Thông tin tài liệu
Cdc yéu IC onh huéng dén cdu tri?c vén ci±o céc céng ty co phdn niém yét trén th;i fruéng ch6ng khoén Viet Nam TRU€ING DONG LOC VOKIEUTRANG trong quan tr] Hi chinh Tuy nhién, cho m(ot cong ty la mpt van de r:it phirc tap va cho dén van chu’a co mfit c:iu trii 1’‹ii thfia d:ing cho c:iu hfii “bang each nao cac cf›ng ty co thé chpn dupc mpt ca c:iu ty thay von chju sa hiiu bang na thi se grain du0c thué thu nhap doanh nghi(ep phai tra, nho firm t$ng l0i nhii8n ciing nhif gié tr] cua cong ty Tuy nhién, cfing ty khfing thé t:Ing n0 l‘en p ufc qufi ceo ao vdi von chit «’a him, vi dd ciing ty se’ r0i v$o tinh tai chinh khfing lilnh mpnh, d8 dfi n de‘n ro pha san Lién quan den cffu triic von, mot vAn de’ d:i nh(tn dit0c su quan trim d(ic bi(t cua nhie‘u nha nghién citu nhiing nilm gan déy la nhit ng yéu to quyét dinh cau trfic von ciia mot cong ty Da co nhiéu nghién citu ve“ vAn dé dupe cong bo (Bevan vii Danbolt, 2000; Antoniou va cac cpng sij, 2002; Wen va cac c6ng su, 2002; Fraser va cac 2006) Tuy nhién, theo hie‘u biét cua chiing Hi, chita co mot nghie’n citu nao lien quan dén cac nh:i n to :inh hitfing dén c$u trim von cua c:ic cong ty niém yét trén thi triicing chitng kho:in Vi(t Nam ‹:1upc cfing bo Muc tiéu cua nghién cilu my la bo sung nhitng bang chitng thitc nghi(m ve” vfin dé néu trén Cho dén nay, tre‘n thé giéii da co rfit nhiéu nghién citu vé ciic yéu to anh hufing dén cau triic von cua mf›t cong ty Bevan va Danbolt (2000) phan tich c$u trite von cua 822 cong ty thud:ie Viiang quoc Anh Sri dung phuang phap phan tich hoi quy, cac tac gia da chi r$ng cfiu trite von (do luang b$ng ty 1( n0 trén téng t$i erm) c6 tu‹ing quan thuan véi guy mo (t$i aan co dinh/tong Hi san), tit0ng quan ngh|ch véi IQi nhu(in v:i mitc cua c0 hoi tAng ti:uong cua cling ty v$ céc cgng at (2002) nghién emu nhfing yflu t6 anh hiring den edu tribe von cua cac ttlp do$n O céc nu‹ic Chfiu An trén c0 za so’ Ii(u di6u tra ciia nhftng cong ty Phap, One v$ Anh Trong nghién cttu nay, cac t:ie ’ da sit dung phitctng phap binh phit0ng be nhift (OLS) v$ mo hinh GMM dé phfin tich dir li(eu chéo (panel data) Két ’ cua nghién citu ndy cho th$y r$ng cdu trim von co moi tu‹ing quan thuttn vfii quy mfi cling ty nhttng lai co moi twang quan nghich v‹ii chi tiéu gia tri thi trildng so v‹ii giii tri so sach, vdi cau trim k( han ciia Hi su$t vh gié co phiéu trén thi truong Be’n c:ynh d6, ty l(i tlli san co dinh, Tnrong D0ng L6c, TS, Vo Kiéu Trang, Dat hoc C4n Th‹ thué suat ciing co anh hildng dén ciiu triic von ciia céc cling ty Nghién citu ciing két luan r:ing vi(c lpa chpn mot c:in trtic von cho mot cfing ty khfing chi dua vao cac dilc tinh ciia ban than cling ty ma la ke‘ t qua ciia mf›i trua‘ ng va nhiing truyén thong n0i ma cfing ty kinh doanh Huang va Song (2002) nghién emu c:ie vb cttu triic von céc nitéc dang phét trien Sii dung phu0ng phép phén tich hoi guy va di1 li(u chéo ciia 257 cong ty Malaixia khoang theft gran 10 nam, cac tae gia da ke“t Inan r$ng: nhiing cling ty co s½ bao ho cua nha nitéic thuong sit dung np nhiéu htm nhCng cf›ng ty it ditdc sit bao ho cua nha *llfic Ngoiii ra, c:ic tae gia tim th:iy liéu ke toan cua