn VINGROUP - Công ty C ph n 97 VID Công ty C ph n 98 VIP Công ty C ph n V n t i X ng d u VIPCO 99 VIS Công ty C ph n Thép Vi t ụ 100 VNA Công ty C ph n V n t i Bi n VINASHIP 101 VNE T ng Công ty C ph n Xơy d ng i n Vi t Nam 102 VNM Công ty C ph n S a Vi t Nam 103 VNS Công ty C ph n Ánh D 104 VPK Công ty C ph n Bao bì D u th c v t 105 VSC Công ty C ph n Container Vi t Nam 106 VSH Công ty C ph n Th y n V nh S n Sông Hinh 107 VTB Cơng ty C ph n Viettronics Tơn Bình 108 VTO Công ty C ph n V n t i X ng d u VITACO u t Cao su Qu ng Nam u t Phát tri n Th ng m i Vi n ông ng Vi t Nam Trang x PH L C 2: B NG TệNH TOÁN S NAME ABT ACL AGF ANV BCI BMP BT6 CII CODE YEAR AG PG SG 2010 0.56 3.16 0.45 2011 0.24 3.42 0.40 2012 0.34 2.50 0.34 2013 0.78 2.27 0.13 2014 0.70 2.43 -0.05 2010 0.94 -0.16 0.66 2011 1.12 0.63 0.98 2012 1.23 -0.79 0.59 2013 0.93 -0.93 0.52 2014 1.24 -0.83 0.32 2010 0.01 2.68 -0.18 2011 0.27 4.41 0.28 2012 0.16 1.97 0.34 2013 0.67 0.86 0.47 2014 0.65 5.30 0.34 2010 -0.27 -0.33 -0.57 2011 -0.19 -0.53 -0.47 2012 -0.08 -0.74 -0.47 2013 0.06 -0.94 -0.23 2014 0.25 -0.37 -0.17 2010 0.56 1.24 1.39 2011 0.74 -0.37 0.19 2012 0.45 0.37 0.15 2013 0.39 -0.24 0.46 2014 0.31 -0.22 0.24 2010 0.74 1.87 0.73 2011 1.06 2.07 1.22 2012 1.51 2.76 1.30 2013 1.97 2.86 1.54 2014 2.41 2.93 1.94 2010 0.91 1.81 0.32 2011 1.75 -0.13 0.59 2012 1.60 -0.52 0.58 2013 1.46 -0.78 0.27 2014 1.50 0.33 -0.08 2010 0.76 1.84 -0.14 2011 1.49 -0.01 -0.13 2012 2.30 2.68 0.04 2013 2.99 -0.11 2.08 2014 3.49 -27.03 10.38 Trang xi SIZE LIQ 27.12 2.65 26.89 4.24 26.97 3.29 27.26 2.18 27.21 2.42 27.31 1.10 27.40 1.20 27.45 1.11 27.30 1.07 27.45 1.07 27.93 1.06 28.17 1.15 28.08 1.27 28.44 1.28 28.43 1.35 28.29 2.68 28.40 1.93 28.52 1.47 28.66 1.16 28.83 1.03 28.98 3.27 29.09 2.53 28.90 5.35 28.87 3.54 28.81 4.70 27.61 5.52 27.79 6.83 27.98 7.08 28.15 6.37 28.29 7.07 27.85 1.16 28.21 1.03 28.16 1.04 28.10 1.06 28.12 1.09 28.89 1.63 29.24 1.86 29.52 0.79 29.71 0.74 29.83 1.26 LI U AGE TD/EC TD/TA 33.00 0.35 0.26 34.00 0.22 0.18 35.00 0.34 0.26 36.00 0.66 0.40 37.00 0.58 0.37 7.00 2.18 0.69 8.00 1.66 0.62 9.00 2.02 0.67 10.00 1.67 0.63 11.00 1.99 0.67 9.00 1.17 0.54 10.00 1.62 0.62 11.00 1.38 0.58 12.00 1.75 0.64 13.00 1.56 0.61 17.00 0.29 0.22 18.00 0.45 0.30 19.00 0.72 0.42 20.00 1.06 0.51 21.00 1.46 0.59 15.00 1.12 0.50 16.00 1.37 0.55 17.00 0.94 0.47 18.00 0.91 0.47 19.00 0.83 0.45 20.00 0.15 0.13 21.00 0.11 0.10 22.00 0.12 0.10 23.00 0.13 0.11 24.00 0.12 0.11 52.00 1.60 0.59 53.00 0.24 0.06 54.00 2.67 0.71 55.00 2.54 0.70 56.00 2.20 0.69 9.00 1.48 0.59 10.00 3.08 0.75 11.00 3.37 0.75 12.00 3.69 0.75 13.00 2.17 0.64 CLC COM CYC DCL DHA DHG DIC DMC DPM 9 9 10 10 10 10 10 11 11 11 11 11 12 12 12 12 12 13 13 13 13 13 14 14 14 14 14 15 15 15 15 15 16 16 16 16 16 17 17 17 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 0.62 0.69 0.56 0.55 0.95 0.41 0.36 0.84 0.81 0.30 -0.02 0.14 0.02 -0.02 0.18 0.44 0.53 0.21 0.11 0.08 0.26 0.28 0.23 0.14 0.11 0.68 0.84 1.20 1.85 2.22 0.70 0.95 1.01 1.42 2.78 0.25 0.36 0.39 0.66 0.52 0.43 0.79 1.04 -0.13 0.22 -0.01 0.45 0.46 0.90 0.71 0.26 0.31 1.16 -1.04 -0.90 -0.84 -0.26 -2.03 0.22 -1.67 -0.59 -0.34 -0.31 0.43 0.03 -0.58 -0.77 -0.59 1.95 2.23 2.78 3.56 3.11 1.06 0.21 -0.51 0.06 -0.07 0.32 0.28 0.43 0.71 1.11 0.23 1.27 1.21 0.32 0.65 0.49 0.73 0.59 0.18 0.54 0.61 0.70 0.78 0.04 0.14 0.13 0.39 0.29 0.48 