BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC KINH TẾ TP HỒ CHÍ MINH NGUYỄN VIỆT DŨNG CÁC YẾU TỐ ẢNH HƯỞNG ĐẾN TỶ SUẤT SINH LỢI CỦA CÁC NGÂN HÀNG THƯƠNG MẠI VIỆT NAM LUẬN VĂN THẠC SĨ KINH TẾ Tp Hồ Chí Minh - Năm 2017 BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC KINH TẾ TP HỒ CHÍ MINH NGUYỄN VIỆT DŨNG CÁC YẾU TỐ ẢNH HƯỞNG ĐẾN TỶ SUẤT SINH LỢI CỦA CÁC NGÂN HÀNG THƯƠNG MẠI VIỆT NAM Chuyên ngành: Tài – Ngân hàng Mã số: 8340201 LUẬN VĂN THẠC SĨ KINH TẾ NGƯỜI HƯỚNG DẪN KHOA HỌC: TS NGUYỄN THANH PHONG Tp Hồ Chí Minh - Năm 2017 LỜI CAM ĐOAN Tôi cam đoan luận văn “Các yếu tố ảnh hưởng đến tỷ suất sinh lợi ngân hàng thương mại Việt Nam” nghiên cứu tơi Các thơng tin, liệu sử dụng luận văn trung thực khơng có sản phẩm/nghiên cứu người khác sử dụng luận văn mà khơng trích dẫn theo quy định Tp Hồ Chí Minh, năm 2017 Học viên Nguyễn Việt Dũng MỤC LỤC TRANG PHỤ BÌA LỜI CAM ĐOAN MỤC LỤC DANH MỤC TỪ VIẾT TẮT DANH MỤC BẢNG SỐ LIỆU DANH MỤC BIỂU ĐỒ CHƯƠNG GIỚI THIỆU 1.1 Lý chọn đề tài 1.2 Mục tiêu nghiên cứu 1.3 Câu hỏi nghiên cứu 1.4 Đối tượng nghiên cứu 1.5 Phạm vi nghiên cứu 1.6 Phương pháp nghiên cứu 1.7 Nội dung đề tài 1.8 Ý nghĩa đề tài CHƯƠNG TỔNG QUAN VỀ CÁC YẾU TỐ ẢNH HƯỞNG ĐẾN TỶ SUẤT SINH LỢI CỦA NGÂN HÀNG THƯƠNG MẠI 2.1 Ngân hàng thương mại hoạt động kinh doanh 2.1.1 Ngân hàng thương mại 2.1.2 Các hoạt động kinh doanh chủ yếu 2.2 Kết kinh doanh ngân hàng thương mại 11 2.2.1 Thu nhập 11 2.2.2 Chi phí 11 2.2.3 Lợi nhuận 12 2.3 Tỷ suất sinh lợi yếu tố ảnh hưởng đến tỷ suất sinh lợi 13 2.3.1 Tỷ suất sinh lợi 13 2.3.2 Các yếu tố ảnh hưởng đến tỷ suất sinh lợi 13 2.4 Lược khảo nghiên cứu thực nghiệm liên quan đến tỷ suất sinh lợi 18 2.4.1 Nghiên cứu nước 18 2.4.2 Nghiên cứu nước 24 CHƯƠNG THỰC TRẠNG HOẠT ĐỘNG KINH DOANH CỦA CÁC NGÂN HÀNG THƯƠNG MẠI VIỆT NAM 28 3.1 Tổng quan hệ thống Ngân hàng thương mại Việt Nam 28 3.2 Thực trạng hoạt động kinh doanh ngân hàng thương mại Việt Nam 29 3.2.1 Lợi nhuận sau thuế tổng tài sản .29 3.2.2 Lợi nhuận sau thuế vốn chủ sở hữu .30 3.2.3 Thu nhập lãi cận biên 32 3.3 Tương quan yếu tố tác động tỷ suất sinh lợi ngân hàng thương mại Việt Nam 34 3.3.1 Thanh khoản ngân hàng với tỷ suất sinh lợi 34 3.3.2 Chi phí trích lập dự phòng rủi ro tín dụng với tỷ suất sinh lợi .35 3.3.3 Đa dạng hoá thu nhập với tỷ suất sinh lợi 36 3.3.4 Tăng trưởng kinh tế với tỷ suất sinh lợi 37 3.3.5 Lạm phát với tỷ suất sinh lợi 38 3.3.6 Lãi suất cho vay với tỷ suất sinh lợi .39 CHƯƠNG KIỂM ĐỊNH CÁC YẾU TỐ TÁC ĐỘNG ĐẾN TỶ SUẤT SINH LỢI CỦA CÁC NGÂN HÀNG THƯƠNG MẠI VIỆT NAM 41 4.1 Phương pháp nghiên cứu 41 4.1.1 Mơ hình nghiên cứu 41 4.1.2 Đo lường biến .45 4.2 Quy trình nghiên cứu 53 4.3 Kết hồi quy 55 4.3.1 Thống kê mô tả biến nghiên cứu 55 4.3.2 Phân tích mối tương quan đơn biến biến 57 4.3.3 Kết hồi quy .59 4.4 Thảo luận kết 62 4.4.1 Thu nhập lãi cận biên 62 4.4.2 Lợi nhuận sau thuế tổng tài sản .66 4.4.3 Lợi nhuận sau thuế vốn chủ sở hữu .69 4.5 Tổng hợp kết nghiên cứu 72 CHƯƠNG KẾT LUẬN VÀ KHUYẾN NGHỊ 74 5.1 Kết luận 74 5.2 Khuyến nghị 75 5.2.1 Đối với nhà quản lý ngân hàng .75 5.2.2 Đối với nhà hoạch định sách 78 5.3 Hạn chế đề tài hướng nghiên cứu 79 TÀI LIỆU THAM KHẢO PHỤ LỤC DANH MỤC TỪ VIẾT TẮT BCTC : Báo cáo tài BCTN : Báo cáo thường niên DPRR : Dự phòng rủi ro HQTC : Hiệu tài NH : Ngân hàng NHNN : Ngân hàng Nhà nước NHTM : Ngân hàng thương mại NHTMCP : Ngân hàng thương mại cổ phần TCNH : Tài ngân hàng VCSH : Vốn chủ sở hữu CAR CPI EA FEM FGLS GDP GMM IMF M&A : Capital Adequacy Ratio - Hệ số an toàn vốn tối thiểu : Consumer Price Index - Chỉ số giá tiêu dùng : Equity to asset ratio - Mức độ an toàn vốn : Fixed effect model - Phương pháp hồi quy OLS với hiệu ứng cố định : Feasible Generalized Least Squares - Bình phương bé tổng quát khả thi : Gross Domestic Product - Tổng sản phẩm nội địa : General Method of Moments : International Monetary Fund - Quỹ Tiền tệ Quốc tế : Mergers and Acquisitions - Mua bán sáp nhập ME NIM OLS : Management Efficient - Hiệu quản lý : Net Interest Margin - Thu nhập lãi cận biên : Ordinary Least Squares - Phương pháp bình phương nhỏ : Vietnam Asset Management Company VAMC - Công ty Trách nhiệm hữu hạn thành viên Quản lý tài sản Tổ chức tín dụng Việt Nam WTO : World Trade Organization - Tổ chức thương mại giới DANH MỤC BẢNG SỐ LIỆU Bảng 4.1 Tổng hợp biến độc lập định tỷ suất sinh lợi ngân hàng nghiên cứu trước 41 Bảng 4.2 Mô tả cách đo lường biến 45 Bảng 4.3 Thống kê mô tả 56 Bảng 4.4 Ma trận tương quan 58 Bảng 4.5 Kết hồi quy ảnh hưởng yếu tố đến tỷ suất sinh lợi ngân hàng thương mại Việt Nam 60 Bảng 4.6 Tổng hợp kết nghiên cứu 72 DANH MỤC BIỂU ĐỒ Biểu đồ 3.1 Tình hình lợi nhuận sau thuế tổng tài sản ngân hàng giai đoạn 2007 – 2016 .30 Biểu đồ 3.2 Tình hình lợi nhuận sau thuế vốn chủ sở hữu ngân hàng giai đoạn 2007 – 2016 31 Biểu đồ 3.3 Tình hình thu nhập lãi cận biên ngân hàng giai đoạn 2007 – 2016 .32 Biểu đồ 3.4 Tương quan khoản tỷ suất sinh lợi giai đoạn 2007 – 2016 35 Biểu đồ 3.5 Tương quan chi phí trích lập dự phòng rủi ro tín dụng tỷ suất sinh lợi giai đoạn 2007 – 2016 36 Biểu đồ 3.6 Tương quan đa dạng hóa thu nhập tỷ suất sinh lợi giai đoạn 2007 – 2016 37 Biểu đồ 3.7 Tương quan tăng trưởng kinh tế tỷ suất sinh lợi giai đoạn 2007 – 2016 .38 Biểu đồ 3.8 Tương quan lạm phát tỷ suất sinh lợi giai đoạn 2007 – 2016 39 Biểu đồ 3.9 Tương quan lãi suất cho vay tỷ suất sinh lợi giai đoạn 2007 – 2016 .40 KLB 2013 1,942,355,207,457.00 21,372,115,468,274.00 0.07737207 0.01761779 0.009875362 28.2949224 30.6931082 7.83485908 1.78401485 30.6925084 1.5913545 13.977505 471.033445 240.476177 54.7569609 36 184.158649 47.0091545 10.7040891 0.06483266 0.04975756 -0.3029711 KLB 2014 1,826,445,000,000.00 23,103,925,568,400.00 0.06723309 0.01116029 0.011576801 28.2333926 30.7710237 5.80757038 0.96402167 16.8639368 0.46466889 5.5986237 473.427948 178.704885 29.6639337 49 215.397166 40.6529926 6.7481517 0.05664615 0.03624951 -0.5626734 KLB 2015 1,859,059,000,000.00 25,322,238,000,000.00 0.05968471 0.01006941 0.01251639 28.2510916 30.8627041 4.76852402 0.80449797 11.3694107 0.32360849 3.83626789 476.253252 147.169546 24.8289828 64 246.901633 38.1481922 6.43598376 0.05207457 0.0335374 -0.5527312 LVB 2009 774,195,000,000.00 17,366,930,000,000.00 0.03374676 0.01217918 0.00636284 27.3750896 30.4855889 5.3037256 1.91411093 14.0647526 1.83191032 10.1519191 464.685566 161.687199 58.352799 60.9711779 10.6074512 3.82822186 0.03344138 0.05128212 0.34789396 LVB 2010 1,775,880,000,000.00 34,984,722,000,000.00 0.04157522 0.00983155 0.004777857 28.2053172 31.1859326 8.70164541 2.05773188 37.8593164 2.11713025 17.9056532 486.281195 271.368927 64.1722878 93.5577977 26.1049362 6.17319565 0.03495459 0.03794559 0.07882347 LVB 2011 4,075,002,000,000.00 56,132,336,000,000.00 0.06512203 0.0102762 0.00646173 29.0358924 31.6587332 10.0781108 1.59031684 50.7841591 1.26455382 16.0273893 501.137693 319.060222 50.3474163 16 126.634933 40.3124434 6.36126734 0.04745961 0.03742966 -0.2679682 LVB 2012 4,923,843,000,000.00 66,412,697,000,000.00 0.06745659 0.00989559 0.005710941 29.2251104 31.8269094 11.8118175 1.73274291 69.7595168 1.501199 20.4668432 506.47608 375.933647 55.1478517 25 159.134547 59.0590877 8.66371457 0.04688152 0.03479922 -0.3472003 LVB 2013 5,047,678,000,000.00 79,594,241,000,000.00 0.0542097 0.00822781 0.00673888 29.2499495 32.0079629 8.04431921 1.22094575 32.3555357 0.74535427 9.82167738 512.254843 257.48227 39.0799864 36 192.047777 48.2659152 7.32567453 0.03984158 0.02687388 -0.4825394 LVB 2014 5,223,259,000,000.00 100,801,752,000,000.00 0.0422008 0.0078388 0.005563217 29.2841427 32.2441769 7.58568303 