Ảnh hưởng của việc vận dụng nguyên tắc thận trọng tới chính sách chia cổ tức bằng tiền tại các công ty niêm yết trên sở chứng khoán HOSE HNX

BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƢỜNG ĐẠI HỌC KINH TẾ THÀNH PHỐ HỒ CHÍ MINH * NGUYỄN THỊ THUÝ PHƢỢNG ẢNH HƢỞNG CỦA VIỆC VẬN DỤNG NGUYÊN TẮC THẬN TRỌNG TỚI CHÍNH SÁCH CHIA CỔ TỨC BẰNG TIỀN TẠI CÁC CƠNG TY NIÊM YẾT TRÊN SỞ CHỨNG KHỐN HOSE-HNX LUẬN VĂN THẠC SĨ KINH TẾ TP Hồ Chí Minh – Năm 2016 BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƢỜNG ĐẠI HỌC KINH TẾ THÀNH PHỐ HỒ CHÍ MINH * NGUYỄN THỊ THUÝ PHƢỢNG ẢNH HƢỞNG CỦA VIỆC VẬN DỤNG NGUYÊN TẮC THẬN TRỌNG TỚI CHÍNH SÁCH CHIA CỔ TỨC BẰNG TIỀN TẠI CÁC CÔNG TY NIÊM YẾT TRÊN SỞ CHỨNG KHOÁN HOSE- HNX CHUYÊN NGÀNH: KẾ TOÁN MÃ SỐ: 60340301 LUẬN VĂN THẠC SĨ KINH TẾ NGƢỜI HƢỚNG DẪN KHOA HỌC PGS.TS BÙI VĂN DƢƠNG TP Hồ Chí Minh – Năm 2016 LỜI CAM ĐOAN T ề ọ ự , ừ ả , ụ T P ị Tế ợ ụ ủ , ự ợ, V ố ố ệ ệ ứ ề ứ ề ụ ứ ứ ợ ọ ề , ợ ả ệ H ề ề ứ ủ ứ T ố Hồ M ,N T N nT ả T P ƣ n ế Mục lục TRANG PHỤ BÌA L I M O N MỤC LỤC DANH MỤC CÁC TỪ VIẾT TẮT DANH MỤC BẢNG BIỂU DANH MỤC HÌNH VẼ, Ồ THỊ PHẦN MỞ ẦU Lý chọ ề tài Ý ề tài ủ Về mặt khoa học Về mặt thực tiễn Mục tiêu nghiên cứu Câu hỏi nghiên cứu ố ợng phạm vi nghiên cứu ố ợng nghiên cứu Phạm vi nghiên cứu P ứu Bố cụ ề tài HƯƠNG TỔNG QUAN VỀ TÌNH HÌNH NGHIÊN CỨU Ó LIÊN QU N ẾN Ề TÀI Gi i thiệu 1.1 Tổng quan nghiên c mối quan hệ nguyên tắc th n trọng sách chia cổ tức 1.2 Tổng quan nghiên c mối quan hệ nguyên tắc th n trọng sách chia cổ tức 15 Kết lu n 15 HƯƠNG Ơ SỞ LÝ THUYẾT VÀ MƠ HÌNH NGHIÊN CỨU 17 Gi i thiệu 17 2.1 Nguyên tắc th n trọng kế toán 17 2.1.1 Khái niệm 17 2.1.2 Phân loại th n trọng kế toán 18 2.1.3 Sự giải thích cho tồn nguyên tắc th n trọng 20 2.1.4 2.2 ng mứ v n dụng nguyên tắc th n trọng 22 Cổ tức sách chi trả cổ tức 27 2.2.1 Tổ ề ổ ứ 27 2.2.2 Tổng quan sách chi trả cổ tức 30 2.3 Lý thuyết 32 2.4 Mơ hình nghiên cứu 37 Kết lu n 42 HƯƠNG PHƯƠNG PHÁP NGHIÊN ỨU 43 Gi i thiệu 43 3.1 Thiết kế nghiên cứu 43 3.1.1 Quy trình nghiên cứu 43 3.1.2 M u nghiên cứu 43 3.1.3 Dữ liệu nghiên cứu 44 3.2 Các biến nghiên ng 44 3.2.1 Biến phụ thu c 44 3.2.2 Biế 3.2.3 Biến kiểm soát 47 3.3 P c l p 45 ữ liệu 49 Kết lu n 49 HƯƠNG KẾT QUẢ NGHIÊN CỨU VÀ BÀN LUẬN 50 Gi i thiệu 50 4.1 Kết thống kê mô tả 50 4.2 Kết xử lý số liệu 55 4.3 Thảo lu n kết 63 Kết lu n 66 HƯƠNG KẾT LUẬN 68 Gi i thiệu 68 5.1 68 5.2 Kiến nghị 69 5.3 Các hạn chế nghiên cứu 70 5.4 H ng nghiên cứu 71 TÀI LIỆU THAM KHẢO PHỤ LỤC 1: DANH MỤC CÁC CÔNG TY TRONG MẪU PHỤ LỤC 2: BẢNG KÊ DỮ LIỆU CÁC BIẾN PHỤ LỤC 3: CÂU LỆNH STATA DÙNG TRONG PHẦN THỐNG KÊ MÔ TẢ VÀ KIỂM TR , ƯỚ LƯỢNG MƠ HÌNH  DANH MỤC CÁC TỪ VIẾT TẮT K ả ặ ả & V / Trên X Nhân 2SLS: Two-Stage least squares - P ợ ố ể ủ ổ ế AGE B/M: ổ ủ ế Book to market - T ế ệ ế CONACC: ế CONACC1: ế ệ ổ ề ầ ế ế ổ ứ ổ ầ ầ ổ Dividend per share ổ ứ EPS: Earning per share - T ế GMM: ề ổ ả ụ ợ ụ ợ ổ ụ ợ ế ể sau thuế ể DPS: FCF: ị ể doan CONACC1: ị ố CASHDIV/ASSET: CONACC1: ị ổ ự ổ ầ ổ ầ Generalized method of moments - P ợ ổ GRO: ế ể HOSE: Sở ị ứ HXN: Sở ị ứ IFRS: International financial report standards ố ế LEV: ế y ố Hồ M H N ự Ln: Logarithm M/B: Market to book - T ế ế PAYOUT: ệ ị ị ủ ố ệ ổ ứ Ordinary least squares - P Pooled OLS: ị ổ ế ợ ả quan sát ROA: Return on asset - T ROE: Return on equity - T ệ ợ ổ ả ố ủ ữ ế SIZE: TP Hồ ệ ợ M : T ố Hồ M VAS: Vietnamese Accounting Standards - VN : Vệ N ự ế Vệ N ổ DANH MỤC BẢNG BIỂU Trang ế Bảng 1.1: Bảng tổng hợp nghiên Bảng 2.1: Dự ề tài 11 ng nhân tố lên sách chia cổ tức tiền 41 Bảng 4.1: Kết thống kê mô tả cho biến 50 Bảng 4.2: Thống kê tình hình mứ áp dụng nguyên tắc th n trọng công ty thu c m u khảo sát 51 Bảng 3: Thống kê giá trị trung bình mứ m u từ áp dụng nguyên tắc th n trọng 52 Bảng 4.4: Tình hình t lệ tốn cổ tức m u từ 2014 53 Bảng 4.5: Tình hình t lệ tổng tiền chi cổ tức/ tổng tài sản m u từ 2010 t 54 Bảng 4.6: Kết kiể ng tuyến biến 56 Bảng 4.7: Kết kiể ổi 57 Bảng 4.8: Kết kiểm tra tự 58 Bảng 4.9: Kết kiểm tra n i sinh 59 Bảng 4.10: Kết ợng GMM cho mơ hình 1, mơ hình mơ hình 60 ả : Kế ả ợ ằ GMM 4, mơ hình 5, mơ hình 61 DANH MỤC HÌNH VẼ, ĐỒ THỊ Trang Hình 2.1: Mơ hình nghiên cứu .37 Hình 3.1: Thiết kế trình nghiên cứu 43 thị : thị mô tả m u từ thị : ng mứ 52 thị mô tả t lệ phầ ố toán cổ tức m u từ thị 3: áp dụng nguyên tắc th n trọng thị mô tả t lệ phầ ợng công ty mức t lệ 53 ố tổng tiền chi cổ tức / tổng tài sản m u từ ợng công ty mức t lệ .54 HLG 2012 28.29289 0.080868 -0.01457 0.029009 78.58703 0.008772 0.023741 0.013324 0.011907 1.386294 0.000112 HLG 2013 27.76252 -0.53037 0.201691 0.240643 0 0.060119 0.047205 0.044124 1.609438 -0.13913 HLG 2014 27.98652 0.224007 0.1943 0.431182 0 0.102891 0.08914 0.081227 1.791759 -0.02443 HMC 2010 29.10443 0.440784 0.007289 0.065703 0.77583 0.025138 -0.17801 -0.18024 -0.17153 1.609438 0.032401 HMC 2011 29.47682 0.372387 -0.10897 0.053333 0.563085 0.03854 -0.09822 -0.09806 -0.08971 1.791759 0.068445 HMC 2012 29.09215 -0.38467 0.114736 0.045306 0.772276 0.020225 -0.06479 -0.06502 -0.05471 1.94591 0.026189 HMC 2013 28.7616 -0.33055 -0.00136 0.038305 0.855505 0.017258 0.01054 0.00813 0.013985 2.079442 0.020173 HMC 2014 28.70255 -0.05905 0.01537 0.023922 0.935155 0.019224 0.05962 0.050265 0.054823 2.197225 0.020557 HPG 2010 30.28898 0.563207 0.026719 0.136154 0.461885 0.042654 -0.17318 -0.17382 -0.15997 1.386294 0.092348 HPG 2011 30.51313 0.224155 0.017358 0.166307 0 -0.14133 -0.14207 -0.13127 1.609438 0.074001 HPG 2012 30.454 -0.05913 0.119342 0.161771 0.813295 0.044074 -0.13527 -0.13567 -0.12228 1.791759 