0.33 0.29 0.42 0.49 0.49 0.38 0.36 -0.07 0.08 0.37 0.68 0.97 1.37 1.63 0.69 0.55 0.81 2.89 3.26 0.11 0.21 0.34 0.52 0.58 0.02 0.42 1.06 Trang xii 27.12 27.16 27.09 27.08 27.31 26.86 26.83 27.13 27.12 26.78 26.51 26.65 26.54 26.51 26.69 27.40 27.46 27.22 27.14 27.11 26.66 26.67 26.63 26.55 26.53 28.23 28.32 28.50 28.76 28.88 27.03 27.17 27.20 27.39 27.83 27.37 27.45 27.47 27.65 27.56 29.64 29.86 29.99 1.38 1.35 1.44 1.70 1.56 2.62 2.69 1.51 1.38 4.33 1.70 1.61 1.66 1.72 1.25 1.17 1.02 1.10 1.20 1.39 2.11 2.03 2.07 2.68 5.00 3.06 2.74 2.78 2.17 2.13 1.26 1.20 1.16 1.18 1.00 2.24 2.06 1.98 1.84 3.05 5.22 6.99 5.16 7.00 8.00 9.00 10.00 11.00 17.00 18.00 19.00 20.00 21.00 10.00 11.00 12.00 13.00 14.00 34.00 35.00 36.00 37.00 38.00 10.00 11.00 12.00 13.00 14.00 36.00 37.00 38.00 39.00 40.00 7.00 8.00 9.00 10.00 11.00 25.00 26.00 27.00 28.00 29.00 6.00 7.00 8.00 1.99 1.76 1.43 1.08 1.39 0.30 0.25 0.70 0.66 0.10 2.13 2.59 2.16 1.79 2.79 1.83 2.67 1.67 1.18 0.94 0.18 0.20 0.17 0.12 0.06 0.41 0.44 0.40 0.55 0.52 1.92 1.93 2.19 2.74 4.90 0.40 0.45 0.49 0.62 0.29 0.19 0.11 0.16 0.67 0.64 0.59 0.52 0.58 0.23 0.20 0.41 0.40 0.09 0.68 0.72 0.68 0.64 0.74 0.65 0.73 0.63 0.54 0.48 0.15 0.17 0.15 0.10 0.06 0.29 0.30 0.28 0.35 0.34 0.66 0.66 0.69 0.72 0.82 0.29 0.31 0.33 0.38 0.23 0.16 0.10 0.13 DPR DQC DRC DTT DXV FMC FPT GIL GMC 17 17 18 18 18 18 18 19 19 19 19 19 20 20 20 20 20 21 21 21 21 21 22 22 22 22 22 23 23 23 23 23 24 24 24 24 24 25 25 25 25 25 26 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 1.08 0.95 0.60 1.33 1.70 2.18 2.17 0.10 0.16 0.09 0.06 0.18 0.73 1.64 3.03 4.19 4.11 0.33 0.21 0.24 0.28 0.40 0.67 0.78 0.95 -0.41 -0.49 0.50 1.32 0.37 1.21 2.55 1.01 1.44 1.32 1.87 2.70 0.46 1.03 1.37 1.58 1.49 0.67 0.57 -0.18 0.69 2.43 1.30 0.57 -0.09 27.22 23.35 28.23 75.46 149.52 2.79 2.82 5.03 6.25 5.81 -0.86 -1.11 -1.48 -0.88 -0.44 2.06 -0.06 -0.43 -0.44 -0.36 1.21 1.34 -0.50 1.69 4.17 0.40 6.32 5.99 6.28 6.32 0.19 1.18 -0.04 0.74 0.56 1.04 0.60 0.47 0.41 1.52 0.89 0.51 0.29 0.53 0.61 0.66 1.09 2.22 0.67 1.04 1.16 1.17 1.52 0.24 -0.12 -0.43 -0.17 -0.04 -0.30 -0.32 -0.25 -0.27 -0.20 0.45 0.87 0.51 1.15 1.83 0.17 8.17 4.28 8.79 10.87 -0.09 0.59 1.17 0.95 1.42 0.45 Trang xiii 30.01 29.94 28.15 28.52 28.67 28.83 28.83 28.18 28.24 28.17 28.14 28.25 27.69 28.11 28.54 28.79 28.77 25.67 25.57 25.59 25.63 25.72 27.16 27.22 27.32 26.11 25.98 26.94 27.38 26.85 27.33 27.80 30.14 30.34 30.28 30.50 30.75 27.03 27.36 27.51 27.60 27.56 26.46 6.14 6.90 2.04 4.03 4.02 3.85 4.88 1.69 1.77 1.86 2.03 2.12 2.66 2.19 1.94 1.39 1.40 2.70 3.69 2.29 2.11 1.96 0.79 0.58 0.56 1.57 1.91 1.13 1.08 1.09 1.20 1.26 1.70 1.39 1.59 1.54 1.41 2.25 1.42 1.21 1.30 1.38 1.23 9.00 10.00 83.00 84.00 85.00 86.00 87.00 21.00 22.00 23.00 24.00 25.00 5.00 6.00 7.00 8.00 9.00 16.00 17.00 18.00 19.00 20.00 35.00 36.00 37.00 38.00 39.00 14.00 15.00 16.00 17.00 18.00 22.00 23.00 24.00 25.00 26.00 28.00 29.00 30.00 31.00 32.00 17.00 0.13 0.13 0.34 0.26 0.26 0.26 0.30 1.23 1.31 1.20 1.01 0.91 0.45 0.85 1.12 1.31 1.04 0.21 0.13 0.18 0.21 0.29 4.57 5.81 6.70 1.13 0.78 2.02 3.53 1.93 2.15 2.06 1.82 1.58 1.15 1.29 1.69 0.50 1.31 1.81 1.77 1.46 1.31 0.12 0.11 0.25 0.20 0.20 0.18 0.20 0.55 0.56 0.54 0.50 0.47 0.31 0.46 0.53 0.57 0.51 0.17 0.11 0.15 0.18 0.23 0.82 0.85 0.87 0.53 0.44 0.67 0.78 0.66 0.68 0.67 0.59 0.58 0.50 0.53 0.59 0.33 0.57 0.62 0.63 0.59 