hfin 1.000 cong ty Trung º°ng ty Quoc ditdc niém yet trén thi trua‘ ng chitng Tom lai, c:ic nghién ciiu thpc nghi(m cho kho:in Sii dung phii‹ ng ph:ip OLS va mo thay rang clfu trim von ciia cac cfing ty co hinh Tobit, nghién cilu da chi rang ty the bi anh hildng bi)i c:ic yéu to: guy md›, I( n0 trén tong tai situ cua coi ng ty c6 tuang rigitnh nghé, lcii nhu(tn, ea hoi tang trufing, quan thuan v‹ii quy mo cfing ty, I:i chlin céc yen t6 lién quan den quiin tri cong ty, lai thué, Hi ve ca tu‹itig quan ty I( sutit ngan h$ng, thue suat thué thu nh$p nghich voi left nhu(t n va nganh nghé kinh doanh nghigp Cac két qua nghién cftu nity doanh ciia c:ie cfing ty Nghién cilu nity cfin la ’ cho nghién erm ciia chiing tfii init két ca chI r:ing c‹i cilu so hftu cung co anh huong qua se" diipc trinh biiy o phan tiép theo cua dén cau tribe von cua céc cong ty Trung bai vie“t Quoc Sfi li"eu sit dung vii phifdng phép yjghién ci’fu Wen va cac cf›ng sit (2002) nghién ciiu moi quan h( giiia mot vai d(ic tritng cua Ban qu:in tr] cong ty (corporate board) va cttu De ca 6ua‹ s¼ li(u cfin thiét cho nghién tribe von cua c:ie cfing ty niém yet o Trung cifu my, chung tt5i dfi tién hit nh thu thap Quoc, Ap dung phit‹ing ph:i p ph:i n tich cac bao céo tai chinh da 6uae kie‘in toan, hoi guy de phan tich 180 quan sét cua 60 biin céo bach, cac bao céo thililng nién, cfing ty khoang thoi gran tff ném 1996- 1998, nghie’n ciiu da chi rilng gram doe céc cong ty thii‘ang thich theo duoi mot ty lé up thil p h0n ma hp phai du‹ing dfiu vfii nhftng chinh s:ich qu ii n ly manh hon tit H(oi dong quan tri Tuy nhién, két qua thuc nghi(m ciia nghié n cf tu cho thity chi cb moi quan h( gifta ty no va phtin 1e( cua Hoi dong quan tri, kinh nghi(m diéu hanh ciia tong gi:inn doe (do Iu“aug bring thcii gran d:inn nhi(m chiic vu tong giém doc) lii co y nghia vé mllt thong ké So luong thhnh vién cua Hot dong quan tr[ vh thii lao cho tong gi:inn doe (CEO) 1:yi khfing co moi quan h( co y nghia véi cau trim von cua céc cong ²y Fraser va cac cong sit (2006) nghién citu moi quan h( gift a sit bao ho ciia nha nuoc “ dfin nghi quyét dai h(oi c:ic thong tin khéc ciia hang du9c nie’in yet trén Sd Ciiao dich chitng kho$n thii nh Ho Chf Minh Cac tai li(i u trén dct0c thu thil p t’it website cua Uy' Ban chitng khoén nhii nvt6e vb c:ie c‹ing ty chGng khoén Trong nghién citu nAy, chfing toi st dung Nghi4n cuu Kinh t4 sd 86t - Th4ng 6/2008 ao li(u vi1 thong tin cua céc cong ty niém yét giai doan 2003-2006 (so 1ie( u tai chinh n$m 2007 cua cac cfing ty niém yet chua du9c cong bo tai thcli diem thuc hién nghién citu n$y) Tinh de’n cuoi mm 2007, trén Sd Giao dich chiing khoan Ho Chi Minh co 138 cfi ng ty niém ye“t Tuy nhién, chi co 56 cong ty d:ip it rig day du so 1i(u theo ye’u cau ciia nghién cft u Nhit v a( y, tong ” uansét 6ua.c sit dung cho nghién ciiu la 224 (56 cling ty nhan cho a Trong do: De xac dinh nhft ng nh:in to anh hi1fi×a dén cau tribe von cua cac cong ty, ngh ién ciiu chiing Hi sit dung mfi hich hfii guy co dang nhu sau: Co cau von ' BANG 1: Dren ’i céc bién - Y la cau tribe von (ty' l(e nc) trén tong tai = Tong nd phai tra Ting tai san Dién giai c:ie bién dfic