BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC KINH TẾ TP HỒ CHÍ MINH NGUYỄN THỊ TƯỞNG TÁC ĐỘNG CỦA CẤU TRÚC SỞ HỮU LÊN HIỆU QUẢ HOẠT ĐỘNG CỦA CÁC DOANH NGHIỆP VIỆT NAM LUẬN VĂN THẠC SĨ KINH TẾ Tp Hồ Chí Minh - Năm 2014 BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC KINH TẾ TP HỒ CHÍ MINH NGUYỄN THỊ TƯỞNG TÁC ĐỘNG CỦA CẤU TRÚC SỞ HỮU LÊN HIỆU QUẢ HOẠT ĐỘNG CỦA CÁC DOANH NGHIỆP VIỆT NAM Chuyên ngành: Tài – Ngân hàng Mã số: 60340201 LUẬN VĂN THẠC SĨ KINH TẾ NGƯỜI HƯỚNG DẪN KHOA HỌC: TS BÙI HỮU PHƯỚC Tp Hồ Chí Minh - Năm 2014 LỜI CAM ĐOAN Tôi xin cam đoan luận văn “Tác động cấu trúc sở hữu lên hiệu hoạt động doanh nghiệp Việt Nam” nghiên cứu công ty niêm yết sàn chứng khoán Thành phố Hồ Chí Minh công trình nghiên cứu thực với hướng dẫn từ thầy TS Bùi Hữu Phước Các nội dung kết nghiên cứu luận văn trung thực, khách quan có nguồn gốc trích dẫn rõ ràng Thành phố Hồ Chí Minh, ngày tháng năm 2014 Học viên Nguyễn Thị Tưởng MỤC LỤC Trang phụ bìa Lời cam đoan Danh mục hình vẽ, bảng biểu Tóm tắt CHƯƠNG 1: TỔNG QUAN VỀ NGHIÊN CỨU 1.1 Giới thiệu 1.2 Mục tiêu nghiên cứu 1.3 Câu hỏi nghiên cứu 1.4 Đối tượng phạm vi nghiên cứu 1.5 Phương pháp nghiên cứu 1.6 Bố cục luận văn CHƯƠNG 2: TỔNG KẾT LÝ THUYẾT 2.1 .5 2.1.1 2.1.2 2.1.3 2.2.1 10 10 2.2.2 18 CHƯƠNG 3: DỮ LIỆU VÀ PHƯƠNG PHÁP NGHIÊN CỨU 35 3.1 Dữ liệu 35 3.2 Các biến cách đo lường .35 3.2.1 Biến độc lập 35 3.2.2 Biến phụ thuộc .37 3.2.3 Biến kiểm soát 39 3.3 42 3.4 Phương pháp thực 43 3.3 Phương pháp thực .44 CHƯƠNG 4: KẾT QUẢ NGHIÊN CỨU 47 4.1 Thống kê mô tả 47 4.2 Kiểm định tương quan biến mô hình .49 4.3 .50 50 4.3.2 55 4.3.3 Kiểm định phương sai thay đổi 56 4.3.4 Kiểm định tự tương quan .57 4.3.5 Kiểm định phần dư 64 CHƯƠNG 5: KẾT LUẬN VÀ HẠN CHẾ CỦA ĐỀ TÀI 67 5.1 Kết luận 67 5.2 Hạn chế đề tài .68 Tài liệu tham khảo Phụ lục 1: Số liệu sử dụng cho mô hình DANH MỤC CÁC HÌNH, BẢNG BIỂU Bảng 4.1: Thống kê mô tả biến phụ thuộc, biến độc lập, biến kiểm soát với tập liệu mẫu 47 Bảng 4.2 Ma trận tương quan biến mô hình 49 Bả 51 Bả 52 Bả 54 Bả 55 Bảng 4.7 Kết kiểm định VIF 57 Bả 58 Hình 4.1: Các kiểm định cho mô hình liệu bảng .53 Hình 5.1: Đồ thị phân phối phầ 65 Hình 5.2: Đồ thị phân phối phầ .65 TÀI LIỆU THAM KHẢO Attiya Yasmin Javid and Robina Iqbal, 2008 Does corporate Governance Affect A firm Performance: A Case Study of Pakistani Marke, NUST Journal of Business and Economics, Vo1 1, No 1, 2008 Aydin, N., Sayim, M., Yalama, A., 2007 Foreign Ownership and Firm performance: Evidence from Turkey, International Research Journal of finance and Economics, 11, 104-111 Berger, P., E Ofek, D Yermack, 1997 Managerial entrenchment and capital structure decisions, The Journal of Finance, Vol 52: 1411-1438 Bethel J E., Liebeskind J F., Opler T., 1998 Block share purchase and corporate performance, The Journal of Finance LIII (2), 605-634 Cho, M H, 1998 Ownership structure, investment and the corporate value: An empirical annalysis Journal of Financial Economic, 47, 103-121 Choi, H M., Sul, W and Min, S.K (2012) Foreign board membership and firm value in Korea, Management Decision, 50(2): 207-233 Claessens, S., Djankov, S., 1999 Ownership concentration and corporation performance in the Czech Republic Journal of Comparative Economics, 27, 3, 498-513 Claessens, S., Djankov, S., Lang, L.H.P, 2000 The separateion of the ownership and control in East Asian corporations Journal of Financial Economics, 58, 81-112 Clay, D G (2001) Institutional ownership, CEO incentives and firm value, Paper presented at the AERC biannual research workshop, Nairobi Kenya 10 Commander, S., Svejnar, J (2007) Do Institutions, Ownership, Exporting and Competition Explain Firm Performance? 