0.57 GMD HAG HAP HAX HBC HDC HMC HPG 26 26 26 26 27 27 27 27 27 28 28 28 28 28 29 29 29 29 29 30 30 30 30 30 31 31 31 31 31 32 32 32 32 32 33 33 33 33 33 34 34 34 34 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 1.13 1.51 2.54 2.43 0.58 0.66 0.65 0.84 0.98 1.12 1.88 2.53 2.36 3.10 -0.05 0.02 0.12 0.80 0.62 0.71 0.66 0.28 0.28 0.34 0.64 1.82 2.94 3.06 3.99 0.98 1.22 1.30 1.25 1.14 0.33 0.47 0.28 0.27 0.34 1.64 2.11 2.37 3.09 1.51 2.02 1.88 2.32 0.83 -0.88 -0.04 0.72 3.75 1.90 0.73 -0.52 0.27 1.03 -1.70 -1.15 -1.15 -1.35 -1.42 -0.29 -1.95 -2.82 -0.89 0.25 15.82 17.13 14.87 1.87 7.34 1.98 1.50 0.24 -0.23 -0.31 -0.18 0.90 -0.37 -0.52 -0.48 0.60 0.51 0.20 1.34 1.04 1.50 1.90 2.32 0.12 0.25 0.35 0.32 0.57 1.41 0.68 1.34 0.47 0.62 0.13 0.13 0.13 0.10 0.10 0.70 0.52 0.03 0.10 0.96 1.54 3.39 4.84 3.93 4.05 0.49 0.34 -0.04 -0.09 0.31 0.02 0.48 0.01 -0.28 -0.32 0.71 1.13 1.01 1.26 Trang xiv 26.71 26.87 27.21 27.18 29.51 29.56 29.55 29.66 29.73 30.56 30.87 31.07 31.03 31.22 27.19 27.26 27.35 27.83 27.72 26.46 26.43 26.17 26.17 26.21 28.28 28.82 29.15 29.18 29.39 27.74 27.86 27.89 27.87 27.82 27.71 27.81 27.67 27.66 27.72 30.33 30.49 30.58 30.77 1.24 1.17 1.12 1.09 2.19 1.86 2.29 2.02 2.44 2.16 1.96 2.13 1.96 1.09 2.90 2.42 2.14 1.24 1.44 1.31 1.24 1.24 1.27 1.37 1.08 1.03 1.06 1.08 1.12 1.94 2.23 2.08 2.17 2.42 1.05 1.13 1.16 1.16 1.10 1.28 1.43 1.39 1.11 18.00 19.00 20.00 21.00 17.00 18.00 19.00 20.00 21.00 20.00 21.00 22.00 23.00 24.00 50.00 51.00 52.00 53.00 54.00 11.00 12.00 13.00 14.00 15.00 23.00 24.00 25.00 26.00 27.00 20.00 21.00 22.00 23.00 24.00 35.00 36.00 37.00 38.00 39.00 18.00 19.00 20.00 21.00 1.44 1.63 1.99 1.71 0.60 0.56 0.50 0.60 0.61 0.96 1.65 2.10 1.27 1.47 0.22 0.29 0.41 1.17 0.91 1.62 1.83 1.78 1.74 1.38 1.83 3.54 4.93 3.97 4.83 1.33 1.21 1.26 1.24 1.01 2.59 2.48 2.04 2.06 2.30 1.28 1.29 1.29 1.42 0.59 0.62 0.64 0.61 0.37 0.35 0.32 0.35 0.36 0.47 0.61 0.65 0.55 0.58 0.17 0.22 0.29 0.54 0.47 0.61 0.64 0.63 0.63 0.58 0.64 0.78 0.83 0.80 0.83 0.57 0.54 0.55 0.55 0.50 0.72 0.71 0.67 0.67 0.70 0.55 0.55 0.55 0.58 HRC HSG HT1 ICF IMP ITA KDC KHA KHP 34 35 35 35 35 35 36 36 36 36 36 37 37 37 37 37 38 38 38 38 38 39 39 39 39 39 40 40 40 40 40 41 41 41 41 41 42 42 42 42 42 43 43 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2.92 0.30 0.60 0.69 0.80 0.77 1.41 2.13 1.82 2.78 4.40 1.09 1.28 1.36 1.32 1.24 -0.09 -0.05 -0.01 -0.07 -0.08 0.26 0.39 0.44 0.46 0.73 0.58 0.59 0.76 0.89 1.10 0.69 0.95 0.85 1.14 1.64 0.24 0.14 0.22 0.17 0.26 0.33 0.25 2.78 0.08 0.46 0.01 -0.26 -0.36 0.09 -0.19 0.86 1.93 1.07 -0.22 -1.12 -0.88 -0.97 2.93 0.43 -0.22 -0.97 -0.89 -0.66 0.38 0.33 0.33 0.04 0.47 1.28 -0.75 -0.89 -0.70 -0.51 -10.55 -5.60 -6.90 -9.13 -9.86 0.19 -0.34 -0.18 -0.14 0.79 0.99 0.63 2.05 0.42 1.37 0.71 0.40 -0.44 1.38 2.97 3.91 4.72 6.29 0.68 1.08 1.30 1.51 1.66 -0.33 -0.25 -0.77 -0.64 -0.52 0.36 0.38 0.46 0.50 0.60 1.38 -0.65 -0.97 -0.99 -0.68 0.33 1.92 1.94 2.13 2.40 -0.43 -0.55 -0.65 -0.71 -0.20 0.43 0.84 Trang xv 30.73 26.94 27.15 27.21 27.27 27.25 29.15 29.41 29.30 29.60 29.95 30.10 30.19 30.22 30.21 30.17 26.66 26.71 26.75 26.69 26.67 27.34 27.44 27.48 27.49 27.66 29.83 29.84 29.93 30.01 30.12 29.25 29.39 29.34 29.48 29.69 26.79 26.70 26.77 26.73 26.80 27.69 27.63 1.30 1.39 1.38 1.70 1.91 0.38 0.96 0.88 0.97 0.97 0.93 0.71 0.40 0.41 0.40 0.45 1.11 1.09 1.08 1.49 1.45 3.11 4.86 