l(ap va ky vpng vé mo quan h( giiia c:ie bién doc l$p v‹ii bién phu thu(oc dupc trinh biiy tom tat o bang Bién s0 Qui m6 c6ng ty (X,) Ng:inh nghe c6ng ty dang hoat d6ng (X ) ' cia doanh thu (X ) Bién gia, bang ne‘u c6ng ty hoat d0ng ngiinh thuong mai - dich vu, bi ig neu c0ng ty hoat d6ng linh vuc khac Ty ID thu@ [(Doanh thu thuiln mm nay/Doanh thu thu4n Tj ID thudn º' triroc) — I ) x 100&° M(ot viii d(ac diém ciia man nghién cifu 4.1 Cci céu rigfinfi ngh@ CO erm nganh nghé cua ciic ciing ty niém y"e‘t m$u nghién cit u ditpc chiing tfii phan nhom: thu‹ing ma,i - dich vu va céc n gitnh n ghé kh:ic CO cilui nganh nghé ciia cac cong ty mti u nghién ciiu dit‹1c trinh bay a bring BANG 2: Cct can ngiinh nghé mau nghién ci’fu Nginhngh4kh4c T$ng c(ng: 32 56 57,f4 100,00 N gtién Yin th6p tir bén c4o bach cua c$c chug ty ni6m yét cong ty Tong tiii san cua cac cf›ng ty Trong nghién cuu nity, chiing Hi sit dung m$u nghie‘n cuu giai doan 2003-2006 dtt6c chi tiéu tong tiii san dé luct ng guy mo trinh bay ‹i bang BANG 3: Tong tiii san ci’ia cac cf›ng ty niém yet mau Don u] tinh.- triéu dcing Tong tilt situ N’ Ldn nhét Trung binh Nhfi nhf l Ho l(ch chudn B:ing cho thay r$ng quy mo cua cac gif ta céc cong ty milu nghién citu, thé cong ty niém yet mau nghién cilu co hi(n thong qua sij khac bi(t gifta gié tr] tai su gia tang theo their gran Cu thé lit gié tr] s n nho nh¼t vii tin nh ttt ciia cac cong ty trung binh ciia tong tfii san da thug tir cling nhu gia tr'i ciia 1(ch chuan 356 772 tri(u dong nam 2003 642.449 4.S Huh hich doanh Thu eta e‹ie cong triéu dong ntim 2006 Diéu my hoan ty toan phu h0p vfii xu huéing phat trién hi(n Doanh thu thuiln ciia cac cong ty niém tai cua cac cong ty niém yét a Vi t Nam ye‘t d via.e chpn mau nghie‘n can dna« Tuy nhién, co sj( khéc bi(t rat ton ve guy mo trinh b$y a bring BANG 4: Doanh thu thuan ci'ia céc cling ty mau nghién citu Don u[ ttnh.- irié u déng n8›«›n.‘ sci 1ipô duiì:thu th@ M b:to ciio I:ii chinh ciia c:ic c6ng ty ni£m yét N: S(i quan sat Tucin g tij nhit chi tiéu tong tlli san, 4.4 Ciiii trim tifiri ci4ri ccic cfitlg Iy lrof ig Bang thé hi(n ro xu hitfing gia tfi ng m‹iu ng'fi ién ctiu doanh thu ciia cac cling ty theo th’a’i gian C$u trim von ditcic dinh nghia la ty I( cua G ia tr] trung binh cua doanh thu da t d ng tong ri‹.i tre‘n tong tar san cua cong ty Trén th 267 251 triéu dong n$m 2003 c‹i tong hpp tit cac biro c:to tai 57 1.300 tri(u dong mm 2006 Ngotii chinh cua cac cling ty nie‘in yét mau ra, bang cfin cho th$y s9 kh$c bi(t rdt nghién ci’tu tit n$m 2003 -2006, chiing tf›i co ton ve doanh thu girla c$c c0ng ty dvt e cAu triic von cua céc cong ty véti nhfing ma u nghién emu d(c trung du‹.ic the hi(n bang • BANG 5: Can true ty nifim yét giai doiyn 2fD3•2f8Jfi (%) Num N* Ldn nhét Trung blnh Nh6 nh4t OO I(ch chuiin Nam2003 55 94,27 50,39 6,98 23,52 N4m2®4 56 91,80 50,19 5,98 21,59 Nam2005 56 79,94 49,91 6,87 , N4m2006 55 75,16 42,93 ‘ 4,05 8,26 N grin S6 liéu dure thu thtlp tir btio ctiotifi chfnh cila i:xic c6ng ty niém yzt N: 56 quan sét Két qua nghién cit u ditctc trinh bay d 2006 Noi mot céch khac, cac cling ty bang cho thay r$ng edu triic von ciia niém ye" t trén th] triiong chilng kho:in cac cong ty niém yet khoang thiii Vi(t Nam co xu htt‹ing cang it sit gian tit nfi m 2003 -2006 nhin chung co xu dung ncj vay Diéu nity c6 thé dna.