Ảnh hưởng của cấu trúc sở hữu lên chính sách cổ tức của các công ty niêm yết trên thị trường chứng khoán Việt Nam

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Ảnh hưởng của cấu trúc sở hữu lên chính sách cổ tức của các công ty niêm yết trên thị trường chứng khoán Việt Nam

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BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC KINH TẾ T.P HỒ CHÍ MINH - TRẦN THỊ HẬU ẢNH HƯỞNG CỦA CẤU TRÚC SỞ HỮU TỚI CHÍNH SÁCH CỔ TỨC TẠI CÁC CƠNG TY NIÊM YẾT TRÊN THỊ TRƯỜNG CHỨNG KHỐN VIỆT NAM LUẬN VĂN THẠC SĨ KINH TẾ HCM, năm 2015 BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC KINH TẾ T.P HỒ CHÍ MINH - TRẦN THỊ HẬU ẢNH HƯỞNG CỦA CẤU TRÚC SỞ HỮU TỚI CHÍNH SÁCH CỔ TỨC TẠI CÁC CƠNG TY NIÊM YẾT TRÊN THỊ TRƯỜNG CHỨNG KHỐN VIỆT NAM Chuyên nghành : Tài – Ngân hàng Mã số : 60340201 LUẬN VĂN THẠC SĨ KINH TẾ NGƯỜI HƯỚNG DẪN KHOA HỌC: TS TRẦN THỊ HẢI LÝ HCM, năm 2015 LỜI CAM ĐOAN Tôi xin cam đoan luận văn nghiên cứu “Ảnh hưởng cấu trúc sở hữu tới sách cổ tức cơng ty niêm yết thị trường chứng khoán Việt Nam” cơng trình nghiên cứu riêng tơi Các thơng tin liệu sử dụng luận văn trung thực, nguồn dưc liệu trích dẫn rõ ràng phần tham khảo phụ lục Kết luận văn chưa cơng bố cơng trình nghiên cứu khác T.p Hồ Chí Minh, ngày tháng Tác giả Trần Thị Hậu năm 2015 MỤC LỤC TRANG PHỤ BÌA LỜI CAM ĐOAN MỤC LỤC DANH MỤC CÁC BẢNG DANH MỤC CHỮ VIẾT TẮT TÓM TẮT CHƯƠNG 1: GIỚI THIỆU .2 1.1.Lý chọn đề tài .2 1.2 Mục tiêu câu hỏi nghiên cứu 1.3 Đối tượng phạm vi nghiên cứu .3 1.4 Phương pháp nghiên cứu 1.5 Cấu trúc nghiên cứu CHƯƠNG 2: CƠ SỞ LÝ THUYẾT VÀ TỔNG QUAN CÁC NGHIÊN CỨU TRƯỚC ĐÂY 2.1.Chính sách cổ tức .6 2.2 Chi phí đại diện 2.3 Lý thuyết phát tín hiệu .11 2.4 Cấu trúc sở hữu 13 2.4.1 Phần trăm cổ phần cổ đông lớn nắm giữ (TOP) 13 2.4.2 Phần trăm cổ phần năm cổ đông lớn nắm giữ (TOP5) 16 2.4.3 Phần trăm cổ phần nhà đầu tư tổ chức nắm giữ (INST) .18 2.4.4 Phần trăm cổ phần tổ chức nước nắm giữ (DINST) phần trăm cổ phần tổ chức nước nắm giữ (FINST) .20 2.4.5 Phần trăm cổ phần cá nhân nắm giữ (INDV) .21 2.4.6 Phần trăm cổ phần cá nhân nước nắm giữ (DINDV) phần trăm cổ phần cá nhân nước nắm giữ (FINDV) .21 2.4.7 Phần trăm cổ phần cổ đông nước nắm giữ (FOREIGN) 22 CHƯƠNG 3: DỮ LIỆU VÀ PHƯƠNG PHÁP NGHIÊN CỨU 24 3.1.Dữ liệu nghiên cứu .24 3.2 Mơ hình nghiên cứu 24 3.3.Mô tả biến số .26 3.3.1 Biến phụ thuộc (DPR) 26 3.3.2 Biến độc lập 27 3.3.3 Bảng tóm tắt biến kỳ vọng dấu dự kiến mơ hình 32 CHƯƠNG 4: KẾT QUẢ HỒI QUY 34 4.1.Thống kê mô tả 34 4.2 Phân tích đa biến .40 4.2.1 Ma trận tương quan 40 4.2.2 Phân tích hồi quy Logit 42 4.2.3 Mơ hình hồi quy Tobit .48 4.3 Kiểm định khả nội sinh 52 CHƯƠNG 5: KẾT LUẬN VÀ KIẾN NGHỊ .55 5.1.Kết luận .55 5.2.Kiến nghị 56 5.3.Những hạn chế luận văn 58 5.4 Hướng nghiên cứu 58 TÀI LIỆU THAM KHẢO PHỤ LỤC DANH MỤC BẢNG BIỂU Bảng 3.1 : Kỳ vọng dấu dự kiến mơ hình 32 Bảng 4.1a : Thống kê mô tả biến 35 Bảng 4.1b : Thống kê mô tả biến theo năm 37 Bảng 4.2 : Bảng so sánh công ty chi trả không chi trả cổ tức 39 Bảng 4.3 : Ma trận tương quan biến 41 Bảng 4.4 : Kết hồi quy theo mơ hình Logit 47 Bảng 4.5 : Kết hồi quy theo mơ hình Tobit 51 Bảng 4.6 : Kết hồi quy hai giai đoặn 54 DANH MỤC CÁC TỪ VIẾT TẮT AGE : Logarit độ tuổi doanh nghiệp tính từ thành lập DPR : Cổ tức thu nhập ròng DINDV : Phần trăm cổ phần cá nhân nước nắm giữ DINST : Phần trăm cổ phần tổ chức nước nắm giữ FCF : Dòng tiền từ hoạt động tổng tài sản FINDV : Phần trăm cổ phần cá nhân nước nắm giữ FINST : Phần tram cổ phần tổ chức ngước nắm giữ FOREIGN : Phần trăm cổ phần nhà đầu tư nước nắm giữ HNX : Sàn Giao Dịch Chứng Khoán Hà Nội HOSE : Sàn Giao Dịch Chướng Khốn Thành Phố Hồ Chí Minh INDV : Phần trăm cổ phần cá nhân nắm giữ INST : Phần trăm cổ phần tổ chức nắm giữ LEV : Tỷ lệ nợ tổng tài sản MTB : Giá trị thị trường giá trị sổ sách vốn cổ phần RETE : Thu nhập giữ lại giá trị sổ sách vốn cổ phần ROA : Thu nhập hoạt động tổng tài sản SIZE : Logarit tổng tài sản TOP : Phần trăm cổ phần cổ đông lớn nắm giữ TOP5 : Phần trăm cổ phần năm cổ đông lớn nắm giữ TÓM TẮT Bài nghiên cứu tập trung vào định tài quan trọng có tác động lớn đến nhà đầu tư sách cổ tức Nghiên cứu xem xét ảnh hưởng cấu trúc sở hữu lên sách cổ tức doanh nghiệp bao gồm sở hữu cổ phần cổ đông lớn nhất, sở hữu cổ phần năm cổ đông lớn nhất, sở hữu cổ phần cá nhân, sở hữu cổ phần cá nhân nước, cá nhân nước ngoài, sở hữu cổ phần tổ chức, sở hữu cổ phần tổ chức nước, tổ chức nước ngoài, sở hữu cổ phần nước ngồi Mẫu nghiên cứu gồm 160 cơng ty niêm yết thị trường chứng khoán Việt Nam khoảng thời gian từ năm 2009 đến năm 2014 Bài nghiên cứu sử dụng phương pháp hồi quy Logit để xem xét ảnh hưởng nhân tố sở hữu đến định chi trả cổ tức công ty, phương pháp hồi quy Tobit để xem xét nhân tố nhân tố định đến mức chi trả cổ tức hồi quy hai bước để kiểm tra vấn đề nội sinh cấu trúc sở hữu sách cổ tức Tơi tìm thấy sở hữu cổ phần tổ chức có mối quan hệ chiều với sách chi trả cổ tức công ty Ngược lại, sở hữu cổ phần cá nhân, bao gồm cá nhân nước cá nhân nước ngồi có mối quan hệ ngược chiều với việc chi trả cổ tức công ty Trong sở hữu cổ phần cổ đơng lớn khơng có ý nghĩa thống kê Các biến kiểm soát nghiên cứu gồm: thu nhập tài sản (ROA), dòng tiền tự (FCF), quy mô công ty (SIZE), giá trị thị trường giá trị sổ sách (MTB), đòn bẩy (LEV), lợi nhuận giữ lại vốn cổ phần (RETE), độ tuổi công ty (AGE) Trong biến kiểm sốt biến có quan hệ chiều với sách chi trả cổ tức thu nhập tài sản lợi nhuận giữ lại vốn cổ phần, biến kiểm sốt có mối quan hệ ngược chiều quy mô công ty, giá trị thị trường giá trị sổ sách, đòn bẩy Từ khóa: sách cổ tức, cấu trúc sở hữu CHƢƠNG 1: GIỚI THIỆU 1.1 Lý chọn đề tài Trong năm gần đây, học giả giới đặt mối quan tâm đến việc liệu sách cổ tức cơng ty chịu ảnh hưởng cấu trúc sở hữu hay khơng Vì nhiều nghiên cứu thực nghiệm thực Tuy tảng mối quan hệ cấu trúc sở hữu sách chi trả cổ tức doanh nghiệp có lẽ bắt nguồn từ lập luận giá trị công ty chi phí đại diện Theo Jensen (1986) Rozeff (1982) lập luận doanh nghiệp sử dụng sách cổ tức để tránh vấn đề chi phí đại diện, cổ tức không chi trả cho cổ đông nhà quản lý có khả sử dụng dịng tiền mặt phục vụ cho lợi ích cá nhân họ Chính sách cổ tức khơng giúp làm giảm chi phí đại diện mà cịn xem thông tin giúp cổ đông định giá công ty Bên cạnh đó, sách cổ tức bị ảnh hưởng cấu trúc sở hữu doanh nghiệp (Short cộng sự, 2002) Như biết, có nhiều hình thức sở hữu khác nhau: sở hữu nhà nước, sở hữu tư nhân, sở hữu tổ chức, sở hữu cá nhân, sở hữu nước ngoài, sở hữu cá nhân nước, cá nhân nước ngoài… loại hình thức sở hữu tác động lên sách chi trả cổ tức theo chiều hướng khác Nhiều học giả giới xem xét tác động loại hình sở hữu lên sách cổ tức chẳng hạn mối quan hệ sách cổ tức với sở hữu tập trung sở hữu tổ chức Grinstein Michaely (2005), sách cổ tức với sở hữu tập trung, sở hữu tổ chức Khan (2006), sách cổ tức sở hữu tập trung Ramli (2010), sách cổ tức sở hữu nước Jeon cộng (2011) Tuy nhiên khơng có nhiều nghiên cứu phân tích ảnh hưởng khác sở hữu tổ chức nước, tổ chức nước ngoài, sở hữu cá nhân, bao gồm cá nhân nước, lẫn cá nhân nước ngồi lên sách cổ tức doanh nghiệp Vì vậy, tác giả thực nghiên cứu nhằm xác định ảnh hưởng cấu trúc sở hữu vừa đề cập đến định chi trả cổ tức doanh nghiệp với luận văn “Ảnh hƣởng cấu trúc sở hữu tới sách cổ tức công ty niêm yết thị trƣờng chứng khốn Việt Nam” Qua tác giả phân tích mối quan hệ sách cổ tức cấu trúc sở hữu công ty niêm yết thị trường chứng khoán Việt Nam từ năm 2009 đến năm 2014 1.2 Mục tiêu câu hỏi nghiên cứu Mục tiêu nghiên cứu xem xét tác động cấu trúc sở hữu: phần trăm sở hữu cổ phần cổ đông sở hữu lớn nhất, phần trăm sở hữu cổ phần năm cổ đông lớn nhất, phần trăm sở hữu cổ phần tổ chức, phần trăm sở hữu cổ phần tổ chức nước, phần trăm sở hữu cổ phần tổ chức nước ngoài, phần trăm sở hữu cổ phần cá nhân, phần trăm sở hữu cổ phần cá nhân nước, phần trăm sở hữu cổ phần cá nhân nước ngoài, phần trăm sở hữu cổ phần nước