0.054192 HPG 2013 30.572 0.117999 0.140136 0.101701 0.312658 0.027239 -0.05343 -0.05352 -0.03776 1.94591 0.087121 HPG 2014 30.87069 0.298697 0.121421 0.050115 0.14827 0.021817 -0.03013 -0.02847 -0.00752 2.079442 0.147141 HT1 2010 29.07822 0.411583 0.077132 0.575321 1.638379 0.008379 0.037205 0.037513 0.03897 1.386294 0.005114 HT1 2011 29.29507 0.216849 0.143776 0.505057 0 0.007812 0.007667 0.008213 1.609438 -0.00069 HT1 2012 29.39299 0.097922 0.059478 0.562573 0 0.05186 0.051478 0.051583 1.791759 0.000694 HT1 2013 29.48242 0.089432 0.090024 0.436406 0 0.021223 0.020724 0.02291 1.94591 0.000193 HT1 2014 29.54176 0.059337 0.078278 0.402554 0 0.007551 0.007016 0.015047 2.079442 0.024082 HTV 2010 25.46657 0.16694 0.022979 0.001036 0.600326 0.04066 -0.1788 -0.20539 -0.18128 1.609438 0.06773 HTV 2011 25.51148 0.044908 -0.26476 0.429087 0.038737 -0.33716 -0.4009 -0.36656 1.791759 0.090278 HTV 2012 25.79322 0.281741 -0.09086 0.484223 0.064827 -0.40534 -0.46659 -0.43165 1.94591 0.133878 HTV 2013 26.04259 0.249367 -0.04486 0.001151 0 -0.24363 -0.27536 -0.245 2.079442 0.080036 HTV 2014 26.04147 -0.00111 0.068848 0.00052 0.368737 0.027965 -0.09638 -0.10505 -0.07757 2.197225 0.075841 HVG 2010 29.11978 0.361468 0.06233 0.016041 0.78904 0.036746 -0.25049 -0.25721 -0.252 0.693147 0.046571 HVG 2011 29.68441 0.564629 0.014967 0.009808 0.400432 0.030851 -0.12835 -0.13566 -0.13109 1.098612 0.077045 HVG 2012 29.67075 -0.01366 -0.03772 0.005508 0.277637 0.012392 -0.32866 -0.34188 -0.33894 1.386294 0.044635 HVG 2013 30.03281 0.362065 -0.02602 0.001647 0.810787 0.024025 -0.16819 -0.17704 -0.17508 1.609438 0.029631 HVG 2014 30.3325 0.299681 -0.0085 0.080799 0.310643 0.014626 -0.52256 -0.53137 -0.52986 1.791759 0.047082 ICF 2010 26.44651 -0.37084 -0.03028 0.010959 0.823092 0.044128 0.01704 0.011825 0.0163 1.609438 0.053613 ICF 2011 26.55518 0.108667 -0.03249 0.00496 0 -0.09384 -0.09647 -0.09414 1.791759 0.027615 ICF 2012 25.39604 -1.15914 0.104078 0.016925 0 -0.02622 -0.02791 -0.02683 1.94591 0.001114 ICF 2013 25.83778 0.44174 0.061422 0.12304 0 0.013478 0.013106 0.013855 2.079442 0.003851 ICF 2014 26.11185 0.27407 0.01918 0.101434 0 0.038367 0.037976 0.038743 2.197225 0.012581 IMP 2010 27.36183 0.146205 0.067711 0.002271 0.382547 0.040988 -0.19302 -0.19109 -0.16208 1.609438 0.107145 IMP 2011 27.37789 0.016062 -0.00239 0.00245 0.431305 0.04044 -0.09428 -0.093 -0.06217 1.791759 0.093762 IMP 2012 27.43028 0.052388 0.135016 0.014713 0.465031 0.04189 -0.02115 -0.01942 0.016879 1.94591 0.09008 IMP 2013 27.45823 0.027957 0.1472 0.027941 0.676537 0.047152 -0.11147 -0.10963 -0.07688 2.079442 0.069696 IMP 2014 27.52247 0.064239 0.015156 0.03164 0.552126 0.046002 -0.11285 -0.11136 -0.08378 2.197225 0.083318 KDC 2010 28.29042 0.234555 -0.16306 0.026115 0.470954 0.054369 -0.03341 -0.05552 -0.04126 1.791759 0.115445 KDC 2011 29.07721 0.786785 0.159989 0.030162 1.016603 0.048567 0.00375 0.001297 0.018353 1.94591 0.047774 KDC 2012 29.08633 0.009121 0.11793 0.021084 0.886492 0.057457 0.04102 0.04223 0.062109 2.079442 0.064814 KDC 2013 29.14847 0.062147 0.105752 0.035972 0.674263 0.052095 0.011832 0.011492 0.031569 2.197225 0.077262 KDC 2014 29.23095 0.082472 0.129771 0.006641 0.950101 0.064796 -0.31013 -0.31155 -0.24111 2.302585 0.068199 KHP 2010 27.8198 0.163078 0.075753 0.29201 0.55972 0.046867 -0.0397 -0.04697 -0.03265 1.791759 0.083733 KHP 2011 28.07001 0.250215 0.173273 0.244234 0.666462 0.048905 -0.05035 -0.068 -0.04732 1.94591 0.07338 KHP 2012 28.27301 0.202993 0.180484 0.193731 0.507118 0.05191 -0.07166 -0.08699 -0.06538 2.079442 0.102362 KHP 2013 28.43826 0.165254 0.096928 0.197235 0.779978 0.048132 -0.06234 -0.07112 -0.04922 2.197225 0.061709 KHP 2014 28.61793 0.179671 0.139198 0.18497 0.619882 0.033629 -0.04216 -0.05123 -0.03228 2.302585 0.05425 KMR 2010 26.7264 0.759195 -0.05599 0.017546 0 -0.20756 -0.20985 -0.19561 1.098612 0.06156 KMR 2011 26.61349 -0.11291 -0.02373 0.011101 0 -0.13293 -0.13562 -0.12952 1.386294 0.006313 KMR 2012 26.57568 -0.03781 0.083426 0.004219 0 0.110868 0.108919 0.111288 1.609438 -0.02335 KMR 2013 26.54419 -0.03149 0.108851 0.000439 0 0.117347 0.116873 0.119221 1.791759 0.032129 KMR 2014 26.57123 0.027039 -0.00878 0.001105 0 0.071782 0.072844 0.085176 1.94591 0.00685 LBM 2010 25.86432 0.116986 0.155847 0.09879 0.827362 0.050245 0.019594 0.018393 0.036834 1.609438 0.060729 LBM 2011 26.10366 0.239337 0.089005 0.079134 0.647915 0.049728 -0.02334 -0.02448 -0.00295 1.791759 0.076751 LBM 2012 26.03271 -0.07095 0.192717 0.000446 0.736656 0.06754 -0.08984 -0.09006 -0.05831 1.94591 0.091685 LBM 2013 26.03492 0.002218 0.1885 0.000438 0.64185 0.076531 -0.0485 -0.04762 -0.02 2.079442 0.119235 LBM 2014 26.05466 0.019739 0.158337 0.000425 0.712078 0.049522 -0.12635 -0.12642 -0.08859 2.197225 0.069546 LIX 2010 27.63227 0.127452 0.02343 0.010614 0.62568 0.128529 -0.29943 -0.30036 -0.22258 0.693147 0.205422 LIX 2011 27.84906 0.21679 0.189678 0.010435 0.208567 0.033191 -0.28678 -0.28819 -0.23349 1.098612 0.159137 LIX 2012 27.96926 0.120195 0.018865 0.009461 0.316123 0.041328 -0.16917 -0.17042 -0.12234 1.386294 0.130734 LIX 2013 28.03165 0.062395 0.132827 0.072655 0.471225 0.060942 -0.12959 -0.13084 -0.08833 1.609438 0.129327 LIX 2014 28.16502 0.133361 0.165268 0.06288 0.668575 0.087653 -0.07048 -0.10011 -0.04683 1.791759 0.131104 LSS 2010 27.92238 0.196431 0.092992 0.042983 0.348292 0.067747 -0.28849 -0.29862 -0.24757 1.098612 0.194513 LSS 2011 28.33683 0.414453 0.039399 0.13138 0.30268 0.057034 -0.17452 -0.18011 -0.15046 1.386294 0.188429 