1.4090413 28.7712935 0.9926987 10.6885407 519.84347 244.594105 45.433377 49 225.709238 53.0997812 9.86328912 0.03139423 0.02096129 -0.497724 LVB 2015 5,638,049,000,000.00 107,587,385,000,000.00 0.04146411 0.00931962 0.00521234 29.3605592 32.3093245 7.95498968 1.78799248 31.6409304 1.59845856 14.2234617 521.946225 257.020343 57.7688293 64 258.474596 63.6399175 14.3039399 0.03099995 0.02312263 -0.3406758 MBB 2007 1,156,175,000,000.00 29,623,582,000,000.00 0.03811602 0.00322739 0.003806528 27.7761383 31.0195918 10.0133284 0.8478579 50.1333733 0.35943151 8.48987959 481.107539 310.609361 26.3002059 0 0 0.02832105 0.03200673 0.11515343 MBB 2008 2,814,025,000,000.00 44,346,106,000,000.00 0.05841208 0.00724783 0.005277239 28.665637 31.423046 11.0686827 1.3734131 61.2578689 0.94313177 15.2018738 493.703911 347.811727 43.1568229 1 31.423046 11.0686827 1.3734131 0.04345856 0.03693862 -0.1765073 MBB 2009 2,996,412,000,000.00 69,008,288,000,000.00 0.03732086 0.00629421 0.005067594 28.7284367 31.8652477 7.36461025 1.2420519 27.1187421 0.77134645 9.14722812 507.697006 234.67513 39.5782913 63.7304955 14.7292205 2.48410379 0.02857909 0.03845206 0.2567605 MBB 2010 6,500,385,134,334.00 109,623,197,329,797.00 0.05411334 0.00626484 0.005173281 29.5028825 32.3280701 10.4601596 1.21099857 54.7074693 0.73325877 12.6672383 522.552059 338.156773 39.1492468 96.9842104 31.3804788 3.63299572 0.03650819 0.03729319 0.02104961 MBB 2011 10,479,150,827,599.00 138,831,492,308,446.00 0.07108876 0.00761045 0.005935901 29.9804088 32.564282 11.9760692 1.28210479 71.7131165 0.82189635 15.3545757 530.216232 389.992094 41.7508221 16 130.257128 47.9042767 5.12841918 0.04459361 0.03707466 -0.2028057 32.7992865 7.1391691 0.89039934 25.4838677 0.39640549 6.35671146 537.896599 234.159653 29.2044631 25 163.996433 35.6958455 4.4519967 0.03832917 0.04449275 0.13852992 MBB 2012 11,532,241,722,972.00 175,609,964,065,835.00 0.05799238 0.00723283 0.008123127 30.0761679 MBB 2013 10,078,405,577,431.00 180,381,063,610,338.00 0.04591362 0.00819916 0.007026791 29.9414162 32.8260927 6.53408107 1.16684303 21.3471077 0.68076133 7.62424698 538.776183 214.488351 38.3028976 36 196.956556 39.2044864 7.0010582 0.03213157 0.04246835 0.24339946 MBB 2014 9,722,731,000,000.00 200,489,173,221,701.00 0.03788479 0.00806842 0.007464603 29.9054877 32.9317814 5.07525872 1.08089019 12.8791255 0.58416181 5.48579739 542.251112 167.137311 35.5956396 49 230.52247 35.5268111 7.56623136 0.02748901 0.04143313 0.33654509 MBB 2015 9,668,227,000,000.00 221,041,993,000,000.00 0.03218089 0.00809069 0.00751326 29.8998661 33.0293738 4.28321238 1.07685522 9.17295416 0.57980858 4.61239961 545.469767 141.471823 35.5678536 64 264.234991 34.2656991 8.61484176 0.02435949 0.03968417 0.38616612 MBB 2016 11,748,201,000,000.00 256,258,500,000,000.00 0.0340919 0.00820506 0.008085788 30.0947212 33.1772078 4.21627437 1.0147506 8.88848478 0.51485939 4.27846693 550.363559 139.884211 33.6665914 81 298.59487 37.9464693 9.13275536 0.02488356 0.03845865 0.35297901 MSB 2008 2,046,886,000,000.00 32,626,054,000,000.00 0.0587614 0.00511233 0.003825164 28.3473407 31.1161323 15.3618009 1.3364984 117.992464 0.89311398 20.5310223 484.106844 477.99983 41.5866609 1 31.1161323 15.3618009 1.3364984 0.04380313 0.02460935 -0.7799384 MSB 2009 3,272,329,000,000.00 63,882,044,000,000.00 0.04661016 0.00408284 0.003886851 28.8165231 31.7880594 11.9917535 1.05042288 71.9010763 0.55169411 12.5964122 505.240361 381.194574 33.3909048 63.5761189 23.9835071 2.10084575 0.03363965 0.02622263 -0.2828483 MSB 2010 7,250,382,000,000.00 115,336,083,000,000.00 0.05896596 0.00438637 0.003626792 29.6120753 32.3788714 16.2584331 1.20943581 132.168323 0.73136749 19.6635312 524.195658 526.429714 39.1601667 97.1366143 48.7752992 3.62830743 0.03777266 0.02236996 -0.6885442 MSB 2011 13,777,081,000,000.00 114,374,998,000,000.00 0.12178499 0.00592266 0.005057924 30.2540275 32.3705036 24.0780596 1.17096629 289.876476 0.68558103 28.1945961 523.924752 779.418914 37.9047686 16 129.482014 96.3122382 4.68386517 0.070094 0.0210927 -2.3231396 MSB 2012 11,772,757,000,000.00 109,923,376,000,000.00 0.10162189 0.00946991 0.007408452 30.0968092 32.3308047 13.7170211 1.27825709 94.0783334 0.81697059 17.5338794 522.640465 443.482329 41.3270803 25 161.654023 68.5851053 6.39128545 0.06414068 0.02383036 -1.6915526 MSB 2013 8,864,151,000,000.00 107,114,882,000,000.00 0.0767596 0.01026629 0.005505659 29.8130363 32.304923 13.9419461 1.86467889 97.1889306 1.73851368 25.9972526 521.804026 450.393496 60.2383081 36 193.829538 83.6516766 11.1880733 0.04872486 0.02255939 -1.1598486 MSB 2014 9,415,395,000,000.00 104,368,741,000,000.00 0.08604187 0.00830946 0.005605634 29.8733672 32.2789513 15.3491764 1.48234092 117.798609 1.0986673 22.7527123 520.96535 495.455319 47.8484103 49 225.952659 107.444235 10.3763864 0.05299854 0.02239006 -1.3670571 MSB 2015 9,413,653,000,000.00 104,311,276,000,000.00 0.08595235 0.00989498 0.007445983 29.8731822 32.2784006 11.5434522 1.32890176 66.6256443 0.88298995 15.340114 520.947572 372.604174 42.8948235 64 258.227205 92.3476176 10.6312141 0.05342133 0.02390657 -1.2345877 MSB 2016 6,957,961,000,000.00 92,605,862,000,000.00 0.06595924 0.01170292 0.008782792 29.5709076 32.1593736 7.5100545 1.33248293 28.2004593 0.88775538 10.0070194 517.112654 241.518648 42.8518163 81 289.434362 67.5904905 11.9923464 0.04532796 0.04108328 -0.1033189 NAB 2008 800,475,760,331.00 5,891,034,338,851.00 0.15208263 0.01161267 0.008409077 27.4084721 29.4044527 18.0855328 1.38096841 163.543249 0.95353687 24.9755495 432.31092 531.795195 40.6066203 1 29.4044527 18.0855328 1.38096841 0.11020515 0.02445136 -3.5071172 NAB 2009 622,909,129,125.00 10,938,109,293,693.00 0.05212266 0.00639758 0.005449713 27.1576665 30.0232741 9.56429467 1.17392955 45.7378662 0.68905529 11.2278081 450.698493 287.15144 35.2452085 60.0465481 19.1285893 2.34785909 0.04455536 0.0201447 -1.2117655 NAB 2010 980,618,158,404.00 14,508,723,611,883.00 0.07205271 0.00544119 0.006335355 27.611449 30.3057712 11.3731139 0.85886094 64.6738598 0.36882105 9.76792325 459.219884 344.670987 26.028443 90.9173136 34.1193417 2.57658281 0.05124071 0.02756099 -0.8591751 NAB 2011 1,707,248,215,431.00 19,037,788,497,408.00 0.09494746 0.0061926 0.006828314 28.165904 30.577447 13.9049644 0.90689983 96.674017 0.41123365 12.6104099 467.490132 425.178311 27.7306816 16 122.309788 55.6198575 3.62759934 0.06538068 0.03181675 -1.0549136 NAB 2012 1,907,291,441,578.00 16,008,222,661,553.00 0.12881902 0.01125083 0.008454582 28.2767053 30.4041236 15.2365928 1.3307379 116.076881 0.88543167 20.2759115 462.205367 463.255252 40.4599195 25 152.020618 76.1829642 6.65368948 0.08684452 0.03984459 -1.1795812 NAB 2013 1,595,303,244,536.00 28,781,743,092,149.00 0.04705555 0.00921455 0.00525399 28.098085 30.9907624 8.95615543 1.75381954 40.10636 1.53794148 15.7074804 480.213676 277.558085 54.3522045 36 185.944574 53.7369326 10.5229172 0.03829439 0.02350006 -0.6295441 NAB 2014 2,159,541,000,000.00 37,293,006,000,000.00 0.05065326 0.00754785 0.004883945 28.4009168 31.2498269 10.371381 1.54544107 53.7827716 1.19419405 16.0283581 488.275841 324.10386 48.2947659 49 218.748788 72.5996668 10.8180875 0.03867132 0.02101458 -0.8402134 NAB 2015 2,206,753,000,000.00 35,469,965,000,000.00 0.0513371 0.00987658 0.006715766 28.4225433 31.1997074 7.64426496 1.4706559 29.2173934 1.08141438 11.2420833 486.710871 238.49883 45.8840337 64 249.597659 61.1541197 11.7652472 0.04185291 0.03057911 -0.3686766 NASB 2010 2,071,616,216,422.00 25,137,680,341,385.00 0.08513662 0.00639328 0.003554348 28.3593502 