ngồi lên sách cổ tức công ty niêm yết thị trường chứng khoán Việt Nam giai đoạn từ năm 2009 đến năm 2014 Để trả lời câu hỏi sau: Nhân tố tác động tới định có chi trả cổ tức công ty thị trường chứng khoán Việt Nam? Nhân tố ảnh hưởng đến tỷ lệ chi trả cổ tức công ty niêm yết thị trường chứng khoán Việt Nam? 1.3 Đối tƣợng phạm vi nghiên cứu Đề tài nghiên cứu tác động cấu trúc sở hữu lên sách cổ tức cơng ty niêm yết thị trường chứng khoán Việt Nam giai đoạn từ năm 2009 đến năm 2014 Dữ liệu nghiên cứu thu thập từ báo cáo tài kiểm toán, báo cáo thường niên, báo cáo bạch, nghị đại hội cổ đông thường niên công bố website: http.vietsock.vn, cophieu68.vn, stockbiz.vn công ty nghiên cứu mẫu Mã CK Năm TOP TOP5 DINST FINST DINDV REE 2010 6.76% 6.76% 44.72% 0.00% 55.28% 0.00% RIC 2010 52.49% 72.48% 18.26% 42.49% 30.74% S91 2010 55.23% 56.25% 55.33% 0.00% FINDV FOREGIN INST INDV 0.00% 44.72% 55.28% 3.49% 45.98% 60.75% 34.23% 41.95% 1.80% 1.80% 56.25% 43.75% SAP 2010 31.00% 38.25% 36.45% 0.00% 63.36% 0.19% 0.19% 36.45% 63.55% SAV 2010 23.32% 69.44% 50.23% 32.57% 15.82% 1.38% 33.95% 82.80% 17.20% SFC 2010 49.99% 69.99% 74.19% 0.19% 22.62% 3.00% 3.19% 74.38% 25.62% SGC 2010 49.88% 67.31% 57.12% 0.18% 41.29% 1.41% 1.59% 57.30% 42.70% SIC 2010 26.83% 42.12% 36.72% 0.00% 62.77% 0.51% 0.51% 36.72% 63.28% SJ1 2010 20.00% 48.56% 39.99% 0.40% 60.01% 0.00% 0.40% 39.99% 60.01% SJS 2010 36.30% 52.56% 51.00% 4.81% 39.38% 4.81% 9.62% 55.81% 44.19% SMC 2010 14.26% 22.83% 17.55% 0.00% 76.66% 0.47% 0.47% 17.55% 77.13% SPP 2010 15.05% 46.19% 25.52% 23.38% 57.71% 6.61% 29.99% 48.90% 64.32% SSC 2010 18.57% 41.89% 34.35% 7.54% 48.95% 0.00% 7.54% 41.89% 58.11% SSM 2010 5.65% 10.70% 22.97% 2.30% 74.73% 0.00% 2.30% 25.27% 74.73% STP 2010 5.32% 5.32% 96.44% 1.68% 1.88% 0.00% 1.68% 98.12% 1.88% SVC 2010 30.53% 37.05% 37.05% 0.00% 54.37% 8.58% 8.58% 37.05% 62.95% TCM 2010 43.37% 50.91% 30.44% 47.38% 22.41% 0.23% 47.61% 77.82% 22.64% TDH 2010 8.89% 33.57% 16.88% 19.38% 57.79% 5.95% 25.33% 36.26% 63.74% TMS 2010 11.70% 37.83% 32.81% 30.64% 21.31% 7.31% 37.95% 63.45% 28.62% TNA 2010 20.68% 46.71% 20.68% 0.00% 77.58% 1.74% 1.74% 20.68% 79.32% TNC 2010 51.00% 56.19% 60.83% 0.45% 37.98% 0.74% 1.19% 61.28% 38.72% TRA 2010 35.66% 64.14% 40.06% 30.26% 29.02% 0.04% 30.30% 70.32% 29.06% TRC 2010 60.81% 60.81% 65.51% 32.80% 1.69% 0.00% 32.80% 98.31% 1.69% TTC 2010 42.78% 47.03% 51.58% 2.30% 45.35% 0.77% 3.07% 53.88% 46.12% TTF 2010 16.46% 53.85% 27.32% 0.00% 62.30% 10.38% 10.38% 27.32% 72.68% TXM 2010 51.21% 64.45% 61.21% 0.10% 37.15% 1.54% 1.64% 61.31% 38.69% UIC 2010 51.00% 60.01% 53.15% 0.17% 44.55% 2.30% 2.47% 53.32% 46.85% VC2 2010 50.98% 50.98% 51.00% 0.00% 46.19% 2.81% 2.81% 51.00% 49.00% VC3 2010 51.00% 69.75% 70.15% 0.00% 29.83% 0.02% 0.02% 70.15% 29.85% VC7 2010 51.00% 54.93% 54.98% 10.35% 44.81% 0.21% 10.56% 54.98% 45.02% VDL 2010 41.62% 65.47% 65.47% 0.17% 30.02% 4.34% 4.51% 65.64% 34.36% VGP 2010 38.43% 46.78% 38.43% 0.00% 60.08% 1.49% 1.49% 38.43% 61.57% VGS 2010 6.28% 12.30% 1.34% 0.61% 97.32% 0.73% 1.34% 1.95% 98.05% VHC 2010 49.57% 72.98% 14.37% 22.73% 62.79% 0.11% 22.84% 37.10% 62.90% VIC 2010 41.62% 64.56% 17.70% 1.39% 70.40% 0.00% 1.39% 19.09% 80.91% VID 2010 14.71% 28.58% 7.91% 0.00% 91.23% 0.86% 0.86% 7.91% 92.09% VIP 2010 51.00% 56.79% 56.79% 3.11% 30.29% 9.81% 12.92% 59.90% 40.10% VIS 2010 51.00% 53.25% 55.94% 2.33% 40.91% 0.82% 3.15% 58.27% 41.73% VMC 2010 51.40% 62.44% 65.78% 0.00% 33.66% 0.56% 0.56% 65.78% 34.22% VPK 2010 44.16% 77.21% 76.55% 0.00% 22.89% 0.56% 0.56% 76.55% 23.45% VSC 2010 7.51% 30.00% 46.28% 24.34% 27.49% 1.89% 26.23% 70.62% 29.38% VTB 2010 55.54% 57.35% 55.54% 0.00% 43.70% 0.76% 0.76% 55.54% 44.46% VNA 2010 51.00% 58.59% 64.18% 0.00% 34.96% 0.86% 0.86% 64.18% 35.82% VNC 2010 30.00% 43.85% 46.79% 13.85% 38.35% 1.01% 14.86% 60.64% 39.36% Mã CK Năm TOP TOP5 DINST FINST DINDV VNS 2010 20.50% 59.68% 33.05% 19.21% 47.33% 0.41% ACL 2011 16.34% 39.37% 3.05% 1.51% 94.61% AGF 2011 51.08% 79.49% 79.89% 1.83% FINDV FOREGIN INST INDV 19.62% 52.26% 47.74% 0.83% 2.34% 4.56% 95.44% 17.19% 1.09% 2.92% 81.72% 18.28% ALT 2011 16.83% 42.33% 29.00% 0.00% 65.22% 5.78% 5.78% 29.00% 71.00% ANV 2011 43.38% 71.84% 95.46% 1.78% 2.76% 0.00% 1.78% 97.24% 2.76% ASP 2011 20.41% 67.64% 16.48% 13.33% 70.19% 0.45% 13.78% 29.81% 70.64% B82 2011 50.09% 55.68% 50.09% 0.00% 49.35% 0.56% 0.56% 50.09% 49.91% BBC 2011 38.60% 48.59% 5.73% 0.00% 45.27% 3.60% 3.60% 51.13% 48.87% BBS 2011 55.62% 58.98% 55.62% 0.00% 43.93% 0.45% 0.45% 55.62% 44.38% BCC 2011 73.15% 78.32% 73.15% 0.00% 25.08% 1.77% 1.77% 73.15% 26.85% BLF 2011 20.05% 26.05% 8.53% 0.00% 86.57% 4.90% 4.90% 8.53% 91.47% BMC 2011 25.00% 47.51% 47.51% 0.00% 39.03% 0.30% 0.30% 47.51% 52.49% BMP 2011 29.60% 44.57% 29.79% 0.00% 21.21% 0.86% 0.86% 76.93% 22.07% BPC 2011 50.00% 56.25% 50.00% 0.00% 48.53% 1.47% 1.47% 50.00% 50.00% BT6 2011 20.19% 68.73% 43.69% 9.26% 46.94% 0.11% 9.37% 52.95% 47.05% BTH 2011 44.37% 44.37% 44.37% 0.00% 55.58% 0.05% 0.05% 44.37% 55.63% BTS 2011 18.14% 28.14% 79.51% 0.00% 20.39% 0.10% 0.10% 79.51% 20.49% C92 2011 50.89% 60.90% 51.19% 0.00% 48.50% 0.61% 0.61% 51.19% 49.11% CAN 2011 27.75% 32.59% 27.82% 3.67% 63.40% 5.11% 8.78% 31.49% 68.51% CAP 2011 10.42% 24.74% 3.36% 0.00% 94.32% 2.32% 2.32% 3.36% 96.64% CDC 2011 23.77% 49.88% 43.23% 0.00% 56.38% 0.39% 0.39% 43.23% 56.77% CID 2011 51.08% 58.37% 90.98% 0.00% 5.91% 3.11% 3.11% 90.98% 9.02% CII 2011 16.33% 36.29% 59.77% 6.27% 33.96% 0.20% 6.47% 66.04% 33.96% CJC 2011 51.00% 75.45% 58.00% 0.00% 39.72% 2.28% 2.28% 58.00% 42.00% CLC 2011 51.00% 57.38% 57.38% 0.42% 41.97% 0.23% 0.65% 57.80% 42.20% CMC 2011 21.99% 43.20% 8.38% 0.00% 89.41% 2.21% 2.21% 8.38% 91.62% CNT 2011 14.45% 23.84% 34.45% 24.87% 38.64% 2.04% 26.91% 59.32% 40.68% COM 2011 30.32% 56.88% 69.78% 0.06% 29.61% 0.55% 0.61% 69.84% 30.16% CTC 2011 17.64% 43.01% 35.76% 0.00% 64.21% 0.03% 0.03% 35.76% 64.24% CTN 2011 30.80% 48.67% 48.67% 0.00% 47.50% 3.83% 3.83% 48.67% 51.33% DAC 2011 51.00% 69.65% 73.02% 0.65% 21.53% 4.80% 5.45% 73.67% 26.33% DAE 2011 29.41% 37.00% 29.41% 33.98% 36.61% 0.00% 33.98% 63.39% 36.61% DBC 2011 13.01% 41.47% 18.05% 10.41% 62.26% 0.00% 10.41% 28.46% 71.54% DC4 2011 14.55% 39.83% 24.21% 0.00% 75.70% 0.09% 0.09% 24.21% 75.79% DCL 2011 36.35% 42.90% 47.05% 13.54% 34.33% 5.08% 18.62% 60.59% 39.41% DHA 2011 24.86% 39.85% 29.93% 17.16% 44.89% 7.53% 24.69% 47.09% 52.42% DHG 2011 43.31% 51.66% 78.73% 12.73% 7.33% 1.21% 13.94% 91.46% 8.54% DHT 2011 14.00% 51.25% 5.34% 0.00% 94.42% 0.24% 0.24% 5.34% 94.66% DIC 2011 20.25% 26.14% 12.44% 2.18% 83.20% 2.18% 4.36% 14.62% 85.38% DMC 2011 44.69% 79.40% 34.72% 44.69% 20.28% 0.31% 45.00% 79.41% 20.59% DNP 2011 17.47% 17.47% 6.35% 0.18% 90.56% 2.91% 3.09% 6.53% 93.47% DPC 2011 29.05% 44.17% 44.17% 0.00% 52.24% 3.59% 3.59% 44.17% 55.83% DPR 2011 55.81% 62.49% 6.62% 0.00% 5.48% 1.28% 1.28% 93.50% 6.50% DQC 2011 15.95% 42.25% 29.73% 2.94% 65.96% 1.37% 4.31% 32.67% 67.33% Mã CK Năm TOP TOP5 DINST FINST DINDV DRC 2011 50.50% 63.65% 51.35% 19.87% 28.78% 0.00% DTT 2011 18.96% 61.02% 23.80% 0.10% 75.77% DXP 2011 51.00% 60.12% 53.45% 14.80% DXV 2011 15.81% 21.99% 71.52% EBS 2011 6.17% 20.45% 19.45% FMC 2011 17.25% 38.42% FPT 2011 7.24% FINDV FOREGIN INST INDV 19.87% 71.22% 28.78% 0.33% 0.43% 23.90% 76.10% 31.75% 0.00% 14.80% 68.25% 31.75% 0.08% 28.12% 0.28% 0.36% 71.60% 28.40% 0.00% 79.82% 0.73% 0.73% 19.45% 80.55% 17.25% 4.41% 71.99% 6.35% 10.76% 21.66% 78.34% 23.98% 31.79% 10.58% 48.88% 8.75% 19.33% 42.37% 57.63% GIL 2011 41.25% 40.03% 40.87% 8.03% 47.46% 3.64% 11.67% 48.90% 51.10% GTA 2011 19.95% 48.28% 58.57% 0.01% 40.75% 0.67% 0.68% 58.58% 41.42% HAG 2011 48.12% 58.89% 17.64% 27.20% 54.45% 0.71% 27.91% 44.84% 55.16% HAI 2011 46.96% 77.45% 76.96% 0.00% 22.89% 0.15% 0.15% 76.96% 23.04% HAP 2011 6.74% 14.28% 2.78% 14.97% 75.52% 10.00% 24.97% 17.75% 84.97% HAX 2011 32.63% 65.25% 48.42% 7.32% 42.24% 2.02% 9.34% 55.74% 44.26% HBC 2011 17.60% 28.88% 6.28% 5.00% 