LSS 2012 28.267 -0.06983 0.036401 0.131154 0.60415 0.008408 0.010727 0.00624 0.020732 1.609438 0.013917 LSS 2013 28.24479 -0.02221 0.220849 0.114176 0.661711 0.012598 0.156847 0.158644 0.164097 1.791759 0.019038 LSS 2014 28.18089 -0.0639 0.143434 0.026066 0.90475 0.018738 0.068364 0.069337 0.07546 1.94591 0.020711 MCG 2010 27.37961 0.114739 -0.2651 0.189945 1.750236 0.038872 -0.22328 -0.22177 -0.21784 0.693147 0.02221 MCG 2011 28.08189 0.702276 0.06587 0.147608 0 -0.37288 -0.3718 -0.36998 1.098612 0.001702 MCG 2012 28.26004 0.178148 -0.07614 0.124014 0 -0.20992 -0.21019 -0.20973 1.386294 0.000184 MCG 2013 27.41069 -0.84935 -0.03266 0.233159 0 -0.02126 -0.0242 -0.02373 1.609438 -0.06341 MCG 2014 27.81285 0.402165 0.087138 0.234621 0 0.107768 0.105905 0.10703 1.791759 0.016983 MCP 2010 26.307 0.296476 0.045798 0.112744 0.708511 0.057376 -0.21289 -0.21241 -0.18071 1.609438 0.080981 MCP 2011 26.64823 0.341234 0.025596 0.074939 0.627132 0.070901 -0.15504 -0.15506 -0.12796 1.791759 0.113056 MCP 2012 26.53079 -0.11745 0.132847 0.057645 0.796498 0.059853 -0.10946 -0.10788 -0.07564 1.94591 0.075145 MCP 2013 26.65808 0.127289 0.138995 0.059662 0.747887 0.054654 -0.0181 -0.01992 -0.00076 2.079442 0.073078 MCP 2014 26.63787 -0.02021 -0.01617 0.118896 0.663061 0.022645 -0.00232 -0.0067 0.007737 2.197225 0.034152 MHC 2010 25.59604 -0.2837 -0.11748 0.220246 0 0.006771 0.001502 0.001929 1.791759 -0.16888 MHC 2011 25.56185 -0.03419 0.044792 0.062696 0 0.001124 -0.00767 -0.00672 1.94591 0.004428 MHC 2012 25.50985 -0.052 -0.01614 0.000961 0 0.122377 0.081954 0.083897 2.079442 0.024167 MHC 2013 24.87953 -0.63033 0.061257 0.005002 0 0.069768 -0.04555 -0.04183 2.197225 0.082214 MHC 2014 24.96764 0.088118 -0.13367 0.004682 0 0.043605 -0.0532 -0.0428 2.302585 0.282059 MSN 2010 29.35134 0.344623 0.063276 0.272421 0 -0.05541 -0.06489 -0.05633 0.693147 0.124433 MSN 2011 29.58502 0.233684 0.042905 0.24996 0 -0.04285 -0.0467 -0.03662 1.098612 0.074347 MSN 2012 29.97181 0.386789 0.052482 0.368134 0 -0.0538 -0.05421 -0.04038 1.386294 0.050714 MSN 2013 30.11113 0.139319 -0.00679 0.289379 0 -0.05763 -0.05657 -0.0427 1.609438 0.028111 MSN 2014 30.40913 0.298007 0.00629 0.363319 0 -0.05787 -0.05776 -0.04449 1.791759 0.03846 NAV 2010 25.83148 0.144452 0.011142 0.001181 0.823708 0.063585 -0.12574 -0.12737 -0.10341 1.609438 0.077194 NAV 2011 25.93215 0.100665 0.045029 0.005505 0.802278 0.05662 -0.24747 -0.25075 -0.23533 1.791759 0.070574 NAV 2012 25.86913 -0.06302 -0.13309 0.005747 1.608244 0.039319 -0.15919 -0.16227 -0.15254 1.94591 0.024448 NAV 2013 25.95404 0.084906 0.019005 0.004449 1.264109 0.02686 -0.04438 -0.04773 -0.04218 2.079442 0.021248 NAV 2014 26.06359 0.109546 0.141746 0.005417 0.624263 0.029136 0.004332 0.001832 0.008586 2.197225 0.046673 OPC 2010 26.59474 -0.04598 0.061179 0.119907 0.405268 0.051059 -0.23976 -0.23584 -0.20122 1.098612 0.125987 OPC 2011 26.7372 0.142456 0.140735 0.144254 0.486754 0.052621 -0.0706 -0.0675 -0.03371 1.386294 0.108106 OPC 2012 26.94531 0.208118 0.136961 0.049161 0.507402 0.05678 -0.15255 -0.15093 -0.11123 1.609438 0.111903 OPC 2013 27.058 0.112686 0.070433 0.009479 0.571356 0.059691 -0.14178 -0.14244 -0.1009 1.791759 0.104473 OPC 2014 27.14077 0.082775 0.146776 0.009203 0.587429 0.072358 -0.14339 -0.14496 -0.10146 1.94591 0.123178 PAC 2010 28.14133 0.244273 -0.07581 0.041631 0.255589 0.030166 -0.29559 -0.29627 -0.27706 1.609438 0.118027 PAC 2011 28.31354 0.172206 0.056479 0.011703 0.604961 0.04935 -0.20518 -0.20615 -0.19081 1.791759 0.081576 PAC 2012 28.25682 -0.05672 0.226706 0.000457 0.83032 0.046489 -0.05972 -0.06039 -0.04233 1.94591 0.055989 PAC 2013 28.26177 0.004952 0.111253 0.000393 0.868315 0.037223 0.045859 0.045206 0.061065 2.079442 0.042868 PAC 2014 28.33725 0.075474 0.032258 0.003294 1.073466 0.063814 -0.04526 -0.0455 -0.02479 2.197225 0.059446 PET 2010 29.9189 0.289781 -0.11374 0.011677 0.603314 0.025701 -0.32338 -0.33324 -0.31673 1.386294 0.042599 PET 2011 29.96517 0.046273 0.102496 0.020784 0.424496 0.03024 -0.13448 -0.14565 -0.12366 1.609438 0.071236 PET 2012 29.94887 -0.0163 0.090724 0.010854 0.519773 0.025895 -0.10893 -0.11844 -0.09569 1.791759 0.04982 PET 2013 30.0748 0.12593 -0.1119 0.007882 0.604518 0.019032 -0.05399 -0.05719 -0.0437 1.94591 0.031483 PET 2014 30.08041 0.00561 0.073592 0.010235 0 -0.09224 -0.09409 -0.08129 2.079442 0.040915 PGC 2010 28.5115 0.376395 0.045396 0.112666 0.525356 0.021694 -0.12213 -0.12634 -0.11812 1.609438 0.041294 PGC 2011 28.6633 0.151807 0.041589 0.135419 0.621055 0.018094 -0.10413 -0.10899 -0.09596 1.791759 0.029134 PGC 2012 28.81427 0.150969 0.065927 0.105318 0.087896 0.004566 -0.03867 -0.043 -0.02859 1.94591 0.051952 PGC 2013 28.77076 -0.04352 0.062696 0.078924 0.762497 0.02959 -0.02789 -0.03057 -0.01841 2.079442 0.038807 PGC 2014 28.73565 -0.03511 -0.05679 0.076925 0.708775 0.029568 -0.00302 -0.00699 0.00636 2.197225 0.041717 PGD 2010 28.38405 0.544276 0.086843 8.21E-05 0.592725 0.131537 -0.35839 -0.3604 -0.28688 0.693147 0.22192 PGD 2011 28.83765 0.453601 0.329282 4.56E-05 0.423689 0.074464 -0.35491 -0.35607 -0.30792 1.098612 0.175751 PGD 2012 29.33351 0.495855 -0.03554 0.564427 0.062802 -0.30481 -0.30506 -0.26447 1.386294 0.111267 PGD 2013 29.49077 0.157265 0.224412 7.85E-06 0.615496 0.050523 -0.16132 -0.16122 -0.1355 1.609438 0.082086 PGD 2014 29.57191 0.081137 0.300122 0.007059 0.906362 0.043355 0.065998 0.066384 0.084739 1.791759 0.047834 PIT 2010 28.37709 0.541018 0.158393 0.102932 0.720588 0.02727 0.109705 0.106751 0.114105 1.098612 0.037845 