30.855389 23.9528088 1.79872053 286.868524 1.61769776 43.0844088 476.027517 739.073233 55.5002216 92.5661671 71.8584263 5.39616158 0.05643119 0.02031315 -1.7780624 NASB 2011 3,754,655,408,554.00 25,738,209,153,352.00 0.15515504 0.01022672 0.004576581 28.9540176 30.8789977 33.9019551 2.23457622 574.671279 2.49666544 75.7565026 476.756251 1046.85839 69.0014741 16 123.515991 135.60782 8.93830488 0.09540432 0.02391204 -2.9898024 NASB 2012 4,711,261,220,514.00 33,738,282,983,409.00 0.13574375 0.01167543 0.005980913 29.1809768 31.1496543 22.6961581 1.95211553 257.557797 1.90537753 44.3055228 485.150482 706.977479 60.807724 25 155.748272 113.480791 9.76057767 0.09154407 0.02257991 -3.0542274 NASB 2013 4,445,860,253,799.00 50,307,734,816,936.00 0.08144682 0.00895624 0.004590095 29.1229945 31.54918 17.744038 1.95121052 157.425442 1.90361124 34.6223536 497.675378 559.809848 61.5590918 36 189.29508 106.464228 11.7072631 0.05592157 0.02589406 -1.159629 NASB 2014 4,039,926,803,370.00 57,181,956,660,197.00 0.06699363 0.00638317 0.003472016 29.0272477 31.6772595 19.2953118 1.83846173 186.154528 1.68997076 35.4736922 501.724385 611.222599 58.2374293 49 221.740817 135.067182 12.8692321 0.04362187 0.02050895 -1.126968 NASB 2015 4,233,614,000,000.00 63,460,126,000,000.00 0.06424245 0.00535098 0.003781382 29.0740771 31.7814329 16.9891446 1.41508624 144.315518 1.00123453 24.0411048 505.029738 539.93936 44.9734684 64 254.251463 135.913157 11.3206899 0.04101564 0.01899308 -1.1595049 NVB 2007 403,029,801,728.00 9,903,074,066,007.00 0.03295776 0.00263376 0.008025821 26.7222763 29.9238663 4.10646671 0.32816096 8.43153444 0.05384481 1.34758204 447.718888 122.881361 9.81984456 0 0 0.03333397 0.02164244 -0.5402135 30.0202681 11.6422335 1.26711789 67.7708008 0.80279388 14.7520824 450.608247 349.502972 38.0392188 1 30.0202681 11.6422335 1.26711789 0.07119608 0.02482727 -1.8676562 NVB 2008 992,584,921,260.00 10,905,278,585,625.00 0.0848514 0.00923506 0.007288241 27.6235784 NVB 2009 1,165,325,452,843.00 18,689,952,757,755.00 0.05590982 0.00562685 0.005132549 27.7840215 30.5590072 10.8931868 1.09630658 59.3307598 0.60094406 11.9422724 466.926461 332.884975 33.5020407 61.1180144 21.7863737 2.19261316 0.0463597 0.02527912 -0.8339126 NVB 2010 1,499,656,401,449.00 20,016,385,854,018.00 0.07146564 0.0076341 0.00611319 28.0362571 30.6275723 11.6904 1.24879092 68.3327257 0.77973938 14.5988653 469.024094 358.048571 38.2474342 91.882717 35.0711999 3.74637275 0.05474824 0.02630032 -1.0816569 NVB 2011 2,345,462,857,393.00 22,496,046,931,041.00 0.10277997 0.00888712 0.008644157 28.4835039 30.7443607 11.8901091 1.02810777 70.687347 0.52850279 12.2243135 472.607858 365.553803 31.6085162 16 122.977443 47.5604363 4.11243108 0.07507205 0.03048892 -1.4622734 NVB 2012 2,527,463,076,107.00 21,585,213,998,381.00 0.10313704 0.01878371 0.011352392 28.5582372 30.7030297 9.08504967 1.65460338 41.2690638 1.36885617 15.0321539 471.338015 278.93855 50.8013366 25 153.515148 45.4252484 8.2730169 0.08389241 0.03438602 -1.4397243 NVB 2013 2,166,377,734,326.00 29,074,356,072,636.00 0.06045569 0.01420359 0.007057115 28.4040776 31.0008777 8.56662929 2.01266163 36.6935687 2.02540341 17.241726 480.527208 265.573027 62.3942769 36 186.005266 51.3997758 12.0759698 0.05126304 0.02292557 -1.2360638 NVB 2014 2,458,277,934,158.00 36,837,068,872,807.00 0.0558206 0.01026526 0.006142961 28.5304822 31.2375258 9.08692137 1.6710602 41.28607 1.39622109 15.1847926 487.891508 283.85294 52.1997859 49 218.66268 63.6084496 11.6974214 0.0446938 0.01801388 -1.4810766 NVB 2015 2,643,670,312,869.00 48,230,002,089,499.00 0.04484865 0.00779701 0.005789242 28.6031893 31.5070024 7.74689453 1.34681088 30.0071874 0.90694978 10.4336019 496.3456 244.081424 42.4339737 64 252.056019 61.9751562 10.7744871 0.03577312 0.01589586 -1.2504676 NVB 2016 3,449,945,000,000.00 69,011,024,000,000.00 0.04024794 0.00633212 0.005865874 28.8693794 31.8652874 6.86137074 1.0794842 23.5392042 0.58264307 7.40674132 507.69827 218.63955 34.3980743 81 286.787586 61.7523367 9.71535782 0.03138611 0.01525774 -1.0570624 OCB 2007 695,760,000,000.00 11,755,019,000,000.00 0.05474474 0.00610403 0.007086335 27.2682706 30.0953014 7.72539554 0.86138055 29.8408681 0.37098823 6.65450548 452.863584 232.498107 25.9235074 0 0 0.04699724 0.03471496 -0.3538038 OCB 2008 1,305,423,000,000.00 10,094,702,000,000.00 0.13290708 0.01135675 0.009183035 27.8975482 29.9430318 14.4731104 1.23670982 104.735463 0.76472559 17.8990378 448.292578 433.368807 37.0308414 1 29.9430318 14.4731104 1.23670982 0.10117784 0.03211239 -2.1507416 OCB 2009 940,888,000,000.00 12,686,215,103,751.00 0.07120754 0.00812031 0.00965615 27.5700899 30.1715371 7.37432004 0.84094694 27.190298 0.35359588 6.20141186 455.160825 222.49457 25.3726618 60.3430742 14.7486401 1.68189388 0.05786285 0.04221622 -0.3706309 OCB 2010 1,336,264,945,860.00 19,689,656,825,779.00 0.0645927 0.00732421 0.006963047 27.9208995 30.6111146 9.27650006 1.0518688 43.0267267 0.55321399 9.75766101 468.520168 283.964006 32.1988764 91.8333437 27.8295002 3.15560641 0.05014242 0.03566199 -0.4060466 OCB 2011 2,655,276,332,552.00 25,429,493,063,859.00 0.10500519 0.008379 0.008289587 28.6075698 30.8669308 12.6671193 1.01078622 80.2279558 0.51084439 12.8037497 476.383707 390.995095 31.1998683 16 123.467723 50.6684772 4.04314488 0.07415968 0.03544951 -1.0919803 OCB 2012 2,367,451,909,094.00 27,424,137,772,542.00 0.07958196 0.00981376 0.008802465 28.4928353 30.9424447 9.04087222 1.11488729 40.8686852 0.62148684 10.0795535 478.717441 279.746688 34.4973384 25 154.712223 45.2043611 5.57443646 0.0609579 0.03888699 -0.5675655 OCB 2013 2,085,760,993,283.00 32,795,208,373,436.00 0.05175282 0.00984531 0.00875759 28.3661549 31.1213035 5.90948157 1.12420351 17.4609862 0.63191677 6.64345995 484.267767 183.91077 34.9866788 36 186.727821 35.4568894 6.74522109 0.04420048 0.03748837 -0.1790449 OCB 2014 2,110,180,473,218.00 39,094,911,141,594.00 0.04201505 0.00847878 0.008221761 28.3777946 31.2970134 5.11022523 1.0312613 13.0572009 0.53174994 5.26997752 489.751525 159.934788 32.2753988 49 219.079094 35.7715766 7.21882911 0.0367402 0.03162922 -0.1615904 OCB 2015 2,566,671,432,923.00 49,447,189,185,160.00 0.03964108 0.0070845 0.009026196 28.573631 31.5319263 4.39178199 0.78488239 9.64387453 0.30802018 3.44703233 497.131189 138.481346 24.7488536 64 252.255411 35.1342559 6.27905909 0.0344597 0.02888159 -0.1931372 PGB 2009 699,777,505,506.00 10,418,510,363,849.00 0.05957635 0.00804973 0.007125742 27.2740283 29.9746052 8.36072149 1.12966914 34.9508319 0.63807619 9.44484908 449.238478 250.609326 33.8613865 59.9492104 16.721443 2.25933829 0.05296811 0.04149628 -0.2764545 PGB 2010 1,232,282,530,929.00 16,378,324,641,926.00 0.06786301 0.00934362 0.007907212 27.8398893 30.4269799 8.58241924 1.18165743 36.82896 0.69815714 10.1414795 462.900553 261.137098 35.9542669 91.2809397 25.7472577 3.5449723 0.05653994 0.04056057 -0.3939631 PGB 2011 2,174,843,718,092.00 17,582,081,330,401.00 0.11630026 0.01434724 0.01143977 28.4079779 30.4979014 10.1663111 1.2541543 51.6769406 0.7864515 12.7501228 465.060995 310.051153 38.2490741 16 121.991606 40.6652444 5.01661719 0.09127571 0.06653404 -0.3718649 PGB 2012 1,833,277,425,555.00 19,250,897,889,283.00 0.0804779 0.01746489 0.011471077 28.2371264 30.5885788 7.01572274 1.52251504 24.6101828 1.15902602 10.6815434 467.830577 214.600988 46.5715712 25 152.942894 35.0786137 7.61257519 0.06951302 0.05790112 -0.2005471 PGB 2013 1,567,423,191,233.00 24,875,746,682,309.00 0.05000624 0.01245278 0.007464113 28.0804541 30.8449144 6.69955552 1.66835335 