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B GIO DC V O TO TRNG I HC KINH T TP.HCM -o0o - HONG V CHNH CC YU T NH HNG N THU NHP LI CN BIấN CA CC NGN HNG THNG MI C PHN VIT NAM LUN VN THC S KINH T TP H Chớ Minh Nm 2017 B GIO DC V O TO TRNG I HC KINH T TP.HCM -o0o - HONG V CHNH CC YU T NH HNG N THU NHP LI CN BIấN CA CC NGN HNG THNG MI C PHN VIT NAM Chuyờn ngnh: Ti chớnh Ngõn hng Mó s: 60340201 LUN VN THC S KINH T NGI HNG DN KHOA HC TS.TRN TH MNG TUYT TP H Chớ Minh Nm 2017 LI CAM OAN Tụi xin cam oan õy l cụng trỡnh nghiờn cu khoa hc c lp v lm vic vi tinh thn nghiờm tỳc ca bn thõn tụi vi s hng dn ca TS Trn Th Mng Tuyt S liu thng kờ l trung thc, ni dung v kt qu nghiờn cu ca lun ny cha tng c cụng b bt c cụng trỡnh no cho ti thi im hin TP HCM, ngy 07 thỏng 08 nm 2017 Tỏc gi Hong V Chớnh MC LC TRANG PH BèA LI CAM OAN MC LC DANH MC BNG BIU DANH MC HèNH NH DANH MC CC Kí HIU, CC CH VIT TT MC LC CHNG GII THIU 1.1 Lý chn ti 1.2 Mc tiờu nghiờn cu 1.3 Cõu hi nghiờn cu 1.4 i tng nghiờn cu 1.5 Phm vi nghiờn cu 1.6 Phng phỏp nghiờn cu 1.7 Ni dung ti 1.8 í ngha ti CHNG TNG QUAN Lí LUN V CC YU T NH HNG N THU NHP LI CN BIấN CA CC NGN HNG THNG MI 2.1 Tng quan v ngõn hng thng mi 2.2 Tng quan v hiu qu hot ng ca ngõn hng thng mi 2.2.1 Khỏi nim v hiu qu hot ng ca ngõn hng thng mi 2.2.2 Cỏc ch tiờu o lng hiu qu hot ngca ngõn hng 2.3 Tng quan v thu nhp lói cn biờn 12 2.4 Lý thuyt xỏc nh thu nhp lói cn biờn 14 2.5 Lc kho cỏc nghiờn cu trc õy v cỏc yu t nh hng n thu nhp lói cn biờn ca cỏc ngõn hng thng mi 17 Bng 2.1 Tng hp cỏc kt qu nghiờn cu trc 24 CHNG THC TRNG CC YU T NH HNG N THU NHP LI CN BIấN CA CC NGN HNG TMCP VIT NAM 29 3.1 Thc trng v thu nhp lói cn biờn ca cỏc Ngõn hng TMCP Vit Nam 29 3.2 Thc trng cỏc yu t nh hng n thu nhp lói cn biờn ca cỏc Ngõn hng TMCP Vit Nam 32 3.2.1 Ri ro tớn dng 32 3.2.2 Ri ro khon 33 3.2.3 Vn ch s hu 34 3.2.4 Ch s Lerner 36 3.2.5 Hiu qu chi phớ 37 3.2.6 Cht lng qun tr 38 3.2.7 Chớnh sỏch d tr ca Ngõn hng Nh nc 39 3.2.8 Quy mụ ngõn hng 40 3.2.9 D n cho vay 41 3.2.10 Tng trng kinh t 42 3.2.11 Lm phỏt 42 3.2.12 Lói sut 43 3.3 ỏnh giỏ chung v thc trng cỏc yu t nh hng n thu nhp lói cn biờn ca cỏc Ngõn hng TMCP Vit Nam 44 CHNG Mễ HèNH NGHIấN CU KT QU NGHIấN CU 46 4.1 Mụ hỡnh nghiờn cu 46 4.1.1 D liu nghiờn cu 46 4.1.2 Mụ hỡnh nghiờn cu 48 4.2 o lng bin 49 4.2.1 Bin ph thuc 49 4.2.2 Bin c lp 49 4.3 Phng phỏp c lng 59 4.4 Kt qu nghiờn cu 60 4.4.1 Thng kờ mụ t 60 4.4.2 Ma trn tng quan 61 4.4.3 Kt qu c lng 63 CHNG KT LUN 72 5.1 Tho lun kt qu 72 5.2 Gi ý chớnh sỏch/gii phỏp 73 5.3 Hn ch ti v hng nghiờn cu tip theo 76 TểM TT 78 TI LIU THAM KHO PH LC PH LC DANH MC BNG BIU Bng 2.1 Tng hp cỏc kt qu nghiờn cu trc 24 Bng 4.1 Bng tng hp danh sỏch cỏc ngõn hng TMCP mu nghiờn cu 47 Bng 4.2 Bng tng hp cỏc bin mụ hỡnh nghiờn cu 57 Bng 4.3 Bng mụ t thng kờ cỏc bin 60 Bng 4.4 Bng ma trn tng quan 62 Bng 4.5 Bng kt qu c lng nh hng ca cỏc yu t n thu nhp lói cn biờn ca 27 Ngõn