4.06 4.68 3.59 2.40 2.05 2.62 2.72 2.71 2.25 1.43 1.69 2.54 2.82 2.68 2.80 2.44 2.69 2.94 1.93 1.52 22.00 29.00 30.00 31.00 32.00 33.00 9.00 10.00 11.00 12.00 13.00 46.00 47.00 48.00 49.00 50.00 11.00 12.00 13.00 14.00 15.00 18.00 19.00 20.00 21.00 22.00 14.00 15.00 16.00 17.00 18.00 17.00 18.00 19.00 20.00 21.00 21.00 22.00 23.00 24.00 25.00 14.00 15.00 0.86 0.22 0.36 0.36 0.38 0.36 1.66 2.32 1.64 2.23 3.29 5.46 6.29 6.06 3.10 2.41 1.10 1.33 1.38 1.22 1.12 0.27 0.17 0.21 0.20 0.29 0.55 0.55 0.70 0.51 0.51 0.32 0.51 0.37 0.31 0.26 0.42 0.37 0.45 0.38 0.32 1.14 0.99 0.46 0.18 0.26 0.26 0.28 0.27 0.62 0.70 0.62 0.69 0.77 0.85 0.86 0.86 0.76 0.71 0.52 0.57 0.58 0.55 0.53 0.22 0.14 0.17 0.17 0.23 0.36 0.35 0.41 0.34 0.33 0.24 0.34 0.27 0.23 0.20 0.29 0.26 0.31 0.28 0.24 0.53 0.50 KMR KSH L10 LAF LCG LGC LSS MCP 43 43 43 44 44 44 44 44 45 45 45 45 45 46 46 46 46 46 47 47 47 47 47 48 48 48 48 48 49 49 49 49 49 50 50 50 50 50 51 51 51 51 51 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 0.35 0.46 0.64 1.28 1.32 1.31 1.23 1.45 0.06 0.25 0.17 0.34 0.62 0.84 1.03 1.26 1.62 1.72 0.63 2.33 0.09 -0.13 0.11 0.83 0.99 0.80 0.72 0.65 0.13 0.15 0.15 0.30 3.93 0.79 1.53 2.09 1.52 1.58 0.11 0.49 0.35 0.57 0.82 1.47 0.61 0.59 1.46 -0.73 -0.76 0.30 -0.70 1.17 -0.97 -2.18 -0.84 -0.06 0.31 0.07 0.17 0.15 0.20 19.97 1.58 -39.03 7.40 1.91 0.73 0.18 -1.25 -3.27 -1.09 1.73 -0.61 -0.94 -0.72 16.40 3.13 4.66 -0.49 -0.43 -0.36 0.01 0.88 0.13 0.28 -0.31 1.26 1.66 2.18 1.38 1.13 1.05 0.99 1.04 0.68 0.31 0.48 0.44 1.59 0.77 1.10 1.40 1.62 1.85 0.62 0.61 0.60 -0.05 0.22 1.28 2.40 0.55 -0.36 1.85 1.44 1.01 0.61 1.36 1.87 0.18 0.79 0.67 0.63 0.53 0.28 0.80 0.60 0.82 0.78 Trang xvi 27.71 27.78 27.90 27.14 27.16 27.15 27.12 27.21 25.96 26.13 26.06 26.20 26.39 27.21 27.30 27.41 27.56 27.60 26.59 27.31 26.19 25.96 26.20 28.35 28.43 28.33 28.29 28.24 26.68 26.69 26.69 26.81 28.15 28.07 28.42 28.62 28.41 28.44 26.15 26.44 26.34 26.49 26.64 1.65 1.60 1.33 1.93 2.19 2.12 1.62 1.92 0.97 0.92 0.56 0.52 5.51 0.91 1.01 1.11 1.46 1.76 2.71 1.29 0.90 1.44 1.33 1.87 1.24 1.38 1.25 1.45 0.82 1.23 1.17 2.10 2.93 4.05 2.43 1.10 1.12 1.12 2.02 1.76 1.74 1.39 1.50 16.00 17.00 18.00 6.00 7.00 8.00 9.00 10.00 43.00 44.00 45.00 46.00 47.00 50.00 51.00 52.00 53.00 54.00 25.00 26.00 27.00 28.00 29.00 9.00 10.00 11.00 12.00 13.00 32.00 33.00 34.00 35.00 36.00 30.00 31.00 32.00 33.00 34.00 51.00 52.00 53.00 54.00 55.00 0.98 1.12 1.37 0.42 0.41 0.39 0.34 0.29 0.28 0.80 0.89 1.13 0.03 3.52 3.90 4.07 4.30 4.15 0.42 2.11 1.89 0.64 0.89 0.73 0.88 0.79 1.37 0.91 1.48 1.45 1.43 0.89 2.58 0.31 0.57 1.11 0.68 0.53 0.75 0.79 0.73 0.96 1.36 0.49 0.53 0.58 0.30 0.29 0.28 0.26 0.23 0.22 0.44 0.47 0.53 0.03 0.78 0.80 0.80 0.81 0.81 0.29 0.68 0.65 0.39 0.47 0.42 0.45 0.43 0.56 0.47 0.60 0.59 0.59 0.47 0.67 0.23 0.36 0.52 0.40 0.35 0.43 0.44 0.42 0.49 0.58 MHC NAV NBB NSC OPC PAC PET PGC PJT 52 52 52 52 52 53 53 53 53 53 54 54 54 54 54 55 55 55 55 55 56 56 56 56 56 57 57 57 57 57 58 58 58 58 58 59 59 59 59 59 60 60 60 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 -0.34 -0.36 -0.40 -0.41 -0.34 0.05 0.17 0.27 0.24 0.14 1.51 1.72 2.10 2.29 2.35 0.49 0.78 0.93 1.16 3.69 0.56 0.82 0.94 1.10 1.08 1.18 1.35 1.26 1.83 1.47 1.74 1.57 1.67 2.90 2.61 0.63 0.53 1.02 1.72 1.73 0.05 0.04 0.36 -537.00 12.53 68.65 230.37 887.58 -0.29 -0.27 -0.73 -0.77 -0.53 1.18 0.21 2.00 -0.57 -0.36 0.52 1.20 1.76 2.39 3.38 0.62 0.62 0.78 0.80 1.10 0.67 0.25 -0.18 -0.21 -0.04 1.57 3.03 1.93 1.70 2.25 25.39 16.41 40.01 40.41 43.55 0.01 -0.60 -1.00 -0.43 -0.45 -0.48 -0.72 -0.70 -0.07 0.03 -0.03 0.06 0.18 1.71 1.31 1.38 0.13 0.29 0.82 1.30 1.65 1.85 2.41 0.62 0.87 1.30 1.58 1.80 0.34 0.59 0.51 0.51 0.63 0.86 0.95 0.92 1.18 1.19 0.43 0.66 0.93 0.85 0.79 0.24 0.64 0.14 Trang xvii 26.28 26.24 26.18 26.16 26.27 25.74 25.86 25.93 25.91 25.83 28.49 28.56 28.70 28.76 28.77 26.44 26.62 26.70 26.81 27.58 26.72 26.87 26.93 27.01 27.00 27.73 27.80 27.77 27.99 27.86 29.11 29.04 29.08 29.46 29.38 27.83 27.76 28.04 28.34 28.34 26.78 26.78 27.05 1.21 0.81 0.68 0.72 1.10 1.91 1.75 1.54 1.59 1.83 3.33 2.39 2.22 2.58 3.89 2.26 1.95 2.48 3.09 2.33 3.96 2.30 1.91 1.77 2.28 1.38 1.21 1.18 1.09 1.18 1.12 1.21 1.26 1.17 1.26 1.26 1.28 1.17 1.13 1.08 1.91 1.77 1.34 12.00 13.00 14.00 15.00 16.00 4.00 5.00 6.00 7.00 8.00 2.00 3.00 4.00 5.00 6.00 42.00 43.00 44.00 45.00 46.00 33.00 34.00 35.00 36.00 37.00 34.00 35.00 36.00 37.00 38.00 30.00 31.00 32.00 33.00 34.00 12.00 13.00 14.00 15.00 16.00 11.00 12.00 13.00 1.67 1.48 1.34 0.95 0.30 0.58 0.75 0.96 0.86 0.67 2.06 1.52 1.32 1.35 0.98 0.47 0.67 0.45 0.35 0.27 0.36 0.53 0.46 0.49 0.37 1.30 1.16 1.16 1.87 1.45 2.96 2.33 2.37 3.95 3.16 1.18 0.98 1.46 2.05 2.29 0.92 1.02 1.73 0.62 0.58 0.55 0.46 0.23 0.37 0.43 0.49 0.46 0.40 0.67 0.60 0.57 0.57 0.49 0.32 0.40 0.31 0.26 0.21 0.27 0.34 0.32 0.33 0.27 0.56 0.54 0.54 0.65 0.59 0.74 0.69 0.69 0.78 0.74 0.54 0.49 0.59 0.67 0.69 0.48 0.51 0.63 PNC PPC PTC PVD PVT RAL REE RIC SAM 60 60 61 61 61 61 61 62 62 62 62 62 63 63 63 63 63 64 64 64 64 64 65 65 65 65 65 66 66 66 66 66 67 67 67 67 67 68 68 68 68 68 69 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 0.60 0.57 0.23 0.37 0.34 0.21 0.26 0.07 0.09 0.12 0.10 0.05 -0.10 -0.11 -0.26 -0.32 -0.34 0.70 1.15 1.21 1.49 1.62 0.32 0.37 0.35 0.63 0.59 0.30 0.56 0.71 0.98 1.55 0.90 1.03 1.52 1.67 2.22 0.22 0.36 0.37 0.44 0.29 -0.98 -2.10 -0.16 0.49 -1.00 -5.66 -7.88 -0.34 -1.02 -1.04 -3.41 -8.70 -5.95 -0.91 -0.64 -12.45 -0.76 -0.35 -0.02 0.19 0.60 1.21 1.30 -0.54 -0.49 -0.91 2.72 3.77 -0.25 0.23 0.52 0.75 0.34 -3.34 -4.33 -5.27 -7.34 -8.14 4.28 2.56 0.32 -2.53 -23.85 -1.06 0.36 1.22 0.10 0.23 0.19 0.20 0.21 0.08 -0.04 0.06 0.70 0.93 -0.44 -0.44 -0.63 -0.77 -0.73 1.03 1.47 2.20 2.99 7.75 2.19 2.75 3.02 3.47 3.75 0.63 1.09 1.45 1.74 2.10 0.57 0.57 1.08 1.09 1.28 0.04 0.17 0.31 0.19 0.57 -0.96 Trang xviii 27.21 27.19 26.60 26.71 26.68 26.59 26.62 30.08 30.10 30.12 30.11 30.06 26.81 26.80 26.61 26.53 26.51 30.31 30.55 30.58 30.70 30.75 29.68 29.71 29.70 29.89 29.87 27.79 27.97 28.06 28.20 28.46 29.23 29.30 29.51 29.57 29.76 27.77 27.88 27.89 27.94 27.83 24.51 1.18 1.16 1.28 1.10 1.05 0.92 1.43 5.48 5.01 4.76 5.01 4.90 1.53 1.53 1.49 1.78 2.22 0.80 0.77 0.89 1.18 1.41 1.68 1.93 2.02 1.89 2.14 1.23 1.22 1.25 1.26 1.17 1.36 1.99 1.99 1.80 1.91 0.92 0.71 0.53 0.42 0.35 2.22 14.00 15.00 28.00 29.00 30.00 31.00 32.00 28.00 29.00 30.00 31.00 32.00 34.00 35.00 36.00 37.00 38.00 9.00 10.00 11.00 12.00 13.00 8.00 9.00 10.00 11.00 12.00 49.00 50.00 51.00 52.00 53.00 33.00 34.00 35.00 36.00 37.00 16.00 17.00 18.00 19.00 20.00 12.00 2.56 2.32 1.57 1.97 2.32 2.99 3.92 2.10 2.99 1.90 1.20 0.99 0.79 0.76 0.90 0.72 0.65 1.80 1.99 1.73 1.18 1.69 1.99 2.21 1.78 2.10 1.72 1.67 2.06 2.14 2.53 3.53 0.70 0.37 0.56 0.34 0.35 0.25 0.23 0.24 0.30 0.35 0.22 0.72 0.70 0.61 0.66 0.70 0.75 0.80 0.68 0.75 0.65 0.54 0.50 0.43 0.42 0.47 0.41 0.39 0.64 0.66 0.63 0.54 0.59 0.60 0.63 0.58 0.62 0.58 0.62 0.67 0.68 0.72 0.78 0.41 0.27 0.36 0.25 0.25 0.20 0.19 0.19 0.23 0.26 0.18 SAV SC5 SFC SGT SJD SJS SMC SSC 69 69 69 69 70 70 70 70 70 71 71 71 71 71 72 72 72 72 72 73 73 73 73 73 74 74 74 74 74 75 75 75 75 75 76 76 76 76 76 77 77 77 77 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 -0.99 -0.99 -0.99 0.42 -0.07 0.10 0.18 0.14 0.02 -0.97 -0.88 0.92 0.73 0.80 0.70 0.57 1.45 2.30 2.27 0.92 1.02 0.67 0.49 0.50 -0.09 -0.12 -0.11 0.00 0.14 1.81 2.16 2.46 2.52 2.41 2.28 2.16 1.85 3.08 4.46 0.53 0.86 1.50 1.76 -1.01 -1.07 -1.11 -1.97 -0.32 -0.46 -0.48 -0.70 -2.71 0.21 -0.45 -0.75 0.54 -0.05 2.28 0.76 0.16 0.17 1.23 -0.56 -2.73 -4.33 -1.00 -0.61 1.00 1.54 3.37 3.19 4.17 2.85 -1.67 -3.56 -0.40 0.16 0.14 0.01 -0.04 -0.65 -0.72 0.64 0.90 1.24 1.54 -0.95 -0.94 -0.89 0.30 -0.22 -0.08 0.09 0.10 0.32 0.48 0.34 0.62 0.48 0.67 0.21 0.49 0.74 1.03 1.13 -0.53 -0.94 -0.76 -0.76 -0.74 -0.11 0.19 0.43 0.29 0.63 2.24 -0.56 -0.84 1.01 2.90 0.63 1.12 1.13 1.29 1.59 0.54 0.90 1.27 1.98 Trang xix 24.21 11.98 13.00 24.07 11.36 14.00 23.96 4.54 15.00 28.80 2.08 16.00 27.01 2.15 25.00 27.17 1.86 26.00 27.25 1.54 27.00 27.21 1.60 28.00 27.10 1.47 29.00 24.45 1.05 26.00 25.68 1.07 27.00 28.48 1.48 28.00 28.37 1.10 29.00 28.42 1.22 30.00 26.16 2.37 10.00 26.08 3.64 11.00 26.52 1.38 12.00 26.82 1.22 13.00 26.82 1.24 14.00 28.48 1.19 8.00 28.53 0.43 9.00 28.34 0.49 10.00 28.23 0.59 11.00 28.24 1.93 12.00 27.66 0.22 12.00 27.64 0.37 13.00 27.65 1.29 14.00 27.77 3.32 15.00 27.89 4.08 16.00 29.13 0.42 7.00 29.25 0.55 8.00 29.34 2.08 9.00 29.36 1.49 10.00 29.32 1.47 11.00 28.53 1.13 22.00 28.50 1.17 23.00 28.39 1.23 24.00 28.75 1.07 25.00 29.04 1.05 26.00 26.28 3.99 34.00 26.48 2.85 35.00 26.77 2.31 36.00 26.87 2.20 37.00 0.02 0.02 0.04 0.31 0.83 1.20 1.38 1.32 1.32 6.51 10.58 6.31 5.31 5.57 0.41 0.22 0.95 1.54 1.40 1.92 2.75 4.02 3.44 3.19 0.98 0.82 0.54 0.39 0.29 1.05 1.71 2.59 2.49 2.09 3.53 3.15 2.66 4.39 6.29 0.25 0.38 0.58 0.55 0.02 0.02 0.03 0.23 0.45 0.55 0.58 0.57 0.57 0.87 0.91 0.86 0.84 0.85 0.29 0.18 0.49 0.61 0.58 0.64 0.74 0.80 0.77 0.76 0.50 0.45 0.35 0.28 0.22 0.51 0.63 0.72 0.71 0.67 0.78 0.76 0.72 0.81 0.86 0.20 0.27 0.37 0.36 TAC TCM TCR TDH TMS TNA TPC TRA TRC 77 78 78 78 78 78 79 79 79 79 79 80 80 80 80 80 81 81 81 81 81 82 82 82 82 82 83 83 83 83 83 84 84 84 84 84 85 85 85 85 85 86 86 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2.17 0.37 0.50 0.46 0.78 0.76 0.46 0.57 0.50 0.52 0.58 -0.04 0.37 0.42 0.42 0.42 0.63 0.58 0.55 0.58 0.70 1.33 1.51 1.93 2.24 2.92 1.91 2.34 2.23 2.47 4.30 0.14 2.02 0.87 1.01 0.98 0.61 1.33 1.70 2.03 2.15 0.60 1.23 1.85 6.41 1.13 4.39 4.56 4.34 38.41 21.43 -4.75 23.58 32.43 0.69 1.20 -0.90 -2.58 -0.95 0.17 -0.85 -0.87 -0.91 -0.78 0.78 0.86 1.46 2.55 4.03 3.85 1.82 1.70 1.47 1.74 -1.62 -1.61 -1.49 -1.38 -1.19 0.44 0.97 1.78 2.72 2.55 0.39 1.60 2.01 0.10 0.50 0.36 0.45 0.39 0.85 1.15 1.24 1.51 1.52 0.11 0.32 0.54 0.78 1.10 -0.07 -0.11 -0.67 -0.32 -0.05 0.37 0.61 0.77 1.28 1.53 0.21 0.50 0.70 1.24 1.31 -0.02 0.60 0.33 0.53 0.63 0.10 0.36 0.80 1.16 1.12 0.38 1.18 Trang xx 27.01 27.57 27.66 27.63 27.83 27.82 28.28 28.35 28.31 28.32 28.35 27.74 28.09 28.13 28.13 28.12 28.48 28.45 28.43 28.45 28.52 27.12 27.20 27.35 27.45 27.64 27.11 27.25 27.21 27.28 27.71 26.65 27.62 27.14 27.22 27.20 27.08 27.45 27.60 27.72 27.76 27.68 28.02 2.57 1.31 1.19 1.23 1.24 1.32 1.07 1.14 0.96 1.02 1.01 1.43 1.10 1.03 0.99 0.99 2.31 2.28 2.15 2.05 2.23 3.80 1.79 1.41 1.50 2.06 1.41 1.37 1.44 1.44 1.14 7.90 1.55 3.05 2.37 1.72 2.16 1.68 1.58 2.32 3.08 2.19 2.74 38.00 33.00 34.00 35.00 36.00 37.00 43.00 44.00 45.00 46.00 47.00 16.00 17.00 18.00 19.00 20.00 18.00 19.00 20.00 21.00 22.00 27.00 28.00 29.00 30.00 31.00 16.00 17.00 18.00 19.00 20.00 26.00 27.00 28.00 29.00 30.00 38.00 39.00 40.00 41.00 42.00 65.00 66.00 0.44 1.55 1.93 1.65 1.99 1.76 1.80 1.83 2.15 1.69 1.54 0.75 1.27 1.45 1.76 1.76 0.62 0.65 0.60 0.60 0.66 0.47 0.38 0.31 0.32 0.36 1.71 1.92 1.65 1.71 2.90 0.12 1.86 0.90 1.09 1.12 0.66 1.01 1.01 0.49 0.33 0.37 0.31 0.30 0.61 0.66 0.62 0.67 0.64 0.64 0.65 0.68 0.63 0.61 0.43 0.55 0.59 0.63 0.63 0.36 0.38 0.36 0.36 0.38 0.32 0.27 0.24 0.24 0.26 0.63 0.66 0.62 0.63 0.74 0.10 0.65 0.47 0.52 0.53 0.40 0.48 0.47 0.31 0.23 0.27 0.23 TS4 TSC TTF TTP TV1 TYA UIC VHC 86 86 86 87 87 87 87 87 88 88 88 88 88 89 89 89 89 89 90 90 90 90 90 91 91 91 91 91 92 92 92 92 92 93 93 93 93 93 94 94 94 94 94 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 1.25 1.93 1.40 1.25 1.89 2.74 3.03 3.39 -0.05 0.10 -0.37 -0.62 -0.52 0.52 0.91 0.89 1.01 0.70 0.35 0.33 0.38 1.18 1.43 0.40 1.01 1.86 2.00 2.09 0.19 0.02 -0.04 -0.04 0.10 0.19 0.30 0.09 -0.03 -0.09 0.50 0.98 1.53 1.10 2.70 0.76 0.16 -0.30 1.61 1.47 0.46 0.36 0.81 -0.78 -0.54 -1.84 -1.00 -0.09 1.59 -0.48 -1.14 -1.22 1.60 0.27 -0.03 -0.39 -0.44 -0.51 0.27 0.26 0.17 0.44 0.63 -1.21 -1.28 -1.32 -1.28 -1.42 0.05 0.16 0.24 0.54 0.59 1.78 4.02 1.83 1.14 4.63 0.65 0.22 -0.09 1.11 2.60 2.29 2.90 3.18 -0.05 -0.01 -0.09 -0.74 -0.83 2.14 3.34 2.80 1.24 1.69 0.28 0.51 0.43 0.44 0.45 0.09 0.11 0.07 0.22 0.20 -0.07 0.11 -0.23 -0.10 0.02 0.40 0.80 1.22 1.34 1.50 0.23 0.68 0.73 1.09 1.58 Trang xxi 28.03 28.29 28.09 27.03 27.28 27.54 27.62 27.70 27.45 27.59 27.03 26.53 26.76 28.61 28.84 28.82 28.89 28.72 27.21 27.19 27.23 27.69 27.80 27.49 27.85 28.20 28.25 28.28 27.39 27.23 27.18 27.18 27.31 26.98 27.07 26.89 26.77 26.71 28.23 28.51 28.75 28.57 29.13 5.62 2.15 5.61 1.41 0.93 0.93 0.98 1.00 1.05 1.06 0.92 1.06 2.16 1.14 1.06 1.10 1.15 1.33 3.36 3.90 3.63 1.72 1.22 1.30 1.17 0.99 1.01 1.01 1.05 1.18 1.37 1.55 1.63 1.11 1.12 1.09 1.15 1.19 1.58 1.69 1.37 1.84 1.23 67.00 68.00 69.00 31.00 32.00 33.00 34.00 35.00 34.00 35.00 36.00 37.00 38.00 10.00 11.00 12.00 13.00 14.00 16.00 17.00 18.00 19.00 20.00 28.00 29.00 30.00 31.00 32.00 5.00 6.00 7.00 8.00 9.00 16.00 17.00 18.00 19.00 20.00 3.00 4.00 5.00 6.00 7.00 0.13 0.38 0.10 1.27 1.91 2.71 2.46 2.77 3.45 3.63 3.03 1.33 0.38 2.66 3.71 3.64 3.02 1.54 0.31 0.24 0.27 0.94 1.34 2.89 3.90 5.26 5.37 4.72 2.69 1.76 1.28 1.07 1.06 2.66 2.78 2.07 1.47 1.19 0.89 0.89 1.26 0.68 1.39 0.12 0.27 0.09 0.56 0.66 0.73 0.71 0.73 0.77 0.75 0.70 0.51 0.25 0.69 0.76 0.76 0.73 0.61 0.24 0.19 0.21 0.48 0.57 0.74 0.80 0.84 0.84 0.83 0.73 0.64 0.56 0.52 0.51 0.73 0.74 0.67 0.59 0.54 0.46 0.46 0.54 0.39 0.58 VHG VIC VID VIP VIS VNA VNE VNM VNS 95 95 95 95 95 96 96 96 96 96 97 97 97 97 97 98 98 98 98 98 99 99 99 99 99 100 100 100 100 100 101 101 101 101 101 102 102 102 102 102 103 103 103 2010 0.11 2011 0.10 2012 0.02 2013 0.16 2014 1.20 2010 3.34 2011 4.90 2012 8.27 2013 11.58 2014 14.03 2010 0.56 2011 0.61 2012 0.46 2013 -0.11 2014 -0.22 2010 0.48 2011 0.47 2012 0.34 2013 0.23 2014 0.24 2010 0.62 2011 0.29 2012 1.75 2013 1.51 2014 1.22 2010 0.69 2011 1.00 2012 0.88 2013 0.73 2014 0.72 2010 -0.10 2011 -0.05 2012 -0.11 2013 -0.03 2014 -0.20 2010 0.81 2011 1.61 2012 2.30 2013 2.83 2014 3.32 2010 0.87 2011 0.89 2012 0.89 -1.85 0.05 27.01 0.76 -0.14 27.00 1.08 -0.41 26.94 -5.76 -0.35 27.06 -6.23 0.37 27.70 18.30 15.19 30.89 7.52 8.67 31.20 13.66 32.05 31.65 55.74 75.84 31.96 28.97 114.91 32.14 -0.42 0.65 27.39 -1.31 0.76 27.42 -1.96 0.10 27.32 -0.11 -0.57 26.82 -0.68 -0.83 26.70 0.02 0.13 28.40 -0.29 0.36 28.39 -0.30 -0.20 28.30 0.83 -0.38 28.21 1.89 -0.45 28.22 -0.16 0.80 28.14 -0.79 1.29 27.91 -1.14 1.27 28.67 -1.21 1.00 28.57 -0.83 1.20 28.45 -0.50 0.04 27.80 -0.60 0.14 27.96 -1.35 -0.09 27.90 -2.33 -0.24 27.82 -0.98 -0.15 27.81 -32.09 -0.17 28.23 -35.84 0.45 28.28 -1.89 0.72 28.22 -28.19 1.37 28.31 -167.90 1.81 28.11 1.90 0.92 30.01 2.38 1.63 30.38 3.66 2.24 30.61 4.23 2.77 30.76 3.86 3.26 30.88 2.22 0.98 28.20 1.38 1.75 28.21 1.72 2.28 28.21 Trang xxii 3.07 1.45 1.28 1.43 3.49 2.54 0.93 1.12 1.49 1.42 1.15 1.06 0.93 1.78 2.15 1.16 0.83 0.59 1.10 1.04 1.25 1.38 0.92 0.91 0.91 0.42 0.44 0.36 0.32 0.59 2.95 1.91 1.41 0.91 1.57 2.24 3.21 2.68 2.63 2.85 1.05 1.21 1.15 7.00 8.00 9.00 10.00 11.00 8.00 9.00 10.00 11.00 12.00 36.00 37.00 38.00 39.00 40.00 5.00 6.00 7.00 8.00 9.00 7.00 8.00 9.00 10.00 11.00 14.00 15.00 16.00 17.00 18.00 8.00 9.00 10.00 11.00 12.00 7.00 8.00 9.00 10.00 11.00 15.00 16.00 17.00 0.19 0.35 0.39 0.23 0.14 2.42 4.19 4.26 3.95 3.10 1.69 1.90 1.87 0.61 0.38 1.53 1.49 1.23 0.79 0.74 1.85 1.52 3.28 3.07 2.47 2.32 3.04 3.16 4.67 4.61 1.71 1.91 1.66 1.81 1.06 0.35 0.25 0.27 0.30 0.30 1.14 1.08 0.90 0.16 0.26 0.28 0.18 0.12 0.63 0.77 0.81 0.75 0.70 0.63 0.65 0.65 0.38 0.28 0.60 0.60 0.55 0.44 0.42 0.65 0.60 0.77 0.75 0.71 0.70 0.75 0.76 0.82 0.82 0.61 0.63 0.61 0.63 0.50 0.26 0.20 0.21 0.23 0.23 0.53 0.52 0.47 VPK VSC VSH VTB VTO 103 103 104 104 104 104 104 105 105 105 105 105 106 106 106 106 106 107 107 107 107 107 108 108 108 108 108 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 1.14 1.58 -0.03 -0.03 0.17 0.36 0.47 0.85 0.96 1.41 1.58 2.41 0.22 0.35 0.36 0.48 0.47 0.12 0.06 0.01 0.02 0.04 -0.10 -0.16 -0.24 -0.34 -0.38 3.02 4.63 -1.41 -1.95 -2.80 -2.73 -1.87 0.72 0.83 1.19 1.31 1.38 -0.18 -0.11 -0.37 -0.47 -0.03 -0.01 -0.36 -0.52 -0.42 -0.32 1.31 0.83 0.37 0.25 0.46 2.81 3.55 0.11 0.47 0.85 0.99 0.57 0.75 1.06 1.49 1.53 1.85 -0.12 -0.05 -0.31 -0.41 0.15 0.17 -0.04 -0.01 -0.06 -0.01 0.80 1.21 1.18 1.08 1.03 Trang xxiii 28.33 28.52 25.77 25.77 25.95 26.10 26.19 27.42 27.48 27.68 27.76 28.03 28.74 28.84 28.85 28.93 28.92 26.41 26.35 26.31 26.32 26.33 28.75 28.68 28.58 28.44 28.38 0.88 0.75 0.80 1.28 2.16 2.41 2.19 2.02 2.81 2.06 2.06 1.78 6.29 2.44 2.04 1.39 1.83 3.04 3.30 3.57 3.55 3.64 0.75 0.83 0.74 0.66 0.57 18.00 19.00 7.00 8.00 9.00 10.00 11.00 8.00 9.00 10.00 11.00 12.00 19.00 20.00 21.00 22.00 23.00 19.00 20.00 21.00 22.00 23.00 5.00 6.00 7.00 8.00 9.00 0.74 0.87 1.07 0.54 0.36 0.32 0.40 0.50 0.33 0.39 0.28 0.26 0.25 0.43 0.38 0.40 0.23 0.32 0.28 0.28 0.30 0.29 1.95 1.74 1.49 1.13 1.01 0.43 0.47 0.52 0.35 0.27 0.24 0.28 0.33 0.25 0.28 0.22 0.19 0.20 0.30 0.28 0.29 0.19 0.24 0.22 0.21 0.23 0.22 0.66 0.64 0.60 0.53 0.50