‹ giai hufing giiim Ty I( up binh quan cua céc thich lit niém ye’t co phiéu trén thJ ci5ng ty m$u nghién cfJu da giam tit trttong chitng khoén vii ciing v‹Ii s½ phat 50,39% nd in 2003 xuong 42, 93% ndm trien cua thj tracing, cac cong ty co thé de d:ing t il ng von chu sd hft u thong qua vi(c pha I han h co phiéu nén it sit dung nd vay h S Céc yéu to iinh hifcfng dén can trfic vérn ci’ia céc cling ty: ket qua phfin tich hfi i guy K t qufi ph $n tich hoi quy (phuaag phap binh phu0ng be ‘nhfit - OLS) voi cd mau gom 222 quan siit (dft li(u chéo panet data) dupe trinh b try b ang BA' NGG 66:: if.ét quit phan tich hoi guy Chi tiéu T , Hang sfi ( ,42) , (2,76 ’ , 58 Nganh nghé chinh c0ng ty dang hoat d6ng ( ,87)’ , Sri lvong vién ciia H0i dting qu$n tri Tinh trang lot nhu6n cfia c0ng ty , - ,52 (- ,37 ’ , The db tsng trv¿rng cua doanh thu 56 quan s:it 222 R' diéu chinh 0,409 16,24’ ‘ c‹i y nghia theo thii tit cr miic 9o’ va 109o' • Ngé nh ngfié chinh c‹ing ty dung Tuang tit nhu két qua wac dira bdi º9º d* Friend va Lang (1988), Marsh (1982), ke‘I Od lifting :inh hiidng ciia nganh nghé qua phén tich hf›i quy cua nghién ctJu my cong ty dang hoat dong de‘n can true von, cho thay rang: quy mo cong ty co tit0ng quan nghie‘n citu nity chung toi sit dung ty 1( thu a( n vcii c:in truc von ciia cong ty bién gia bdng ne‘u hoat dong san xu tit kinh Diéu co right a la, cac cfing ty c6 quy mo doanh chinh ciia cfing ty la ngdnh thuang cang 1dn thi su dung no cang nhiéu Cu thé m pi va djch vu (T6f -DV) va bting neu cfing la tong tai san cua cong ty td ng 1% thi ty hoat dgng aim xutit kinh doanh céc ty 1( no trén tong tai siin tA ng 0,037% Mo nganh lai Két quit nghién citu dvtpe quan h( co y nghia thong ké o muc 1% trinh bdy fi bang chi rfing nhft ng cong va co thé diJpc giai thich lii nhfing cong ty ty hoat dgng ngiinh thitcing mai - d]ch létn c6 kha n$ng vA uy tin cao nén kinh vp cd ty I( n‹j trén tong tai ’ n cao h0n té nén ho de dang tiép ciln cac nguon von nhftng cong ty hoat dong cac nganh vay bén ngoai, tit hp sit dung nhiéu rid san xuAt lit 0,058% Su khac bi(t vé ty so nd h0n gifia nganh thu0ng mai - dtch va céc 24 nganh lai co y nghia thong ke’ o mitc 10% Dieu co the difcic giai thich ngit nh thit6ng mai — d]ch vp lupng v@n cén cho hoat dong kinh doanh thay doi nhiéu h0n cac nghnh khéc nén can nguon von vay bén ngoai de tilt trp nhém k]p th0i tan dung c‹i h(i kinh doanh Két qua cua c:ic nghién cftu trii‹ic d:iy vé anh hucing cua so lu'6ng vién Hoi dong quan tr] dén c:iu true von ciia cling ty chua thong nhtit véi Chang han, theo Jensen (1986) nhftng cfing ty co so lu’png thiinh vién Hoi dong quan tri léin hon thi cao h‹in Ngu‹ic lai, theo (1997), cac cling ty cop Berger va c:ic liipng vién Hoi dong quan tri nhiéu Theo két qua phan tich hoi guy cua chting Hi thi ’ litctn vién cua Hoi dong quan tri c6 anh hifong ty I( thu(an v6i cé‘ u triic von Cu the la so lupng vién Hoi dong quan trj tilng Ién ngiicii thi ty I( net cua cling ty tdng le’n 0,01% Tuy nhién, moi quan