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Advances in Financial Economics, 2, pp 119-149 29 La Porta, R., Lopez-de-Silanes, F., & Shleifer, A., 1999 Corporate ownership around the world The Journal of Finance, vol 54, no 2, 471-517 30 La Porta, Rafael and Robert Vishny, 2002 Investor Protection and Corporate Valuation The Journal of Finance, Vol.57, No.3, 1147-1170 31 Lemmon, M., & Karl Lins., 2003 Ownership Structure, Corporate Governance, And Firm Value: Evidence From The East Asian Financial Crisis Journal of Finance 58, 1445-1468 32 Lole, S R, 1995 Measuring managerial equity ownership: A comparison of sources of ownership data Journal of Corporate Finance, 1, 413-435 33 McConnell J J and Servaes H (1990) Additional Evidence on Equity Ownership and Corporate Value”, Journal of Financial Economics, Vol 27, No 2, pp 595-612 34 Minguez-Vera and J F Martin-Ugedo, 2007 Does ownership structure affect value? A panel data analysis for the Spanish market International Review of Financial Analysis, 16 (1), 81-98 35 Mishra, Anil V & Ratti, Ronald A., 2011 Governance, monitoring and foreign investment in Chinese companies, Emerging Markets Review, Elsevier, vol 12 (2), pages 171-188, June 36 Morck, R., A Shleifer, R Vishny, 1988 Management ownership and market valuation: An empirical analysis Journal of Financial Economics, Vol 20: 293-315 37 Oxelheim L and Randøy T, 2003 The Impact of Foreign Board Membership on Firm Value, Journal of Banking & Finance, Vol 27, No 12, pp 23692392 38 Pedersen, T & Thomsen, S., 2000 Ownership structure and economic performance in the largest European companies Strategic Management Journal 21 (6), 689-705 39 Perrini, F., Rossi, G and Rovetta, B 2008 Does Ownership Structure Affect Performance? 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Journal of Managerial issues, Vol.XXII, 2010 43 Sabirianova, Klara, Jan Svejnar, and Katherine Terrell (2005) Distance to the efficiency frontier and frontier and foreign direct investment spillovers, Journal of the European Economic Association Volume 3, Issue 2-3, pages 576–586, April-May 2005 HBC CLG CLG CLG CLG CDC CDC CDC CDC GIL GIL GIL GIL FDC FDC FDC FDC COM COM COM COM GTT GTT GTT GTT DVP 38 39 39 39 39 40 40 40 40 41 41 41 41 42 42 42 42 43 43 43 43 44 44 44 44 45 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 -0.730 0.920 0.850 0.920 0.900 -0.640 -0.610 -0.350 -0.290 0.160 0.160 0.310 0.210 -0.330 -0.640 -0.500 -0.510 3.150 3.000 3.630 3.010 -1.930 -1.890 -1.910 -1.830 1.480 0.230 0.010 0.020 0.010 0.010 0.160 0.130 0.110 0.100 0.120 0.120 0.110 0.120 0.270 0.290 0.290 0.290 0.020 0.020 0.020 0.090 0.370 0.390 0.380 0.370 0.010 0.550 0.780 0.770 0.780 0.790 0.530 0.420 0.590 0.590 0.520 0.500 0.580 0.500 0.550 0.440 0.440 0.470 0.780 0.770 0.800 0.820 0.390 0.410 0.390 0.430 0.800 0.270 0.110 0.100 0.100 0.110 0.010 0.010 0.010 0.010 0.130 0.130 0.160 0.150 0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.010 0.020 0.020 0.020 0.030 0.100 0.180 0.650 0.650 0.650 0.660 0.290 0.280 0.300 0.320 0.550 0.550 0.540 0.540 0.480 0.470 0.480 0.480 0.900 0.900 0.910 0.910 0.010 0.020 0.010 0.020 0.780 0.650 0.750 0.750 0.820 0.660 0.670 0.300 0.630 0.660 0.630 0.620 0.570 0.330 0.300 0.400 0.430 0.600 0.400 0.410 0.200 0.230 0.710 0.710 0.680 0.670 0.220 0.920 0.330 0.140 0.370 0.300 0.270 0.680 0.400 0.530 0.920 1.120 0.950 0.760 0.240 0.240 0.860 0.880 8.750 8.170 10.550 7.790 0.180 0.340 0.370 0.300 0.540 -0.670 0.920 0.840 0.910 0.990 -0.650 -0.620 -0.360 -0.310 0.160 0.150 0.310 0.180 -0.330 -0.650 -0.520 -0.510 3.150 3.000 3.620 2.980 -1.960 -1.910 -1.930 -1.810 1.480 28.280 27.750 27.680 27.270 26.670 27.360 27.390 27.250 27.310 27.600 27.510 27.360 27.030 27.670 27.230 27.240 27.400 27.120 27.130 26.830 26.860 28.090 28.070 27.970 27.950 27.550 1.010 0.020 -0.010 -0.050 1.430 0.000 -0.020 -0.010 -0.070 0.020 -0.050 0.020 -0.480 0.190 0.000 -0.050 0.310 0.000 -0.030 -0.010 -0.410 0.000 0.000 -0.030 0.580 -0.030 DVP DVP DVP STT STT STT STT VNS VNS VNS VNS VST VST VST VST VOS VOS VOS VOS CMT CMT CMT CMT FPT FPT FPT 45 45 45 46 46 46 46 47 47 47 47 48 48 48 48 49 49 49 49 50 50 50 50 51 51 51 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 1.480 1.460 1.650 -0.520 -0.590 -0.480 -0.420 -0.370 -0.360 -0.240 -0.250 0.610 0.660 0.670 0.680 0.860 0.960 0.990 0.940 -1.660 -1.720 -1.620 -1.500 -0.360 -0.280 -0.380 0.010 0.010 0.010 0.010 0.030 0.030 0.030 0.300 0.380 0.210 0.200 0.060 0.060 0.030 0.030 0.010 0.010 0.030 0.030 0.380 0.380 0.340 0.340 0.120 0.130 0.120 0.810 0.800 0.820 0.280 0.280 0.340 0.340 0.760 0.720 0.610 0.630 0.670 0.670 0.680 0.680 0.710 0.720 0.740 0.740 0.340 0.330 0.350 0.380 0.320 0.330 0.300 0.100 0.080 0.010 0.010 0.010 0.010 0.010 0.470 0.270 0.230 0.230 0.010 0.010 0.000 0.010 0.050 0.000 0.000 0.000 0.090 0.060 0.070 0.070 0.460 0.480 0.470 0.780 0.800 0.880 0.320 0.320 0.320 0.350 0.030 0.220 0.260 0.270 0.680 0.690 0.660 0.660 0.690 0.730 0.740 0.740 0.040 0.040 0.040 0.050 0.310 0.310 0.320 0.310 0.360 0.240 0.310 0.320 0.220 0.240 0.430 0.470 0.520 0.530 0.890 0.820 0.800 0.780 0.770 0.720 0.720 0.680 0.550 0.470 0.560 0.440 0.530 0.500 0.580 0.600 0.580 0.640 1.020 0.810 0.640 0.680 1.570 1.520 1.270 0.930 0.480 0.500 0.570 0.580 0.410 0.480 0.570 0.560 1.270 1.030 1.160 0.920 1.540 1.730 1.700 1.480 1.460 1.670 -0.520 -0.610 -0.480 -0.410 -0.370 -0.370 -0.250 -0.250 0.600 0.640 0.660 0.690 0.850 0.960 0.980 1.010 -1.680 -1.740 -1.640 -1.570 -0.360 -0.280 -0.370 27.390 27.270 26.950 25.050 25.350 25.510 25.620 28.330 28.210 28.210 28.200 28.650 28.740 28.810 28.830 29.310 29.250 29.290 29.220 26.280 26.050 26.280 25.980 30.500 30.280 30.340 0.020 -0.060 0.300 -0.020 -0.240 -0.050 0.160 0.030 0.010 -0.030 0.070 -0.040 -0.040 -0.030 0.280 -0.030 -0.010 -0.020 1.110 0.010 -0.010 -0.030 -0.820 -0.020 0.000 0.000 FPT ELC ELC ELC ELC FLC FLC FLC FLC ASM ASM ASM ASM C21 C21 C21 C21 DRH DRH DRH DRH DXG DXG DXG DXG HAG 51 52 52 52 52 53 53 53 53 54 54 54 54 55 55 55 55 56 56 56 56 57 57 57 57 58 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 -0.380 -1.200 -1.150 -1.260 -1.180 -1.590 -1.630 -2.110 -1.970 -1.530 -1.600 -1.500 -1.590 -1.120 -1.250 -1.190 -1.110 -1.070 -1.190 -1.170 -0.890 -0.960 -0.880 -1.410 -1.230 -0.180 0.120 0.360 0.380 0.380 0.380 0.100 0.110 0.340 0.300 0.210 0.210 0.210 0.200 0.100 0.180 0.150 0.130 0.350 0.350 0.350 0.330 0.230 0.240 0.430 0.420 0.010 0.300 0.460 0.500 0.480 0.500 0.170 0.160 0.180 0.190 0.330 0.300 0.340 0.350 0.350 0.370 0.360 0.360 0.560 0.520 0.500 0.600 0.540 0.540 0.520 0.600 0.610 0.470 0.090 0.110 0.100 0.110 0.030 0.000 0.000 0.000 0.060 0.050 0.050 0.070 0.230 0.250 0.250 0.250 0.140 0.060 0.060 0.100 0.000 0.000 0.000 0.010 0.330 0.320 0.180 0.170 0.180 0.180 0.020 0.040 0.040 0.040 0.030 0.030 0.030 0.030 0.020 0.020 0.020 0.030 0.110 0.100 0.160 0.150 0.160 0.160 0.140 0.160 0.190 0.590 0.330 0.280 0.480 0.520 0.400 0.430 0.330 0.190 0.580 0.570 0.520 0.680 0.140 0.170 0.170 0.140 0.390 0.390 0.290 0.110 0.480 0.290 0.480 0.580 0.550 1.630 0.430 0.510 0.420 0.650 0.830 0.730 0.290 0.120 0.680 0.650 0.630 0.440 0.180 0.180 0.240 0.210 0.590 0.770 0.370 0.240 0.270 0.490 0.320 0.540 0.090 -0.370 -1.220 -1.160 -1.280 -1.200 -1.600 -1.640 -2.120 -2.000 -1.540 -1.620 -1.510 -1.560 -1.120 -1.250 -1.190 -1.120 -1.080 -1.210 -1.190 -0.900 -0.970 -0.890 -1.430 -1.240 -0.180 30.140 27.600 27.570 27.760 27.780 28.370 28.380 26.840 26.340 28.150 28.090 27.950 27.850 27.130 27.170 27.130 27.080 26.400 26.390 26.300 26.240 27.870 27.430 27.510 27.260 31.030 0.020 -0.090 0.020 -0.050 -0.080 0.030 -0.010 0.000 -0.300 0.010 -0.040 -0.080 0.700 -0.050 0.010 0.000 -0.130 0.090 -0.070 -0.090 -0.020 0.000 0.040 -0.080 0.230 0.020 HAG HAG HAG QCG QCG QCG QCG TDH TDH TDH TDH DSN DSN DSN DSN BBC BBC BBC BBC BHS BHS BHS BHS BMP BMP BMP 58 58 58 59 59 59 59 60 60 60 60 61 61 61 61 62 62 62 62 63 63 63 63 64 64 64 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 -0.150 -0.040 0.190 -1.440 -1.400 -1.540 -1.280 -1.250 -1.110 -1.130 -1.000 0.560 0.460 0.240 0.150 0.030 0.100 0.170 0.070 0.660 0.590 0.800 0.760 0.130 1.260 1.230 0.010 0.010 0.010 0.490 0.490 0.510 0.510 0.240 0.180 0.180 0.170 0.020 0.030 0.030 0.020 0.060 0.050 0.040 0.050 0.050 0.050 0.040 0.040 0.700 0.090 0.080 0.660 0.690 0.680 0.560 0.580 0.540 0.620 0.320 0.350 0.330 0.360 0.560 0.550 0.440 0.450 0.570 0.600 0.620 0.600 0.630 0.600 0.620 0.600 0.590 0.560 0.560 0.330 0.310 0.470 0.270 0.270 0.260 0.290 0.240 0.260 0.280 0.300 0.110 0.110 0.110 0.110 0.490 0.470 0.440 0.480 0.070 0.060 0.050 0.050 0.510 0.490 0.490 0.170 0.190 0.220 0.110 0.120 0.100 0.130 0.160 0.150 0.140 0.140 0.510 0.490 0.490 0.460 0.170 0.170 0.180 0.160 0.590 0.600 0.600 0.590 0.800 0.780 0.730 0.650 0.610 0.540 0.610 0.590 0.540 0.520 0.360 0.360 0.380 0.360 0.070 0.070 0.060 0.070 0.260 0.250 0.270 0.280 0.610 0.730 0.570 0.510 0.110 0.100 0.100 0.140 0.120 0.210 0.150 0.040 0.070 0.140 0.180 0.090 0.240 0.240 1.010 0.910 0.870 0.610 1.300 1.210 1.270 1.040 1.330 1.440 2.000 1.970 1.240 1.330 1.570 -0.150 -0.040 0.160 -1.460 -1.420 -1.570 -1.290 -1.250 -1.110 -1.130 -1.030 0.570 0.460 0.250 0.160 0.050 0.110 0.180 0.060 0.650 0.590 0.800 0.760 0.120 1.280 1.240 31.080 30.860 30.580 29.480 29.480 29.340 29.270 28.450 28.430 28.450 28.480 25.850 25.880 25.770 25.900 27.420 27.370 27.390 27.360 28.420 28.380 27.880 27.650 28.150 27.980 27.790 -0.040 -0.060 -0.600 0.000 0.010 -0.060 0.070 0.000 0.000 -0.090 -0.350 0.020 0.010 0.150 -0.020 0.020 -0.030 0.000 -0.290 -0.040 -0.060 -0.030 0.060 -0.030 0.000 -0.030 BMP BT6 BT6 BT6 BT6 CII CII CII CII CLC CLC CLC CLC CYC CYC CYC CYC DIC DIC DIC DIC GMD GMD GMD GMD HAI 64 65 65 65 65 66 66 66 66 67 67 67 67 68 68 68 68 69 69 69 69 70 70 70 70 71 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 1.120 0.490 0.530 0.580 0.450 -0.030 -0.100 -0.030 -0.070 0.620 0.590 0.530 0.600 0.430 0.460 0.410 0.480 -0.570 -0.840 -0.900 -0.890 -0.730 -0.640 -0.590 -0.630 0.760 0.100 0.040 0.040 0.030 0.060 0.020 0.040 0.030 0.050 0.140 0.120 0.130 0.100 0.030 0.010 0.010 0.010 0.020 0.030 0.030 0.050 0.030 0.020 0.010 0.030 0.040 0.520 0.820 0.810 0.820 0.780 0.420 0.400 0.410 0.390 0.540 0.570 0.550 0.580 0.760 0.770 0.790 0.780 0.150 0.160 0.140 0.130 0.320 0.350 0.360 0.340 0.510 0.500 0.100 0.100 0.090 0.090 0.360 0.370 0.330 0.380 0.020 0.010 0.010 0.010 0.200 0.200 0.200 0.200 0.020 0.020 0.020 0.030 0.230 0.210 0.190 0.200 0.000 0.750 0.380 0.400 0.410 0.380 0.480 0.490 0.520 0.490 0.610 0.600 0.600 0.610 0.310 0.330 0.300 0.290 0.280 0.280 0.290 0.280 0.200 0.200 0.220 0.220 0.740 0.130 0.700 0.710 0.730 0.590 0.750 0.750 0.750 0.590 0.520 0.590 0.640 0.670 0.640 0.680 0.720 0.680 0.720 0.690 0.660 0.660 0.350 0.320 0.350 0.370 0.440 1.440 0.670 0.790 0.750 0.900 0.090 0.040 0.040 0.060 2.780 2.380 2.440 2.020 1.150 0.900 0.810 0.860 3.300 1.820 1.620 2.020 0.330 0.380 0.350 0.330 1.340 1.130 0.490 0.530 0.570 0.440 -0.020 -0.090 -0.030 -0.070 0.610 0.580 0.520 0.570 0.430 0.460 0.410 0.400 -0.570 -0.850 -0.910 -0.890 -0.720 -0.630 -0.590 -0.670 0.750 27.610 28.100 28.160 28.210 27.850 29.710 29.520 29.240 28.890 27.080 27.090 27.160 27.120 26.510 26.540 26.650 26.510 27.390 27.200 27.170 27.030 29.660 29.550 29.560 29.510 27.260 -0.080 -0.010 -0.010 -0.060 -0.110 -0.060 0.050 -0.080 -0.160 0.040 -0.010 0.020 -0.340 0.020 0.000 0.000 -1.230 0.010 -0.020 -0.020 0.100 0.010 0.010 -0.030 -0.550 0.010 HAI HAI HAI HAP HAP HAP HAP HAS HAS HAS HAS HAX HAX HAX HAX HMC HMC HMC HMC HPG HPG HPG HPG HSI HSI HSI 71 71 71 72 72 72 72 73 73 73 73 74 74 74 74 75 75 75 75 76 76 76 76 77 77 77 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 0.830 0.790 0.790 -1.580 -1.460 -1.410 -1.470 -0.540 -0.530 -0.490 -0.540 0.420 0.520 0.570 0.500 0.780 0.970 1.130 0.030 0.090 0.050 0.070 0.090 -0.130 0.000 0.020 0.030 0.040 0.050 0.070 0.060 0.050 0.090 0.200 0.210 0.170 0.200 0.060 0.030 0.040 0.070 0.020 0.030 0.050 0.040 0.070 0.040 0.060 0.070 0.010 0.020 0.030 0.530 0.520 0.500 0.150 0.160 0.160 0.140 0.370 0.350 0.380 0.360 0.600 0.640 0.630 0.590 0.560 0.550 0.530 0.550 0.430 0.450 0.440 0.420 0.250 0.220 0.210 0.000 0.000 0.000 0.120 0.100 0.100 0.130 0.200 0.210 0.190 0.190 0.130 0.100 0.100 0.130 0.010 0.010 0.010 0.010 0.380 0.380 0.360 0.370 0.080 0.090 0.090 0.740 0.740 0.750 0.060 0.050 0.040 0.050 0.420 0.410 0.410 0.420 0.340 0.350 0.350 0.340 0.560 0.560 0.570 0.560 0.330 0.320 0.300 0.340 0.140 0.150 0.160 0.380 0.330 0.210 0.540 0.290 0.220 0.170 0.350 0.270 0.320 0.360 0.630 0.630 0.640 0.610 0.670 0.670 0.710 0.720 0.580 0.550 0.550 0.550 0.900 0.840 0.820 1.270 1.170 1.460 0.290 0.480 0.520 0.560 0.350 0.620 0.270 0.350 2.960 2.760 3.150 3.420 2.990 4.150 5.280 4.020 0.820 0.880 1.020 0.960 0.890 1.290 1.190 0.830 0.780 0.840 -1.580 -1.460 -1.420 -1.460 -0.540 -0.530 -0.490 -0.560 0.430 0.520 0.560 0.460 0.770 0.960 1.120 0.900 -0.220 -0.090 -0.180 -0.170 -1.140 -1.080 -1.120 27.210 27.100 26.950 27.830 27.350 27.260 27.190 26.190 26.050 26.090 26.190 26.170 26.170 26.430 26.460 27.660 27.670 27.810 27.710 30.770 30.580 30.490 30.330 27.090 27.440 27.440 -0.020 -0.070 0.790 0.010 0.000 -0.060 0.100 -0.010 0.020 -0.020 -0.240 0.110 -0.060 -0.070 -0.530 -0.010 -0.040 0.040 0.090 0.030 -0.020 -0.020 -0.260 -0.130 -0.030 -0.010 HSI HT1 HT1 HT1 HT1 HTV HTV HTV HTV ICF ICF ICF ICF IMP IMP IMP IMP KDC KDC KDC KDC LAF LAF LAF LAF LBM 77 78 78 78 78 79 79 79 79 80 80 80 80 81 81 81 81 82 82 82 82 83 83 83 83 84 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 0.030 0.000 0.000 0.000 0.010 0.080 0.130 0.090 0.070 0.000 0.000 0.030 0.050 0.070 0.060 0.090 0.090 0.080 0.060 0.050 0.110 0.180 -0.650 0.010 0.240 0.120 0.050 0.010 0.010 0.010 0.020 0.040 0.070 0.060 0.050 0.000 0.000 0.020 0.030 0.150 0.140 0.170 0.170 0.190 0.180 0.170 0.210 0.140 0.130 0.120 0.150 0.070 0.190 0.780 0.800 0.800 0.820 0.720 0.700 0.710 0.730 0.260 0.260 0.230 0.240 0.570 0.600 0.550 0.480 0.450 0.480 0.490 0.460 0.610 0.640 0.630 0.610 0.320 0.090 0.030 0.020 0.020 0.030 0.020 0.020 0.020 0.020 0.030 0.020 0.020 0.030 0.490 0.480 0.470 0.470 0.340 0.320 0.290 0.300 0.240 0.230 0.230 0.240 0.020 0.160 0.780 0.790 0.780 0.780 0.620 0.620 0.600 0.620 0.020 0.030 0.030 0.020 0.750 0.280 0.730 0.290 0.030 0.040 0.060 0.040 0.430 0.420 0.420 0.430 0.610 0.760 1.320 0.860 0.860 0.850 0.250 0.140 0.100 0.100 0.550 0.580 0.570 0.520 0.170 0.580 0.170 0.140 0.230 0.270 0.340 0.240 0.390 0.650 0.680 0.290 0.130 1.400 0.640 0.440 0.410 0.360 0.580 0.540 0.470 0.460 0.430 0.260 0.860 0.810 0.970 0.970 0.950 0.940 0.720 0.780 0.730 0.380 2.850 3.840 1.250 2.580 1.270 -1.140 1.010 1.190 1.160 1.180 0.850 0.780 0.780 0.890 -1.330 -1.360 -1.340 -1.350 1.020 -0.010 0.880 -0.150 -0.940 -0.850 -0.830 -1.040 0.580 0.740 0.230 0.540 0.160 27.130 29.930 30.220 30.190 30.100 26.580 26.420 26.270 26.230 26.690 26.750 26.710 26.660 27.490 26.540 27.480 27.440 29.480 29.340 29.390 29.250 25.960 26.190 27.310 26.590 25.800 0.530 0.000 0.000 -0.010 -0.770 -0.050 0.040 0.020 -0.370 0.000 -0.030 -0.030 -0.320 0.010 -0.030 0.000 0.040 0.010 0.020 -0.070 -0.070 0.820 -0.660 -0.220 1.380 0.030 LBM LBM LBM LGC LGC LGC LGC MCP MCP MCP MCP MHC MHC MHC MHC MPC MPC MPC MPC NAV NAV NAV NAV NSC NSC NSC 84 84 84 85 85 85 85 86 86 86 86 87 87 87 87 88 88 88 88 89 89 89 89 90 90 90 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 0.090 0.080 0.060 0.010 0.000 0.010 0.100 0.070 0.080 0.110 0.080 0.080 0.020 0.000 -0.170 0.040 0.000 0.040 0.080 0.020 0.020 0.070 0.080 0.220 0.200 0.170 0.050 0.040 0.040 0.010 0.010 0.020 0.030 0.170 0.170 0.180 0.160 0.230 0.220 0.210 0.190 0.210 0.200 0.210 0.230 0.130 0.130 0.140 0.150 0.040 0.020 0.020 0.350 0.360 0.360 0.720 0.740 0.680 0.650 0.620 0.620 0.600 0.630 0.290 0.290 0.310 0.320 0.770 0.750 0.760 0.740 0.340 0.340 0.320 0.310 0.390 0.400 0.410 0.020 0.020 0.020 0.020 0.020 0.040 0.060 0.050 0.050 0.030 0.040 0.030 0.030 0.030 0.040 0.170 0.170 0.180 0.160 0.050 0.050 0.050 0.050 0.300 0.290 0.280 0.600 0.610 0.620 0.630 0.610 0.610 0.590 0.390 0.370 0.360 0.390 0.050 0.050 0.050 0.060 0.100 0.110 0.090 0.120 0.160 0.160 0.160 0.160 0.290 0.270 0.280 0.170 0.320 0.330 0.470 0.590 0.590 0.600 0.490 0.420 0.440 0.430 0.460 0.550 0.580 0.620 0.740 0.780 0.740 0.640 0.460 0.490 0.430 0.370 0.260 0.310 0.400 1.290 1.100 0.860 0.480 0.370 0.460 0.570 1.180 1.210 1.230 1.170 0.280 0.510 0.510 0.510 1.450 1.270 1.110 1.310 1.050 0.940 1.080 1.100 1.360 1.390 1.340 0.230 0.200 0.160 0.850 0.780 0.670 0.580 -0.020 -0.040 -0.130 0.030 -1.680 -1.650 -1.590 -1.520 -0.350 -0.410 -0.450 -0.410 -0.980 -1.010 -1.020 -1.050 -0.150 -0.130 -0.140 25.780 26.010 26.020 26.810 26.690 26.690 26.680 26.490 26.340 26.440 26.150 26.160 26.180 26.240 26.280 29.660 29.470 29.480 28.990 25.910 25.930 25.860 25.740 26.810 26.700 26.620 0.010 0.020 0.150 0.010 -0.010 -0.080 0.400 0.000 -0.040 0.030 0.340 0.060 0.020 0.170 1.180 0.040 -0.040 -0.040 -0.260 0.000 -0.050 -0.010 0.060 0.020 0.030 0.030 NSC PAC PAC PAC PAC PAN PAN PAN PAN PGC PGC PGC PGC PJT PJT PJT PJT PNC PNC PNC PNC PPC PPC PPC PPC PTC 90 91 91 91 91 92 92 92 92 93 93 93 93 94 94 94 94 95 95 95 95 96 96 96 96 97 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 0.140 0.040 0.060 0.080 0.120 0.080 0.220 0.050 0.070 0.040 0.050 0.030 0.040 0.050 0.110 0.090 0.070 -0.070 -0.040 0.000 0.020 0.140 0.040 0.000 0.000 0.000 0.020 0.070 0.070 0.080 0.100 0.100 0.120 0.080 0.090 0.080 0.090 0.070 0.080 0.310 0.310 0.300 0.290 0.020 0.020 0.010 0.040 0.130 0.100 0.100 0.120 0.030 0.420 0.700 0.700 0.680 0.670 0.610 0.590 0.600 0.580 0.520 0.520 0.540 0.530 0.510 0.510 0.530 0.510 0.310 0.310 0.310 0.330 0.670 0.750 0.780 0.770 0.320 0.270 0.350 0.350 0.370 0.360 0.100 0.080 0.080 0.070 0.040 0.040 0.070 0.080 0.120 0.120 0.110 0.110 0.090 0.090 0.090 0.100 0.110 0.110 0.140 0.160 0.010 0.280 0.770 0.750 0.750 0.770 0.740 0.730 0.730 0.750 0.490 0.480 0.440 0.440 0.620 0.620 0.610 0.620 0.210 0.210 0.200 0.210 0.740 0.720 0.690 0.670 0.300 0.320 0.650 0.540 0.540 0.560 0.340 0.110 0.130 0.120 0.670 0.590 0.490 0.540 0.500 0.230 0.270 0.330 0.750 0.700 0.660 0.610 0.540 0.650 0.750 0.680 0.410 1.290 1.310 1.630 1.670 1.510 0.580 0.770 0.820 0.680 1.530 2.160 2.460 1.970 1.520 2.590 2.810 2.130 0.930 0.840 0.850 0.840 0.550 0.340 0.320 0.360 0.300 -0.110 1.290 1.350 1.300 1.240 0.790 0.790 0.880 0.850 0.170 0.280 0.400 0.250 0.050 0.360 0.430 0.270 -0.820 -0.820 -0.800 -0.790 0.760 0.870 0.850 0.790 -0.690 26.440 27.990 27.770 27.800 27.730 27.700 26.630 26.400 26.420 28.340 28.040 27.760 27.830 26.180 25.670 25.630 25.730 26.590 26.680 26.710 26.600 30.110 30.120 30.100 30.080 26.530 0.060 -0.010 -0.030 -0.040 -0.460 -0.140 0.170 -0.020 -0.540 -0.010 0.020 -0.010 -0.410 -0.060 0.020 0.020 0.200 -0.030 -0.040 -0.020 0.360 0.100 0.040 0.000 -1.000 0.170 PTC PTC PTC PVD PVD PVD PVD PVT PVT PVT PVT RAL RAL RAL RAL REE REE REE REE SAM SAM SAM SAM SAV SAV SAV 97 97 97 98 98 98 98 99 99 99 99 100 100 100 100 101 101 101 101 102 102 102 102 103 103 103 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 -0.160 0.000 0.000 0.090 0.080 0.060 0.060 0.030 0.000 0.010 0.010 0.050 0.050 0.040 0.030 0.140 0.100 0.100 0.070 0.040 0.040 -0.070 0.050 0.010 0.010 0.010 0.020 0.040 0.050 0.050 0.030 0.030 0.050 0.030 0.020 0.020 0.020 0.060 0.050 0.040 0.040 0.070 0.050 0.040 0.060 0.040 0.040 0.020 0.030 0.020 0.020 0.030 0.320 0.320 0.310 0.650 0.660 0.660 0.640 0.740 0.750 0.750 0.750 0.670 0.680 0.690 0.700 0.450 0.460 0.460 0.430 0.370 0.370 0.420 0.380 0.650 0.650 0.650 0.010 0.010 0.010 0.340 0.340 0.340 0.340 0.020 0.020 0.040 0.050 0.100 0.080 0.080 0.080 0.310 0.310 0.290 0.280 0.090 0.080 0.070 0.070 0.300 0.300 0.330 0.300 0.310 0.320 0.710 0.700 0.710 0.720 0.770 0.740 0.740 0.740 0.590 0.600 0.590 0.610 0.380 0.370 0.350 0.110 0.230 0.240 0.240 0.230 0.610 0.610 0.590 0.470 0.420 0.430 0.540 0.630 0.660 0.640 0.620 0.580 0.630 0.600 0.720 0.680 0.670 0.630 0.250 0.360 0.270 0.410 0.160 0.130 0.140 0.060 0.570 0.580 0.550 0.470 0.420 0.430 0.690 0.630 0.500 0.520 0.520 0.560 0.520 0.460 1.290 1.340 1.250 1.160 0.350 0.360 0.340 0.360 0.330 0.330 0.280 0.310 0.840 0.800 0.730 -0.700 -0.680 -0.700 0.170 0.180 0.190 0.180 0.590 0.570 0.570 0.540 0.420 0.420 0.410 0.430 -0.590 -0.560 -0.610 -0.760 -0.790 -0.790 -0.710 -0.810 0.100 0.090 0.060 26.610 26.800 26.810 30.700 30.580 30.550 30.310 29.890 29.700 29.710 29.680 28.200 28.060 27.970 27.790 29.570 29.510 29.300 29.230 28.720 28.640 28.600 28.590 27.210 27.250 27.170 -0.170 0.000 7.510 0.020 0.020 0.000 -0.090 0.030 0.000 0.000 -2.900 0.000 0.010 0.010 -0.090 0.040 0.000 0.020 -0.430 0.000 0.110 -0.110 -0.480 0.000 0.000 -0.010 SAV SCD SCD SCD SCD SFC SFC SFC SFC SFI SFI SFI SFI SJD SJD SJD SJD SMC SMC SMC SMC SVC SVC SVC SVC TAC 103 104 104 104 104 105 105 105 105 106 106 106 106 107 107 107 107 108 108 108 108 109 109 109 109 110 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 0.020 0.090 0.110 0.100 0.130 0.040 0.060 0.140 0.240 0.070 0.090 0.070 0.080 0.130 0.150 0.090 0.070 0.010 0.030 0.030 0.030 0.020 0.020 0.030 0.040 0.050 0.040 0.310 0.290 0.300 0.320 0.330 0.300 0.340 0.350 0.060 0.050 0.050 0.080 0.040 0.040 0.030 0.030 0.250 0.250 0.220 0.230 0.050 0.050 0.050 0.060 0.170 0.640 0.750 0.750 0.750 0.800 0.700 0.680 0.700 0.700 0.270 0.270 0.260 0.250 0.510 0.740 0.750 0.750 0.360 0.360 0.300 0.260 0.500 0.500 0.580 0.570 0.510 0.340 0.090 0.080 0.060 0.080 0.030 0.010 0.030 0.030 0.050 0.040 0.030 0.040 0.270 0.270 0.300 0.320 0.100 0.110 0.060 0.070 0.050 0.050 0.080 0.090 0.040 0.590 0.740 0.740 0.750 0.750 0.720 0.710 0.720 0.720 0.110 0.100 0.100 0.110 0.760 0.740 0.740 0.740 0.020 0.110 0.060 0.050 0.620 0.620 0.590 0.580 0.610 0.450 0.400 0.240 0.270 0.250 0.610 0.490 0.180 0.290 0.490 0.500 0.500 0.490 0.280 0.350 0.450 0.500 0.810 0.720 0.760 0.780 0.670 0.670 0.670 0.630 0.670 0.730 1.340 1.410 1.770 1.800 5.490 6.340 8.450 6.350 0.890 0.670 0.470 0.460 0.270 0.340 0.290 0.210 3.150 4.190 3.760 2.780 2.350 1.990 2.260 1.770 3.510 0.000 0.940 0.870 0.950 1.060 1.350 1.310 1.490 1.350 -0.870 -0.900 -0.940 -0.910 -0.200 0.300 0.320 0.320 -0.190 -0.060 -0.260 -0.420 0.180 0.140 0.300 0.210 0.470 27.010 26.450 26.170 26.170 26.040 26.820 26.520 26.080 26.160 26.970 26.920 26.820 26.710 27.770 27.650 27.640 27.660 28.750 28.390 28.500 28.530 28.660 28.630 28.630 28.490 27.830 -0.290 -0.020 0.010 -0.030 -0.280 -0.010 -0.080 -0.100 0.300 -0.020 0.020 -0.010 -0.230 -0.020 0.060 0.020 -0.350 -0.020 0.000 0.000 -0.290 0.000 -0.010 -0.010 -0.330 -0.010 TAC TAC TAC TBC TBC TBC TBC TCR TCR TCR TCR TMS TMS TMS TMS TNA TNA TNA TNA TPC TPC TPC TPC TS4 TS4 TS4 110 110 110 111 111 111 111 112 112 112 112 113 113 113 113 114 114 114 114 115 115 115 115 116 116 116 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 0.060 0.020 0.090 0.160 0.140 0.090 0.050 -0.040 0.000 0.050 0.060 0.120 0.090 0.080 0.080 0.050 0.060 0.060 0.120 0.040 0.050 0.040 0.100 0.010 0.020 0.040 0.180 0.120 0.130 0.150 0.120 0.120 0.130 0.030 0.030 0.030 0.030 0.130 0.120 0.090 0.100 0.050 0.050 0.070 0.080 0.140 0.140 0.130 0.120 0.260 0.270 0.270 0.510 0.510 0.510 0.850 0.840 0.820 0.830 0.470 0.480 0.460 0.450 0.620 0.620 0.690 0.680 0.470 0.470 0.470 0.470 0.310 0.310 0.410 0.320 0.800 0.800 0.800 0.040 0.040 0.040 0.000 0.000 0.000 0.020 0.420 0.420 0.410 0.410 0.410 0.390 0.390 0.380 0.020 0.020 0.020 0.020 0.020 0.020 0.030 0.020 0.130 0.130 0.130 0.610 0.590 0.610 0.890 0.860 0.870 0.870 0.040 0.040 0.030 0.050 0.300 0.310 0.320 0.340 0.210 0.200 0.220 0.200 0.090 0.090 0.080 0.080 0.160 0.160 0.270 0.620 0.660 0.610 0.030 0.040 0.050 0.100 0.630 0.590 0.550 0.430 0.240 0.240 0.270 0.320 0.630 0.620 0.660 0.630 0.520 0.470 0.650 0.100 0.710 0.730 0.660 4.020 4.300 3.450 0.320 0.280 0.210 0.160 1.160 1.000 0.900 1.070 0.480 0.410 0.430 0.400 2.240 1.830 1.560 1.440 1.060 0.990 0.730 1.190 0.710 0.650 0.920 0.520 0.460 0.390 0.870 0.780 0.740 0.780 -0.700 -0.710 -0.800 -0.820 -0.260 -0.260 -0.130 -0.100 -0.190 -0.240 -0.210 -0.230 -0.640 -0.660 -0.440 -0.790 0.580 0.600 0.680 27.630 27.660 27.570 27.570 27.530 27.470 27.470 28.130 28.130 28.090 27.740 27.450 27.350 27.200 27.120 27.280 27.210 27.250 27.110 27.220 27.140 27.620 26.650 27.620 27.540 27.280 0.040 -0.070 1.180 0.020 0.050 0.040 -0.680 -0.040 -0.050 0.000 14.850 0.030 0.010 0.000 -0.010 -0.010 0.000 -0.060 1.120 -0.010 0.010 -0.060 -0.400 0.000 -0.020 -0.010 TS4 TSC TSC TSC TSC TTP TTP TTP TTP TYA TYA TYA TYA UIC UIC UIC UIC VID VID VID VID VIP VIP VIP VIP VIS 116 117 117 117 117 118 118 118 118 119 119 119 119 120 120 120 120 121 121 121 121 122 122 122 122 123 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 0.050 0.000 -0.100 0.030 0.020 0.040 0.060 0.100 0.130 0.050 0.050 0.050 0.030 0.060 0.040 0.030 0.030 0.050 -0.030 -0.010 0.020 0.080 0.030 0.030 0.040 -0.010 0.270 0.130 0.130 0.140 0.120 0.060 0.060 0.080 0.070 0.200 0.200 0.190 0.210 0.050 0.050 0.020 0.020 0.010 0.010 0.000 0.010 0.020 0.020 0.030 0.030 0.000 0.800 0.490 0.490 0.490 0.490 0.380 0.380 0.380 0.370 0.800 0.800 0.800 0.810 0.510 0.510 0.510 0.510 0.300 0.300 0.310 0.290 0.570 0.550 0.560 0.570 0.540 0.140 0.020 0.020 0.030 0.020 0.130 0.130 0.160 0.160 0.160 0.160 0.170 0.210 0.030 0.030 0.020 0.030 0.010 0.010 0.020 0.020 0.030 0.030 0.040 0.030 0.020 0.280 0.860 0.840 0.850 0.860 0.690 0.710 0.670 0.680 0.650 0.630 0.620 0.600 0.510 0.510 0.510 0.520 0.080 0.080 0.070 0.080 0.590 0.570 0.580 0.590 0.530 0.560 0.510 0.700 0.750 0.770 0.480 0.210 0.190 0.240 0.520 0.560 0.640 0.730 0.590 0.670 0.740 0.730 0.380 0.650 0.650 0.630 0.440 0.550 0.600 0.600 0.750 0.690 2.130 4.490 2.810 3.120 1.420 2.230 2.430 2.040 1.670 1.440 1.960 1.400 3.760 3.170 2.150 1.830 0.540 0.840 1.210 1.170 0.440 0.510 0.800 0.650 1.330 0.620 0.380 0.660 0.530 0.550 -0.220 -0.230 -0.240 -0.290 0.850 0.830 0.880 0.870 0.240 0.210 0.100 0.070 -0.940 -0.820 -0.790 -0.820 0.010 0.000 0.080 0.100 0.080 27.030 26.530 27.030 27.590 27.450 27.690 27.230 27.190 27.210 27.180 27.180 27.230 27.390 26.770 26.890 27.070 26.980 26.820 27.320 27.420 27.390 28.210 28.300 28.390 28.400 28.570 -0.340 0.100 -0.140 0.010 -0.430 -0.030 -0.040 -0.030 -0.170 -0.010 0.010 0.020 5.530 0.020 0.010 0.000 -0.110 0.080 -0.020 -0.030 -0.650 0.050 0.000 -0.010 0.530 0.000 VIS VIS VIS VNE VNE VNE VNE VNM VNM VNM VNM VPK VPK VPK VPK VSH VSH VSH VSH VTB VTB VTB VTB VTO VTO VTO 123 123 123 124 124 124 124 125 125 125 125 126 126 126 126 127 127 127 127 128 128 128 128 129 129 129 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 2010 2013 2012 2011 -0.010 0.020 0.070 0.010 0.000 0.010 0.010 0.290 0.300 0.270 0.340 0.220 0.260 0.170 0.070 0.050 0.070 0.100 0.100 0.050 0.040 0.060 0.080 0.020 0.020 0.020 0.000 0.000 0.000 0.020 0.020 0.030 0.050 0.060 0.060 0.040 0.020 0.060 0.040 0.070 0.040 0.000 0.000 0.000 0.000 0.080 0.080 0.070 0.080 0.080 0.080 0.070 0.540 0.520 0.540 0.300 0.300 0.300 0.300 0.550 0.550 0.550 0.570 0.620 0.600 0.620 0.620 0.690 0.690 0.670 0.680 0.560 0.540 0.560 0.560 0.520 0.520 0.520 0.020 0.040 0.050 0.020 0.020 0.010 0.010 0.510 0.490 0.480 0.460 0.030 0.010 0.010 0.000 0.250 0.250 0.190 0.200 0.010 0.010 0.010 0.010 0.020 0.020 0.020 0.520 0.530 0.550 0.330 0.310 0.330 0.340 0.560 0.550 0.520 0.510 0.590 0.590 0.570 0.620 0.770 0.770 0.580 0.560 0.610 0.610 0.610 0.610 0.550 0.540 0.550 0.770 0.600 0.650 0.630 0.610 0.630 0.610 0.230 0.210 0.200 0.260 0.240 0.270 0.350 0.520 0.290 0.280 0.300 0.200 0.230 0.210 0.220 0.240 0.530 0.600 0.640 1.380 2.970 1.860 0.440 0.350 0.280 0.170 1.350 1.350 1.390 1.460 1.750 1.880 1.800 1.360 0.080 0.100 0.140 0.140 0.760 0.810 0.750 0.860 0.700 0.630 0.580 0.080 0.120 0.090 -0.680 -0.710 -0.670 -0.650 -0.310 -0.310 -0.350 -0.310 0.230 0.190 0.280 0.300 0.130 0.130 0.000 -0.040 0.060 0.000 0.040 0.070 0.020 0.030 0.040 28.670 27.910 28.140 28.310 28.220 28.280 28.230 30.760 30.610 30.380 30.010 26.100 25.950 25.770 25.770 28.930 28.850 28.840 28.740 26.320 26.310 26.350 26.410 28.440 28.580 28.680 -0.030 -0.050 -0.560 0.010 -0.010 0.000 -0.800 -0.010 0.020 -0.060 0.200 -0.040 0.090 0.090 0.080 -0.020 -0.030 0.000 -0.310 0.010 -0.010 -0.030 -0.050 0.000 0.000 0.000 VTO 129 2010 0.030 0.050 0.530 0.010 0.580 0.660 0.440 0.050 28.750 1.590 ... thức sở hữu cổ phần doanh nghiệp Vậy liệu cấu trúc sở hữu có tác động đến hiệu hoạt động doanh nghiệp Việt Nam hay không? Để làm u đó, ài nghiên cứu Tác động cấu trúc sở hữu lên hiệu hoạt động doanh. .. nghiên cứu tác động cấu trúc sở hữu lên hiệu hoạt động doanh nghiệp Cấu trúc sở hữu nghiên cứu gồm mức độ sở hữu tập trung thành phần sở hữu sở hữu nhà quản lý, sở hữu nhà đầu tư nước sở hữu nhà... TƯỞNG TÁC ĐỘNG CỦA CẤU TRÚC SỞ HỮU LÊN HIỆU QUẢ HOẠT ĐỘNG CỦA CÁC DOANH NGHIỆP VIỆT NAM Chuyên ngành: Tài – Ngân hàng Mã số: 60340201 LUẬN VĂN THẠC SĨ KINH TẾ NGƯỜI HƯỚNG DẪN KHOA HỌC: TS BÙI HỮU