hng TMCP Vit Nam t 2006 - 2016 63 Bng 4.6 Túm tt kt qu nghiờn cu 70 DANH MC HèNH NH Hỡnh 3.1 Tỡnh hỡnh thu nhp lói thun ca cỏc Ngõn hng TMCP mu nghiờn cu 30 Hỡnh 3.2 Tỡnh hỡnh thu nhp lói cn biờn ca cỏc Ngõn hng TMCP mu nghiờn cu 31 Hỡnh 3.3 Tỡnh hỡnh bin ng thu nhp lói cn biờn v ri ro tớn dng ca cỏc Ngõn hng TMCP mu nghiờn cu 33 Hỡnh 3.4 Tỡnh hỡnh bin ng thu nhp lói cn biờn v ri ro khon ca cỏc Ngõn hng TMCP mu nghiờn cu 34 Hỡnh 3.5 Tỡnh hỡnh bin ng thu nhp lói cn biờn v ri ro ca cỏc Ngõn hng TMCP mu nghiờn cu 35 Hỡnh 3.6 Tỡnh hỡnh bin ng thu nhp lói cn biờn v ch s Lerner ca cỏc Ngõn hng TMCP mu nghiờn cu 36 Hỡnh 3.7 Tỡnh hỡnh bin ng thu nhp lói cn biờn v chi phớ hot ng ca cỏc Ngõn hng TMCP mu nghiờn cu 37 Hỡnh 3.8 Tỡnh hỡnh bin ng thu nhp lói cn biờn v ti sn sinh li ca cỏc Ngõn hng TMCP mu nghiờn cu 38 Hỡnh 3.9 Tỡnh hỡnh bin ng thu nhp lói cn biờn v d tr ti Ngõn hng nh nc ca cỏc Ngõn hng TMCP mu nghiờn cu 39 Hỡnh 3.10 Tỡnh hỡnh bin ng thu nhp lói cn biờn v quy mụ ca cỏc Ngõn hng TMCP mu nghiờn cu 40 Hỡnh 3.11 Tỡnh hỡnh bin ng thu nhp lói cn biờn v d n cho vay ca cỏc Ngõn hng TMCP mu nghiờn cu 41 Hỡnh 3.12 Tỡnh hỡnh bin ng thu nhp lói cn biờn v tng trng kinh t ca cỏc Ngõn hng TMCP mu nghiờn cu 42 Hỡnh 3.13 Tỡnh hỡnh bin ng thu nhp lói cn biờn v lm phỏt ca cỏc Ngõn hng TMCP mu nghiờn cu 43 Hỡnh 3.14 Tỡnh hỡnh bin ng thu nhp lói cn biờn v lói sut ca cỏc Ngõn hng TMCP mu nghiờn cu 44 DANH MC CC Kí HIU, CC CH VIT TT Tờn vit tt Tờn ting Vit Ar BCTC Tờn ting Anh Autoregressive Bỏo cỏo ti chớnh BCKT Bng cõn i k toỏn GDP Tng trng kinh t NHNN Ngõn hng Nh nc NHTM Ngõn hng thng mi NIM Thu nhp lói cn biờn TMCP Thng mi c phn 10 Bikker, J A., & Haaf, K (2002) Competition, concentration and their relationship: An empirical analysis of the banking industry Journal of Banking & Finance, 26(11), 2191-2214 11 Birhanu, T (2012) Determinants of commercial banks profitability: An empirical evidence from the commercial banks of Ethiopia (Doctoral dissertation, aau) 12 Brock, P L., & Suarez, L R (2000) Understanding the behavior of bank spreads in Latin America Journal of development Economics, 63(1), 113-134 13 Demirgỹỗ-Kunt, A., & Huizinga, H (1999) Determinants of commercial bank interest margins and profitability: some international evidence The World Bank Economic Review, 13(2), 379-408 14 Doliente, J S (2005) Determinants of bank net interest margins in Southeast Asia Applied Financial Economics Letters, 1(1), 53-57 15 Dumii, M., & Rizdak, T (2013) Determinants of banks net interest margins in Central and Eastern Europe Financial theory and practice, 37(1), 1-30 16 Fisher, A., & Molyneux, P (1996) A note on the determinants of foreign bank activity in London between 1980 and 1989 Applied Financial Economics, 6(3), 271-277 17 Fungỏovỏ, Z., & Poghosyan, T (2011) Determinants of bank interest margins in Russia: Does bank ownership matter? 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Empirical evidence from Kenya Review of Development Finance, 4(2), 73-82 45 Wong, K P (1997) On the determinants of bank interest margins under credit and interest rate risks Journal of Banking & Finance, 21(2), 251-271 Ti liu ting Vit Lut cỏc t chc tớn dng s 47/2010/QH12 ban hnh ngy 16/06/2010 Nguy n Phỳc Cnh, Lờ Tin Hu (2015) Cỏc yu t tỏc ng n biờn lói sut ca h thng ngõn hng thng mi : Nghiờn cu thc nghim ti cỏc quc gia ụng Nam , Tp Ngõn hng, 16, 42 49 Nguy n Th M Linh, Nguy n Th Ngc Hng (2015) Cỏc yu t nh hng n thu nhp lói cn biờn ca cỏc ngõn hng thng mi c phn ti Vit Nam Tp Ngõn hng, 19, 14 Nguy n Th Ngc Trang, Nguy n Hu Tun (2015) Mi quan h phi tuyn gia thu nhp phi truyn thng v lói cn biờn: Nghiờn cu ti cỏc ngõn hng thng mi Vit Nam, Tp Phỏt trin Kinh t, 26 (12), 30 52 Nguy n Kim Thu, Th Thanh Huyn (2014) Phõn tớch cỏc yu t nh hng n t l thu nhp lói thun ca cỏc ngõn hng thng mi Vit Nam, 55 64 Phm Hong n & Nguy n Th Ngc Hng (2013) Tỏc ng ca quyn s hu n thu nhp lói cn biờn ca ngõn hng thng mi VN Tp Cụng ngh Ngõn hng, 93, 49-55 Trn Huy Hong (2011) Giỏo trỡnh qun tr ngõn hng thng mi TP.H Chớ Minh Nh xut bn Lao ng xó hi,1 PH LC DANH SCH CC NGN HNG Tờn Ngõn hng Thi gian Ngõn Hng TMCP Chõu 2006 - 2016 Ngõn Hng TMCP An Bỡnh 2006 - 2016 Ngõn hng TMCP Bc 2009 - 2015 Ngõn hng TMCP Bn Vit 2007 - 2015 Ngõn Hng TMCP Bu in Liờn Vit 2008 - 2015 Ngõn Hng TMCP Cụng Thng Vit Nam 2006 - 2016 Ngõn hng TMCP i chỳng 2008 - 2015 Ngõn Hng TMCP u T & Phỏt Trin Vit Nam 2006 - 2016 Ngõn Hng TMCP ụng Nam 2008 - 2015 10 Ngõn Hng TMCP Hng Hi Vit Nam 2006 - 2016 11 Ngõn hng TMCP Kiờn Long 2006 - 2015 12 Ngõn Hng TMCP K Thng Vit Nam 2006 - 2016 13 Ngõn hng TMCP Nam 2006 - 2015 14 Ngõn Hng TMCP Ngoi Thng Vit Nam 2006 - 2016 15 Ngõn Hng TMCP Phỏt Trin TPHCM 2006 - 2015 16 Ngõn Hng TMCP Phng ụng 2006 - 2015 17 Ngõn Hng TMCP Quõn i 2006 - 2016 18 Ngõn hng TMCP Quc Dõn 2006 - 2016 19 Ngõn Hng TMCP Quc T Vit Nam 2006 - 2016 20 Ngõn hng TMCP Si Gũn 2007 - 2015 21 Ngõn Hng TMCP Si Gũn - H Ni 2006 - 2016 22 Ngõn hng TMCP Si Gũn Cụng thng 2007 - 2015 STT Tờn Ngõn hng Thi gian 23 Ngõn Hng TMCP Si Gũn Thng Tớn 2006 - 2016 24 Ngõn hng TMCP Tiờn Phong 2008 - 2015 25 Ngõn hng TMCP Vit 2006 - 2015 26 Ngõn Hng TMCP Vit Nam Thnh Vng 2006 - 2016 27 Ngõn Hng TMCP Xut Nhp Khu VIT NAM 2006 - 2016 STT PH LC KT QU T PHN MM STATA 13 PH LC 2.1: THNG Kấ Mễ T CC BIN variable mean nim plltl liq eqta lern eff teata cbrtea size loans gdpgr inf tbill cr3 0290582 0090924 0186142 0966686 5057591 0148716 8558666 031314 31.61036 5127853 0608571 0915807 8.377604 61.85472 sd p50 max N 0129076 -.0205086 0078974 -.0099182 0259446 0000597 0699088 0224425 1831588 -.9077377 0052332 0667316 5909949 0269839 0003381 1.350422 27.44139 1355838 1139039 006166 0524737 0631958 0063061 2.51155 5.125 26.2993 36.69261 0281317 0065124 0099211 0746381 5299601 0143491 8695208 0251877 31.71619 5171331 0621 0738579 7.333333 49.57914 077488 0496472 1915832 4438351 0305522 9637032 2519484 34.54539 8516832 071295 2311632 13.33333 99.99817 272 272 272 272 272 272 272 272 272 272 272 272 272 272 PH LC 2.2: MA TRN TNG QUAN GIA CC BIN C LP nim plltl liq eqta lern eff teata nim 1.0000 plltl 0.2335 0.0001 1.0000 liq 0.0391 0.5205 -0.1811 0.0027 1.0000 eqta 0.2939 0.0000 -0.1900 0.0016 -0.0201 0.7414 1.0000 lern 0.3065 0.0000 0.0606 0.3196 0.1693 0.0051 0.0467 0.4426 1.0000 eff 0.6233 0.0000 0.2825 0.0000 -0.0272 0.6547 0.1550 0.0105 -0.3465 0.0000 1.0000 teata 0.2964 0.0000 0.1310 0.0308 -0.2541 0.0000 -0.0818 0.1788 0.3154 0.0000 0.0676 0.2663 1.0000 cbrtea 0.0446 0.4643 -0.0436 0.4744 0.0383 0.5296 -0.0813 0.1814 -0.0263 0.6662 0.0053 0.9309 -0.1576 0.0092 size -0.1393 0.0216 0.3266 0.0000 -0.1303 0.0317 -0.7310 0.0000 -0.0883 0.1465 0.0290 0.6335 0.0998 0.1005 loans 0.3039 0.0000 0.0113 0.8527 0.1420 0.0192 -0.0990 0.1032 0.1281 0.0348 0.2679 0.0000 0.2350 0.0001 gdpgr -0.0963 0.1132 -0.0648 0.2866 0.1025 0.0914 -0.0361 0.5534 0.2821 0.0000 -0.3278 0.0000 0.1558 0.0101 inf 0.1316 0.0300 -0.1412 0.0198 0.1350 0.0260 0.2187 0.0003 0.0788 0.1953 0.0257 0.6726 -0.1528 0.0116 tbill 0.1847 0.0022 -0.0146 0.8103 -0.0128 0.8332 0.0849 0.1624 -0.1362 0.0247 0.2112 0.0005 -0.2542 0.0000 cr3 -0.0957 0.1152 0.2389 0.0001 -0.2472 0.0000 -0.2121 0.0004 -0.3561 0.0000 0.1724 0.0044 0.1057 0.0820 cbrtea size loans gdpgr inf tbill cbrtea 1.0000 size 0.0340 0.5769 1.0000 loans 0.0232 0.7035 0.0844 0.1652 1.0000 gdpgr 0.0581 0.3398 -0.1506 0.0129 0.0568 0.3511 1.0000 inf 0.0811 0.1826 -0.2240 0.0002 -0.1509 0.0127 -0.2016 0.0008 1.0000 tbill 0.0273 0.6541 0.0446 0.4643 -0.1909 0.0016 -0.4295 0.0000 0.7732 0.0000 1.0000 cr3 -0.0596 0.3273 0.3620 0.0000 0.1257 0.0383 -0.0102 0.8674 -0.6804 0.0000 -0.5237 0.0000 cr3 1.0000 PH LC 3.3 KT QU PHN TCH HI QUY Dynamic panel-data estimation, two-step system GMM Group variable: id Time variable : time Number of instruments = 37 Wald chi2(10) = 562.41 Prob > chi2 = 0.000 Number of obs Number of groups Obs per group: avg max Std Err z P>|z| = = = = = 245 27 9.07 10 nim Coef [95% Conf Interval] nim L1 .1162242 0605774 1.92 0.055 -.0025053 2349536 plltl liq eqta lern eff teata cbrtea size loans _cons 068841 0915388 0633279 038998 1.683979 0393909 1679377 0044638 -.0443869 -.184687 1438758 0352381 0233857 0057335 2572714 0109033 0357565 0015409 0090722 0539481 0.48 2.60 2.71 6.80 6.55 3.61 4.70 2.90 -4.89 -3.42 0.632 0.009 0.007 0.000 0.000 0.000 0.000 0.004 0.000 0.001 -.2131503 0224734 0174927 0277605 1.179736 0180207 0978563 0014436 -.062168 -.2904233 3508323 1606042 109163 0502354 2.188221 060761 2380191 007484 -.0266058 -.0789508 Warning: Uncorrected two-step standard errors are unreliable Instruments for first differences equation GMM-type (missing=0, separate instruments for each period unless collapsed) L(2/4).(nim plltl liq eqta lern eff teata cbrtea size) collapsed Instruments for levels equation Standard _cons GMM-type (missing=0, separate instruments for each period unless collapsed) DL.(nim plltl liq eqta lern eff teata cbrtea size) collapsed Arellano-Bond test for AR(1) in first differences: z = Arellano-Bond test for AR(2) in first differences: z = Pr > z = Pr > z = 0.028 0.265 Prob > chi2 = 0.548 Prob > chi2 = 0.941 Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(17) = 17.67 Prob > chi2 = Difference (null H = exogenous): chi2(9) = -1.87 Prob > chi2 = 0.410 1.000 Sargan test of (Not robust, Hansen test of (Robust, but overid restrictions: chi2(26) = 24.48 but not weakened by many instruments.) overid restrictions: chi2(26) = 15.79 weakened by many instruments.) -2.20 1.11 Dynamic panel-data estimation, two-step system GMM Group variable: id Time variable : time Number of instruments = 37 Wald chi2(11) = 551.19 Prob > chi2 = 0.000 Number of obs Number of groups Obs per group: avg max Std Err z P>|z| = = = = = 245 27 9.07 10 nim Coef [95% Conf Interval] nim L1 .1470063 106442 1.38 0.167 -.0616162 3556288 plltl liq eqta lern eff teata cbrtea size loans gdpgr _cons -.0895941 1141734 0137509 0221353 2.061306 0134825 0583342 00248 -.0341228 3017294 -.1121367 120422 0426488 0295544 0061345 326015 0078417 0251596 0012235 0064433 1206315 0335538 -0.74 2.68 0.47 3.61 6.32 1.72 2.32 2.03 -5.30 2.50 -3.34 0.457 0.007 0.642 0.000 0.000 0.086 0.020 0.043 0.000 0.012 0.001 -.3256169 0305834 -.0441747 010112 1.422328 -.0018869 0090222 000082 -.0467515 0652961 -.177901 1464286 1977634 0716765 0341586 2.700283 028852 1076462 004878 -.021494 5381628 -.0463724 Warning: Uncorrected two-step standard errors are unreliable Instruments for first differences equation GMM-type (missing=0, separate instruments for each period unless collapsed) L(2/4).(nim plltl liq eqta lern eff teata cbrtea size) collapsed Instruments for levels equation Standard _cons GMM-type (missing=0, separate instruments for each period unless collapsed) DL.(nim plltl liq eqta lern eff teata cbrtea size) collapsed Arellano-Bond test for AR(1) in first differences: z = Arellano-Bond test for AR(2) in first differences: z = Pr > z = Pr > z = 0.051 0.901 Prob > chi2 = 0.003 Prob > chi2 = 0.747 Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(16) = 20.26 Prob > chi2 = Difference (null H = exogenous): chi2(9) = -0.27 Prob > chi2 = 0.209 1.000 Sargan test of (Not robust, Hansen test of (Robust, but overid restrictions: chi2(25) = 49.06 but not weakened by many instruments.) overid restrictions: chi2(25) = 19.99 weakened by many instruments.) -1.96 0.12 Dynamic panel-data estimation, two-step system GMM Group variable: id Time variable : time Number of instruments = 37 Wald chi2(11) = 917.78 Prob > chi2 = 0.000 Number of obs Number of groups Obs per group: avg max nim Coef Std Err nim L1 .1642057 0687103 plltl liq eqta lern eff teata cbrtea size loans inf _cons -.0022561 050705 0765334 0355317 1.449013 0480361 1549516 0060735 -.0358216 016724 -.2457617 2037197 0400225 0280751 0058789 2866524 0178425 036452 0016148 0120489 0071419 0607734 z = = = = = 245 27 9.07 10 P>|z| [95% Conf Interval] 2.39 0.017 0295359 2988754 -0.01 1.27 2.73 6.04 5.05 2.69 4.25 3.76 -2.97 2.34 -4.04 0.991 0.205 0.006 0.000 0.000 0.007 0.000 0.000 0.003 0.019 0.000 -.4015394 -.0277376 0215073 0240093 8871849 0130654 083507 0029086 -.0594369 0027261 -.3648755 3970271 1291477 1315595 0470541 2.010842 0830068 2263962 0092384 -.0122063 0307219 -.1266479 Warning: Uncorrected two-step standard errors are unreliable Instruments for first differences equation GMM-type (missing=0, separate instruments for each period unless collapsed) L(2/4).(nim plltl liq eqta lern eff teata cbrtea size) collapsed Instruments for levels equation Standard _cons GMM-type (missing=0, separate instruments for each period unless collapsed) DL.(nim plltl liq eqta lern eff teata cbrtea size) collapsed Arellano-Bond test for AR(1) in first differences: z = Arellano-Bond test for AR(2) in first differences: z = Pr > z = Pr > z = 0.019 0.386 Prob > chi2 = 0.614 Prob > chi2 = 0.874 Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(16) = 15.82 Prob > chi2 = Difference (null H = exogenous): chi2(9) = 1.38 Prob > chi2 = 0.466 0.998 Sargan test of (Not robust, Hansen test of (Robust, but overid restrictions: chi2(25) = 22.38 but not weakened by many instruments.) overid restrictions: chi2(25) = 17.20 weakened by many instruments.) -2.34 0.87 Dynamic panel-data estimation, two-step system GMM Group variable: id Time variable : time Number of instruments = 37 Wald chi2(11) = 2339.47 Prob > chi2 = 0.000 Number of obs Number of groups Obs per group: avg max nim Coef Std Err nim L1 .2678603 0711298 plltl liq eqta lern eff teata cbrtea size loans tbill _cons 0081413 0073142 0509201 026824 8969005 0689244 164423 0044505 -.0033826 0014291 -.2273013 2108958 0370037 0234844 0060603 3427288 0189644 0293248 001247 0167044 0003486 0445124 z = = = = = 245 27 9.07 10 P>|z| [95% Conf Interval] 3.77 0.000 1284485 4072721 0.04 0.20 2.17 4.43 2.62 3.63 5.61 3.57 -0.20 4.10 -5.11 0.969 0.843 0.030 0.000 0.009 0.000 0.000 0.000 0.840 0.000 0.000 -.4052068 -.0652117 0048914 014946 2251643 0317548 1069475 0020064 -.0361226 0007458 -.314544 4214894 07984 0969487 038702 1.568637 1060939 2218985 0068946 0293575 0021124 -.1400586 Warning: Uncorrected two-step standard errors are unreliable Instruments for first differences equation GMM-type (missing=0, separate instruments for each period unless collapsed) L(2/4).(nim plltl liq eqta lern eff teata cbrtea size) collapsed Instruments for levels equation Standard _cons GMM-type (missing=0, separate instruments for each period unless collapsed) DL.(nim plltl liq eqta lern eff teata cbrtea size) collapsed Arellano-Bond test for AR(1) in first differences: z = Arellano-Bond test for AR(2) in first differences: z = Pr > z = Pr > z = 0.006 0.741 Prob > chi2 = 0.905 Prob > chi2 = 0.974 Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(16) = 8.47 Prob > chi2 = Difference (null H = exogenous): chi2(9) = 4.69 Prob > chi2 = 0.934 0.860 Sargan test of (Not robust, Hansen test of (Robust, but overid restrictions: chi2(25) = 16.31 but not weakened by many instruments.) overid restrictions: chi2(25) = 13.16 weakened by many instruments.) -2.74 0.33 Dynamic panel-data estimation, two-step system GMM Group variable: id Time variable : time Number of instruments = 28 Wald chi2(11) = 3166.70 Prob > chi2 = 0.000 Number of obs Number of groups Obs per group: avg max nim Coef Std Err nim L1 .1141289 0838178 plltl liq eqta lern eff teata cbrtea size loans cr3 _cons 2744147 0437482 0571814 0197802 1.253291 0480331 1778105 0080309 -.0227187 -.000115 -.2955742 1528992 0263003 0365372 0073667 2912476 0190597 0485559 001608 0117871 0000338 0602891 z = = = = = 245 27 9.07 10 P>|z| [95% Conf Interval] 1.36 0.173 -.050151 2784088 1.79 1.66 1.57 2.69 4.30 2.52 3.66 4.99 -1.93 -3.40 -4.90 0.073 0.096 0.118 0.007 0.000 0.012 0.000 0.000 0.054 0.001 0.000 -.0252623 -.0077995 -.0144302 0053416 6824558 0106767 0826426 0048792 -.045821 -.0001814 -.4137387 5740918 0952958 128793 0342187 1.824126 0853894 2729784 0111825 0003836 -.0000487 -.1774097 Warning: Uncorrected two-step standard errors are unreliable Instruments for first differences equation GMM-type (missing=0, separate instruments for each period unless collapsed) L(4/5).(nim plltl liq eqta lern eff teata cbrtea size) collapsed Instruments for levels equation Standard _cons GMM-type (missing=0, separate instruments for each period unless collapsed) DL3.(nim plltl liq eqta lern eff teata cbrtea size) collapsed Arellano-Bond test for AR(1) in first differences: z = Arellano-Bond test for AR(2) in first differences: z = Pr > z = Pr > z = 0.011 0.193 Prob > chi2 = 0.202 Prob > chi2 = 0.580 Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(7) = 3.58 Prob > chi2 = Difference (null H = exogenous): chi2(9) = 10.67 Prob > chi2 = 0.827 0.299 Sargan test of (Not robust, Hansen test of (Robust, but overid restrictions: chi2(16) = 20.42 but not weakened by many instruments.) overid restrictions: chi2(16) = 14.25 weakened by many instruments.) -2.54 1.30 ... sách Việt Nam, để cải thiện thu nhập lãi cận biên (NIM) Ngân hàng TMCP Việt Nam 1.3 Câu hỏi nghiên cứu Các yếu tố ảnh hưởng đến thu nhập lãi cận biên Ngân hàng TMCP Việt Nam? Mức độ ảnh hưởng yếu. .. tố tác động đến thu nhập lãi cận biên Ngân hàng TMCP Việt Nam? Các giải pháp để nâng cao thu nhập lãi cận biên Ngân hàng TMCP Việt Nam? 1.4 Đối tƣợng nghiên cứu Thu nhập lãi cận biên yếu tố ảnh. .. CẬN BIÊN CỦA CÁC NGÂN HÀNG TMCP VIỆT NAM 29 3.1 Thực trạng thu nhập lãi cận biên Ngân hàng TMCP Việt Nam 29 3.2 Thực trạng yếu tố ảnh hƣởng đến thu nhập lãi cận biên Ngân hàng TMCP Việt