h( n$y lai kh :ing c6 ( right a vé nhu(in ciia céc cfing ty c6 anh hifdng ty le' nghich v‹ii cau trim von Cry thé 1$, ty 1( l0i nhuan trtf fic thué trén tong t:1i san tfing 1% thi ty I( up trén tong tiii san cua ty gi:inn 1,52% M i tu‹ing quan ty l(i nghich rna co y right a thong ké mite 1% Két qua nghién citu my r$t phil hpp véi ly thuyét t‹1i han (Pecking Order Theory) ciia Myers (1984) vb két qua nghie’n cilu cua Chang ('”’ ’ Nghi4n cuu Kinh fés‹f 36f - 7/›4ng 6/2008 tfii hoiin to$n phu hpp véti nhan dinh trén Néi mot céch khéc, toc t$ng tritdng doanh thu ciia c:ic cong ty niém yét trén Sci Giao dich chiing khoan Ho Chi Minh co moi quan h(i ty l(i thu(an véii cAu trim von cua ct:ing ty Cu the la, toc df› tang tritdng cua doanh thu tilng 1% thi ty I( np tre’n tong tai san cua céc cling ty téng 0,059% Mon quan h( giila ty 1( up va toc ttlng tritong ciia doanh thu co y right a thong Tit két qua trén cho thay ké rdng nhitng cling ty tang trufing tot (do ludng b$ng toc t$ng tritdng cua doanh thu) sé co khuynh huétng si'i dung nhiéu up de md rong quy ‘ cfin ty nhA m tan dung tot nhiing c0 hoi tang trufing Trong mo hinh hoi quy ciia chiing tfii R' aieu chinh bang 0,409 (40,9%) Diéu céi nghia lit st thay doi can trim von ciia cac cfing ty co phan dvtae nié m yet trén So Giao dich chung khoan thit nh Ho Chi Minh co thé dxia.‹ é’i thich é nine dci 40, 9% bcii quy mfi cong ty, linh vitc ng:inh nghé cong ty dang hoat dong, so vién Hoi dong quan trj, tinh trang lpi nhuan ciia cong ty, toe dg tttng trudng ciia doanh thu Ngoai ra, gié trj thong ke’ F lfi 16,24 cho th$y mfi Ket qua nghién cttu 56 cling ty cho thay rilng ty 1( nd binh quan cua cac cong ty t ong giai doan 2003-2006 nam khoang tit 42,93% de”n 50,39% Ngoai ra, két qua phfin tich hoi quy cf›n cho th:iy r:ing cau triic von ciia céc cong ty niém yét co tu0ng quan thuttn v6‘i quy ‘ cling ty, nganh nghé chlnh 'a céng ty, toe t:Ing tritfing cua doanh thu ve tii‹ ng quan nghich v6i tinh tr:yng lpi nhuiln cua cong ty C:ie moi quan Mac du nghién citu da dna.r nhtiiig két qua r$t co gi:i tri, giiip cac nhfi quiin ly, cac nhit khoa hpc co ditctc nhftng b$ng chitng thitc nghi(m vé céc nhiin tfi :inh hifdng de’n c:in true von cua c:ie cfing ty niém yét trén thi tru'ong chitng khoén Vie’t Nam, nghién citu n:iy van mpt vai han ché, cu thé nhu sau: - Do h:yn ché ve thong tin va so li(eu nén nghién citu nity chiia nghién emu cdu trim von Hi uu ciia cac cong ty, déy la mot vtln dé r:it quan trpng qufin tri tai chinh - Cac bién doc lap ph:in tich hoi quy chu yen I:1 cac yéu to noi tai cua cling ty (guy mii cf›ng ty, kha uang sinh ldi cua cong ty, toe t Ang truang cua doanh thu, cac da)c diém ve quan tr[ cf›ng ty) De tai chiia niém yét, trén c6 sd dfi danh gi:i anh hitong cua su thay doi dén gi:i tri cfing ty./ TAI LI U THAM KH$O Antoniou, Antonios, YiLnaz Guney, Krishna Paudyal, 2002 “Determinants of Corporate Capital Structure: Evidence from European Countries”, lYoi I:ing paper, it.e Wnhe for Empirical Research in Finance, Department of Economics and Finance, University of Durham Berger, G Philip, Eli Ofek and David L Yermack, 1997 “Managerial Entrenchment and capital Structure