87.02% 1.70% 6.70% 11.28% 88.72% HBE 2011 20.00% 25.14% 45.14% 0.00% 54.73% 0.13% 0.13% 45.14% 54.86% HCC 2011 51.48% 56.25% 52.13% 0.00% 46.93% 0.94% 0.94% 52.13% 47.87% HDC 2011 11.63% 27.85% 27.49% 10.04% 62.09% 0.38% 10.42% 37.53% 62.47% HEV 2011 21.73% 41.45% 35.36% 0.00% 56.57% 8.07% 8.07% 35.36% 64.64% HJS 2011 51.00% 73.56% 56.00% 0.00% 43.58% 0.42% 0.42% 56.00% 44.00% HMC 2011 55.67% 64.79% 57.86% 0.00% 41.80% 0.34% 0.34% 57.86% 42.14% HPG 2011 24.06% 31.47% 0.31% 39.24% 59.10% 1.35% 40.59% 39.55% 60.45% HRC 2011 55.06% 65.03% 73.95% 0.23% 17.21% 0.00% 0.23% 73.95% 26.05% HT1 2011 67.38% 75.78% 72.82% 0.00% 25.99% 1.19% 1.19% 72.82% 27.18% HTV 2011 50.08% 63.56% 50.08% 5.24% 42.90% 1.78% 7.02% 55.32% 44.68% HUT 2011 12.93% 18.71% 12.93% 0.00% 87.05% 0.02% 0.02% 12.93% 87.07% ICF 2011 18.34% 25.91% 4.66% 0.05% 92.91% 2.38% 2.43% 4.71% 95.29% IMP 2011 27.38% 64.10% 48.36% 31.28% 18.64% 1.72% 33.00% 79.64% 20.36% KHA 2011 27.22% 41.01% 33.46% 0.00% 61.74% 4.80% 4.80% 33.46% 66.54% KHP 2011 51.53% 51.78% 54.33% 1.83% 43.06% 0.78% 2.61% 56.16% 43.84% L10 2011 51.00% 56.14% 51.00% 0.02% 48.72% 0.26% 0.28% 51.02% 48.98% L18 2011 18.75% 41.40% 31.09% 0.00% 68.64% 0.27% 0.27% 31.09% 68.91% L43 2011 51.00% 53.25% 51.00% 0.00% 48.99% 0.01% 0.01% 51.00% 49.00% L61 2011 51.00% 56.25% 51.00% 0.00% 48.36% 0.64% 0.64% 51.00% 49.00% L62 2011 50.38% 64.80% 50.38% 0.00% 46.91% 0.01% 0.01% 50.38% 46.92% LBE 2011 22.91% 41.87% 22.91% 0.00% 76.28% 0.81% 0.81% 22.91% 77.09% LBM 2011 41.68% 41.68% 41.68% 0.38% 56.97% 0.97% 1.35% 42.06% 57.94% LGC 2011 24.98% 67.82% 75.96% 3.68% 19.90% 0.46% 4.14% 79.64% 20.36% LSS 2011 18.30% 35.60% 49.59% 0.00% 50.41% 0.00% 0.00% 49.59% 50.41% LTC 2011 28.86% 39.01% 28.86% 0.00% 69.40% 1.70% 1.70% 28.86% 71.10% LUT 2011 18.71% 40.18% 11.63% 0.00% 88.21% 0.16% 0.16% 11.63% 88.37% MCO 2011 14.86% 40.35% 11.47% 0.00% 86.55% 1.98% 1.98% 11.47% 88.53% MCP 2011 39.89% 55.60% 41.88% 0.00% 54.72% 3.40% 3.40% 41.88% 58.12% MEC 2011 51.00% 53.85% 51.00% 0.00% 47.52% 1.48% 1.48% 51.00% 49.00% MHC 2011 12.84% 17.99% 5.15% 0.00% 92.04% 2.81% 2.81% 5.15% 94.85% Mã CK Năm TOP TOP5 DINST FINST DINDV MMC 2011 51.00% 65.30% 65.30% 0.00% 32.81% 1.89% NAV 2011 20.00% 29.12% 75.38% 4.62% 20.00% NBC 2011 51.00% 65.47% 54.35% 5.97% NGC 2011 20.00% 52.60% 21.45% NHC 2011 30.04% 45.64% 31.40% NPS 2011 33.19% 46.15% NSC 2011 16.31% FINDV FOREGIN INST INDV 1.89% 65.30% 34.70% 0.00% 4.62% 80.00% 20.00% 34.72% 4.96% 10.93% 60.32% 39.68% 0.00% 77.79% 0.76% 0.76% 21.45% 78.55% 0.74% 54.67% 0.00% 0.74% 32.14% 67.86% 33.19% 0.00% 64.71% 2.10% 2.10% 33.19% 66.81% 47.79% 51.44% 27.20% 19.58% 1.78% 28.98% 78.64% 21.36% NST 2011 51.00% 73.82% 68.82% 0.00% 26.91% 4.27% 4.27% 68.82% 31.18% NTL 2011 8.86% 26.15% 8.86% 5.77% 70.90% 8.86% 14.63% 14.63% 79.76% NTP 2011 37.10% 44.18% 48.87% 0.00% 15.09% 0.42% 0.42% 84.49% 15.51% PJT 2011 51.21% 58.98% 51.70% 2.08% 45.10% 1.12% 3.20% 53.78% 46.22% PLC 2011 79.07% 79.07% 81.74% 2.02% 16.40% 0.24% 2.26% 83.76% 16.64% PMS 2011 46.00% 78.90% 78.90% 0.01% 15.98% 5.11% 5.12% 78.91% 21.09% PNC 2011 15.01% 30.97% 15.01% 5.03% 76.42% 3.54% 8.57% 20.04% 79.96% POT 2011 49.99% 58.79% 61.82% 0.00% 37.89% 0.29% 0.29% 61.82% 38.18% PPC 2011 51.00% 68.03% 78.32% 12.42% 7.77% 1.49% 13.91% 90.74% 9.26% PSC 2011 52.73% 84.56% 84.56% 0.00% 15.00% 0.44% 0.44% 84.56% 15.44% PVD 2011 50.38% 62.28% 57.29% 33.18% 8.49% 1.04% 34.22% 90.47% 9.53% PVS 2011 51.38% 69.80% 64.34% 5.62% 20.40% 9.64% 15.26% 69.96% 30.04% PVT 2011 58.40% 66.72% 9.60% 12.14% 74.21% 4.05% 16.19% 21.74% 78.26% QNC 2011 17.74% 26.98% 17.71% 0.00% 82.14% 0.15% 0.15% 17.71% 82.29% RCL 2011 51.00% 59.15% 55.19% 0.42% 39.92% 4.47% 4.89% 55.61% 44.39% REE 2011 6.76% 6.76% 44.72% 0.00% 55.28% 0.00% 0.00% 44.72% 55.28% RIC 2011 52.49% 72.48% 18.26% 42.49% 30.74% 3.49% 45.98% 60.75% 34.23% S91 2011 55.23% 56.35% 55.40% 0.00% 41.85% 1.80% 1.80% 56.35% 43.65% SAP 2011 31.00% 46.16% 32.15% 0.00% 67.66% 0.19% 0.19% 32.15% 67.85% SAV 2011 23.32% 70.62% 51.91% 32.57% 14.40% 1.12% 33.69% 84.48% 15.52% SFC 2011 49.99% 69.99% 73.26% 0.13% 23.83% 2.78% 2.91% 73.39% 26.61% SGC 2011 49.89% 60.08% 49.89% 0.30% 48.58% 1.23% 1.53% 50.19% 49.81% SIC 2011 26.83% 36.72% 41.47% 0.02% 57.68% 0.83% 0.85% 41.49% 58.51% SJ1 2011 24.23% 52.89% 40.60% 0.05% 55.62% 3.73% 3.78% 40.65% 59.35% SJS 2011 36.30% 52.09% 52.34% 3.05% 41.56% 3.05% 6.10% 55.39% 44.61% SMC 2011 14.26% 22.83% 17.55% 5.32% 76.66% 0.47% 5.79% 22.87% 77.13% SPP 2011 16.00% 53.21% 20.84% 34.86% 44.29% 0.01% 34.87% 55.70% 44.30% SSC 2011 18.57% 51.37% 33.95% 17.42% 40.54% 0.00% 17.42% 51.37% 48.63% SSM 2011 5.65% 10.70% 22.97% 2.30% 74.73% 0.00% 2.30% 25.27% 74.73% STP 2011 5.32% 10.76% 93.89% 4.09% 2.02% 0.00% 4.09% 97.98% 2.02% SVC 2011 40.78% 57.58% 57.58% 0.00% 34.01% 8.41% 8.41% 57.58% 42.42% TCM 2011 43.37% 50.96% 33.10% 47.85% 18.25% 0.80% 48.65% 80.95% 19.05% TDH 2011 8.89% 29.95% 26.14% 5.95% 61.96% 5.95% 11.90% 32.09% 67.91% TMS 2011 15.65% 50.76% 33.09% 27.09% 27.63% 8.19% 35.28% 60.18% 35.82% TNA 2011 20.68% 46.71% 20.68% 0.00% 77.69% 1.63% 1.63% 20.68% 79.32% TNC 2011 51.00% 56.19% 62.10% 0.41% 36.23% 1.26% 1.67% 62.51% 37.49% TRA 2011 35.66% 64.14% 35.79% 36.29% 28.01% 0.05% 36.34% 72.08% 28.06% Mã CK Năm TOP TOP5 DINST FINST DINDV TRC 2011 60.00% 65.59% 66.46% 32.80% 1.69% 0.00% TTC 2011 42.78% 59.16% 43.69% 0.04% 55.51% TTF 2011 16.20% 55.35% 29.25% 0.00% TXM 2011 51.21% 64.45% 61.21% UIC 2011 51.00% 60.12% 53.89% VC2 2011 50.98% 50.98% VC3 2011 51.00% FINDV FOREGIN INST INDV 32.80% 99.26% 1.69% 0.76% 0.80% 43.73% 56.27% 42.22% 10.58% 10.58% 47.20% 52.80% 0.10% 37.39% 1.30% 1.40% 61.31% 38.69% 0.20% 43.91% 2.20% 2.40% 54.09% 46.11% 69.00% 3.32% 27.21% 0.47% 3.79% 72.32% 27.68% 70.76% 71.31% 0.00% 28.67% 0.02% 0.02% 71.31% 28.69% VC7 2011 51.00% 56.94% 55.88% 10.35% 43.98% 0.14% 10.49% 55.88% 44.12% VDL 2011 24.43% 69.30% 48.05% 0.17% 47.48% 4.30% 4.47% 48.22% 51.78% VGP 2011 38.43% 47.23% 38.43% 0.00% 59.90% 1.67% 1.67% 38.43% 61.57% VGS 2011 6.28% 12.30% 1.34% 0.61% 97.32% 0.73% 1.34% 1.95% 98.05% VHC 2011 49.57% 72.98% 12.87% 25.51% 61.77% 0.15% 25.66% 38.38% 61.92% VIC 2011 39.17% 57.40% 18.23% 4.09% 69.34% 15.05% 19.14% 22.32% 77.68% VID 2011 14.71% 29.62% 7.80% 0.00% 91.31% 0.89% 0.89% 7.80% 92.20% VIP 2011 51.00% 56.79% 56.79% 1.97% 35.12% 6.12% 8.09% 58.76% 41.24% VIS 2011 51.00% 54.53% 53.92% 2.63% 41.99% 1.36% 3.99% 56.55% 43.35% VMC 2011 51.40% 70.20% 77.92% 0.35% 21.53% 0.20% 0.55% 78.27% 21.73% VPK 2011 44.16% 77.35% 77.55% 0.00% 23.57% 0.88% 0.88% 77.55% 24.45% VSC 2011 7.56% 30.44% 28.45% 24.55% 45.11% 1.89% 26.44% 53.00% 47.00% VTB 2011 55.54% 57.36% 55.54% 0.07% 43.98% 0.41% 0.48% 55.61% 44.39% VNA 2011 51.00% 59.78% 66.53% 0.95% 32.38% 0.14% 1.09% 67.48% 32.52% VNC 2011 30.00% 45.56% 45.80% 15.56% 38.29% 1.15% 16.71% 61.36% 39.44% VNS 2011 20.50% 61.15% 33.20% 21.90% 46.54% 1.64% 23.54% 55.10% 48.18% ACL 2012 16.34% 39.37% 2.56% 0.00% 91.68% 5.76% 5.76% 2.56% 97.44% AGF 2012 51.08% 59.27% 59.27% 0.00% 35.49% 5.24% 5.24% 59.27% 40.73% ALT 2012 16.83% 43.97% 29.00% 0.00% 65.20% 5.80% 5.80% 29.00% 71.00% ANV 2012 43.38% 71.84% 92.16% 0.20% 6.17% 1.47% 1.67% 92.36% 7.64% ASP 2012 20.41% 68.78% 9.23% 12.59% 77.67% 0.51% 13.10% 21.82% 78.18% B82 2012 50.09% 55.68% 50.09% 0.00% 49.36% 0.55% 0.55% 50.09% 49.91% BBC 2012 38.60% 58.60% 22.71% 0.00% 28.29% 3.49% 3.49% 68.22% 31.78% BBS 2012 55.62% 58.98% 55.62% 0.08% 43.84% 0.46% 0.54% 55.70% 44.30% BCC 2012 73.15% 78.37% 73.15% 0.00% 25.31% 1.54% 1.54% 73.15% 26.85% BLF 2012 20.05% 26.24% 8.53% 0.00% 86.69% 4.78% 4.78% 8.53% 91.47% BMC 2012 25.00% 57.45% 25.00% 8.66% 62.69% 3.65% 12.31% 33.66% 66.34% BMP 2012 29.60% 58.73% 29.79% 0.00% 21.21% 0.86% 0.86% 76.96% 22.07% BPC 2012 53.53% 58.44% 53.53% 0.00% 43.36% 1.11% 1.11% 53.53% 44.47% BT6 2012 20.19% 68.73% 43.69% 8.16% 46.81% 1.34% 9.50% 51.85% 48.15% BTH 2012 49.49% 49.49% 49.49% 0.00% 50.46% 0.05% 0.05% 49.49% 50.51% BTS 2012 18.14% 28.14% 90.51% 0.05% 9.38% 0.06% 0.11% 90.56% 9.44% C92 2012 50.89% 61.12% 51.18% 0.09% 48.11% 0.62% 0.71% 51.27% 48.73% CAN 2012 27.75% 32.59% 27.75% 4.46% 62.30% 5.40% 9.86% 32.21% 67.70% CAP 2012 7.74% 14.32% 3.56% 0.00% 94.26% 2.18% 2.18% 3.56% 96.44% CDC 2012 23.77% 36.36% 23.77% 0.00% 75.59% 0.64% 0.64% 23.77% 76.23% CID 2012 51.08% 67.39% 90.98% 0.00% 5.91% 3.11% 3.11% 90.98% 9.02% Mã CK Năm TOP TOP5 DINST FINST DINDV CII 2012 19.22% 44.24% 57.51% 6.27% 26.20% 0.00% CJC 2012 51.00% 78.00% 56.00% 0.00% 40.05% CLC 2012 51.00% 57.38% 57.38% 1.49% CMC 2012 31.30% 52.51% 11.36% CNT 2012 14.45% 23.84% 35.22% COM 2012 35.29% 67.52% 79.54% CTC 2012 17.64% 45.89% FINDV FOREGIN INST INDV 6.27% 63.78% 36.22% 1.95% 1.95% 56.00% 42.00% 41.31% 0.18% 1.67% 58.87% 41.49% 0.27% 87.62% 0.75% 1.02% 11.63% 88.37% 25.97% 37.88% 0.93% 26.90% 61.19% 38.81% 0.05% 19.89% 0.52% 0.57% 79.59% 20.41% 35.76% 0.00% 64.22% 0.04% 0.04% 35.76% 64.26% CTN 2012 30.83% 30.83% 30.83% 0.00% 64.50% 4.67% 4.67% 30.83% 69.17% DAC 2012 51.00% 69.75% 73.66% 0.12% 21.24% 4.64% 4.76% 73.78% 25.88% DAE 2012 29.41% 37.89% 29.70% 33.98% 36.32% 0.00% 33.98% 63.68% 36.32% DBC 2012 14.28% 49.01% 15.48% 24.45% 42.15% 7.92% 32.37% 39.93% 50.07% DC4 2012 14.55% 40.57% 28.03% 0.00% 71.92% 0.05% 0.05% 28.03% 71.97% DCL 2012 36.35% 42.90% 45.49% 13.01% 39.65% 1.85% 14.86% 58.50% 41.50% DHA 2012 24.95% 39.85% 29.93% 19.30% 47.86% 5.16% 24.46% 49.23% 53.02% DHG 2012 43.31% 52.22% 88.60% 4.49% 5.70% 1.21% 5.70% 93.09% 6.91% DHT 2012 14.00% 41.37% 5.34% 0.00% 94.35% 0.31% 0.31% 5.34% 94.66% DIC 2012 20.25% 26.14% 8.91% 1.53% 88.03% 1.53% 3.06% 10.44% 89.56% DMC 2012 45.94% 80.65% 40.14% 48.22% 10.86% 0.78% 49.00% 88.36% 11.64% DNP 2012 24.59% 41.59% 6.35% 0.18% 90.56% 2.91% 3.09% 6.53% 93.47% DPC 2012 29.05% 44.17% 44.17% 0.00% 53.06% 2.77% 2.77% 44.17% 55.83% DPR 2012 55.81% 62.49% 58.91% 0.00% 4.40% 0.26% 0.26% 95.34% 4.66% DQC 2012 15.95% 42.15% 29.67% 4.20% 64.90% 1.23% 5.43% 33.87% 66.13% DRC 2012 50.50% 64.65% 51.35% 21.58% 27.03% 0.00% 21.58% 72.93% 27.03% DTT 2012 18.96% 41.74% 18.96% 0.00% 80.61% 0.43% 0.43% 18.96% 81.04% DXP 2012 51.00% 65.59% 51.15% 12.55% 31.20% 5.10% 17.65% 63.70% 36.30% DXV 2012 15.81% 21.99% 72.25% 0.02% 27.47% 0.26% 0.28% 72.27% 27.73% EBS 2012 6.17% 22.15% 13.45% 13.20% 66.72% 6.63% 19.83% 26.65% 73.35% FMC 2012 17.25% 40.25% 26.68% 0.20% 67.06% 6.06% 6.26% 26.88% 73.12% FPT 2012 10.65% 29.63% 24.40% 16.40% 48.88% 0.00% 16.40% 40.80% 59.20% GIL 2012 41.25% 47.79% 51.27% 11.04% 38.59% 0.90% 11.94% 62.31% 39.49% GTA 2012 19.95% 48.28% 58.57% 0.01% 40.75% 0.67% 0.68% 58.58% 41.42% HAG 2012 43.39% 53.60% 18.28% 27.20% 54.45% 0.07% 27.27% 45.48% 54.52% HAI 2012 48.32% 80.01% 76.96% 0.00% 22.89% 0.15% 0.15% 76.96% 23.04% HAP 2012 6.74% 14.28% 2.78% 14.97% 75.52% 10.00% 24.97% 17.75% 84.97% HAX 2012 32.63% 67.35% 43.88% 0.99% 52.85% 2.28% 3.27% 44.87% 55.13% HBC 2012 21.40% 36.10% 4.57% 19.95% 72.31% 3.83% 23.78% 24.52% 76.14% HBE 2012 20.00% 25.14% 45.14% 0.00% 54.73% 0.13% 0.13% 45.14% 54.86% HCC 2012 51.48% 56.36% 52.91% 0.00% 36.94% 2.74% 2.74% 52.91% 39.68% HDC 2012 11.66% 27.93% 11.66% 26.26% 61.70% 0.38% 26.64% 37.92% 62.08% HEV 2012 21.73% 41.56% 35.36% 0.00% 56.34% 8.30% 8.30% 35.36% 64.64% HJS 2012 51.00% 75.57% 56.00% 0.00% 43.79% 0.21% 0.21% 56.00% 44.00% HMC 2012 55.67% 65.67% 57.86% 0.85% 40.98% 0.31% 1.16% 58.71% 41.29% HPG 2012 24.12% 38.68% 0.31% 39.24% 59.10% 1.35% 40.59% 39.55% 60.45% HRC 2012 55.06% 66.25% 74.01% 0.23% 20.63% 0.00% 0.23% 74.01% 25.99% Mã CK Năm TOP TOP5 DINST FINST DINDV HT1 2012 67.38% 76.76% 72.82% 1.89% 25.05% 0.24% HTV 2012 50.08% 64.25% 50.08% 5.24% 38.61% HUT 2012 12.93% 19.30% 12.93% 0.00% FINDV FOREGIN INST INDV 2.13% 74.71% 25.29% 6.07% 11.31% 55.32% 44.68% 84.58% 2.49% 2.49% 12.93% 87.07% ICF 2012 18.34% 25.91% 4.66% 0.05% 92.64% 2.65% 2.70% 4.71% 95.29% IMP 2012 27.43% 56.92% 56.05% 24.09% 18.14% 1.72% 25.81% 80.14% 19.86% KHA 2012 31.39% 37.95% 38.14% 2.29% 56.54% 3.03% 5.32% 40.43% 59.57% KHP 2012 51.53% 51.80% 51.64% 2.80% 44.72% 0.84% 3.64% 54.44% 45.56% L10 2012 51.00% 56.16% 51.00% 0.00% 48.59% 0.41% 0.41% 51.00% 49.00% L18 2012 18.75% 40.88% 28.57% 0.00% 71.10% 0.33% 0.33% 28.57% 71.43% L43 2012 51.00% 55.67% 57.20% 0.00% 42.88% 0.02% 0.02% 57.20% 42.90% L61 2012 51.00% 57.20% 51.00% 0.00% 48.36% 0.64% 0.64% 51.00% 49.00% L62 2012 50.38% 64.80% 50.38% 0.00% 46.91% 0.01% 0.01% 50.38% 46.92% LBE 2012 22.91% 42.64% 23.28% 0.00% 74.77% 1.95% 1.95% 23.28% 76.72% LBM 2012 41.68% 41.68% 41.68% 0.38% 56.97% 0.97% 1.35% 42.06% 57.94% LGC 2012 79.98% 79.98% 84.91% 0.06% 14.71% 0.32% 0.38% 84.97% 15.03% LSS 2012 18.30% 26.50% 44.37% 1.06% 53.51% 1.06% 2.12% 45.43% 54.57% LTC 2012 24.40% 32.99% 28.86% 0.00% 69.48% 1.66% 1.66% 28.86% 71.14% LUT 2012 18.71% 57.93% 11.63% 0.00% 88.21% 0.16% 0.16% 11.63% 88.37% MCO 2012 14.86% 40.35% 11.47% 0.00% 86.55% 1.98% 1.98% 11.47% 88.53% MCP 2012 39.89% 55.90% 43.73% 3.83% 52.82% 0.38% 4.21% 47.56% 53.20% MEC 2012 51.00% 53.88% 56.76% 0.08% 40.85% 2.31% 2.39% 56.84% 43.16% MHC 2012 14.41% 19.56% 5.15% 0.00% 92.44% 2.41% 2.41% 5.15% 94.85% MMC 2012 51.00% 63.94% 63.94% 0.00% 35.78% 0.28% 0.28% 63.94% 36.06% NAV 2012 20.00% 29.12% 75.02% 4.98% 20.00% 0.00% 4.98% 80.00% 20.00% NBC 2012 51.00% 71.00% 71.83% 4.64% 20.18% 3.35% 7.99% 76.47% 23.53% NGC 2012 20.00% 50.49% 22.33% 0.00% 75.36% 2.31% 2.31% 22.33% 77.67% NHC 2012 30.04% 46.25% 35.77% 0.70% 50.03% 0.00% 0.70% 36.47% 63.53% NPS 2012 33.19% 46.25% 33.71% 0.00% 64.49% 1.80% 1.80% 33.71% 66.29% NSC 2012 16.10% 48.01% 47.10% 28.65% 22.60% 1.65% 30.30% 75.75% 24.25% NST 2012 51.00% 78.82% 68.82% 0.00% 26.53% 4.65% 4.65% 68.82% 31.18% NTL 2012 5.81% 11.52% 12.84% 14.77% 70.50% 1.89% 16.66% 27.61% 72.39% NTP 2012 37.10% 66.85% 37.88% 0.00% 13.12% 1.19% 1.19% 85.69% 14.31% PJT 2012 51.21% 59.34% 51.71% 2.09% 44.89% 1.31% 3.40% 53.80% 46.20% PLC 2012 79.07% 79.07% 80.20% 1.39% 16.97% 0.21% 1.60% 81.59% 17.18% PMS 2012 46.00% 80.96% 80.96% 0.00% 14.69% 4.35% 4.35% 80.96% 19.04% PNC 2012 15.01% 30.97% 15.01% 5.03% 76.40% 3.56% 8.59% 20.04% 79.96% POT 2012 49.99% 58.79% 61.50% 0.00% 38.34% 0.16% 0.16% 61.50% 38.50% PPC 2012 51.00% 77.89% 78.22% 14.04% 10.38% 2.64% 16.68% 92.26% 13.02% PSC 2012 52.73% 86.58% 86.58% 0.00% 12.98% 0.44% 0.44% 86.58% 13.42% PVD 2012 50.46% 63.18% 58.80% 35.89% 4.52% 0.79% 36.68% 94.69% 5.31% PVS 2012 51.38% 70.01% 65.54% 20.00% 14.28% 0.18% 20.18% 85.54% 14.46% PVT 2012 58.40% 66.72% 9.77% 12.14% 74.75% 3.34% 15.48% 21.91% 78.09% QNC 2012 17.77% 27.01% 17.77% 0.00% 81.34% 0.34% 0.34% 17.77% 81.68% RCL 2012 51.00% 61.23% 53.42% 0.84% 38.70% 7.04% 7.88% 54.26% 45.74% Mã CK Năm TOP TOP5 DINST FINST DINDV REE 2012 11.26% 17.26% 44.72% 0.00% 55.28% 0.00% RIC 2012 52.49% 72.48% 18.88% 42.49% 30.12% S91 2012 55.23% 56.75% 55.51% 0.00% FINDV FOREGIN INST INDV 0.00% 44.72% 55.28% 4.11% 46.60% 61.37% 34.23% 41.45% 1.80% 1.80% 56.75% 43.25% SAP 2012 31.69% 70.02% 32.10% 0.00% 67.71% 0.19% 0.19% 32.10% 67.90% SAV 2012 23.32% 60.75% 37.43% 28.43% 32.70% 1.44% 29.87% 65.86% 34.14% SFC 2012 49.99% 69.99% 73.67% 0.13% 23.38% 2.82% 2.95% 73.80% 26.20% SGC 2012 49.89% 60.08% 49.89% 0.00% 48.66% 1.45% 1.45% 49.89% 50.11% SIC 2012 26.83% 36.72% 44.92% 0.02% 54.69% 0.37% 0.39% 44.94% 55.06% SJ1 2012 22.60% 45.54% 76.64% 0.63% 22.68% 0.05% 0.68% 77.27% 22.73% SJS 2012 36.30% 53.82% 52.35% 2.94% 41.77% 2.94% 5.88% 55.29% 44.71% SMC 2012 17.42% 30.99% 17.45% 10.65% 71.12% 0.78% 11.43% 28.10% 71.90% SPP 2012 16.00% 48.00% 23.70% 29.00% 47.47% 0.17% 29.17% 52.70% 47.64% SSC 2012 18.59% 62.43% 53.42% 24.56% 19.05% 2.97% 27.53% 77.98% 22.02% SSM 2012 5.65% 10.70% 22.97% 2.30% 74.73% 0.00% 2.30% 25.27% 74.73% STP 2012 5.32% 10.67% 92.12% 2.72% 5.16% 0.00% 2.72% 94.84% 5.16% SVC 2012 40.78% 50.10% 50.10% 0.00% 44.88% 5.02% 5.02% 50.10% 49.90% TCM 2012 43.22% 57.81% 19.21% 45.69% 34.40% 0.70% 46.39% 64.90% 35.10% TDH 2012 8.89% 27.89% 14.48% 24.87% 58.20% 2.45% 27.32% 39.35% 60.65% TMS 2012 11.70% 44.60% 33.69% 31.54% 27.11% 7.66% 39.20% 65.23% 34.77% TNA 2012 20.68% 46.71% 20.68% 0.24% 77.66% 1.42% 1.66% 20.92% 79.08% TNC 2012 51.00% 56.19% 63.59% 1.44% 34.50% 0.47% 1.91% 65.03% 34.97% TRA 2012 35.66% 75.29% 35.79% 44.86% 19.63% 0.07% 44.93% 80.65% 19.70% TRC 2012 60.00% 65.51% 67.05% 29.82% 2.67% 0.46% 30.28% 96.87% 3.13% TTC 2012 42.78% 62.78% 44.18% 0.10% 53.44% 2.34% 2.44% 44.28% 55.78% TTF 2012 12.49% 36.61% 17.51% 0.00% 42.22% 10.58% 10.58% 47.20% 52.80% TXM 2012 51.21% 64.45% 61.21% 0.00% 35.89% 2.90% 2.90% 61.21% 38.79% UIC 2012 51.00% 59.79% 53.61% 0.05% 46.39% 2.60% 2.65% 53.66% 48.99% VC2 2012 51.23% 51.23% 65.66% 3.34% 30.67% 0.33% 3.67% 69.00% 31.00% VC3 2012 51.00% 71.33% 71.45% 0.00% 28.54% 0.01% 0.01% 71.45% 28.55% VC7 2012 51.00% 57.17% 57.45% 10.35% 42.43% 0.12% 10.47% 57.45% 42.55% VDL 2012 24.85% 66.74% 45.84% 0.05% 51.44% 2.67% 2.72% 45.89% 54.11% VGP 2012 38.43% 48.52% 48.52% 0.00% 47.06% 4.42% 4.42% 48.52% 51.48% VGS 2012 6.28% 12.30% 1.34% 0.61% 97.32% 0.73% 1.34% 1.95% 98.05% VHC 2012 49.57% 73.06% 12.89% 25.68% 61.13% 0.30% 25.98% 38.57% 61.43% VIC 2012 30.67% 58.50% 22.54% 0.00% 65.37% 15.05% 15.05% 22.54% 77.46% VID 2012 14.71% 29.62% 7.80% 0.00% 91.44% 0.76% 0.76% 7.80% 92.20% VIP 2012 51.00% 56.79% 60.58% 2.73% 36.18% 0.51% 3.24% 63.31% 36.69% VIS 2012 53.04% 56.63% 53.85% 0.11% 43.51% 0.10% 0.21% 53.96% 43.61% VMC 2012 51.40% 70.56% 77.99% 0.00% 21.65% 0.36% 0.36% 77.99% 22.01% VPK 2012 44.16% 77.27% 76.89% 0.00% 22.33% 0.78% 0.78% 76.89% 23.11% VSC 2012 7.56% 30.12% 10.67% 47.54% 40.33% 1.46% 49.00% 58.21% 41.79% VTB 2012 55.54% 57.24% 60.44% 0.53% 38.29% 0.74% 1.27% 60.97% 39.03% VNA 2012 51.00% 61.06% 67.14% 0.54% 31.39% 0.93% 1.47% 67.68% 32.32% VNC 2012 30.00% 45.56% 38.94% 23.78% 38.29% 1.78% 25.56% 62.72% 40.07% Mã CK Năm TOP TOP5 DINST FINST DINDV VNS 2012 23.83% 71.63% 28.25% 26.18% 41.14% 4.43% ACL 2013 16.34% 39.37% 2.56% 0.00% 91.68% AGF 2013 51.41% 59.68% 61.41% 0.71% FINDV FOREGIN INST INDV 30.61% 54.43% 45.57% 5.76% 5.76% 2.56% 97.44% 37.15% 0.73% 1.44% 62.12% 37.88% ALT 2013 16.83% 43.97% 29.00% 0.00% 65.20% 5.80% 5.80% 29.00% 71.00% ANV 2013 45.65% 73.49% 92.16% 0.20% 6.17% 1.47% 1.67% 92.36% 7.64% ASP 2013 20.41% 70.10% 2.82% 21.00% 75.60% 0.58% 21.58% 23.82% 76.18% B82 2013 50.09% 55.70% 50.09% 0.14% 49.36% 0.43% 0.57% 50.23% 49.79% BBC 2013 43.00% 79.50% 22.71% 0.00% 28.29% 3.49% 3.49% 68.16% 31.78% BBS 2013 52.97% 65.80% 57.05% 0.08% 41.50% 1.37% 1.45% 57.13% 42.87% BCC 2013 73.15% 78.55% 73.15% 0.00% 25.31% 1.54% 1.54% 73.15% 26.85% BLF 2013 20.05% 26.05% 8.53% 0.00% 91.17% 0.30% 0.30% 8.53% 91.47% BMC 2013 22.51% 58.50% 48.71% 7.36% 38.99% 4.94% 12.30% 56.07% 43.93% BMP 2013 29.52% 59.92% 32.70% 0.00% 18.31% 0.74% 0.74% 79.96% 19.05% BPC 2013 55.50% 66.67% 55.50% 0.00% 43.27% 1.23% 1.23% 55.50% 44.50% BT6 2013 20.19% 68.73% 43.69% 8.16% 46.81% 1.34% 9.50% 51.85% 48.15% BTH 2013 49.49% 49.49% 49.49% 0.00% 50.46% 0.05% 0.05% 49.49% 50.51% BTS 2013 18.14% 28.14% 90.51% 0.05% 9.38% 0.06% 0.11% 90.56% 9.44% C92 2013 50.90% 65.40% 51.20% 0.10% 48.00% 0.70% 0.80% 51.30% 48.70% CAN 2013 27.75% 32.59% 27.84% 4.59% 61.89% 5.71% 10.30% 32.43% 67.60% CAP 2013 7.74% 14.32% 5.27% 0.00% 92.79% 1.94% 1.94% 5.27% 94.73% CDC 2013 23.77% 36.36% 25.94% 0.00% 73.41% 0.65% 0.65% 25.94% 74.06% CID 2013 51.08% 67.39% 90.98% 0.00% 5.91% 3.11% 3.11% 90.98% 9.02% CII 2013 19.21% 57.09% 57.51% 6.27% 26.20% 0.20% 6.47% 63.78% 36.22% CJC 2013 51.00% 77.60% 56.00% 0.00% 40.05% 1.95% 1.95% 56.00% 42.00% CLC 2013 51.00% 57.38% 57.38% 1.49% 41.31% 0.18% 1.67% 58.87% 41.49% CMC 2013 31.30% 58.11% 11.75% 0.70% 86.77% 0.76% 1.46% 12.45% 87.53% CNT 2013 14.45% 23.84% 35.22% 25.97% 37.88% 0.93% 26.90% 61.19% 38.81% COM 2013 35.29% 67.52% 79.54% 0.05% 19.89% 0.52% 0.57% 79.59% 20.41% CTC 2013 17.64% 52.44% 37.94% 0.00% 61.99% 0.07% 0.07% 37.94% 62.06% CTN 2013 30.83% 35.84% 30.90% 0.00% 65.47% 3.63% 3.63% 30.90% 69.10% DAC 2013 51.00% 63.41% 74.00% 0.12% 21.24% 4.64% 4.76% 74.12% 25.88% DAE 2013 29.41% 38.05% 29.70% 33.98% 36.32% 0.00% 33.98% 63.68% 36.32% DBC 2013 14.28% 49.01% 15.48% 24.45% 42.15% 7.92% 32.37% 39.93% 50.07% DC4 2013 14.55% 48.39% 30.27% 0.00% 69.55% 0.18% 0.18% 30.27% 69.73% DCL 2013 36.35% 42.90% 45.49% 13.01% 39.65% 1.85% 14.86% 58.50% 41.50% DHA 2013 24.95% 39.85% 24.86% 14.70% 51.38% 5.06% 19.76% 39.56% 56.44% DHG 2013 43.31% 59.95% 88.67% 4.49% 5.66% 1.21% 5.70% 93.16% 6.84% DHT 2013 14.00% 41.37% 5.34% 0.00% 94.35% 0.31% 0.31% 5.34% 94.66% DIC 2013 20.25% 26.14% 12.02% 1.27% 85.44% 1.27% 2.54% 13.29% 86.71% DMC 2013 45.94% 80.65% 39.37% 48.22% 11.64% 0.78% 49.00% 87.59% 12.41% DNP 2013 24.59% 41.59% 6.35% 0.18% 90.56% 2.91% 3.09% 6.53% 93.47% DPC 2013 29.05% 51.52% 51.52% 0.00% 44.82% 3.66% 3.66% 51.52% 48.48% DPR 2013 56.97% 75.20% 59.90% 0.00% 7.13% 0.31% 0.31% 92.57% 7.44% DQC 2013 15.95% 55.98% 55.37% 13.03% 30.89% 0.71% 13.74% 68.40% 31.60% Mã CK Năm TOP TOP5 DINST FINST DINDV DRC 2013 50.51% 50.51% 51.92% 27.04% 20.77% 0.00% DTT 2013 18.96% 41.74% 18.96% 0.00% 80.61% DXP 2013 51.00% 66.78% 51.06% 12.55% DXV 2013 15.81% 21.99% 72.35% EBS 2013 10.68% 28.25% 17.80% FMC 2013 17.25% 50.56% 61.01% FPT 2013 7.14% 29.45% FINDV FOREGIN INST INDV 27.04% 78.96% 20.77% 0.43% 0.43% 18.96% 81.04% 31.29% 5.10% 17.65% 63.61% 36.39% 0.02% 27.37% 0.26% 0.28% 72.37% 27.63% 13.20% 60.54% 8.46% 21.66% 31.00% 69.00% 4.35% 33.44% 1.20% 5.55% 65.36% 34.64% 15.07% 48.04% 35.93% 0.96% 49.00% 63.11% 36.89% GIL 2013 41.25% 50.20% 51.27% 10.04% 38.59% 0.90% 10.94% 61.31% 39.49% GTA 2013 19.95% 48.28% 58.57% 0.01% 40.75% 0.67% 0.68% 58.58% 41.42% HAG 2013 43.39% 58.60% 17.65% 27.20% 54.45% 0.70% 27.90% 44.85% 55.15% HAI 2013 46.00% 82.25% 76.96% 0.00% 23.00% 0.04% 0.04% 76.96% 23.04% HAP 2013 6.74% 14.28% 2.78% 14.97% 75.52% 0.00% 14.97% 17.75% 84.97% HAX 2013 32.63% 72.45% 43.86% 0.85% 53.28% 2.01% 2.86% 44.71% 55.29% HBC 2013 19.30% 36.20% 4.57% 19.95% 72.31% 3.83% 23.78% 24.52% 76.14% HBE 2013 29.97% 35.43% 55.81% 0.00% 44.11% 0.08% 0.08% 55.81% 44.19% HCC 2013 51.48% 62.01% 53.41% 10.96% 34.30% 1.33% 12.29% 64.37% 35.63% HDC 2013 11.66% 27.93% 11.66% 26.26% 61.70% 0.38% 26.64% 37.92% 62.08% HEV 2013 21.73% 43.25% 35.36% 0.00% 56.34% 8.30% 8.30% 35.36% 64.64% HJS 2013 51.00% 77.16% 56.00% 0.00% 43.79% 0.21% 0.21% 56.00% 44.00% HMC 2013 55.67% 68.85% 58.32% 0.85% 40.60% 0.23% 1.08% 59.17% 40.83% HPG 2013 24.12% 42.09% 1.17% 45.03% 53.40% 0.40% 45.43% 46.20% 53.80% HRC 2013 55.06% 66.35% 74.25% 0.23% 20.42% 0.00% 0.23% 74.25% 25.75% HT1 2013 79.69% 84.67% 79.69% 1.89% 18.18% 0.24% 2.13% 81.58% 18.42% HTV 2013 50.08% 67.73% 50.08% 5.24% 38.61% 6.07% 11.31% 55.32% 44.68% HUT 2013 10.03% 20.11% 11.00% 0.00% 87.06% 1.94% 1.94% 11.00% 89.00% ICF 2013 18.34% 25.91% 5.44% 0.05% 91.72% 2.79% 2.84% 5.49% 94.51% IMP 2013 27.43% 58.85% 30.89% 45.62% 21.77% 1.72% 47.34% 76.51% 23.49% KHA 2013 31.39% 42.90% 47.15% 3.78% 45.01% 4.06% 7.84% 50.93% 49.07% KHP 2013 51.53% 51.81% 51.64% 2.80% 44.72% 0.84% 3.64% 54.44% 45.56% L10 2013 51.00% 55.71% 51.21% 0.00% 48.23% 0.56% 0.56% 51.21% 48.79% L18 2013 18.75% 45.03% 46.68% 0.00% 52.92% 0.40% 0.40% 46.68% 53.32% L43 2013 51.00% 63.09% 57.10% 0.00% 42.88% 0.02% 0.02% 57.10% 42.90% L61 2013 51.00% 58.65% 51.00% 0.00% 48.36% 0.64% 0.64% 51.00% 49.00% L62 2013 53.08% 70.13% 56.54% 0.00% 43.45% 0.01% 0.01% 56.54% 43.46% LBE 2013 22.91% 42.64% 23.28% 0.00% 73.56% 3.16% 3.16% 23.28% 76.72% LBM 2013 55.16% 69.16% 57.33% 0.29% 41.40% 0.98% 1.27% 57.62% 42.38% LGC 2013 87.46% 87.46% 87.46% 0.06% 12.16% 0.32% 0.38% 87.52% 12.48% LSS 2013 19.46% 31.94% 51.00% 15.70% 31.76% 1.55% 17.25% 66.70% 33.31% LTC 2013 24.40% 32.99% 24.80% 0.00% 73.56% 1.64% 1.64% 24.80% 75.20% LUT 2013 18.71% 57.93% 13.95% 0.00% 86.04% 0.10% 0.10% 13.95% 86.14% MCO 2013 14.86% 40.35% 11.47% 0.00% 86.55% 1.98% 1.98% 11.47% 88.53% MCP 2013 39.89% 61.70% 43.83% 4.36% 50.89% 0.92% 5.28% 48.19% 51.81% MEC 2013 46.15% 46.15% 51.20% 0.08% 46.58% 2.12% 2.20% 51.28% 48.70% MHC 2013 14.58% 19.56% 5.15% 0.00% 92.44% 2.41% 2.41% 5.15% 94.85% Mã CK Năm TOP TOP5 DINST FINST DINDV MMC 2013 51.00% 63.94% 63.94% 0.00% 35.78% 0.28% NAV 2013 20.00% 36.02% 68.80% 5.06% 26.14% NBC 2013 52.90% 76.52% 77.12% 3.85% NGC 2013 20.00% 52.49% 22.34% NHC 2013 30.04% 49.72% 55.71% NPS 2013 33.19% 46.68% NSC 2013 10.74% FINDV FOREGIN INST INDV 0.28% 63.94% 36.06% 0.00% 5.06% 73.86% 26.14% 17.13% 1.90% 5.75% 80.97% 19.03% 0.00% 74.39% 3.27% 3.27% 22.34% 77.66% 2.76% 44.20% 0.00% 2.76% 58.47% 41.47% 33.71% 0.00% 65.01% 1.29% 1.29% 33.71% 66.30% 48.15% 52.10% 31.30% 14.80% 1.90% 33.20% 83.40% 16.70% NST 2013 55.75% 72.34% 80.45% 1.87% 16.18% 1.50% 3.37% 82.32% 17.68% NTL 2013 6.06% 14.54% 7.41% 6.46% 82.48% 3.65% 10.11% 13.87% 86.13% NTP 2013 37.10% 74.76% 39.59% 0.00% 12.32% 0.42% 0.42% 87.26% 12.74% PJT 2013 51.21% 66.25% 51.79% 2.02% 32.99% 0.20% 2.22% 53.81% 46.24% PLC 2013 79.07% 79.07% 81.11% 2.56% 16.04% 0.29% 2.85% 83.67% 16.33% PMS 2013 57.92% 82.57% 82.57% 0.00% 11.84% 5.59% 5.59% 82.57% 17.43% PNC 2013 15.38% 32.34% 15.01% 5.03% 76.40% 12.39% 17.42% 20.04% 80.79% POT 2013 49.99% 67.67% 61.50% 0.00% 38.34% 0.16% 0.16% 61.50% 38.50% PPC 2013 52.30% 83.56% 80.34% 15.70% 1.96% 2.00% 17.70% 96.04% 3.96% PSC 2013 52.73% 90.45% 90.45% 0.00% 9.11% 0.44% 0.44% 90.45% 9.55% PVD 2013 50.44% 65.12% 60.12% 33.00% 6.09% 0.79% 33.79% 93.12% 6.88% PVS 2013 51.31% 71.12% 65.54% 16.18% 18.26% 0.02% 16.20% 81.72% 18.28% PVT 2013 58.40% 66.72% 8.78% 12.14% 74.91% 4.17% 16.31% 20.92% 79.08% QNC 2013 17.77% 27.03% 17.77% 0.03% 80.75% 0.04% 0.07% 17.80% 80.79% RCL 2013 51.00% 62.53% 51.06% 3.51% 37.28% 8.15% 11.66% 54.57% 45.43% REE 2013 17.58% 34.25% 31.03% 13.25% 55.72% 0.00% 13.25% 44.28% 55.72% RIC 2013 52.49% 72.48% 26.92% 42.49% 22.08% 4.15% 46.64% 69.41% 26.23% S91 2013 55.23% 57.03% 55.62% 0.00% 41.17% 1.80% 1.80% 57.03% 42.97% SAP 2013 32.26% 72.45% 33.15% 0.00% 66.66% 0.19% 0.19% 33.15% 66.85% SAV 2013 24.31% 80.03% 50.63% 3.37% 13.55% 3.37% 6.74% 54.00% 16.92% SFC 2013 50.02% 76.03% 73.26% 0.13% 23.38% 2.78% 2.91% 73.39% 26.16% SGC 2013 49.89% 61.45% 48.18% 0.10% 50.72% 1.24% 1.34% 48.28% 51.96% SIC 2013 26.83% 37.02% 44.92% 0.33% 53.83% 0.92% 1.25% 45.25% 54.75% SJ1 2013 22.59% 45.73% 76.65% 0.62% 22.68% 0.04% 0.66% 77.27% 22.72% SJS 2013 36.30% 58.67% 53.24% 3.04% 40.68% 3.04% 6.08% 56.28% 43.72% SMC 2013 17.81% 32.08% 17.45% 7.16% 74.71% 0.68% 7.84% 24.61% 75.39% SPP 2013 16.72% 52.38% 19.40% 28.81% 47.48% 0.02% 28.83% 48.21% 47.50% SSC 2013 24.70% 64.12% 55.85% 24.48% 17.94% 1.31% 25.79% 80.33% 19.25% SSM 2013 7.89% 12.48% 15.86% 3.45% 76.84% 3.85% 7.30% 19.31% 80.69% STP 2013 5.32% 10.78% 90.79% 3.54% 5.67% 0.00% 3.54% 94.33% 5.67% SVC 2013 40.78% 53.15% 53.15% 0.00% 41.61% 5.24% 5.24% 53.15% 46.85% TCM 2013 43.22% 57.81% 19.21% 47.37% 34.40% 0.70% 48.07% 66.58% 35.10% TDH 2013 8.82% 31.43% 19.21% 33.75% 42.73% 2.78% 36.53% 52.96% 45.51% TMS 2013 24.90% 70.93% 46.99% 39.38% 13.63% 0.00% 39.38% 86.37% 13.63% TNA 2013 25.49% 59.08% 46.17% 0.24% 51.79% 1.56% 1.80% 46.41% 53.35% TNC 2013 51.00% 56.19% 64.59% 1.44% 33.50% 0.47% 1.91% 66.03% 33.97% TRA 2013 35.67% 79.57% 36.41% 45.87% 17.61% 0.10% 45.97% 82.28% 17.71% Mã CK Năm TOP TOP5 DINST FINST DINDV TRC 2013 61.80% 68.76% 66.72% 30.00% 1.89% 1.39% TTC 2013 42.78% 62.87% 43.28% 3.66% 47.14% TTF 2013 13.58% 41.84% 47.20% 0.00% TXM 2013 51.21% 64.45% 61.21% UIC 2013 51.00% 61.58% 54.12% VC2 2013 51.23% 51.23% VC3 2013 51.00% FINDV FOREGIN INST INDV 31.39% 96.72% 3.28% 5.92% 9.58% 46.94% 53.06% 42.22% 10.58% 10.58% 47.20% 52.80% 5.82% 28.61% 4.36% 10.18% 67.03% 32.97% 0.10% 43.47% 2.41% 2.51% 54.22% 45.88% 53.78% 3.31% 42.55% 0.36% 3.67% 57.09% 42.91% 82.45% 75.45% 0.00% 24.53% 0.02% 0.02% 75.45% 24.55% VC7 2013 51.00% 58.12% 57.45% 10.35% 42.43% 0.17% 10.52% 57.45% 42.60% VDL 2013 24.86% 68.79% 45.84% 0.72% 51.50% 1.94% 2.66% 46.56% 53.44% VGP 2013 38.43% 46.78% 45.40% 3.54% 48.89% 2.15% 5.69% 48.94% 51.04% VGS 2013 6.28% 12.27% 17.32% 0.00% 81.34% 1.34% 1.34% 17.32% 82.68% VHC 2013 49.57% 73.35% 12.22% 22.68% 64.73% 0.36% 23.04% 34.90% 65.09% VIC 2013 30.62% 58.39% 22.05% 3.44% 64.96% 0.00% 3.44% 25.49% 74.51% VID 2013 14.71% 29.88% 14.36% 0.00% 84.87% 0.77% 0.77% 14.36% 85.64% VIP 2013 51.00% 64.34% 57.75% 11.38% 30.17% 0.70% 12.08% 69.13% 30.87% VIS 2013 53.04% 57.26% 54.49% 3.69% 40.63% 0.68% 4.37% 58.18% 41.31% VMC 2013 51.00% 86.76% 82.90% 0.00% 16.74% 0.36% 0.36% 82.90% 17.10% VPK 2013 44.16% 63.95% 67.00% 0.30% 20.00% 0.00% 0.30% 67.00% 33.00% VSC 2013 7.66% 31.52% 7.65% 47.11% 43.35% 1.89% 49.00% 54.76% 45.24% VTB 2013 55.54% 58.19% 60.14% 1.36% 35.91% 2.59% 3.95% 61.50% 38.50% VNA 2013 51.00% 64.08% 68.42% 0.45% 30.64% 0.49% 0.94% 68.87% 31.13% VNC 2013 30.00% 51.41% 31.25% 41.64% 23.06% 4.05% 45.69% 72.89% 27.11% VNS 2013 23.83% 71.63% 24.52% 29.91% 43.32% 2.25% 32.16% 54.43% 45.57% ACL 2014 21.62% 56.39% 2.50% 0.00% 93.25% 4.25% 4.25% 2.50% 97.50% AGF 2014 51.41% 59.68% 87.92% 0.33% 11.07% 0.68% 1.01% 88.25% 11.75% ALT 2014 16.96% 44.30% 45.19% 0.45% 50.38% 3.98% 4.43% 45.64% 54.36% ANV 2014 45.37% 59.05% 96.76% 0.20% 1.37% 1.67% 1.87% 96.96% 3.04% ASP 2014 48.20% 45.94% 0.87% 28.60% 70.21% 0.32% 28.92% 29.47% 70.53% B82 2014 50.09% 55.74% 51.11% 0.20% 48.69% 0.20% 0.40% 51.31% 48.69% BBC 2014 43.56% 85.17% 41.61% 0.00% 9.83% 3.54% 3.54% 86.63% 13.37% BBS 2014 52.97% 65.80% 52.99% 3.44% 41.92% 1.66% 5.10% 56.43% 43.58% BCC 2014 73.15% 78.55% 73.15% 0.00% 25.31% 1.54% 1.54% 73.15% 26.85% BLF 2014 20.05% 26.05% 8.53% 0.00% 91.17% 0.30% 0.30% 8.53% 91.47% BMC 2014 22.51% 58.50% 48.53% 8.45% 38.02% 5.00% 13.45% 56.98% 43.02% BMP 2014 29.51% 59.92% 36.20% 0.00% 11.91% 0.70% 0.70% 84.48% 12.61% BPC 2014 55.52% 66.67% 55.50% 0.00% 43.27% 1.23% 1.23% 55.50% 44.50% BT6 2014 20.19% 68.73% 38.00% 8.00% 47.00% 7.00% 15.00% 46.00% 54.00% BTH 2014 49.49% 49.49% 50.41% 0.00% 49.59% 0.05% 0.05% 50.41% 49.64% BTS 2014 18.14% 28.14% 90.51% 0.05% 9.38% 0.06% 0.11% 90.56% 9.44% C92 2014 42.31% 58.65% 51.20% 0.10% 48.00% 0.70% 0.80% 51.30% 48.70% CAN 2014 27.75% 32.59% 27.75% 4.62% 56.13% 0.00% 4.62% 32.37% 67.63% CAP 2014 7.74% 14.32% 4.92% 0.00% 93.14% 1.94% 1.94% 4.92% 95.08% CDC 2014 23.77% 41.14% 25.94% 0.00% 73.52% 0.54% 0.54% 25.94% 74.06% CID 2014 51.08% 67.39% 90.98% 0.00% 5.91% 3.11% 3.11% 90.98% 9.02% Mã CK Năm TOP TOP5 DINST FINST DINDV CII 2014 19.21% 49.81% 57.51% 6.27% 26.20% 0.00% CJC 2014 51.00% 81.00% 56.00% 0.00% 40.05% CLC 2014 51.00% 57.38% 61.67% 1.65% CMC 2014 31.30% 64.24% 11.76% CNT 2014 14.45% 23.84% 35.22% COM 2014 44.79% 84.44% 84.59% CTC 2014 17.64% 52.44% FINDV FOREGIN INST INDV 6.27% 63.78% 36.22% 1.95% 1.95% 56.00% 42.00% 33.08% 3.60% 5.25% 63.32% 36.68% 0.71% 84.61% 2.90% 3.61% 12.47% 87.51% 25.97% 37.88% 0.93% 26.90% 61.19% 38.81% 0.00% 14.93% 0.48% 0.48% 84.59% 15.41% 37.94% 0.00% 61.99% 0.07% 0.07% 37.94% 62.06% CTN 2014 30.83% 35.84% 30.90% 0.00% 65.47% 3.63% 3.63% 30.90% 69.10% DAC 2014 51.00% 63.41% 74.00% 0.12% 21.24% 4.64% 4.76% 74.12% 25.88% DAE 2014 29.41% 37.04% 29.41% 33.98% 36.57% 0.00% 33.98% 63.39% 36.57% DBC 2014 18.27% 33.41% 13.45% 31.14% 55.19% 0.53% 31.67% 44.59% 55.72% DC4 2014 14.55% 48.41% 31.50% 0.00% 68.31% 0.19% 0.19% 31.50% 68.50% DCL 2014 20.17% 52.48% 16.30% 6.13% 75.88% 1.68% 7.81% 22.43% 77.56% DHA 2014 24.95% 39.85% 25.69% 7.77% 62.28% 3.98% 11.75% 33.46% 66.26% DHG 2014 43.31% 59.95% 89.26% 4.49% 5.24% 1.21% 5.70% 93.75% 6.25% DHT 2014 8.15% 41.97% 5.34% 0.00% 94.35% 0.31% 0.31% 5.34% 94.66% DIC 2014 20.25% 26.14% 10.82% 1.07% 87.04% 1.07% 2.14% 11.89% 88.11% DMC 2014 45.94% 80.65% 39.37% 48.22% 11.64% 0.78% 49.00% 87.59% 12.41% DNP 2014 24.59% 41.59% 6.35% 0.18% 90.56% 2.91% 3.09% 6.53% 93.47% DPC 2014 15.12% 44.17% 44.17% 0.00% 54.01% 1.67% 1.67% 44.17% 55.68% DPR 2014 59.81% 74.39% 60.01% 0.00% 12.98% 0.31% 0.31% 86.71% 13.29% DQC 2014 15.95% 55.98% 28.73% 14.96% 55.76% 0.55% 15.51% 43.69% 56.31% DRC 2014 51.00% 55.89% 53.89% 28.62% 15.73% 0.00% 28.62% 82.51% 15.73% DTT 2014 18.96% 65.93% 20.72% 0.00% 78.94% 0.34% 0.34% 20.72% 79.28% DXP 2014 51.00% 60.65% 67.41% 12.55% 14.94% 5.10% 17.65% 79.96% 20.04% DXV 2014 15.81% 21.99% 72.35% 0.02% 27.37% 0.26% 0.28% 72.37% 27.63% EBS 2014 10.68% 25.00% 19.80% 13.20% 55.20% 0.00% 13.20% 33.00% 67.00% FMC 2014 17.25% 55.51% 50.67% 3.70% 44.67% 0.96% 4.66% 54.37% 45.63% FPT 2014 7.14% 18.91% 12.58% 48.00% 38.52% 0.90% 48.90% 60.58% 39.42% GIL 2014 41.25% 53.39% 48.84% 9.68% 38.23% 1.94% 11.62% 58.52% 40.17% GTA 2014 19.95% 50.32% 63.82% 3.54% 31.00% 1.64% 5.18% 67.36% 32.64% HAG 2014 43.39% 53.53% 17.60% 27.20% 54.45% 0.75% 27.95% 44.80% 55.20% HAI 2014 46.00% 62.25% 76.96% 0.00% 22.68% 0.36% 0.36% 76.96% 23.04% HAP 2014 6.74% 14.28% 2.78% 14.97% 75.52% 0.00% 14.97% 17.75% 84.97% HAX 2014 32.63% 67.95% 43.86% 0.85% 53.28% 2.01% 2.86% 44.71% 55.29% HBC 2014 19.17% 34.60% 4.57% 19.95% 72.31% 3.83% 23.78% 24.52% 76.14% HBE 2014 29.97% 35.11% 55.81% 0.00% 44.01% 0.18% 0.18% 55.81% 44.19% HCC 2014 51.48% 65.99% 51.51% 14.51% 33.20% 0.77% 15.28% 66.02% 33.97% HDC 2014 11.66% 24.55% 33.31% 32.64% 33.20% 0.85% 33.49% 65.95% 34.05% HEV 2014 21.73% 40.07% 26.67% 17.23% 47.80% 8.30% 25.53% 43.90% 56.10% HJS 2014 51.00% 63.09% 56.00% 0.00% 43.79% 0.21% 0.21% 56.00% 44.00% HMC 2014 55.67% 62.45% 63.59% 0.18% 35.90% 0.35% 0.53% 63.77% 36.22% HPG 2014 24.12% 40.09% 2.31% 41.88% 55.38% 0.43% 42.31% 44.19% 55.81% HRC 2014 55.06% 60.69% 74.25% 0.23% 20.42% 0.20% 0.43% 74.25% 25.75% Mã CK Năm TOP TOP5 DINST FINST DINDV HT1 2014 79.69% 85.01% 89.22% 1.89% 8.65% 0.24% HTV 2014 50.08% 67.09% 50.08% 5.24% 38.61% HUT 2014 10.03% 32.05% 15.46% 3.00% FINDV FOREGIN INST INDV 2.13% 91.11% 8.89% 6.07% 11.31% 55.32% 44.68% 77.15% 4.39% 7.39% 18.46% 81.54% ICF 2014 18.34% 32.59% 5.40% 0.00% 94.60% 5.30% 5.30% 5.40% 93.90% IMP 2014 27.43% 58.85% 30.89% 45.62% 21.77% 1.72% 47.34% 76.51% 23.49% KHA 2014 31.39% 44.01% 47.15% 3.20% 44.93% 4.72% 7.92% 50.35% 49.65% KHP 2014 51.53% 58.95% 55.21% 13.72% 29.66% 1.42% 15.14% 68.93% 31.08% L10 2014 51.00% 56.02% 51.21% 0.00% 48.23% 0.56% 0.56% 51.21% 48.79% L18 2014 18.75% 46.16% 46.28% 0.00% 53.44% 0.28% 0.28% 46.28% 53.72% L43 2014 51.00% 60.03% 64.40% 0.00% 35.43% 0.17% 0.17% 64.40% 35.60% L61 2014 51.00% 51.00% 58.91% 0.00% 35.89% 5.20% 5.20% 58.91% 41.09% L62 2014 53.08% 64.80% 56.49% 0.00% 43.50% 0.01% 0.01% 56.49% 43.51% LBE 2014 22.91% 53.46% 23.50% 0.77% 74.52% 1.21% 1.98% 24.27% 75.73% LBM 2014 55.16% 69.16% 57.33% 0.29% 41.40% 0.98% 1.27% 57.62% 42.38% LGC 2014 71.84% 71.84% 71.84% 0.00% 27.85% 0.31% 0.31% 71.84% 28.16% LSS 2014 19.46% 31.94% 60.79% 10.94% 27.05% 1.22% 12.16% 71.73% 28.27% LTC 2014 24.40% 32.99% 24.80% 0.00% 73.56% 1.64% 1.64% 24.80% 75.20% LUT 2014 18.71% 65.15% 11.00% 0.01% 88.89% 0.10% 0.11% 11.01% 88.99% MCO 2014 14.86% 45.47% 11.47% 0.00% 86.55% 1.98% 1.98% 11.47% 88.53% MCP 2014 39.11% 60.71% 41.69% 5.00% 53.18% 0.13% 5.13% 46.69% 53.31% MEC 2014 46.15% 46.15% 50.50% 0.10% 47.00% 2.40% 2.50% 50.60% 49.40% MHC 2014 14.58% 19.56% 3.60% 0.00% 93.27% 3.13% 3.13% 3.60% 96.40% MMC 2014 14.30% 21.50% 16.32% 0.69% 82.87% 0.10% 0.79% 17.01% 82.97% NAV 2014 20.00% 36.02% 68.80% 5.06% 26.14% 0.00% 5.06% 73.86% 26.14% NBC 2014 52.90% 76.71% 77.31% 3.40% 16.95% 2.33% 5.73% 80.71% 19.28% NGC 2014 20.00% 52.49% 53.73% 0.00% 42.37% 11.36% 11.36% 53.73% 44.73% NHC 2014 30.04% 50.38% 30.19% 4.78% 51.31% 0.20% 4.98% 34.97% 65.04% NPS 2014 33.71% 33.71% 33.71% 0.00% 65.01% 1.29% 1.29% 33.71% 66.30% NSC 2014 10.74% 48.15% 52.10% 31.30% 14.80% 1.90% 33.20% 83.40% 16.70% NST 2014 55.75% 72.34% 78.76% 3.20% 16.18% 1.86% 5.06% 81.96% 18.04% NTL 2014 6.06% 14.54% 7.41% 6.46% 82.48% 3.65% 10.11% 13.87% 86.13% NTP 2014 37.10% 74.09% 39.55% 0.00% 24.41% 3.90% 3.90% 75.20% 28.31% PJT 2014 51.22% 65.34% 51.93% 2.30% 32.88% 0.00% 2.30% 54.23% 46.09% PLC 2014 79.07% 79.07% 81.11% 3.24% 15.48% 0.17% 3.41% 84.35% 15.65% PMS 2014 46.00% 69.10% 51.33% 23.00% 21.30% 4.37% 27.37% 74.33% 25.67% PNC 2014 15.38% 37.44% 23.70% 0.00% 72.56% 3.74% 3.74% 23.70% 76.30% POT 2014 49.99% 73.94% 58.85% 0.01% 41.06% 0.09% 0.10% 58.86% 41.15% PPC 2014 51.00% 78.16% 78.23% 16.01% 4.76% 1.00% 17.01% 94.24% 5.76% PSC 2014 52.73% 90.45% 90.45% 0.00% 9.11% 0.44% 0.44% 90.45% 9.55% PVD 2014 50.39% 64.56% 53.24% 35.96% 10.14% 0.65% 36.61% 89.20% 10.79% PVS 2014 51.38% 65.56% 57.32% 24.29% 18.03% 0.37% 24.66% 81.61% 18.40% PVT 2014 51.00% 63.70% 75.97% 12.14% 11.36% 0.53% 12.67% 88.11% 11.89% QNC 2014 17.77% 27.03% 18.29% 0.03% 83.38% 0.28% 0.31% 18.32% 83.66% RCL 2014 30.00% 45.33% 33.63% 11.77% 47.44% 7.72% 19.49% 45.40% 55.16% Mã CK Năm TOP TOP5 DINST FINST DINDV REE 2014 10.67% 39.00% 9.00% 48.00% 42.00% 1.00% RIC 2014 47.20% 72.48% 26.92% 42.49% 22.08% S91 2014 55.23% 57.03% 55.62% 0.00% FINDV FOREGIN INST INDV 49.00% 57.00% 43.00% 4.15% 46.64% 69.41% 26.23% 41.17% 1.80% 1.80% 57.03% 42.97% SAP 2014 32.26% 72.45% 33.15% 0.00% 66.66% 0.19% 0.19% 33.15% 66.85% SAV 2014 40.60% 59.55% 26.40% 47.77% 24.62% 1.21% 48.98% 74.17% 25.83% SFC 2014 50.99% 71.00% 74.23% 0.03% 23.73% 2.01% 2.04% 74.26% 25.74% SGC 2014 49.89% 61.45% 48.18% 0.10% 50.72% 1.24% 1.34% 48.28% 51.96% SIC 2014 36.73% 43.34% 40.63% 0.00% 59.03% 0.35% 0.35% 40.63% 59.38% SJ1 2014 23.37% 46.10% 49.64% 0.03% 50.08% 0.25% 0.28% 49.67% 50.33% SJS 2014 36.30% 58.67% 40.37% 8.52% 49.24% 1.87% 10.39% 48.89% 51.11% SMC 2014 18.15% 32.22% 10.02% 10.12% 79.10% 0.76% 10.88% 20.14% 79.86% SPP 2014 16.00% 47.27% 19.35% 28.82% 47.54% 0.01% 28.83% 48.17% 47.55% SSC 2014 24.70% 64.12% 55.85% 24.48% 17.94% 1.31% 25.79% 80.33% 19.25% SSM 2014 7.89% 12.48% 15.86% 3.45% 76.84% 3.85% 7.30% 19.31% 80.69% STP 2014 5.32% 10.78% 82.94% 1.27% 13.84% 1.95% 3.22% 84.21% 15.79% SVC 2014 40.78% 50.58% 64.00% 9.80% 20.12% 6.08% 15.88% 73.80% 26.20% TCM 2014 50.85% 67.81% 67.96% 0.04% 31.56% 0.44% 0.48% 68.00% 32.00% TDH 2014 8.82% 21.78% 21.53% 44.79% 31.32% 2.37% 47.16% 66.32% 33.69% TMS 2014 24.90% 70.93% 46.99% 39.38% 13.63% 0.00% 39.38% 86.37% 13.63% TNA 2014 20.86% 40.09% 35.60% 0.24% 62.56% 1.60% 1.84% 35.84% 64.16% TNC 2014 51.00% 56.19% 64.59% 1.44% 33.50% 0.47% 1.91% 66.03% 33.97% TRA 2014 35.67% 71.09% 36.57% 45.50% 7.93% 0.17% 45.67% 82.07% 8.10% TRC 2014 60.00% 60.00% 77.26% 16.63% 3.15% 0.31% 16.94% 93.89% 3.46% TTC 2014 42.78% 68.68% 44.17% 6.38% 42.91% 6.54% 12.92% 50.55% 49.45% TTF 2014 13.58% 41.84% 47.20% 0.00% 42.22% 10.58% 10.58% 47.20% 52.80% TXM 2014 51.21% 61.21% 62.49% 9.42% 23.16% 4.93% 14.35% 71.91% 28.09% UIC 2014 51.00% 61.58% 52.19% 0.19% 45.16% 2.46% 2.65% 52.38% 47.62% VC2 2014 51.23% 51.23% 53.78% 3.31% 42.55% 0.36% 3.67% 57.09% 42.91% VC3 2014 51.00% 70.33% 75.45% 10.35% 24.53% 0.02% 10.37% 75.45% 24.55% VC7 2014 36.00% 42.32% 42.42% 0.00% 57.40% 0.18% 0.18% 42.42% 57.58% VDL 2014 24.86% 66.76% 49.38% 0.05% 49.77% 1.80% 1.85% 49.43% 51.57% VGP 2014 38.43% 46.78% 45.40% 3.54% 48.89% 2.15% 5.69% 48.94% 51.04% VGS 2014 6.28% 12.27% 17.32% 0.00% 81.34% 1.34% 1.34% 17.32% 82.68% VHC 2014 49.57% 73.35% 12.22% 22.68% 64.73% 0.36% 23.04% 34.90% 65.09% VIC VID 2014 2014 29.10% 14.71% 54.99% 29.89% 22.05% 14.81% 3.44% 0.21% 64.96% 84.46% 0.00% 0.52% 3.44% 0.73% 25.49% 15.02% 74.51% 84.98% VIP 2014 51.00% 56.28% 60.33% 10.88% 28.41% 0.37% 11.25% 71.21% 28.78% VIS 2014 53.04% 57.26% 57.30% 0.64% 40.84% 0.61% 1.25% 57.94% 41.45% VMC 2014 51.00% 82.17% 82.90% 0.00% 16.74% 0.36% 0.36% 82.90% 17.10% VPK 2014 44.16% 63.95% 67.00% 0.30% 20.00% 0.00% 0.30% 67.00% 33.00% VSC 2014 7.66% 32.23% 19.94% 47.56% 31.23% 1.27% 48.83% 67.50% 32.50% VTB 2014 55.54% 58.19% 60.14% 1.36% 35.91% 2.59% 3.95% 61.50% 38.50% VNA 2014 51.00% 51.00% 52.23% 1.65% 45.74% 0.38% 2.03% 53.88% 46.12% VNC 2014 30.00% 48.92% 31.25% 41.64% 23.06% 4.05% 45.69% 72.89% 27.11% VNS 2014 23.83% 71.63% 17.37% 48.33% 36.36% 0.67% 49.00% 65.70% 37.03%

Ngày đăng: 31/08/2020, 13:44

Mục lục

  • BÌA

  • LỜI CAM ĐOAN

  • MỤC LỤC

  • DANH MỤC BẢNG BIỂU

  • DANH MỤC CÁC TỪ VIẾT TẮT

  • TÓM TẮT

  • CHƢƠNG 1: GIỚI THIỆU

    • 1.1 Lý do chọn đề tài

    • 1.2 Mục tiêu và câu hỏi nghiên cứu

    • 1.3 Đối tƣợng và phạm vi nghiên cứu

    • 1.4 Phƣơng pháp nghiên cứu

    • 1.5 Cấu trúc bài nghiên cứu

    • CHƢƠNG 2: CƠ SỞ LÝ THUYẾT VÀ TỔNG QUAN CÁC NGHIÊN CỨU TRƢỚC ĐÂY

      • 2.1 Chính sách cổ tức

      • 2.2 Chi phí đại diện

      • 2.3 Lý thuyết phát tín hiệu

      • 2.4 Cấu trúc sở hữu

        • 2.4.1 Phần trăm cổ phần do cổ đông lớn nhất nắm giữ (TOP)

        • 2.4.2 Phần trăm cổ phần do năm cổ đông lớn nhất nắm giữ (TOP5)

        • 2.4.3 Phần trăm cổ phần do nhà đầu tƣ tổ chức nắm giữ (INST)

        • 2.4.4 Phần trăm cổ phần do các tổ chức trong nƣớc nắm giữ (DINST) và phần trăm cổ phần do các tổ chức nƣớc ngoài nắm giữ (FINST)

        • 2.4.5 Phần trăm cổ phần do các cá nhân nắm giữ (INDV)

        • 2.4.6 Phần trăm cổ phần do các cá nhân trong nƣớc nắm giữ (DINDV) và phần trăm cổ phần do các cá nhân nƣớc ngoài nắm giữ (FINDV)

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