22.4420221 1.39170145 11.1772259 475.704373 206.647217 51.4602162 36 185.069486 40.1973331 10.0101201 0.04450894 0.02847639 -0.5630121 PGB 2014 1,402,823,959,001.00 25,779,361,653,650.00 0.04172125 0.01074656 0.007846768 27.9695084 30.8805954 5.31699834 1.36955278 14.1352357 0.93783741 7.28190987 476.805585 164.192074 42.2926053 49 216.164167 37.2189884 9.58686948 0.03837867 0.02912563 -0.317694 PGB 2015 1,243,101,000,000.00 24,681,414,000,000.00 0.03595592 0.0106282 0.00902266 27.8486302 30.8370716 3.98506932 1.17794532 7.94038873 0.69377759 4.69419376 475.462493 122.887868 36.3243843 64 246.696573 31.8805545 9.42356259 0.03567615 0.03028846 -0.1778793 PGB 2016 1,214,675,510,425.00 24,824,533,188,761.00 0.03779614 0.00836571 0.008521982 27.8254981 30.8428535 4.4351348 0.98166192 9.83521035 0.48183006 4.35380294 475.640807 136.792213 30.2772548 81 277.585682 39.9162132 8.83495726 0.0344747 0.03125732 -0.102932 SCB 2008 3,800,409,000,000.00 38,596,053,000,000.00 0.09633419 0.0120046 8.66151E-05 28.9661298 31.2841711 1112.21045 138.597069 618506.043 9604.5737 154149.108 489.349682 34794.5821 4335.89441 1 31.2841711 1112.21045 138.597069 -0.2975268 0.03179887 10.3565216 SCB 2009 3,966,370,000,000.00 54,492,474,000,000.00 0.0717995 0.00426134 0.00409284 29.0088724 31.6290837 17.5427075 1.04116953 153.873293 0.542017 18.2649326 500.199468 554.859764 32.9312384 63.2581674 35.085415 2.08233907 0.04782263 0.01957199 -1.4434221 SCB 2010 5,504,581,000,000.00 60,182,876,000,000.00 0.09030504 0.00396287 0.005814544 29.3366018 31.728409 15.5308884 0.68154463 120.604248 0.23225154 10.5849935 503.345968 492.77038 21.6243266 95.1852269 46.5926653 2.04463388 0.05976501 0.02520448 -1.3712059 32.6064722 0.49742962 0.12371811 531.591015 16.2194251 16 130.425889 1.98971848 0.00307446 SCB 2011 717,888,260,000.00 144,814,137,000,000.00 0.00164676 0.003310545 27.2995798 #DIV/0! SCB 2012 16,474,766,000,000.00 149,205,560,000,000.00 0.11849535 0.01112788 0.004645122 30.432851 32.6363461 25.5096322 2.39560482 325.370667 2.86946124 61.1109979 532.565542 832.541184 78.1837881 25 163.18173 127.548161 11.9780241 0.0598388 0.02218993 -1.6966648 SCB 2013 16,671,256,000,000.00 181,018,602,000,000.00 0.08980179 0.00651605 0.003467428 30.4447072 32.8296209 25.8986746 1.87921659 335.370673 1.7657275 48.6692191 538.892005 850.24367 61.6939684 36 196.977725 155.392048 11.2752996 0.04871417 0.01411574 -2.4510522 SCB 2014 18,420,415,000,000.00 242,222,058,000,000.00 0.07409229 0.00362111 0.003408042 30.5444807 33.120876 21.7404265 1.06251946 236.323073 0.5644738 23.0996262 548.496214 720.061972 35.1915752 49 231.846132 152.182986 7.4376362 0.03965567 0.01299417 -2.0518046 SCB 2015 19,892,528,000,000.00 311,513,679,000,000.00 0.05975368 0.00525022 0.00315564 30.6213653 33.3724644 18.9355194 1.6637583 179.276947 1.38404584 31.5041275 556.860689 631.924946 55.5237145 64 266.979715 151.484155 13.3100664 0.03179241 0.0160774 -0.9774595 SEAB 2008 2,542,025,000,000.00 22,268,226,000,000.00 0.13213477 0.0054289 0.003520532 28.5639821 30.7341819 37.5326167 1.54206847 704.34866 1.18898759 57.877865 472.29497 1153.53427 47.394213 1 30.7341819 37.5326167 1.54206847 0.07752336 0.03038019 -1.5517731 SEAB 2009 1,189,940,000,000.00 30,596,995,000,000.00 0.03746848 0.00599261 0.002720398 27.804924 31.0519229 13.7731606 2.20284492 94.8499765 2.42626288 30.3401369 482.110958 427.683121 68.4025707 62.1038458 27.5463212 4.40568985 0.02687701 0.031017 0.13347492 SEAB 2010 2,879,812,000,000.00 55,241,568,000,000.00 0.05007754 0.00537461 0.00271694 28.6887461 31.6427368 18.4315984 1.97818613 169.86191 1.95661018 36.4611323 500.631397 583.226218 62.5952231 94.9282105 55.2947952 5.93455839 0.03330549 0.02605817 -0.2781209 SEAB 2011 7,186,885,000,000.00 101,092,589,000,000.00 0.06977013 0.00363594 0.002189468 29.603279 32.2470579 31.8662454 1.66065176 507.7288 1.37888213 52.9187366 519.936373 1027.59266 53.5511335 16 128.988232 127.464982 6.64260704 0.04050007 0.00804923 -4.0315429 SEAB 2012 8,232,170,000,000.00 75,066,716,000,000.00 0.10788106 0.00882045 0.003823625 29.7390708 31.9493984 28.2143395 2.30682828 398.024478 2.66072835 65.0856363 510.382028 901.431174 73.7017756 25 159.746992 141.071698 11.5341414 0.06418741 0.01556318 -3.1243114 SEAB 2013 4,745,040,000,000.00 79,864,432,000,000.00 0.05441307 0.00732842 0.002703056 29.188121 32.0113517 20.1302086 2.71116093 202.612648 3.6751968 54.576235 512.363319 644.395186 86.7879262 36 192.06811 120.781251 16.2669656 0.03489969 0.01345779 -1.5932698 SEAB 2014 4,225,132,000,000.00 80,183,668,000,000.00 0.04684133 0.00703687 0.002692294 29.0720716 32.015341 17.3982973 2.61370774 151.350374 3.41573408 45.4740642 512.491029 557.012419 83.6787446 49 224.107387 121.788081 18.2959542 0.03102697 0.01361285 -1.2792418 SEAB 2015 4,158,452,000,000.00 84,756,842,000,000.00 0.04080535 0.00887297 0.002547027 29.056164 32.0708076 16.0207739 3.48365744 128.332598 6.06793457 55.8108881 514.26835 513.799157 111.723707 64 256.566461 128.166191 27.8692595 0.0281118 0.01389738 -1.0228127 SGB 2007 121,378,000,000.00 10,184,646,000,000.00 0.00609525 0.00582249 25.5221755 29.9519024 1.04684654 0.54794384 448.558229 31.3550455 0 0 0.00973569 0.04010674 0.75725551 SGB 2008 1,221,072,344,994.00 11,205,358,851,400.00 0.11106785 0.00693927 0.008576254 27.8307506 30.0474132 12.9506254 0.80912632 83.8593489 0.3273427 10.4786918 451.423521 389.132793 24.3121529 1 30.0474132 12.9506254 0.80912632 0.0853274 0.03808346 -1.2405372 SGB 2009 915,362,458,222.00 11,875,915,098,162.00 0.07219709 0.00930389 0.009371909 27.542586 30.1055335 7.70356281 0.9927423 29.67244 0.49276863 7.64765264 453.171574 231.919868 29.8870365 60.211067 15.4071256 1.98548459 0.06030338 0.04918529 -0.226045 SGB 2010 1,297,425,000,000.00 16,784,663,000,000.00 0.07901163 0.00974842 0.006631054 27.8914026 30.4514867 11.9153965 1.4701168 70.9883372 1.0806217 17.5170246 463.64652 362.841539 44.7672422 91.35446 35.7461896 4.4103504 0.05719912 0.07277537 0.21403189 SGB 2011 1,918,453,000,000.00 15,365,115,000,000.00 0.13620714 0.01356501 0.007243682 28.2825402 30.3631208 18.8035788 1.87266846 176.787287 1.75344359 35.212869 460.959552 570.935334 56.8600588 16 121.452483 75.2143151 7.49067385 0.09031369 0.0600988 -0.5027536 SGB 2012 1,584,769,000,000.00 14,852,518,000,000.00 0.10865185 0.01113151 0.014662632 28.0914598 30.3291905 7.41011937 0.75917567 27.4549345 0.28817385 5.62558234 459.929899 224.742922 23.0251836 25 151.645953 37.0505968 3.79587835 0.08065369 0.07081082 -0.1390024 SGB 2013 1,335,787,477,859.00 14,684,738,975,008.00 0.08737768 0.01159959 0.014319681 27.9205421 30.3178299 6.10192879 0.81004512 18.6167675 0.32808655 4.94283764 459.585405 184.997239 24.5588102 36 181.906979 36.6115728 4.86027072 0.06857835 0.05209169 -0.3164931 SGB 2014 1,035,698,052,910.00 15,823,335,540,674.00 0.05939089 0.0088539 0.011319641 27.6660968 30.3925069 5.24671124 0.78217132 13.7639894 0.30589599 4.10382706 461.852238 159.460707 23.7721473 49 212.747548 36.7269787 5.47519925 0.04882665 0.05017113 0.02679785 SGB 2015 1,067,977,000,000.00 17,748,745,000,000.00 0.04901761 0.009417 0.011848725 27.6967873 30.5073359 4.13695195 0.79476938 8.55718573 0.31582918 3.28792273 465.348773 126.207383 24.2462964 64 244.058687 33.0956156 6.35815502 0.04424369 0.03946527 -0.1210791 SHB 2007 428,560,885,857.00 12,367,440,523,920.00 0.03568117 0.00339519 0.002554696 26.7836987 30.1460884 13.9668957 1.32900067 97.5370876 0.8831214 18.5620138 454.393322 421.047272 40.0641718 0 0 0.02678601 0.02121197 -0.2627781 SHB 2008 1,323,106,456,160.00 14,381,310,018,542.00 0.09623582 0.00731075 0.005938116 27.9110035 30.2969506 16.2064571 1.23115603 131.324626 0.75787259 19.9526774 458.952607 491.00623 37.3002734 1 30.2969506 16.2064571 1.23115603 0.06941958 0.03322277 -1.0895181 SHB 2009 1,358,880,000,000.00 27,469,197,000,000.00 0.04133278 0.00716017 0.005222177 27.9376819 30.9440864 7.91485662 1.3711075 31.3224776 0.93996789 10.8521193 478.768241 244.918007 42.427669 61.8881728 15.8297132 2.742215 0.0355931 0.0313075 -0.1368873 SHB 2010 3,200,267,000,000.00 51,032,861,000,000.00 0.05487541 0.00783321 0.005483388 28.7942554 31.5634909 10.0075733 1.42853416 50.0757618 1.02035493 14.2961604 498.126978 315.873949 45.089525 94.6904726 30.0227199 4.28560248 0.0418325 0.02912163 -0.4364754 SHB 2011 7,009,360,000,000.00 70,989,542,000,000.00 0.09148511 0.00866264 0.007196539 29.5782675 31.8935537 12.7123757 1.20372339 80.8022479 0.724475 15.3021839 508.599383 405.442837 38.3910165 16 127.574215 50.8495028 4.81489355 0.06287181 0.03138961 -1.0029497 SHB 2012 9,754,954,000,000.00 116,537,614,000,000.00 0.07755548 0.00812575 0.006281551 29.9087964 32.3892352 12.3465487 1.29359035 76.2186326 0.836688 15.9713763 524.531279 399.89527 41.8984021 25 161.946176 61.7327436 6.46795176 0.05000062 0.02522324 -0.9823236 SHB 2013 8,931,530,000,000.00 143,625,803,000,000.00 0.05399449 0.00767728 0.0052791 29.8206088 32.5982324 10.2279724 1.45427748 52.3057099 1.0574615 14.87431 531.322379 333.413822 47.4068754 36 195.589395 61.3678345 8.72566488 0.03609238 0.01648755 -1.1890692 32.7611301 9.29739721 0.84009493 43.2207975 0.35287975 7.81069626 536.645824 304.59324 27.5224593 49 229.327911 65.0817805 5.88066451 0.0312352 0.01927011 -0.6209147 SHB 2014 9,211,237,000,000.00 169,035,546,000,000.00 0.04855383 0.00438723 0.005222304 29.8514453 SHB 2015 10,374,284,000,000.00 204,704,140,000,000.00 0.04369034 0.00420894 0.005945424 29.9703512 32.9525868 7.34856488 0.70792891 27.0007029 0.25058167 5.20226151 542.936489 242.154222 23.3280888 64 263.620695 58.7885191 5.66343126 0.02840546 0.01923664 -0.476633 SHB 2016 13,082,347,000,000.00 234,785,824,000,000.00 0.04831478 0.00495037 0.005945424 30.2022849 33.0896948 8.1263808 0.83263448 33.0190324 0.34664009 6.76630485 547.463952 268.899461 27.5516209 81 297.807253 73.1374272 7.49371033 0.03027305 0.02149135 -0.4086153 STB 2007 2,972,355,000,000.00 64,572,875,000,000.00 0.04006211 0.00612215 0.005356738 28.7203757 31.7988155 7.47882564 1.14288812 27.9664165 0.65309663 8.54746096 505.582335 237.817797 36.3424885 0 0 0.03098742 0.03781128 0.18047149 STB 2008 7,284,349,000,000.00 68,438,569,000,000.00 0.10135026 0.00915617 0.009399671 29.6167492 31.8569577 10.78232 0.97409451 58.1292118 0.47443006 10.5029987 507.432876 343.49191 31.0316876 1 31.8569577 10.78232 0.97409451 0.07023785 0.03585638 -0.9588665 STB 2009 6,473,623,000,000.00 104,019,144,000,000.00 0.05300079 0.00856918 0.007185216 29.498757 32.2755961 7.37636766 1.19261306 27.2053999 0.71116295 8.7971524 520.857051 238.076663 38.4922974 64.5511922 14.7527353 2.38522612 0.03922535 0.03937859 0.00389152 STB 2010 10,088,748,000,000.00 152,386,936,000,000.00 0.06120952 0.00758682 0.006703987 29.9424419 32.657444 9.13031568 1.13168853 41.6813322 0.64035946 10.3326735 533.254325 298.172773 36.9580548 97.9723321 27.390947 3.39506558 0.03948072 0.03317874 -0.1899401 STB 2011 15,611,176,000,000.00 141,468,717,000,000.00 0.10698065 0.01162473 0.013745795 30.3790082 32.5830997 7.7827909 0.84569372 30.2859171 0.35759893 6.58185736 530.829194 253.587452 27.5553227 16 130.332399 31.1311636 3.38277486 0.0665032 0.04774743 -0.3928124 STB 2012 14,526,680,000,000.00 152,118,525,000,000.00 0.08330553 0.013495 0.013814202 30.3070081 32.6556811 6.03042645 0.97689346 18.1830216 0.47716041 5.89108413 533.196754 196.927683 31.9011212 25 163.278406 30.1521323 4.88446728 0.05680037 0.04505271 -0.2607536 STB 2013 13,872,913,000,000.00 161,377,613,000,000.00 0.06828917 0.01214436 0.013918882 30.2609593 32.7147682 4.90622534 0.87250979 12.0355236 0.38063667 4.28072964 535.128028 160.506025 28.5439555 36 196.288609 29.4373521 5.23505874 0.05066309 0.04710261 -0.0755897 STB 2014 13,091,924,000,000.00 189,802,627,000,000.00 0.05119873 0.00992251 0.013578811 30.2030167 32.8770058 3.77048697 0.73073503 7.10828598 0.26698684 2.75522689 540.448757 123.962322 24.0243797 49 230.139041 26.3934088 5.11514519 0.03981242 0.04346351 0.08400343 STB 2015 14,191,888,716,483.00 292,542,264,916,464.00 0.03510866 0.00684594 0.009773943 30.2836917 33.3096303 3.5920672 0.70042814 6.45147338 0.24529979 2.51598493 554.765734 119.65043 23.3310022 64 266.477042 28.7365376 5.60342509 0.02634932 0.02893198 0.08926676 STB 2016 19,668,034,000,000.00 333,294,844,000,000.00 0.04540879 0.00812984 0.00933316 30.6100158 33.4400486 4.86531811 0.87107089 11.8356601 0.37938225 4.23803699 559.118426 162.696474 29.128653 81 300.960438 43.787863 7.83963804 0.03097662 0.02116004 -0.4639209 TCB 2007 1,826,109,000,000.00 39,542,496,000,000.00 0.04193967 0.00537515 0.005382412 28.2332086 31.3083971 7.79198439 0.99865153 30.3575103 0.49865244 7.78147714 490.107863 243.954541 31.2661787 0 0 0.03270651 0.03070552 -0.0651672 TCB 2008 5,368,545,000,000.00 59,098,962,000,000.00 0.08642658 0.00828304 0.007123509 29.311578 31.7102345 12.1325851 1.16277506 73.5998111 0.67602293 14.1074675 502.769485 384.72712 36.8718699 1 31.7102345 12.1325851 1.16277506 0.06043461 0.05309861 -0.1381579 TCB 2009 5,566,318,000,000.00 92,581,504,000,000.00 0.05261461 0.00636663 0.006419641 29.3477549 32.1591105 8.1958811 0.9917421 33.5862335 0.4917762 8.12820034 517.104194 263.572246 31.8935438 64.318221 16.3917622 1.9834842 0.03842218 0.04232113 0.09212769 TCB 2010 9,337,783,000,000.00 150,291,215,000,000.00 0.05612287 0.00554412 0.00502036 29.86509 32.643596 11.1790521 1.10432781 62.4856025 0.60976995 12.3453381 532.802179 364.924459 36.0492308 97.9307879 33.5371562 3.31298342 0.03688247 0.03139918 -0.1746317 TCB 2011 16,749,396,000,000.00 180,531,163,000,000.00 0.08963399 0.00508468 0.006543214 30.4493833 32.8269245 13.6987717 0.77709282 93.8281728 0.30193662 10.6452171 538.803487 449.688544 25.5095673 16 131.307698 54.7950867 3.10837127 0.05334779 0.03690319 -0.4456149 TCB 2012 15,801,332,000,000.00 179,933,598,000,000.00 0.07758312 0.01042518 0.007881796 30.3911154 32.823609 9.84333007 1.32269144 48.4455735 0.87475632 13.0196884 538.694654 323.093618 43.4155066 25 164.118045 49.2166504 6.6134572 0.05021095 0.03201947 -0.5681382 TCB 2013 12,301,309,000,000.00 158,896,663,000,000.00 0.06348465 0.01221731 0.008901238 30.1407268 32.6992752 7.13211475 1.37253999 25.4335304 0.94193302 9.78911273 534.621299 233.214983 44.881063 36 196.195651 42.7926885 8.23523997 0.04492953 0.03554408 -0.2640511 TCB 2014 10,590,032,000,000.00 175,901,794,000,000.00 0.04545905 0.01001854 0.009486913 29.9909343 32.800947 4.79176425 1.05603845 11.4805023 0.5576086 5.06028728 537.951061 157.174405 34.6390611 49 229.606629 33.5423498 7.39226913 0.03472274 0.0404 0.14052607 TCB 2015 9,848,510,000,000.00 191,993,602,000,000.00 0.0359609 0.0090148 0.01016711 29.9183413 32.8884832 3.53698372 0.88666253 6.25512692 0.39308522 3.13611095 540.826162 116.32603 29.1609858 64 263.107865 28.2958698 7.09330027 0.02925527 0.04866799 0.39888058 TCB 2016 11,880,175,000,000.00 235,363,026,000,000.00 0.03602651 0.00906288 0.009148637 30.1058922 33.0921502 3.93790942 0.99062673 7.75356528 0.49067066 3.90099833 547.545203 130.31389 32.7819686 81 297.829352 35.4411847 8.91564058 0.02773603 0.05075007 0.45347789 TPB 2009 403,645,807,000.00 10,728,532,331,000.00 0.03330937 0.00728356 0.004259343 26.7238036 30.0039279 7.82030556 1.71001941 30.5785896 1.4620832 13.3728743 450.117844 234.639884 51.3072992 60.0078558 15.6406111 3.42003883 0.02938356 0.02882512 -0.0193731 TPB 2010 1,202,848,720,000.00 20,889,254,217,000.00 0.05897783 0.00608476 0.003328137 27.8157138 30.670256 17.7209756 1.82827803 157.016488 1.67130029 32.3988704 470.332301 543.506858 56.0737553 92.010768 53.1629268 5.4848341 0.04084874 0.02197432 -0.8589304 TPB 2011 2,983,999,135,000.00 25,909,414,040,000.00 0.11135843 0.01644552 0.004111683 28.7242855 30.8856275 27.0834184 3.99970595 366.755776 7.99882383 108.32571 476.960993 836.488372 123.533428 16 123.54251 108.333674 15.9988238 0.07447346 0.0107757 -5.911242 TPB 2012 1,431,229,667,022.00 15,120,369,682,984.00 0.09516199 0.01329204 0.008238621 27.9895551 30.3470639 11.5507173 1.61338183 66.709535 1.30150046 18.6357174 460.472145 350.530356 48.9614015 25 151.73532 57.7535865 8.06690914 0.0697431 0.03402661 -1.0496634 TPB 2013 1,492,561,200,051.00 32,088,038,816,947.00 0.0381031 0.00719489 0.00599181 28.0315147 31.0995045 6.35919717 1.20078719 20.2196943 0.72094494 7.63604248 483.589589 197.767881 37.3438865 36 186.597027 38.155183 7.20472313 0.03231551 0.0277146 -0.1660103 TPB 2014 2,017,590,069,299.00 51,477,555,719,157.00 0.02888793 0.00741531 0.005507254 28.3329249 31.572167 5.24543299 1.34646266 13.7572836 0.90648085 7.06277966 498.400865 165.609686 42.510744 49 221.005169 36.7180309 9.42523863 0.02577892 0.02236845 -0.1524678 31.964656 5.97426641 1.30290676 17.8459296 0.84878302 7.78391212 510.869615 190.96537 41.6469665 64 255.717248 47.7941313 10.4232541 0.02224319 0.02040417 -0.0901297 TPB 2015 2,713,247,000,000.00 76,220,834,000,000.00 0.02705133 0.00589953 0.004527975 28.6291672 VCB 2007 8,916,920,000,000.00 197,363,405,000,000.00 0.04076777 0.00497732 0.00327011 29.8189717 32.9160678 12.4667904 1.52206384 77.7104315 1.15833916 18.9752508 541.733761 410.357719 50.1003565 0 0 0.02627985 0.02920193 0.10006472 VCB 2008 13,305,306,000,000.00 221,950,448,000,000.00 0.05399903 0.00867136 0.003467022 30.219184 33.0334753 15.5750499 2.50109746 121.29109 3.12774424 38.9547177 545.605244 514.498026 82.6199409 1 33.0334753 15.5750499 2.50109746 0.03306255 0.04011038 0.17571092 VCB 2009 12,288,809,000,000.00 255,495,883,000,000.00 0.03809431 0.00590995 0.007765096 30.1397101 33.1742274 4.90583872 0.76109126 12.0336268 0.28962995 3.73379096 550.264682 162.747409 25.2486145 66.3484548 9.81167743 1.52218251 0.02778754 0.03634816 0.23551707 VCB 2010 16,970,010,646,553.00 307,621,341,252,724.00 0.04458717 0.00652768 0.008353559 30.4624688 33.3598907 5.33750607 0.78142459 14.2444855 0.30531219 4.17085848 556.441155 178.058619 26.0682388 100.079672 16.0125182 2.34427376 0.03083968 0.03748381 0.17725333 VCB 2011 26,632,890,000,000.00 366,722,279,000,000.00 0.06626127 0.00684802 0.008694629 30.913168 33.5356259 7.62094373 0.78761548 29.0393916 0.31016908 6.00237329 562.319104 255.573118 26.4131783 16 134.142504 30.4837749 3.15046194 0.03904237 0.0405505 0.03719136 VCB 2012 26,806,051,000,000.00 414,488,317,000,000.00 0.06004626 0.00641657 0.008090737 30.9196488 33.6580659 7.42160548 0.79307569 27.5401139 0.31448452 5.88589485 566.4327 249.796886 26.6933937 25 168.29033 37.1080274 3.96537843 0.03393314 0.03638369 0.06735311 VCB 2013 23,760,330,000,000.00 468,994,032,000,000.00 0.04262635 0.00625987 0.007053866 30.7990385 33.7816112 6.04297641 0.88743769 18.2587819 0.39377283 5.36276502 570.598626 204.141479 29.9790749 36 202.689667 36.2578584 5.32462614 0.02598936 0.03306514 0.21399518 VCB 2014 23,063,324,000,000.00 576,995,651,000,000.00 0.03107582 0.00583913 0.00603224 30.7692648 33.9888558 5.15162149 0.96798633 13.269602 0.46849877 4.9866992 577.621161 175.09772 32.9007479 49 237.921991 36.0613504 6.77590433 0.01977378 0.02995731 0.33993476 VCB 2015 24,213,946,000,000.00 674,394,640,000,000.00 0.02579812 0.00596463 0.006351974 30.8179499 34.1448366 4.06143413 0.93901937 8.2476236 0.44087868 3.8137653 582.934932 138.677005 32.0626628 64 273.158693 32.4914731 7.51215492 0.01729167 0.03143826 0.44997999 VCB 2016 29,175,852,000,000.00 788,169,080,000,000.00 0.02640191 0.00585955 0.006802332 31.0043625 34.3007338 3.88130214 0.86140305 7.53225316 0.37100761 3.34336552 588.270168 133.131511 29.5467568 81 308.706604 34.9317193 7.75262749 0.01729773 0.03160163 0.45263187 VIB 2008 3,885,571,000,000.00 34,719,057,000,000.00 0.10288286 0.01015474 0.007301898 28.9882911 31.1783098 14.0898797 1.39069878 99.2623556 0.96702154 19.5947785 486.043502 439.298636 43.3596373 1 31.1783098 14.0898797 1.39069878 0.07786376 0.02621036 -1.9707245 VIB 2009 3,453,197,000,000.00 56,638,942,000,000.00 0.04896489 0.00813401 0.007166447 28.8703216 31.6677179 6.8325194 1.13501355 23.3416607 0.64412788 7.7550021 501.422178 216.370297 35.9432889 63.3354358 13.6650388 2.2700271 0.04110146 0.02813019 -0.4611159 VIB 2010 5,917,878,000,000.00 93,826,929,000,000.00 0.05494719 0.00702602 0.005665751 29.4089991 32.172473 9.69813043 1.24008653 47.0268669 0.7689073 12.0265209 517.53401 312.01284 39.8966505 96.5174191 29.0943913 3.72025959 0.0395853 0.02701105 -0.4655223 VIB 2011 9,797,077,000,000.00 97,092,384,974,467.00 0.09257293 0.00940119 0.008069634 29.9131052 32.2066841 11.4717638 1.1650083 65.8006824 0.67862216 13.3647 518.635249 369.467473 37.5210541 16 128.826736 45.8870552 4.66003318 0.06234965 0.03624405 -0.7202729 VIB 2012 7,538,329,000,000.00 65,023,406,000,000.00 0.10673403 0.0152458 0.012686586 29.6510217 31.8057684 8.41314103 1.20172622 35.390471 0.72207295 10.1102921 505.803452 267.586415 38.2218258 25 159.028842 42.0657051 6.00863109 0.07495061 0.05015096 -0.4945002 VIB 2013 4,415,980,000,000.00 76,874,670,000,000.00 0.04479023 0.01105146 0.009260788 29.1162509 31.9731975 4.83654628 1.19336021 11.6960899 0.71205429 5.77174187 511.142681 154.63985 38.1555417 36 191.839185 29.0192777 7.16016125 0.03660439 0.03269797 -0.1194696 VIB 2014 4,216,641,000,000.00 80,660,959,000,000.00 0.0375061 0.00980261 0.010451475 29.07006 32.0212758 3.58859399 0.93791651 6.43900342 0.43984369 3.36580154 512.681052 114.911358 30.0332831 49 224.148931 25.1201579 6.56541554 0.03316918 0.0430205 0.22899137 VIB 2015 4,215,425,000,000.00 84,308,832,000,000.00 0.03286682 0.01064753 0.01029025 29.0697715 32.0655077 3.19397687 1.03472041 5.10074411 0.53532316 3.30487304 514.098393 102.41649 33.1788352 64 256.524062 25.5518149 8.27776324 0.03131755 0.03474672 0.09869028 VIB 2016 4,813,361,000,000.00 104,548,141,000,000.00 0.02872458 0.00951483 0.010538906 29.2024167 32.2806688 2.72557557 0.90282922 3.71438111 0.4075503 2.46072927 521.020788 87.9834023 29.143931 81 290.526019 24.5301802 8.12546298 0.02804353 0.03252261 0.13772187 VPB 2007 1,075,675,000,000.00 18,137,433,000,000.00 0.05056453 0.00915168 0.007088434 27.7039695 30.528999 7.13338535 1.29107229 25.4425933 0.83343383 9.20971616 466.009891 217.775115 39.4151447 0 0 0.04508507 0.03637003 -0.2396215 VPB 2008 2,428,874,000,000.00 18,647,630,000,000.00 0.12676151 0.01409847 0.010047389 28.5184489 30.5567402 12.6163626 1.40319705 79.586303 0.98448099 17.7032429 466.857185 385.514915 42.8771278 1 30.5567402 12.6163626 1.40319705 0.09658959 0.03723578 -1.5939994 VPB 2009 1,868,641,000,000.00 27,543,006,000,000.00 0.05689681 0.00979791 0.007551572 28.2562325 30.9467698 7.53443184 1.29746674 28.3838315 0.84170997 9.77567472 478.851279 233.166327 40.1524045 61.8935395 15.0688637 2.59493348 0.04890894 0.03342903 -0.4630677 VPB 2010 3,281,290,000,000.00 59,807,023,000,000.00 0.05617855 0.00509636 0.00400463 28.8192578 31.7221442 14.0284005 1.27261644 98.3980096 0.8097763 17.852773 503.147217 445.010942 40.3701222 95.1664326 42.0852014 3.81784931 0.03566345 0.02188114 -0.6298715 VPB 2011 8,796,924,000,000.00 82,817,947,000,000.00 0.10546965 0.00742222 0.008303116 29.8054232 32.0476659 12.7024189 0.89390778 80.6757231 0.39953556 11.354791 513.526445 407.082877 28.6476577 16 128.190664 50.8096756 3.5756311 0.06687968 0.03037173 -1.2020374 VPB 2012 9,254,554,000,000.00 102,576,275,000,000.00 0.08070057 0.01056014 0.007775248 29.8561369 32.2616278 10.379163 1.35817422 53.8635121 0.92231861 14.0967116 520.406314 334.848693 43.8169112 25 161.308139 51.8958149 6.79087111 0.05496958 0.03054724 -0.7994941 VPB 2013 9,880,452,000,000.00 121,264,370,000,000.00 0.06611036 0.01386517 0.009537105 29.9215794 32.4289942 6.9319109 1.45381324 24.0256944 1.05678646 10.0777038 525.819831 224.794898 47.1457009 36 194.573965 41.5914654 8.72287942 0.04876952 0.04196345 -0.1621905 VPB 2014 10,796,115,000,000.00 163,241,378,000,000.00 0.04807818 0.01076903 0.011792555 30.0102075 32.7262511 4.07699413 0.91320564 8.31094056 0.41697227 3.72313405 535.503754 133.424733 29.8857972 49 229.083757 28.5389589 6.39243951 0.03868653 0.03841588 -0.0070452 VPB 2015 14,097,833,000,000.00 193,876,428,000,000.00 0.04800342 0.01294009 0.016421238 30.2770422 32.8982421 2.92325187 0.78800926 4.27270073 0.3104793 2.30354955 541.147167 96.1698476 25.9241195 64 263.185937 23.3860149 6.30407411 0.04159116 0.06223712 0.33173069 0.015188321 30.4696177 33.0510574 3.43060142 0.93203024 5.88451306 0.43434018 3.19742425 546.186197 113.385004 30.8045848 81 297.459516 30.8754128 8.38827212 0.04191826 0.07473693 0.43912262 VPB 2016 17,091,761,000,000.00 225,887,311,000,000.00 0.05210508 0.01415597 PHỤ LỤC THỐNG KÊ MÔ TẢ variable mean sd nim roa roe size cost equity nonint llp topbt liquid lerner gdpgr inf rate 0264368 0088834 1283421 31.93455 0319485 0872638 0065595 0102785 2247125 383214 -.4854167 0599047 0903906 8.659269 0106296 0061723 0984302 1.193576 013194 0462164 0052697 0077775 0618131 1300412 1.06368 0056248 0637474 2.444354 p50 max N -.0061589 0257899 -.0134102 0079648 -.1158167 1054084 29.40445 31.93855 0093592 0293199 0238801 0737593 -.0058772 0060001 -.0099182 0081589 2372754 07942 3937874 -5.911242 -.3406758 0524737 0598365 0063061 0705456 6.5 7.5 0668928 0475236 6691893 34.54539 1470256 2994105 0386092 0496472 4136913 7492896 10.35652 071295 2311632 13.33333 245 245 245 245 245 245 245 245 245 245 245 245 245 245 PHỤ LỤC 6: MA TRẬN TƯƠNG QUAN nim roa roe size cost equity nonint nim 1.0000 roa 0.4674 0.0000 1.0000 roe 0.2668 0.0000 0.6564 0.0000 1.0000 size -0.0026 0.9675 -0.2062 0.0012 0.3086 0.0000 1.0000 cost 0.1546 0.0154 -0.1355 0.0341 -0.2147 0.0007 -0.1167 0.0681 1.0000 equity 0.1729 0.0067 0.2500 0.0001 -0.3736 0.0000 -0.7159 0.0000 0.1743 0.0062 1.0000 nonint -0.1735 0.0065 0.3852 0.0000 0.3783 0.0000 0.0386 0.5475 0.0187 0.7710 0.0190 0.7671 1.0000 llp 0.3707 0.0000 -0.1729 0.0067 -0.0032 0.9599 0.3105 0.0000 0.3145 0.0000 -0.1042 0.1037 0.1904 0.0028 topbt 0.1953 0.0021 -0.0759 0.2364 0.0321 0.6168 0.0551 0.3901 -0.2624 0.0000 -0.1122 0.0796 -0.0474 0.4602 liquid -0.3018 0.0000 0.0670 0.2964 0.0994 0.1206 -0.1059 0.0981 0.4066 0.0000 0.0217 0.7351 0.0205 0.7495 lerner 0.3247 0.0000 0.3470 0.0000 0.4073 0.0000 0.2490 0.0001 -0.2654 0.0000 -0.1636 0.0103 0.1351 0.0345 gdpgr -0.1280 0.0453 0.0122 0.8489 0.1674 0.0087 0.0480 0.4546 -0.2372 0.0002 -0.1567 0.0141 0.0412 0.5210 inf 0.1122 0.0796 0.2759 0.0000 0.1958 0.0021 -0.2087 0.0010 0.1013 0.1139 0.1442 0.0240 0.0943 0.1412 rate 0.2559 0.0001 0.1607 0.0118 0.0472 0.4622 -0.1060 0.0977 0.2899 0.0000 0.1554 0.0149 -0.1253 0.0501 llp topbt liquid lerner gdpgr inf llp 1.0000 topbt 0.1086 0.0900 1.0000 liquid -0.0414 0.5187 -0.2683 0.0000 1.0000 lerner 0.1671 0.0088 0.1009 0.1152 -0.1357 0.0337 1.0000 gdpgr -0.0077 0.9040 0.0329 0.6089 -0.0027 0.9660 0.0967 0.1312 1.0000 inf -0.1376 0.0313 0.0616 0.3366 0.0751 0.2418 -0.1689 0.0081 -0.1675 0.0086 1.0000 rate -0.0383 0.5508 0.0431 0.5021 0.0713 0.2663 -0.2513 0.0001 -0.2931 0.0000 0.8106 0.0000 rate 1.0000 PHỤ LỤC 7: KẾT QUẢ ƯỚC LƯỢNG ĐỐI VỚI BIẾN NIM Dynamic panel-data estimation, two-step system GMM Number of obs Number of groups Obs per group: avg max Group variable: id Time variable : time Number of instruments = 221 922.98 Wald chi2(9) = 0.000 = Prob > chi2 Std Err nim Coef nim L1 .2079992 0409458 size cost equity nonint llp topbt liquid lerner _cons -.0023819 2528483 0306569 -.5704955 2113691 0220805 -.0226843 0057993 0947637 0005653 0323844 0093125 0539401 0513311 0042119 0066344 0003709 016073 217 28 7.75 = = = = = P>|z| [95% Conf Interval] 5.08 0.000 1277469 2882516 -4.21 7.81 3.29 -10.58 4.12 5.24 -3.42 15.63 5.90 0.000 0.000 0.001 0.000 0.000 0.000 0.001 0.000 0.000 -.0034899 1893761 0124047 -.6762161 110762 0138254 -.0356875 0050723 0632612 -.001274 3163205 0489091 -.4647748 3119762 0303355 -.009681 0065263 1262662 z 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(1/2).(nim size cost equity nonint llp topbt liquid lerner) Instruments for levels equation Standard _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.(nim size cost equity nonint llp topbt liquid lerner) Pr > z = Pr > z = 0.000 0.100 Prob > chi2 = 0.000 Prob > chi2 = 1.000 Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels chi2(130) = 26.74 Prob > chi2 = Hansen test excluding group: = -1.00 Prob > chi2 = Difference (null H = exogenous): chi2(81) 1.000 1.000 Arellano-Bond test for AR(1) in levels: Arellano-Bond test for AR(2) in levels: Sargan test of (Not robust, Hansen test of (Robust, but z = z = overid restrictions: chi2(211) = 586.97 but not weakened by many instruments.) overid restrictions: chi2(211) = 25.74 weakened by many instruments.) 3.72 1.65 Dynamic panel-data estimation, two-step system GMM Group variable: id Time variable : time Number of instruments = 161 Wald chi2(12) = 2808.16 Prob > chi2 = 0.000 nim Coef nim L1 size cost equity nonint llp topbt liquid lerner gdpgr inf rate _cons Number of obs Number of groups Obs per group: avg max = = = = = 217 28 7.75 Std Err z P>|z| [95% Conf Interval] 2062577 0756505 2.73 0.006 0579855 3545299 -.0017444 1242101 0310385 -.5207336 3295973 0205258 -.0195379 0087478 0500436 0136438 0014033 0617224 000752 0638425 019413 1011 097646 0070245 004875 0007022 0515453 0080965 0002348 0236946 -2.32 1.95 1.60 -5.15 3.38 2.92 -4.01 12.46 0.97 1.69 5.98 2.60 0.020 0.052 0.110 0.000 0.001 0.003 0.000 0.000 0.332 0.092 0.000 0.009 -.0032184 -.0009189 -.0070102 -.7188859 1382147 006758 -.0290927 0073715 -.0509832 -.002225 000943 0152819 -.0002705 2493391 0690873 -.3225813 5209798 0342936 -.0099831 0101241 1510705 0295127 0018636 1081629 Warning: Uncorrected two-step standard errors are unreliable Instruments for first differences equation GMM-type (missing=0, separate instruments for each L2.(nim size cost equity nonint llp topbt liquid Instruments for levels equation Standard _cons GMM-type (missing=0, separate instruments for each DL.(nim size cost equity nonint llp topbt liquid Arellano-Bond test for AR(1) in levels: Arellano-Bond test for AR(2) in levels: period unless collapsed) lerner gdpgr inf rate) period unless collapsed) lerner gdpgr inf rate) Pr > z = Pr > z = 0.010 0.321 Prob > chi2 = 0.000 Prob > chi2 = 1.000 Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(68) = 18.88 Prob > chi2 = Difference (null H = exogenous): chi2(80) = -6.14 Prob > chi2 = 1.000 1.000 Sargan test of (Not robust, Hansen test of (Robust, but z = z = overid restrictions: chi2(148) = 252.40 but not weakened by many instruments.) overid restrictions: chi2(148) = 12.75 weakened by many instruments.) 2.59 0.99 PHỤ LỤC 8: KẾT QUẢ ƯỚC LƯỢNG ĐỐI VỚI BIẾN ROA Dynamic panel-data estimation, two-step system GMM Group variable: id Time variable : time Number of instruments = 154 Wald chi2(9) = 1379.09 Prob > chi2 = 0.000 Number of obs Number of groups Obs per group: avg max roa Coef Std Err roa L1 .4253098 0504758 size cost equity nonint llp topbt liquid lerner _cons -.000714 0426117 0135731 4650432 -.2172735 0063723 004968 003362 0227579 0002674 0261791 0053691 0753671 0423594 0025614 0028188 0003175 0088888 z = = = = = 217 28 7.75 P>|z| [95% Conf Interval] 8.43 0.000 3263791 5242406 -2.67 1.63 2.53 6.17 -5.13 2.49 1.76 10.59 2.56 0.008 0.104 0.011 0.000 0.000 0.013 0.078 0.000 0.010 -.001238 -.0086983 0030498 3173265 -.3002965 001352 -.0005568 0027397 0053363 -.00019 0939217 0240965 61276 -.1342505 0113926 0104928 0039843 0401796 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.(roa size cost equity nonint llp topbt liquid lerner) Instruments for levels equation Standard _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.(roa size cost equity nonint llp topbt liquid lerner) Arellano-Bond test for AR(1) in levels: Arellano-Bond test for AR(2) in levels: Pr > z = Pr > z = 0.002 0.753 Prob > chi2 = 0.000 Prob > chi2 = 1.000 Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(63) = 24.69 Prob > chi2 = Difference (null H = exogenous): chi2(81) = -2.96 Prob > chi2 = 1.000 1.000 Sargan test of (Not robust, Hansen test of (Robust, but z = z = overid restrictions: chi2(144) = 395.23 but not weakened by many instruments.) overid restrictions: chi2(144) = 21.73 weakened by many instruments.) 3.05 0.31 Dynamic panel-data estimation, two-step system GMM Group variable: id Time variable : time Number of instruments = 154 Wald chi2(12) = 5373.86 Prob > chi2 = 0.000 Number of obs Number of groups Obs per group: avg max roa Coef Std Err roa L1 .2599463 0470239 size cost equity nonint llp topbt liquid lerner gdpgr inf rate _cons -.0011731 -.0422038 -.0038725 4789898 -.2144706 0014332 0036274 004405 0531421 -.0032204 0009612 0338975 0005085 0256422 0124216 1012763 0356145 0028313 0027522 0003881 0206399 0053022 0001815 0173829 z = = = = = 217 28 7.75 P>|z| [95% Conf Interval] 5.53 0.000 1677811 3521114 -2.31 -1.65 -0.31 4.73 -6.02 0.51 1.32 11.35 2.57 -0.61 5.30 1.95 0.021 0.100 0.755 0.000 0.000 0.613 0.188 0.000 0.010 0.544 0.000 0.051 -.0021698 -.0924617 -.0282183 2804919 -.2842737 -.0041162 -.0017669 0036443 0126886 -.0136125 0006054 -.0001724 -.0001765 0080541 0204734 6774877 -.1446675 0069825 0090217 0051656 0935956 0071717 0013169 0679674 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.(roa size cost equity nonint llp topbt liquid lerner) Instruments for levels equation Standard _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.(roa size cost equity nonint llp topbt liquid lerner) Arellano-Bond test for AR(1) in levels: Arellano-Bond test for AR(2) in levels: Pr > z = Pr > z = 0.002 0.176 Prob > chi2 = 0.000 Prob > chi2 = 1.000 Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(60) = 20.06 Prob > chi2 = Difference (null H = exogenous): chi2(81) = -1.71 Prob > chi2 = 1.000 1.000 Sargan test of (Not robust, Hansen test of (Robust, but z = z = overid restrictions: chi2(141) = 376.00 but not weakened by many instruments.) overid restrictions: chi2(141) = 18.36 weakened by many instruments.) 3.09 1.35 PHỤ LỤC 9: KẾT QUẢ ƯỚC LƯỢNG ĐỐI VỚI BIẾN ROE Dynamic panel-data estimation, two-step system GMM Number of obs Number of groups Obs per group: avg max Group variable: id Time variable : time Number of instruments = 154 721.50 Wald chi2(9) = 0.000 = Prob > chi2 Std Err z P>|z| 217 28 7.75 = = = = = [95% Conf Interval] roe Coef roe L1 .5116593 0560808 9.12 0.000 401743 6215756 size cost equity nonint llp topbt liquid lerner _cons -.0166964 1.356042 -.6701492 5.174437 -3.170019 -.0103512 0667964 0560022 6115566 0074686 5461084 1891652 4910901 5460224 053801 0321174 0067428 2417778 -2.24 2.48 -3.54 10.54 -5.81 -0.19 2.08 8.31 2.53 0.025 0.013 0.000 0.000 0.000 0.847 0.038 0.000 0.011 -.0313346 2856893 -1.040906 4.211918 -4.240203 -.1157992 0038474 0427865 1376809 -.0020581 2.426395 -.2993921 6.136955 -2.099834 0950968 1297453 0692178 1.085432 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.(roe size cost equity nonint llp topbt liquid lerner) Instruments for levels equation Standard _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.(roe size cost equity nonint llp topbt liquid lerner) Pr > z = Pr > z = 0.003 0.847 Prob > chi2 = 0.000 Prob > chi2 = 1.000 Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels = 25.63 Prob > chi2 = chi2(63) Hansen test excluding group: = -2.50 Prob > chi2 = Difference (null H = exogenous): chi2(81) 1.000 1.000 Arellano-Bond test for AR(1) in levels: Arellano-Bond test for AR(2) in levels: Sargan test of (Not robust, Hansen test of (Robust, but z = z = overid restrictions: chi2(144) = 421.90 but not weakened by many instruments.) overid restrictions: chi2(144) = 23.14 weakened by many instruments.) 2.96 0.19 Dynamic panel-data estimation, two-step system GMM Group variable: id Time variable : time Number of instruments = 154 Wald chi2(12) = 1393.05 Prob > chi2 = 0.000 Number of obs Number of groups Obs per group: avg max roe Coef Std Err roe L1 .3097308 1049103 size cost equity nonint llp topbt liquid lerner gdpgr inf rate _cons -.0137646 2137124 -.6205183 5.691817 -2.56129 -.0656029 0878926 0626543 644693 0336589 0093508 4483273 0073716 6106536 1428751 1.47349 6520088 0668905 0527293 0051794 2542698 0843272 0035656 2507836 z = = = = = 217 28 7.75 P>|z| [95% Conf Interval] 2.95 0.003 1041104 5153512 -1.87 0.35 -4.34 3.86 -3.93 -0.98 1.67 12.10 2.54 0.40 2.62 1.79 0.062 0.726 0.000 0.000 0.000 0.327 0.096 0.000 0.011 0.690 0.009 0.074 -.0282127 -.9831467 -.9005484 2.803829 -3.839203 -.1967059 -.0154549 0525028 1463333 -.1316193 0023624 -.0431995 0006835 1.410571 -.3404883 8.579804 -1.283376 0655 1912402 0728058 1.143053 1989371 0163392 9398541 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.(roe size cost equity nonint llp topbt liquid lerner) Instruments for levels equation Standard _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.(roe size cost equity nonint llp topbt liquid lerner) Arellano-Bond test for AR(1) in levels: Arellano-Bond test for AR(2) in levels: Pr > z = Pr > z = 0.008 0.472 Prob > chi2 = 0.000 Prob > chi2 = 1.000 Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(60) = 15.50 Prob > chi2 = Difference (null H = exogenous): chi2(81) = 4.23 Prob > chi2 = 1.000 1.000 Sargan test of (Not robust, Hansen test of (Robust, but z = z = overid restrictions: chi2(141) = 421.85 but not weakened by many instruments.) overid restrictions: chi2(141) = 19.73 weakened by many instruments.) 2.66 0.72 ... định 2.3 Tỷ suất sinh lợi yếu tố ảnh hưởng đến tỷ suất sinh lợi 2.3.1 Tỷ suất sinh lợi 2.3.1.1 Khái niệm tỷ suất sinh lợi Tỷ suất sinh lợi tỷ số tài đo lường khả sinh lợi, liên quan đến lượng... quan yếu tố ảnh hưởng đến tỷ suất sinh lợi ngân hàng thương mại Chương 3: Thực trạng hoạt động kinh doanh ngân hàng thương mại Việt Nam Chương 4: Kiểm định yếu tố tác động đến tỷ suất sinh lợi ngân. .. rộng thương hiệu 6 CHƯƠNG TỔNG QUAN VỀ CÁC YẾU TỐ ẢNH HƯỞNG ĐẾN TỶ SUẤT SINH LỢI CỦA NGÂN HÀNG THƯƠNG MẠI 2.1 Ngân hàng thương mại hoạt động kinh doanh 2.1.1 Ngân hàng thương mại Tại Hoa Kỳ, ngân