Decisions”, /oiirno/ of Finance, 52 (4), 141 I-1438 Bevan, Alan A., Jo Danbol t, 2000 “Capital Structure and its Determinants in the United Kingdom: A Dccornpositional Analysis”, Wei k º8 paper, be Department of Accounting and Finance, University of Glasgow Chang, Chun, 1999 b nghién emu cac “Capital Structure é yéu to as Optimal n ’ a moi truong Contracts", North Aittericnn Joiir dial ngoai tac dfing dén of Economics and cau tribe von cua Finance, 10 (2), 363-385 nhif: (1) thi trii‹ing tfii chinh; (2) chinh sach liii su:it cho vay tai c:ie ngiin hang; (3) chinh sach bao ho cua nha nif ‹Ic (ty I( co phiéu nhit nuéic nam gift c:ie doanh nghi(p nhii ' h$n chinh sach thué thu nh(ip doanh nghi(p; (5) mf›i truang phép ly Véii cite han che duqc chI trén, céc nghién emu tiép theo lién quan den cAu trim von cua cite c6ng ty ditqc me‘in ye‘I trén thj truéng chitng khoén Vi(et Nam co th0 t(p trung vao céc van de sau: - Nghién citu de‘ xét l(ip mot c:In triic von toi ctu cho c:ie cong ty niém yét not chung vii cho cac cfing ty thuf›c céc ngan,h nghé khéc noi riéng; - Nghién citu anh hudng cua céc yéu to bén ngoai (mfii tru’‹ing tai chinh, moi timeing phap ly ) dén cau truc von ciia cac cong ty niém ye“t trén thi tw‹ing chftng khoén Vi(t Nam; - Nghie’n ci’Ju su thay doi cilu trim von cua Fraser R Donald, Hao Zhang, Chek Dcrashid, 2006 “Capital Structure and Political Patronage: The Case of Malaysia”, your nal of Banking nzid Finance, 30, 1291-1308 Friend, Irwin and Larry H.P Lang, 1988 “An Empirical Test of the Impact of Managerial SelfIntere.st on Corporate Capital Structure", The 1‹mrnal r›f'Finance, 43 (2), 271 -281 Huang, G.H Samuel, Frank Song M., 2002 ‘The Determinants of the Capital Strucmre: Evidence from China", Wet kin$ paper, 5chcol of Economics and Finance and Centre for China Financial Research (CCFR) Jen.ecu, Michael C., 1986 “Agency Gosts of Free Cash Flow, Corporate Finance, and Takeovers", American Economic Review, 76; 323-339 Marsh, P., 1982 ‘The Choice between Equity and Debt: An Empirical Study”, Journal of Finance, 37 (I), 121-144 Myers, Stewart C., 1977 “Determinants of Wrpoiau borrowing”, Journal of Financial Economics, 5, 147-175 Myers, Stewart C., 1984 ‘The Capital Structure PuMe”, Journal of Finance, 34 (3), 575-592 Wen, Yu, Kami Rwegasira and Jan Bilderbeek, 2(D2 “Corporate Governance and Capital Structure Decisions of the Chinese Licted Firms", Capital structure Decisions, i (2), 75-83 cac cong ty fi hai their k(: tritéic va sau Nghi6n cuu Kinh t4 shsai - Th4ng a/zoa8 ... Doanh thu thuiln ciia cac cong ty niém tai cua cac cong ty niém yét a Vi t Nam ye‘t d via.e chpn mau nghie‘n can dna« Tuy nhién, co sj( khéc bi(t rat ton ve guy mo trinh b$y a bring BANG 4: Doanh. .. tri tai chinh - Cac bién doc lap ph:in tich hoi quy chu yen I:1 cac yéu to noi tai cua cling ty (guy mii cf›ng ty, kha uang sinh ldi cua cong ty, toe t Ang truang cua doanh thu, cac da)c diém ve... nho nh¼t vii tin nh ttt ciia cac cong ty trung binh ciia tong tfii san da thug tir cling nhu gia tr'i ciia 1(ch chuan 356 772 tri(u dong nam 2003 642.449 4.S Huh hich doanh Thu eta e‹ie cong triéu
Ngày đăng: 02/09/2020, 16:14
Xem thêm:
