Phân tích các nhân tố tác động đến giá cổ phiếu thường của các công ty cổ phần ngành dầu khí niêm yết trên thị trường chứng khoán việt nam

M 1.1 U p thi t c Sau g n 40 d ng qua m t ch D t nh c a Vi y ph ng d u c nh nc i th D ng th v d u m Vi c (kho ng 20- D VND chi thu c u ki n t nc a Vi v i Hi n T u nh qu c gia Vi t ng doanh thu c a VND Doanh ng th i t 772.700 t doanh thu c a t t 18% k ho ng, n D n kinh t ng c nhi u v v u k ho c c ph c v c, n ph tri n c a n n kinh t th ng ngu n v n kh ng l c u vi i V i s n l n m nh ys u qu pv ng th i vi c chuy s d ng v n c i Trong ng chung c a xu th tr i qua nh i doanh c p g p nhi u b gi i quy v t s d u hi c cho th ph n s n kinh t u, n n kinh t Vi b i c nh l ng kinh t l i M ng n l n x u, l ng kinh t ng kinh t n ph c h tri n v ng kinh t th gi ng ch c, nh n kinh t t Nam Nhi u y u t kh n l i t th ng th gi t c n n n kinh t c v i r t nhi tc c gi i quy cl n xu ik n D D t quan tr ng n n kinh t Vi t u ngo i t nh t cho qu c gia v n ph m ph c v n n kinh t qu n ph ng s ch u nhi n t th D i nh t i ho D phi D ng c ph D 1.2 phi u c nh s t gi i l iv c , nh ng y u t a ch n th c hi phi p nhi phi ng, em y ng ch ng u 1.2.1 u us c th c hi n nh m tr l i sau: phi ng t y phi u c ng ch D t Nam? ng c t ng m nh nh t t phi u? phi u c D u ? 1.2.2 M - u T ng h th ng t s nv phi ut phi u T gi ch m i quan h ut - phi u c tr ng s phi u c D ng ch - T nh m - D ng c t Nam t qu ch ng c phi u gi m thi phi u m 1.3.1 ut n ngh ut 1.3 nh u u uc phi phi u Thang Long University Library ng t i 1.3.2 Ph u D ng ch Vi t Nam Th i gian: kho ng th t 2010-2014 1.3.3 thu th p s li u th c hi u u l ch s nh n di ng c th t phi u c a hD u ng: S d nh nc li u thu th c Ti i quy nh ti h ki ng t phi u T u Ph n m m th cs thuy d d c u s s d ng d li ng ch t Nam D 1.4 K t c u c M Vi t Nam t th u: Ch t m quan tr ng c p thi t c T ng kh ng t c th t v th D ng th ng ch uv a doanh nghi t u u: th c ti ng c N i dung k t qu ng thu th ng D gi K t lu t ho t uv t c ti n phi phi u t thuy nh nh u: D nh s t qu ch phi u li u th nc th ng t s ki n ngh : T nh ng n i dung k t qu c, ng bi ng c i thi gi m thi cc ng t i phi u c D ct u T TV PHI NG PHI 2.1 T ng quan th ng ch 2.1.1 NG ng ch m th Th ng ch u ki n c a n n kinh t hi ni c quan ng giao d i ch i ch th n m gi ch TTCK trang TS B D t c a th c Hi n HVTC ng ch ng i: n v n: th ng ch ng ng th (secondary market) Th ch p (primary market): ng th c p (secondary market): p Th ch c ph t ng th mv c a nh th ng ng t t ch c ho ng: Th ng ch ng giao d ch phi t p trung (th ng giao d ch t OTC) Trong Th ng ng giao d ch t p trung: v ch nh ng giao d ch c th c p n tho i ho ng giao d ch c ng c di n t i m m c th nh T Th ng phi t p trung: u ki n giao d ng OTC i m ng gi i th hai nh tin c y c a th ng ch ng giao d ng: Th ng ch th ng: th ng c phi u, th u, th c ch Th ng c phi u: ng giao d lo i c phi u bao g m c phi u ph phi Th th ng giao d phi Th ch Thang Long University Library u: sinh: ng t mua c phi u, ch ng quy n, h n ng quy n ch th a ng ch c giao d ch: Th n th ng ch i th i gian giao d Gi 2.1.2 Ch Th a th TTCK trang 3,5,6 PGS.TS Ph - ng ch ng ch ng n n kinh t th b ng vi c th c hi n m t s ch y v n ch ng nh t c n kinh t n ti n n kinh t s xu i t Th hai: T o l v i ch u ti ng s n xu n kinh t : n cho ic a r ng s n d ng v ng ch v n c a n n kinh t - th c s thi d u qu Th ba: T TTCK cung c ch h r ng u ki m u ti t h u hi u v n t s d ng v n hi u qu r h m nh v i ch u qu : i ng r l a ch n lo i c a th t ng ch a : il a t, th i p v i kh c T h p d n c a ch av Th ng c vi chuy mu n Kh iv : nh ng ch ng s h n m t ho c t nh u t cho th t, an ng c a doanh nghi p: c ph ng h ng c a doanh nghi t n ti n, t o m ng c nh nh d ng v u qu s m i, c i ti n s n ph m Cu T ng c a th : th c hi n ng ch m y r ng, n n kinh t cl a n n kinh t m s cho th y d u hi c c c a n n kinh t TTCK trang 7,8,9,10 PGS.TS Ph 2.1.3 M B a t 0.001729 PXA 0.05072 0.051745 -0.58998 -1.97901 0.0006 PXI 0.039682 0.026064 0.009951 0.018646 0.032192 PXL 0.553962 0.063435 0.002337 -0.23668 -0.25829 PXM 0.047003 0.024325 -1.81729 -1.73523 PXS 0.179309 0.102587 0.056338 0.075243 0.074328 PXT 0.035237 0.029032 0.007068 SDP 0.012221 -0.54788 t Kh APP -0.86698 0.00827 0.007658 0.008355 0.012185 Ph luc 0.4 Th 2010 -0.10167 n (ROA) t 2010 - 2014 n (ROA) 2011 2012 2013 2014 0.2034 0.140191 0.119572 0.107935 0.086553 ASP 0.001527 CCL 0.081214 0.014654 0.015833 0.003994 0.003979 CNG 0.292873 0.288468 0.189065 0.197248 0.175347 DPM 0.229583 0.333969 0.285133 0.205228 0.108424 GAS 0.119652 0.129634 0.217235 0.243902 0.262545 PCT 0.014821 0.006674 0.021899 0.023306 0.051449 PDC 0.010106 0.016089 0.030514 0.040687 PET PFL -0.01698 0.030479 0.014817 0.002004 0.04254 0.069434 0.044017 0.069916 0.04158 -0.03487 0.01548 0.0254 0.033437 -0.15094 Thang Long University Library -0.0249 PGD 0.221919 0.175751 0.111267 0.082086 0.047834 PGS 0.090798 0.072779 0.051784 0.058321 0.043796 PHH 0.019553 -0.00566 0.000393 0.000784 PIV 0.045741 -0.11501 PLC 0.118624 0.080225 0.067727 0.06249 0.074575 PPE 0.011124 0.109539 0.00313 0.111265 PPS 0.015443 0.008384 0.011939 0.011934 PSI PTL 0.03807 0.01218 -0.02308 0.001027 0.198199 -0.1627 0.00715 -0.08097 0.000809 0.002887 0.006171 0.067366 0.050644 -0.00098 -0.0005 -0.09643 -0.06648 0.001408 PVA 0.02988 -0.04252 -0.02211 PVC 0.106675 PVD 0.060243 0.057568 0.075416 0.092325 0.108569 PVE 0.062209 0.082656 0.019982 0.018731 0.028599 PVG 0.026812 0.097728 0.021295 0.018825 PVI 0.045969 PVL -0.00998 0.001604 -0.0278 -0.2123 0.004756 PVR 0.024503 0.029656 -0.01608 -0.00428 0.000633 PVS 0.052568 0.060255 0.052699 0.066155 0.068591 PVT 0.009671 0.003149 0.013778 0.07592 0.071742 0.035996 0.086665 -0.00254 0.04242 0.036119 0.026652 0.015207 0.02507 0.036486 PVX 0.04691 0.011616 -0.07061 -0.09825 0.001024 PXA 0.018659 0.008428 -0.11679 -0.09275 0.000759 PXI 0.064713 0.035778 0.009209 0.011893 0.019746 PXL 0.032355 0.011274 0.000191 -0.00598 -0.00371 PXM 0.035245 0.029394 -0.38347 -0.46319 PXS 0.143504 0.065128 0.051754 PXT 0.036881 0.032831 SDP 0.019198 0.008722 0.009021 -0.15287 0.0057 0.04924 0.074785 -0.05494 -0.54361 0.00862 0.009395 Ph luc 0.5 Th Kh v n s h u (ROE) t 2010 - 2014 Kh 2010 n ch s h u (ROE) 2011 2012 2013 2014 APP 0.340899 0.244038 0.167604 0.158334 0.138111 ASP 0.006729 CCL 0.127096 0.030665 0.030372 0.007711 0.007905 CNG 0.451633 0.524672 0.309869 0.27937 DPM 0.274983 0.377326 0.336705 0.23731 0.124745 GAS 0.215358 0.251814 0.360681 0.368353 0.392499 PCT 0.020796 0.009767 0.031308 -0.06915 0.098569 0.047533 0.004813 0.26017 0.03744 0.072458 PDC 0.01592 0.025085 0.044217 0.053022 0.022358 PET 0.168898 0.235434 0.151308 0.128473 0.142579 PFL 0.124215 0.054014 PGD 0.302153 0.345882 PGS 0.643639 0.323504 0.186679 0.195978 0.148955 PHH 0.065332 -0.02241 0.001285 0.002508 0.040131 PIV 0.053306 -0.19911 -0.04896 0.00229 0.434052 PLC 0.364638 0.239357 0.170764 0.16715 0.242253 PPE 0.021573 0.168755 PPS 0.168349 PSI 0.10857 -0.04945 -0.23629 -0.03889 0.22899 0.204217 0.142362 -0.29999 0.006403 0.1318 0.148307 0.21352 0.12648 0.130553 -0.1578 0.001381 0.004502 0.008384 PTL 0.143323 0.126652 -0.00132 -0.15795 0.003189 PVA 0.338417 -1.37778 -1.55337 -0.00842 -1.07363 PVC 0.21371 0.198618 0.166568 0.092951 0.217321 PVD 0.168732 0.172044 0.205833 0.201692 0.220425 PVE 0.224323 0.252427 0.046314 0.051899 0.078319 PVG 0.111209 0.337049 0.066464 0.067043 Thang Long University Library -0.00916 PVI 0.082231 0.063652 0.063954 0.053523 0.045024 PVL -0.01529 0.002775 -0.0507 -0.56462 0.011994 PVR 0.055383 0.057838 -0.03212 -0.01298 0.001269 PVS 0.261153 0.239926 0.179066 0.190491 0.193914 PVT 0.032047 0.011117 0.042204 PVX 0.200813 0.065945 -0.46992 -1.50087 0.013863 PXA 0.074544 0.030176 -0.65781 -1.03075 0.004148 PXI 0.213034 0.131197 0.025496 0.040261 0.084455 PXL 0.044927 0.013218 0.000222 PXM 0.135242 0.144368 PXS 0.338769 0.232977 0.140873 0.122121 0.187055 PXT 0.091039 0.114773 0.021823 SDP 0.093753 0.047683 0.039656 0.045519 0.043554 Ph luc 0.6 Th 0.08492 0.108964 -0.00692 -0.00523 -2.37539 1.349263 0.444196 Kh -0.19887 -7.83637 (CR) t 2010 - 2014 Kh 2010 2011 2012 2013 2014 APP 2.094073 2.107357 3.150203 2.940727 2.536945 ASP 0.694578 0.638246 0.869031 CCL 4.334822 2.448492 2.818493 3.338167 3.475018 CNG 2.108661 1.911611 1.901253 3.465078 DPM 5.222167 6.988125 GAS 1.655562 1.858045 2.528725 2.867084 3.137023 PCT 2.274731 1.475553 2.015185 1.957139 2.582285 PDC 0.301903 0.361345 0.52945 PET 1.122301 1.209942 1.26432 1.174348 1.255732 PFL 2.162471 0.647991 0.586899 0.87215 1.002006 2.82762 5.1605 6.125885 6.897021 0.75369 0.842043 0.91594 0.850577 PGD 3.463239 1.681269 1.604371 1.387792 1.347767 PGS 0.877539 0.944836 0.851774 1.069498 PHH 1.340339 1.249635 1.139855 1.080342 1.158564 PIV 2.445572 1.443023 PLC 1.351719 1.336007 1.396245 1.321221 1.187437 PPE 1.910815 2.673272 2.072402 PPS 1.077266 1.049286 1.06341 1.076433 1.043444 PSI 1.458747 1.91729 2.691214 3.656885 PTL 1.994161 1.68388 1.558293 1.520318 1.375647 PVA 0.89437 1.02144 0.887165 0.997771 0.922897 PVC 1.59717 1.692586 1.971266 1.711706 1.826594 1.6653 1.00979 1.87557 1.949432 1.832448 1.88314 2.076767 PVD 0.804277 0.769647 0.892429 PVE 1.069729 1.230405 1.38046 1.282734 1.315339 PVG 1.197465 1.161727 1.03907 0.944131 0.895881 PVI 2.807914 2.219077 2.004451 2.087179 1.212462 PVL 2.532397 3.191522 4.073017 3.165376 1.532172 PVR 0.681264 0.441316 0.288852 PVS 0.841678 1.161733 1.266222 1.359958 1.373993 PVT 1.678529 PVX 1.144859 1.034534 1.042036 0.892743 PXA 1.581065 0.232625 0.620956 1.186872 1.119345 PXI 1.231657 1.204775 0.835112 1.056072 1.067362 PXL 1.686244 4.325607 4.078457 4.264477 2.295959 PXM 0.884595 0.990051 0.835674 0.678502 0.399837 PXS 0.489422 0.955252 1.233856 0.911997 1.113395 PXT 1.579245 SDP 1.128074 1.060516 1.041928 1.053805 1.091437 1.93366 2.021948 1.17776 1.322959 1.49134 2.060656 1.89306 2.140749 1.02534 1.25281 1.205532 1.202254 0.772442 Thang Long University Library