PIT 2011 28.6571 0.280012 0.069116 0.089407 0.741719 0.013328 -0.07889 -0.07937 -0.0733 1.386294 0.017969 PIT 2012 28.2979 -0.3592 -0.13126 0.057561 0 -0.14347 -0.14374 -0.14162 1.609438 4.58E-05 PIT 2013 28.47194 0.174043 -0.04097 0.040166 0 -0.2414 -0.24134 -0.24031 1.791759 -0.02694 PIT 2014 28.96372 0.491784 -0.08337 0 -0.22545 -0.22551 -0.22436 1.94591 0.020999 PJT 2010 26.48329 -0.06307 0.16411 0.071399 0.750026 0.056251 0.080158 0.097085 0.120142 1.609438 0.074999 PJT 2011 26.66777 0.184484 0.193325 0.001457 0.802769 0.074282 -0.01898 -0.00195 0.031683 1.791759 0.092533 PJT 2012 26.62066 -0.04712 0.228908 0 -0.04851 -0.03961 -0.00699 1.94591 0.109383 PJT 2013 26.59499 -0.02566 0.02754 0.336511 0 -0.04639 -0.06119 -0.042 2.079442 0.048013 PJT 2014 26.64093 0.045933 0.127234 0.36861 0.635983 0.034007 -0.05917 -0.07217 -0.05594 2.197225 0.053472 PNJ 2010 30.25223 0.29332 0.001246 0.061036 0.709742 0.060871 -0.19523 -0.20751 -0.18477 0.693147 0.085764 PNJ 2011 30.51938 0.267149 0.052671 0.272398 0.582501 0.051227 -0.08732 -0.09968 -0.08045 1.098612 0.087943 PNJ 2012 29.53564 -0.98374 0.076671 0.067158 0.650895 0.065118 -0.1179 -0.1269 -0.10327 1.386294 0.100043 PNJ 2013 29.81866 0.283025 -0.00861 0.045727 0.894434 0.051136 -0.15726 -0.16202 -0.13961 1.609438 0.057171 PNJ 2014 29.85014 0.031475 -0.04189 0.048639 0.443169 0.040088 -0.27451 -0.27453 -0.25236 1.791759 0.090457 PPC 2010 29.06207 -0.05531 0.082262 0.598848 0 0.004476 0.004488 0.004438 1.609438 0.000357 PPC 2011 28.94962 -0.11245 0.099273 0.650952 0 -0.04272 -0.04336 -0.03571 1.791759 0.000661 PPC 2012 29.04943 0.099816 0.059003 0.53716 0.619921 0.026354 -0.09301 -0.09179 -0.06749 1.94591 0.042511 PPC 2013 29.51635 0.466919 0.089507 0.420665 0.291155 0.040117 -0.1827 -0.18146 -0.14992 2.079442 0.137787 PPC 2014 29.64351 0.127161 0.027694 0.360516 0.603644 0.056191 -0.09778 -0.0997 -0.07329 2.197225 0.093086 PTC 2010 26.22515 -0.51409 0.07183 0.002824 0 0.119703 0.108799 0.112298 1.609438 0.000997 PTC 2011 26.23382 0.008663 -0.02502 0.006166 0 0.081174 0.079816 0.083183 1.791759 0.004233 PTC 2012 25.81794 -0.41587 0.013846 0.004999 0 0.084528 0.080555 0.081044 1.94591 -0.16265 PTC 2013 25.33892 -0.47902 0.046289 0.007922 0 0.100035 0.089625 0.089662 2.079442 0.003622 PTC 2014 25.49129 0.152365 -0.02694 0.008001 0 -0.43899 -0.45143 -0.45094 2.197225 0.010225 PVD 2010 29.65548 0.614257 0.084239 0.369193 0.473832 0.028662 -0.09895 -0.10243 -0.09336 1.609438 0.060489 PVD 2011 29.8514 0.195922 0.126352 0.389908 0.29307 0.016959 -0.09184 -0.09624 -0.08654 1.791759 0.057868 PVD 2012 30.11003 0.25863 0.140983 0.334093 0.145186 0.011013 -0.10607 -0.11345 -0.10115 1.94591 0.075852 PVD 2013 30.33014 0.220112 0.127869 0.226111 0.276202 0.025615 -0.10828 -0.1197 -0.10131 2.079442 0.092738 PVD 2014 30.67002 0.339877 0.139322 0.190812 0.17896 0.019505 -0.01044 -0.01882 -0.00019 2.197225 0.10899 PVT 2010 28.89405 0.606069 0.021 0.409336 0 -0.0873 -0.08913 -0.08605 1.386294 0.005006 PVT 2011 29.05592 0.161877 0.028978 0.438704 0 -0.05364 -0.06182 -0.05888 1.609438 0.005389 PVT 2012 29.1263 0.070376 0.077209 0.381096 0 -0.0066 -0.01647 -0.01101 1.791759 0.000956 PVT 2013 29.23269 0.106392 0.073416 0.429966 0 0.019635 0.008329 0.015008 1.94591 0.032864 PVT 2014 29.2926 0.059905 0.063121 0.41237 0 0.008316 0.000835 0.01079 2.079442 0.043004 RAL 2010 27.94057 0.259988 -0.11379 0.057587 0.625318 0.019658 -0.17929 -0.17896 -0.16804 1.609438 0.031437 RAL 2011 28.18931 0.24874 0.039405 0.040504 0.574888 0.024644 -0.19399 -0.19121 -0.17746 1.791759 0.042867 RAL 2012 28.35085 0.16154 0.061595 0.003533 0.46384 0.022531 -0.11838 -0.11529 -0.09871 1.94591 0.048574 RAL 2013 28.46106 0.110204 0.09497 0.001378 0.469715 0.022709 -0.22386 -0.21971 -0.20479 2.079442 0.048346 RAL 2014 28.58635 0.125291 -0.11298 0.00037 0.613177 0.01762 -0.08196 -0.08047 -0.0679 2.197225 0.028735 RDP 2010 27.16928 0.244389 0.018804 0.105669 0.603138 0.025753 -0.25042 -0.26796 -0.25749 0.693147 0.042698 RDP 2011 27.41639 0.247111 -0.00931 0.08435 0.656474 0.022932 -0.21239 -0.22122 -0.20689 1.098612 0.034932 RDP 2012 27.57464 0.15825 0.059651 0.072093 0.444437 0.024572 -0.1517 -0.15254 -0.13728 1.386294 0.055289 RDP 2013 27.67449 0.099848 0.032781 0.060781 0.351197 0.015483 -0.15455 -0.15386 -0.13928 1.609438 0.044085 RDP 2014 27.70763 0.033143 0.018541 0.08377 0 -0.02714 -0.0357 -0.02089 1.791759 0.030551 REE 2010 28.22316 0.431543 0.012303 0.017312 0.826783 0.060071 -0.15988 -0.16488 -0.14629 2.397895 0.072656 REE 2011 28.22459 0.00143 0.021606 0.034414 0.747692 0.072381 -0.15798 -0.16534 -0.1423 2.484907 0.096806 REE 2012 28.50466 0.280072 0.076942 0.119643 0.59592 0.059537 -0.12349 -0.15018 -0.13138 2.564949 0.099908 REE 2013 28.51206 0.007398 -0.00585 0.047846 0.432377 0.060665 -0.11248 -0.1381 -0.11818 2.639057 0.140306 REE 2014 28.59777 0.085711 0.077207 0.063669 0.391851 0.051232 -0.11208 -0.13165 -0.11447 2.70805 0.130742 RIC 2010 25.76294 -0.14858 0.069772 0.036524 0 0.105213 0.10911 0.118834 1.386294 0.030776 RIC 2011 25.87986 0.116922 0.050514 0.026015 0 0.054191 0.057021 0.063517 1.609438 0.018646 RIC 2012 25.99316 0.113304 0.041235 0.016016 0 0.019485 0.023739 0.027338 1.791759 0.006826 RIC 2013 25.9001 -0.09307 0.018269 0.078277 0 0.06692 0.072697 0.074169 1.94591 -0.00751 RIC 2014 26.17216 0.272069 0.074077 0.069959 0 0.003648 -0.02928 -0.0293 2.079442 -0.12598 SAM 2010 27.41235 0.633677 -0.0071 0.000169 0.814497 0.036877 -0.09263 -0.09022 -0.08357 2.397895 0.045276 SAM 2011 27.31901 -0.09333 -0.03395 0.000242 0 -0.03126 -0.02447 -0.01735 2.484907 -0.06862 SAM 2012 27.52306 0.204047 -0.00034 0.01122 0 -0.0592 -0.05453 -0.04818 2.564949 0.038124 SAM 2013 27.62539 0.102329 0.004711 0.027905 0.667983 0.026308 -0.13678 -0.13293 -0.12469 2.639057 0.039385 SAM 2014 28.15106 0.52567 -0.0835 0.025839 0.887921 0.020239 -0.15409 -0.15262 -0.14664 2.70805 0.022793 SAV 2010 26.49558 -0.22751 -0.06484 0.050673 0.50946 0.009002 -0.20367 -0.21555 -0.20972 2.197225 0.01767 SAV 2011 26.85874 0.363166 -0.05636 0.079936 0.891487 0.010641 -0.23997 -0.25158 -0.24796 2.302585 0.011936 SAV 2012 27.02953 0.170783 0.009425 0.016094 0.995903 0.010518 -0.22104 -0.22631 -0.22391 2.397895 0.010561 SAV 2013 27.03553 0.006005 -0.06646 0.032828 0.919521 0.005852 0.049512 0.050702 0.054744 2.484907 0.006364 SAV 2014 27.21891 0.183383 0.085984 0.04091 0 0.148024 0.148905 0.153515 2.564949 -0.04069 SC5 2010 27.84312 0.080414 0.003622 0.207517 0 -0.22391 -0.22377 -0.2183 1.386294 0.021844 SC5 2011 27.7373 -0.10581 -0.06959 0.185826 0 -0.27224 -0.27115 -0.26727 1.609438 0.009527 SC5 2012 27.93193 0.19463 -0.0774 0.243321 0 0.09372 0.0799 0.083874 1.791759 0.003744 SC5 2013 27.8421 -0.08984 0.400016 0.186826 0.557836 0.014274 0.17725 0.161879 0.167103 1.94591 0.025589 SC5 2014 27.96175 0.119658 0.049141 0.187419 0.898461 0.013682 0.23713 0.220096 0.22619 2.079442 0.015228 SCD 2010 26.62548 0.162592 0.015956 0.000766 0.487061 0.062525 -0.08002 -0.08744 -0.05565 1.609438 0.128372 SCD 2011 26.741 0.11552 0.126743 0.000672 0.558646 0.054849 -0.11363 -0.12156 -0.09227 1.791759 0.098183 SCD 2012 26.51332 -0.22768 0.007013 0.000669 0.507151 0.05466 -0.03833 -0.03971 -0.00126 1.94591 0.107779 SCD 2013 26.74404 0.230721 0.283212 0.000508 0.484988 0.041514 -0.2258 -0.22973 -0.20206 2.079442 0.085597 SCD 2014 26.72658 -0.01746 -0.28588 0.610476 0.04618 -0.12705 -0.13923 -0.11164 2.197225 0.075646 SFC 2010 28.01013 0.276123 0.215173 0.004257 0.299589 0.0714 -0.17199 -0.17593 -0.12243 1.94591 0.238327 SFC 2011 28.21581 0.205684 0.101061 0.000345 0.556788 0.07736 -0.23242 -0.23389 -0.1796 2.079442 0.13894 SFC 2012 28.37091 0.155091 -0.0524 0.006265 0.422931 0.024723 -0.16683 -0.16763 -0.1441 2.197225 0.058457 SFC 2013 28.52597 0.15507 -0.06808 0.011636 0.915987 0.040297 -0.04734 -0.04912 -0.03093 2.302585 0.043993 SFC 2014 28.57332 0.047346 0.389219 0.014716 0.603176 0.050803 0.079696 0.078364 0.100323 2.397895 0.084226 SFI 2010 25.93118 0.384502 0.174976 0.000665 0.375237 0.03127 0.020156 -0.02839 -0.0158 1.609438 0.083333 SFI 2011 26.07238 0.141204 0.064717 0.000184 0.398955 0.027983 -0.03654 -0.07183 -0.0569 1.791759 0.07014 SFI 2012 26.52615 0.453764 -0.00234 7.23E-05 0.294251 0.02657 -0.14472 -0.17228 -0.15435 1.94591 0.090296 SFI 2013 26.85122 0.325073 -0.03895 0.038623 0.369907 0.025215 -0.15603 -0.18659 -0.16697 2.079442 0.068165 SFI 2014 27.12629 0.27507 0.121348 0.935634 0.095643 -0.16484 -0.18752 -0.16703 2.197225 0.102223 SGT 2010 26.72947 0.060021 -0.12304 0.367235 0 -0.07226 -0.07174 -0.07016 1.098612 0.013864 SGT 2011 24.74188 -1.98759 0.164165 0.295212 0 0.024848 0.026464 0.029226 1.386294 -0.05159 SGT 2012 26.00422 1.262339 -0.05662 0.29383 0 0.095353 0.09631 0.100695 1.609438 -0.099 SGT 2013 26.2847 0.28048 -0.02626 0.340669 0 -0.01291 -0.01366 -0.00835 1.791759 0.002083 SGT 2014 26.12173 -0.16297 -0.04129 0.569786 0 -0.10224 -0.10471 -0.10077 1.94591 0.015635 SHI 2010 28.00382 0.307807 -0.09225 0.136747 0.637201 0.051746 -0.41831 -0.42739 -0.41227 0.693147 0.081208 SHI 2011 28.30209 0.298272 -0.13589 0.09211 0.695527 0.008912 -0.25822 -0.26473 -0.25457 1.098612 0.012814 SHI 2012 28.39346 0.09137 0.093142 0.105993 0.6122 0.004831 -0.1272 -0.12662 -0.12327 1.386294 0.007891 SHI 2013 28.22977 -0.16369 0.017941 0.104492 0 -0.07989 -0.08076 -0.07614 1.609438 0.005013 SHI 2014 28.32117 0.091398 -0.00466 0.097307 0.329374 0.006445 -0.08759 -0.08797 -0.08053 1.791759 0.019567 SMC 2010 29.55642 0.264571 -0.06699 0.028459 0.478527 0.015966 -0.32561 -0.33062 -0.32538 1.609438 0.033364 SMC 2011 29.82153 0.26511 0.103642 0.018443 0.403611 0.012425 -0.05385 -0.06206 -0.05742 1.791759 0.030785 SMC 2012 29.8242 0.00267 0.048992 0.0678 0.638447 0.020683 -0.11971 -0.12885 -0.12457 1.94591 0.032396 SMC 2013 29.89809 0.07389 -0.06419 0.049881 0.940707 0.007695 -0.18267 -0.18839 -0.18642 2.079442 0.00818 SMC 2014 30.02083 0.122744 -0.19592 0.029507 0.721051 0.003596 0.004847 0.001151 0.002885 2.197225 0.004988 SRC 2010 27.77265 0.052674 0.02196 0.044832 1.677918 0.042578 -0.19639 -0.19815 -0.18738 0.693147 0.025375 SRC 2011 27.8236 0.050948 -0.14055 0.040516 3.589775 0.012261 -0.04905 -0.05086 -0.04104 1.098612 0.003415 SRC 2012 27.71568 -0.10791 0.361079 0.027698 0.42601 0.037939 -0.03703 -0.03863 -0.01464 1.386294 0.089056 SRC 2013 27.61324 -0.10245 0.241395 0.031814 0.556769 0.069387 0.089193 0.087633 0.123842 1.609438 0.124625 SRC 2014 27.62428 0.011045 0.199915 0.021839 0.397549 0.052466 -0.06155 -0.06198 -0.0221 1.791759 0.131972 SRF 2010 26.97453 0.264809 0.032793 0.085594 0.652223 0.049492 -0.27807 -0.27996 -0.26547 0.693147 0.075882 SRF 2011 27.11642 0.141887 -0.00965 0.058859 0.554379 0.040713 -0.15131 -0.15336 -0.14405 1.098612 0.07344 SRF 2012 27.20538 0.08896 -0.03114 0.056041 0.607663 0.033801 -0.1348 -0.13689 -0.12488 1.386294 0.055625 SRF 2013 27.06165 -0.14373 0.059632 0.048664 0.947484 0.050125 -0.13911 -0.15378 -0.14218 1.609438 0.052903 SRF 2014 27.45343 0.391783 -0.11599 0.013593 0.451335 0.031544 -0.11789 -0.1353 -0.12342 1.791759 0.06989 ST8 2010 27.44819 0.028496 0.114434 0.004388 0.72647 0.101172 0.045132 0.035734 0.08513 1.386294 0.139265 ST8 2011 27.30938 -0.13881 0.211777 0.0087 0.650624 0.073033 0.004662 -0.01457 0.035794 1.609438 0.11225 ST8 2012 27.08477 -0.22461 0.078998 0.005424 0.768253 0.115105 -0.00492 -0.02686 0.025594 1.791759 0.149827 ST8 2013 27.42559 0.340825 0.130428 0.004738 0.484128 0.070582 -0.20501 -0.22823 -0.17884 1.94591 0.145792 ST8 2014 27.76389 0.3383 0.038227 0.004588 0.455066 0.070705 -0.18224 -0.19821 -0.15449 2.079442 0.155374 SVC 2010 29.05979 0.304152 -0.06383 0.251265 0.422585 0.015892 -0.11353 -0.13303 -0.12153 0.693147 0.037607 SVC 2011 29.44834 0.388549 0.164179 0.328034 0.460053 0.01375 -0.03588 -0.06938 -0.06078 1.098612 0.029887 SVC 2012 29.32002 -0.12831 0.019402 0.332775 0.534107 0.009201 0.032371 -0.00296 0.006227 1.386294 0.017226 SVC 2013 29.51542 0.195392 0.008942 0.287998 0.490354 0.010682 0.061761 0.035839 0.044059 1.609438 0.021783 SVC 2014 29.7017 0.186289 0.124582 0.258312 0.341425 0.011359 -0.01718 -0.03007 -0.01787 1.791759 0.033268 SVI 2010 27.0759 0.333154 0.057326 0.019942 0.245212 0.033354 -0.42036 -0.42217 -0.40914 1.098612 0.13602 SVI 2011 27.26701 0.19111 0.076598 0.061812 0.248249 0.030738 -0.28604 -0.28777 -0.27696 1.386294 0.123821 SVI 2012 27.47056 0.203544 0.076342 0.134279 0.296503 0.032364 -0.2355 -0.23675 -0.22893 1.609438 0.109153 SVI 2013 27.63439 0.16383 0.041154 0.098997 0.317025 0.034945 -0.21651 -0.21819 -0.2078 1.791759 0.110229 SVI 2014 27.75386 0.119471 0.025199 0.09641 0.331895 0.031891 -0.20077 -0.20267 -0.18844 1.94591 0.096086 TAC 2010 28.81184 0.21523 -0.08291 0.057393 0.433023 0.040205 -0.23884 -0.24155 -0.23301 1.609438 0.092847 TAC 2011 29.11995 0.308104 -0.03545 0.032127 1.203569 0.029455 -0.22046 -0.22255 -0.21009 1.791759 0.024473 TAC 2012 29.02519 -0.09476 0.255342 0.475679 0.030312 -0.04815 -0.05097 -0.03688 1.94591 0.063723 TAC 2013 29.08756 0.062373 0.101771 0.461118 0.024839 -0.0488 -0.05161 -0.03649 2.079442 0.053868 TAC 2014 29.04769 -0.03987 -0.06876 0.690094 0.036095 -0.11117 -0.11383 -0.09886 2.197225 0.052304 TBC 2010 25.71054 -0.35503 -0.04467 0.026371 0.708642 0.044146 -0.12982 -0.1299 -0.11958 1.609438 0.062297 TBC 2011 25.89203 0.181486 0.136601 0.010845 0.795969 0.071036 -0.11254 -0.11415 -0.1038 1.791759 0.089245 TBC 2012 26.26373 0.371706 0.219894 0.845294 0.119002 -0.00651 -0.00824 0.005867 1.94591 0.140782 TBC 2013 26.4246 0.160864 0.23691 0.785333 0.125877 -0.05147 -0.05318 -0.0296 2.079442 0.160285 TBC 2014 26.46567 0.041068 0.158792 0.918025 0.129604 -0.02223 -0.02317 0.005393 2.197225 0.141177 TCL 2010 27.39046 0.411157 0.203394 0.081884 0.345492 0.061094 -0.27308 -0.2745 -0.22649 0.693147 0.176833 TCL 2011 27.54399 0.153532 0.093675 0.229238 0.347996 0.041737 -0.13528 -0.13798 -0.10287 1.098612 0.119934 TCL 2012 27.61945 0.075463 0.22056 0.218457 0.467571 0.046723 -0.14463 -0.15057 -0.1144 1.386294 0.099928 TCL 2013 27.29888 -0.32057 0.172679 0.14654 0.429692 0.047412 -0.08464 -0.09258 -0.05921 1.609438 0.11034 TCL 2014 27.46203 0.163145 0.185376 0.12208 0.340054 0.042144 -0.08309 -0.08834 -0.0596 1.791759 0.123934 TCM 2010 28.26905 0.51927 0.084564 0.193919 0.337379 0.034986 -0.23559 -0.24144 -0.23317 1.386294 0.103698 TCM 2011 28.4171 0.148054 -0.07628 0.211095 0.592772 0.032608 -0.15303 -0.15814 -0.15285 1.609438 0.055009 TCM 2012 28.45673 0.039631 0.051344 0.175521 0 -0.03292 -0.03713 -0.03474 1.791759 -0.00961 TCM 2013 28.56885 0.112114 0.091144 0.151442 0.396542 0.024682 0.01946 0.015192 0.018954 1.94591 0.062243 TCM 2014 28.57548 0.00663 0.112016 0.126359 0.349959 0.0286 -0.09217 -0.09555 -0.08953 2.079442 0.081724 TCR 2010 27.80643 0.2569 0.160287 0.030989 0.369893 0.020789 -0.03206 -0.03362 -0.02432 1.609438 0.056204 TCR 2011 27.98314 0.176714 0.13951 0.132128 0.301959 0.015496 -0.05412 -0.05602 -0.04943 1.791759 0.051319 TCR 2012 28.13296 0.149819 0.000745 0.10727 3.677925 0.007882 -0.10313 -0.10623 -0.10216 1.94591 0.002143 TCR 2013 28.27913 0.146172 0.026698 0.072303 0 -0.09815 -0.10218 -0.10179 2.079442 -0.03549 TCR 2014 28.4456 0.166469 0.042427 0.044585 0 -0.04923 -0.05315 -0.05291 2.197225 0.00116 TCT 2010 24.56288 0.132088 0.174507 0.008858 0.52233 0.145589 -0.19766 -0.19882 -0.1035 1.609438 0.27873 TCT 2011 24.86813 0.305252 0.211424 0.008108 0.26776 0.087781 -0.22281 -0.22455 -0.12374 1.791759 0.327834 TCT 2012 25.07187 0.203741 0.172979 0.007568 0.418596 0.12614 -0.20652 -0.2083 -0.11455 1.94591 0.30134 TCT 2013 25.33079 0.258916 0.245471 0.007556 0.302436 0.071546 -0.19917 -0.20317 -0.12015 2.079442 0.236565 TCT 2014 25.54755 0.216756 0.239976 0.00048 0.575298 0.145134 -0.12986 -0.13302 -0.06021 2.197225 0.252277 TIE 2010 26.42283 0.096121 -0.15382 0.000259 0.392061 0.048411 -0.31571 -0.37673 -0.36993 0.693147 0.123479 TIE 2011 26.59658 0.173748 -0.1028 0.000175 0.431045 0.045476 -0.23893 -0.29348 -0.2894 1.098612 0.105501 TIE 2012 26.38784 -0.20874 -0.04419 0.482639 0.047442 -0.47483 -0.50465 -0.50432 1.386294 0.098296 TIE 2013 26.39799 0.010145 -0.31154 0.005121 0.500266 0.071054 -0.26619 -0.28907 -0.28682 1.609438 0.142033 TIE 2014 26.53263 0.13464 -0.03117 0.005328 0.528136 0.017846 -0.18739 -0.25905 -0.25351 1.791759 0.03379 TMP 2010 26.31026 -0.50441 0.049524 0.314582 3.55299 0.063599 -0.03017 -0.03029 -0.01271 0.693147 0.0179 TMP 2011 26.64831 0.33805 0.073061 0.255312 0.750553 0.042317 -0.07933 -0.07979 -0.05966 1.098612 0.056381 TMP 2012 26.97006 0.321754 0.242277 0.225617 0.700042 0.071622 -0.05504 -0.05541 -0.02796 1.386294 0.102311 TMP 2013 26.93113 -0.03893 0.195743 0.161158 0.870736 0.096103 -0.04047 -0.04064 -0.00235 1.609438 0.11037 TMP 2014 27.25606 0.324936 0.17943 0.216792 0.722565 0.109825 -0.04195 -0.0418 -0.00524 1.791759 0.151993 TNA 2010 27.47694 0.426383 -0.21449 0.007763 0.287101 0.033683 -0.38797 -0.39815 -0.3767 1.791759 0.117322 TNA 2011 27.69299 0.21605 0.083483 0.006881 0.39442 0.023533 -0.26109 -0.26171 -0.23976 1.94591 0.059665 TNA 2012 27.81532 0.122329 0.053296 0.008112 0.412852 0.024305 -0.08995 -0.09032 -0.07335 2.079442 0.058872 TNA 2013 28.0919 0.276582 -0.18647 0.007728 0.451399 0.022642 -0.29097 -0.29143 -0.27479 2.197225 0.05016 TNA 2014 28.12199 0.030086 -0.12611 0.065582 0.405628 0.014814 -0.2088 -0.20905 -0.19687 2.302585 0.036522 TNC 2010 25.92262 0.054248 0.146044 0.00239 0.556681 0.093636 -0.0258 -0.03969 -0.01403 1.386294 0.168204 TNC 2011 25.69769 -0.22493 0.110466 0.00177 0.534337 0.112046 -0.08313 -0.11087 -0.08369 1.609438 0.209692 TNC 2012 25.976 0.278309 0.168872 0.547477 0.101351 -0.09069 -0.12736 -0.10483 1.791759 0.185125 TNC 2013 25.67943 -0.29657 -0.0877 0.787782 0.077428 -0.04058 -0.08888 -0.0705 1.94591 0.098286 TNC 2014 24.88017 -0.79926 0.023043 0.549957 0.028938 -0.03427 -0.08956 -0.07672 2.079442 0.052619 TPC 2010 26.82408 0.086281 -0.03102 0.006469 0.83253 0.085188 -0.61012 -0.60805 -0.59409 1.386294 0.102324 TPC 2011 27.31362 0.489541 -0.1218 0.1493 1.132761 0.042909 -0.13691 -0.14031 -0.13575 1.609438 0.03788 TPC 2012 27.13242 -0.1812 0.246564 0.193906 0.993951 0.048522 -0.33652 -0.34699 -0.3383 1.791759 0.048818 TPC 2013 27.27139 0.13897 -0.02342 0.141121 0.906924 0.03223 -0.13488 -0.14478 -0.1401 1.94591 0.035537 TPC 2014 27.33238 0.060991 0.087135 0.102793 0.906337 0.016358 -0.12363 -0.13063 -0.12607 2.079442 0.018049 TS4 2010 26.66367 0.270331 -0.08394 0.228435 0.647266 0.031403 -0.38074 -0.382 -0.36557 2.197225 0.048517 TS4 2011 27.19881 0.535138 -0.07855 0.078961 0.722162 0.02577 -0.48149 -0.48254 -0.46885 2.302585 0.035685 TS4 2012 27.10995 -0.08886 -0.18338 0.060109 0.458151 0.007464 -0.32205 -0.3227 -0.31698 2.397895 0.016291 TS4 2013 27.27982 0.169872 0.028006 0.040388 0.926397 0.013017 -0.27334 -0.27434 -0.27164 2.484907 0.014051 TS4 2014 27.3493 0.069485 -0.05636 0.018195 0.696133 0.011943 -0.17556 -0.17767 -0.17653 2.564949 0.017156 TTF 2010 28.40471 0.095889 -0.08774 0.045191 0 -0.31925 -0.32128 -0.31946 1.098612 0.020828 TTF 2011 28.72928 0.324575 -0.09412 0.037126 0 -0.13713 -0.13778 -0.13657 1.386294 0.003307 TTF 2012 28.59436 -0.13492 0.016081 0.058357 0 -0.15756 -0.15709 -0.15621 1.609438 -0.00088 TTF 2013 28.06625 -0.52811 -0.05707 0.043266 0 -0.0985 -0.09627 -0.09433 1.791759 -0.00133 TTF 2014 28.00859 -0.05766 -0.11136 0.033221 0 -0.1634 -0.16726 -0.16277 1.94591 0.016743 TYA 2010 27.72223 0.376325 0.094485 0.00042 0 -0.02898 -0.03522 -0.03092 1.609438 0.029329 TYA 2011 27.90606 0.183827 -0.02773 0.000399 0 -0.08663 -0.09455 -0.09337 1.791759 0.045535 TYA 2012 27.5397 -0.36636 0.173042 0 0.047786 0.040151 0.045253 1.94591 0.054229 TYA 2013 27.69598 0.156279 0.177475 0 -0.05609 -0.06484 -0.05727 2.079442 0.047668 TYA 2014 27.81783 0.12185 -0.02231 0.614316 0.038338 -0.0887 -0.0939 -0.08041 2.197225 0.062407 VHC 2010 28.73269 0.082457 0.060504 0.049676 0 -0.32876 -0.3293 -0.303 1.386294 0.125447 VHC 2011 29.04298 0.310291 0.032619 0.025651 0.27818 0.047716 -0.27257 -0.27412 -0.25359 1.609438 0.171528 VHC 2012 29.07273 0.029756 0.058509 0.197439 0.014951 -0.16542 -0.16677 -0.1499 1.791759 0.075724 VHC 2013 29.25928 0.186549 0.024186 0.035841 0.51301 0.035421 -0.2066 -0.20783 -0.18005 1.94591 0.069045 VHC 2014 29.47037 0.211088 0.014156 0.015874 0 -0.15002 -0.15002 -0.1321 2.079442 0.103054 VIP 2010 27.97904 0.154804 0.101831 0.462315 0.542829 0.019343 0.001327 -0.00852 -0.00086 1.609438 0.035634 VIP 2011 28.17032 0.191283 0.182405 0.408314 0.552114 0.01384 0.053512 0.041355 0.049917 1.791759 0.025067 VIP 2012 27.63162 -0.5387 0.128181 0.342637 0.336789 0.009095 0.1029 0.076941 0.092462 1.94591 0.027004 VIP 2013 27.38899 -0.24263 0.150337 0.291616 0.129332 0.010007 0.077453 0.00939 0.034199 2.079442 0.077374 VIP 2014 27.26371 -0.12528 0.087705 0.193221 0.728808 0.088819 0.047026 -0.01956 0.005144 2.197225 0.121869 VIS 2010 28.7573 0.399635 -0.08855 0.003187 0.543402 0.036191 -0.2883 -0.29007 -0.27441 1.609438 0.066601 VIS 2011 28.99574 0.238441 0.027453 0.0008 1.102396 0.022754 -0.15036 -0.15246 -0.14152 1.791759 0.02064 VIS 2012 28.98519 -0.01055 -0.037 0.113205 0 0.061741 0.06026 0.061243 1.94591 -0.00632 VIS 2013 28.85952 -0.12568 0.019523 0.07857 0 -0.02845 -0.03028 -0.03026 2.079442 -0.01082 VIS 2014 28.95629 0.096777 0.032013 0.03752 0 0.117287 0.116128 0.11614 2.197225 0.009861 VNL 2010 26.5928 0.448971 0.06227 0.000111 0.951357 0.145882 -0.28208 -0.28885 -0.26568 0.693147 0.153341 VNL 2011 26.72534 0.132546 0.048147 0.002368 0.580895 0.080514 -0.23142 -0.23765 -0.21368 1.098612 0.138603 VNL 2012 26.81275 0.08741 0.07845 0.001779 0.514763 0.07394 -0.23864 -0.27109 -0.24727 1.386294 0.143639 VNL 2013 27.09137 0.278621 -0.00473 0.001082 0.678754 0.082253 -0.16235 -0.25338 -0.22328 1.609438 0.121182 VNL 2014 27.22811 0.136734 0.209586 0.000692 0.35876 0.058437 -0.17134 -0.23604 -0.21019 1.791759 0.162886 VNM 2010 30.38804 0.39487 0.187391 0.015185 0.292915 0.098304 -0.28062 -0.31072 -0.25652 1.609438 0.335606 VNM 2011 30.70498 0.31694 0.154734 0.010199 0.527116 0.142689 -0.2556 -0.27992 -0.2263 1.791759 0.270697 VNM 2012 30.91049 0.205503 0.268789 0.003035 0.544278 0.160799 -0.16929 -0.18329 -0.12664 1.94591 0.295436 VNM 2013 31.06335 0.152862 0.273295 0.015329 0.612271 0.174888 -0.11931 -0.13021 -0.07001 2.079442 0.285639 VNM 2014 31.18842 0.125076 0.206763 0.020047 0.659252 0.155237 -0.11824 -0.12528 -0.06553 2.197225 0.235474 VNS 2010 28.12797 0.430595 0.141805 0.425599 0.334397 0.034057 -0.07059 -0.10536 -0.07851 1.098612 0.101846 VNS 2011 28.45271 0.324737 0.129032 0.421354 0.338651 0.025169 -0.06598 -0.09743 -0.06796 1.386294 0.074321 VNS 2012 28.62919 0.176485 0.236787 0.372714 0.396076 0.033667 -0.04429 -0.06464 -0.03187 1.609438 0.085003 VNS 2013 28.78098 0.151789 0.254172 0.195969 0.387603 0.043145 -0.02856 -0.05412 -0.01698 1.791759 0.111313 VNS 2014 28.95816 0.177177 0.265398 0.246311 0.360252 0.046437 -0.04937 -0.0878 -0.05073 1.94591 0.128902 VPK 2010 26.07505 0.212148 0.182788 0.021412 0 -0.03537 -0.03596 -0.03082 1.609438 0.071432 VPK 2011 26.35792 0.282873 0.106271 0.000311 0.463592 0.077038 -0.11459 -0.11504 -0.10147 1.791759 0.166176 VPK 2012 26.5848 0.226873 0.289465 0.328401 0.085573 -0.08178 -0.08057 -0.05959 1.94591 0.260573 VPK 2013 26.66046 0.07566 0.304061 0.340315 0.073828 -0.0574 -0.05654 -0.03727 2.079442 0.216939 VPK 2014 26.4214 -0.23906 0.088823 0.046473 0.681264 0.067922 -0.16392 -0.16328 -0.14461 2.197225 0.099701 VSH 2010 26.7742 -0.1982 0.089244 0.110611 0.668759 0.066772 -0.07762 -0.07927 -0.07162 1.791759 0.099845 VSH 2011 26.85322 0.079024 0.085285 0.077121 0.614648 0.060448 -0.05679 -0.05782 -0.049 1.94591 0.098345 VSH 2012 26.52898 -0.32424 0.075886 0.062641 0.864286 0.059792 -0.0531 -0.05408 -0.04473 2.079442 0.069181 VSH 2013 26.37111 -0.15786 0.05479 0.041884 1.044812 0.056274 -0.08336 -0.08376 -0.07446 2.197225 0.05386 VSH 2014 27.04129 0.67018 0.013012 0.03766 0.574052 0.056667 -0.08359 -0.08311 -0.07376 2.302585 0.098713 VTO 2010 27.93267 0.148914 0.092657 0.515788 0.573783 0.015548 0.000825 0.000834 0.004352 1.386294 0.027097 VTO 2011 28.14121 0.208532 0.158136 0.468801 0.716993 0.016562 0.015842 0.015958 0.02012 1.609438 0.023099 VTO 2012 28.1264 -0.0148 0.140694 0.3861 0.479992 0.009138 0.015566 0.011039 0.015272 1.791759 0.019037 VTO 2013 28.07836 -0.04804 0.094225 0.337808 0.526203 0.010573 -0.00479 -0.01141 -0.00566 1.94591 0.020093 VTO 2014 28.05372 -0.02464 0.151175 0.282597 0.601205 0.01496 0.016062 0.005755 0.013456 2.079442 0.024883 PHỤ LỤC 3: CÂU LỆNH STATA DÙNG TRONG PHẦN THỐNG KÊ MÔ TẢ VÀ KIỂM TRA, ƢỚC LƢỢNG MÔ HÌNH CÂU LỆNH THỐNG KÊ sum conacc1 conacc2 conacc3 payout cashdiv size gro fcf1 roa stockdiv lev1 age CÂU LỆNH KIỂM TR ỘNG TUYẾN pwcorr conacc1 conacc2 conacc3 stockdiv size gro fcf1 lev1 age roa CÂU LỆNH ÀI ẶT CHO DỮ LIỆU BẢNG xtset id year CÂU LỆNH KIỂM TR PHƯƠNG S I TH Y ỔI reg payout conacc1 stockdiv size gro fcf1 lev1 age roa hettest reg payout conacc2 stockdiv size gro fcf1 lev1 age roa hettest reg payout conacc3 stockdiv size gro fcf1 lev1 age roa hettest reg cashdiv conacc1 stockdiv size gro fcf1 lev1 age roa hettest reg cashdiv conacc2 stockdiv size gro fcf1 lev1 age roa hettest reg cashdiv conacc3 stockdiv size gro fcf1 lev1 age roa hettest CÂU LỆNH KIỂM TRA TỰ TƯƠNG QU N xtserial payout conacc1 age roa stockdiv size gro fcf1 lev1 xtserial payout conacc2 age roa stockdiv size gro fcf1 lev1 xtserial payout conacc3 age roa stockdiv size gro fcf1 lev1 xtserial cashdiv conacc1 age roa stockdiv size gro fcf1 lev1 xtserial cashdiv conacc2 age roa stockdiv size gro fcf1 lev1 xtserial cashdiv conacc3 age roa stockdiv size gro fcf1 lev1 CÂU LỆNH KIỂM TRA NỘI SINH ivreg payout stockdiv size gro fcf1 lev1 age roa ( conacc1= payout) est store iv reg payout conacc1 stockdiv size gro fcf1 lev1 age roa hausman iv ,sigmamore ivreg payout stockdiv size gro fcf1 lev1 age roa ( conacc2= payout) est store iv reg payout conacc2 stockdiv size gro fcf1 lev1 age roa hausman iv ,sigmamore ivreg payout stockdiv size gro fcf1 lev1 age roa ( conacc3= payout) est store iv reg payout conacc3 stockdiv size gro fcf1 lev1 age roa hausman iv ,sigmamore ivreg cashdiv stockdiv size gro fcf1 lev1 age roa ( conacc1= cashdiv ) est store iv reg cashdiv conacc1 stockdiv size gro fcf1 lev1 age roa hausman iv ,sigmamore ivreg cashdiv stockdiv size gro fcf1 lev1 age roa ( conacc2= cashdiv ) est store iv reg cashdiv conacc2 stockdiv size gro fcf1 lev1 age roa hausman iv ,sigmamore ivreg cashdiv stockdiv size gro fcf1 lev1 age roa ( conacc3= cashdiv ) est store iv reg cashdiv conacc3 stockdiv size gro fcf1 lev1 age roa hausman iv ,sigmamore CÂU LỆNH ƯỚ LƯỢNG GMM xtabond2 payout conacc1 stockdiv size gro fcf1 lev1 age roa, gmm(payout conacc1 age roa lev1,lag(2 )) gmm(stockdiv size gro fcf1 ,lag(1 1)) twostep h(2) xtabond2 payout conacc2 stockdiv size gro fcf1 lev1 age roa,gmm(payout conacc2 age roa lev1,lag(2 )) gmm(stockdiv size gro fcf1 ,lag(1 1)) twostep h(2) xtabond2 payout conacc3 stockdiv size gro fcf1 lev1 age roa,gmm(payout conacc3 age roa lev1,lag(2 )) gmm(stockdiv size gro fcf1 ,lag(1 1)) twostep h(2) xtabond2 cashdiv conacc1 stockdiv size gro fcf1 lev1 age roa,gmm(cashdiv conacc1 ,lag(2 )) gmm(stockdiv gro fcf1 lev1 age roa ,lag(0 1)) twostep xtabond2 cashdiv conacc2 stockdiv size gro fcf1 lev1 age roa,gmm(cashdiv conacc2 ,lag(2 )) gmm(stockdiv gro fcf1 lev1 age roa ,lag(0 1)) twostep xtabond2 cashdiv conacc3 stockdiv size gro fcf1 lev1 age roa,gmm(cashdiv conacc3 ,lag(2 )) gmm(stockdiv gro fcf1 lev1 age roa ,lag(0 1)) twostep ... làm cho mâu thu n cổ ề 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